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What You Need to Know about Financial Aid

What You Need to Know about Financial Aid. Topics We Will Discuss Tonight. Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) IRS Data Retrieval Tool Special Circumstances. Scholarships. Money that does not have to be paid back

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What You Need to Know about Financial Aid

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  1. What You Need to Know about Financial Aid
  2. Topics We Will Discuss Tonight Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) IRS Data Retrieval Tool Special Circumstances
  3. Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Academic Athletic Organization (Civic, Church, Employer) Skill Interest
  4. SD-Dakota Corps Scholarship Maximum Tuition and generally applicable fees for 16 undergraduate credits at a SD public university http://www.state.sd.us/dakotacorps/default.html Graduate from an accredited South Dakota high school with a Grade Point Average (GPA of) 2.8 or greater on a 4.0 scale.  Home schooled students will be allowed to provide supplemental information if this requirement is not applicable. Have a composite ACT score of24 or greater (or the SAT equivalent). Agree, in writing, to stay in South Dakota and work in a critical need occupation after graduation for as many years as the scholarship was received, plus one year. Apply for the Dakota Corps Scholarship for a school period that begins within one year of high school graduation, or within one year of release from active duty of an active component of the armed forces.   Attend a participating South Dakota college as an undergraduate student in a program that will prepare the student to work in a critical need occupation. Be a U.S. citizen or U.S. national. Among those that qualify, recipients will be chosen based on GPA, test scores, activities, honors, community service, and a written essay. Not all eligible applicants will be selected for a scholarship. From the total pool of applicants, a limited number of recipients will be selected. Also, some South Dakota colleges may limit the number of scholarship recipients they accept, or not participate at all.
  5. South Dakota Opportunity Scholarship Initial Eligibility Requirements Be a resident of South Dakota at time of high school graduation. Have an ACT composite score of 24 or higher before beginning postsecondary education. Or SAT score, the sum of the verbal and mathematics scores must be at least 1090. Complete high school course requirements with no final grade below a C and a cumulative high school GPA of 3.0 Attend a university, college, or technical school that provides instruction from a campus located in South Dakota. Enter into program within 5 years of high school graduation, or within 1 year of the student's release from active duty military service (if that release is within 5 years of the date of the student's high school graduation). $1,000-1st year of attendance must complete 30 semester credits $1,000-2nd year of attendance must complete 30 additional semester credits $1,000-3rd year of attendance must complete 30 additional semester credits $2,000-4th year of attendance must complete 30 additional semester credits www.sdbor.edu/OpportunityScholarship/sdos.htm
  6. SDEAF Grant South Dakota Education Access Foundation Grant Funding for the SDEAF grant is made possible through South Dakota Education Access Foundation Mission – To expand access to postsecondary education Each college submits a proposal to the SDEAF Board as to how these awards will be made to their students Ask your SD college financial aid office how they award their funds Information provided by:
  7. Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply every year using the Free Application for Federal Student Aid (FAFSA) Calculates the Expected Family Contribution (EFC) Colleges use the EFC to award Federal Financial Aid
  8. Grants Money thatdoes not have to be paid back Usually awarded on the basis of financial need Federal Pell Grant (page 13) Federal Supplemental Opportunity Grant (page 14) Federal TEACH Grant (page 14)
  9. Federal Work Study Allows student to earn money to help pay educational costs (page 15) A paycheck; or Non-monetary compensation, such as room and board
  10. Loans Money students and parents borrow to help pay college expenses Students-Subsidized and Unsubsidized Stafford Loans and Perkins Loans (pages 16-18) Parents-PLUS Loans (page 19) Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future
  11. Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form (quicker if filed electronically, www.fafsa.gov) If filed electronically will need a Federal Student Aid Personal Identification Number (FSA PIN) for the student and the parent each to sign the FAFSA www.pin.ed.gov
  12. FAFSA May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid Colleges may set early awarding FAFSA filing deadlines IRS Data Retrieval Tool-if not used will more than likely cause the student to be selected for verification Tool available early February 2012 If 2011 tax return filed electronically, can use IRS Data Retrieval Tool 2 weeks after filing If 2011 tax return filed by paper, can use IRS Data Retrieval Tool 6-8 weeks after filing
  13. Verification If student is selected for verification will have to provide further information to school regarding household members ANDdocumentation for untaxed income AND If did not use the IRS Data Retrieval Tool for either student or parent, will have to provide an IRS Tax Transcript Financial Aid Offices will no longer be able to accept a copy of the filed income tax return Three ways to order an IRS Tax Transcript Submitting request online: www.irs.gov Phone: 800-908-9946 Obtain form online and mail to the IRS http://www.irs.gov/pub/irs-pdf/f4506tez.pdf

  14. Who is Eligible to Use the IRS Data Retrieval Tool?

    Dependent and independent students Parents of dependent applicants Must have a PIN (No PIN, provided with the opportunity to apply for a PIN and use it immediately to transfer IRS data to the FAFSA and submit the FAFSA) Required to sign the FAFSA online Must have a valid Social Security Number (SSN) Must have filed a prior year federal tax return Address on FAFSA matches last year’s federal tax return Marital status has not changed since December 31 of tax year
  15. Who Is Not Eligible to Use? Any student or parent who indicates they have not filed a 2011 tax return or will not file a 2011 tax return Married couples who file separate tax returns Marital status has changed since January 1, 2012 Amended returns Parents with all zeroes for SSN Students using an 888, now 666, identifier in place of an SSN (i.e., students from the Pacific Islands)
  16. FAFSA on the Web
  17. FAFSA Login
  18. 2012-13 Award Year
  19. General Demographic Information
  20. Student Eligibility
  21. School Selection
  22. Dependency Status
  23. Further Dependency Questions
  24. Dependency Status Results
  25. Who is the Parent in the case of Divorce? Biological or Adoptive parent the student has lived with the most in the last year. (If lived equally with both, then parent who provided the most financial support.) If a Biological or Adoptive parent has remarried the step-parent’s information must be included. Foster parents, legal guardians and other relatives are not considered the parent-their information is not included on the FAFSA.
  26. Parent Information
  27. IRS Data Retrieval Tool
  28. Transferred from IRS
  29. Income Information
  30. Income Information Continued
  31. Untaxed Income
  32. Assets (Net Value)
  33. Sign & Submit
  34. Confirmation Page Confirmation Number Data Release Number (DRN) EFC estimate Pell Grant and Direct Loan estimates Option for parents to transfer parent’s info to another application for another child
  35. Frequent FAFSA Errors Social Security Numbers Income earned by parents/stepparents Untaxed income U.S. income taxes paid Divorced/remarried parental information Household size Number of household members in college Real estate and investment net worth
  36. FAFSA Processing Results CPS notifies student of FAFSA processing results by: E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA Student with PIN may view SAR on-line at www.fafsa.gov
  37. FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR May request additional documentation: Verification proof of homelessness or ward of the court status proof that a sibling is enrolled in college Will generally not send you an award letter unless an Admissions Application has been submitted
  38. Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a PIN; Submitting documentation to college’s financial aid office
  39. Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information
  40. Financial Aid Websites www.studentaid.gov www.college.gov https://studentloans.gov/ www.fastweb.com http://www.collegescholarships.org http://www.scholarships.com
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