Counselor Training for College and Career Planning 2013 High School Counselor Workshops

1. Counselor Training for College and Career Planning 2013 High School Counselor Workshops Financial Aid Overview

2. AGENDA KASFAA Financial Aid Overview Aid Programs FAFSA Filing the FAFSA Dependency status Special Circumstances Processing the FAFSA Verification Resources for Counselors and Students

3. Kentucky Association of Student Financial Aid Administrators Our missionis to pledge support to professional activities and communications in all areas concerned with the administration of student educational financing programs • Upcoming Events • High School Workshop, 10 sites • College Goal Kentucky, various dates/sites statewide

4. College Goal Kentucky Various Sites throughout the state. www.kasfaa.com/collegegoalky • Postcards with Financial Aid timeline (Kim Dolan can provide more as needed kdolan@kheslc.com)

5. Financial Aid Overview 2013 High School Counselor Workshops

6. Financial Aid Includes • Scholarships • Grants • Work-Study • Loans

7. Sources of Financial Aid • Federal government • State government • Institutional • Private sources

8. Federal Aid Programs 2013 High School Counselor Workshops

9. Federal Aid Programs • Aid awarded primarily on the basis of financial need • Students must apply every year using the Free Application for Federal Student Aid (FAFSA)

10. Federal Pell Grant • Need-based grant • Available to undergraduate students who have not received a bachelor’s or first professional degree (exception for teacher certification students)

11. TEACH Grant • Teacher Education Assistance for College and Higher Education Grant • For undergraduate, post-baccalaureate, or graduate students who are/will be taking course work necessary to become elementary or secondary teachers • Must attend a participating college and meet certain academic achievement requirements • Must agree to serve, for a minimum of four years (within eight years of completing academic program), as a full-time teacher in a high-need field in a school that serves low-income students or TEACH Grant reverts to student loan

12. Campus-Based Aid • Federal Supplemental Educational Opportunity Grant (SEOG) • Federal Work-Study • Federal Perkins Loan • Awarded by schools on a “first come, first served” basis within guidelines for each program

13. Federal Work-study • Undergraduate and graduate students • Need-based, part-time employment • No minimum or maximum award • May look at willingness to work • Must pay at least federal minimum wage • The program encourages community service work and work related to the recipient's course of study.

14. Federal Direct Stafford Student Loans • Loan application is the FAFSA • Student borrows from and repays to federal government • School facilitates loan process • Annual and aggregate borrowing limits • Amounts increase for subsequent years of study, with higher amounts for graduate students.

15. Federal Direct Stafford Student Loans • In-school deferment • Six month post-enrollment grace period • Low, fixed interest rates • Various repayment options available to students entering repayment

16. Federal Direct PLUS Loans • Parents of dependent undergraduate students may apply for the Parent PLUS loan • Graduate or professional students may apply for the Graduate PLUS loan • PLUS loans require approval based on credit.

17. Veterans Benefits 2013 High School Counselor Workshops

18. Veterans BenefitsPost-9/11 GI Bill http://www.gibill.va.gov 1-888-GIBILL-1 (1-888-442-4551)

19. Veterans BenefitsPost-9/11 GI Bill • Individuals who serve at least 90 days of aggregate service after 9/10/01 are eligible at varying percentages for length of service. • Benefits may include: • Tuition and fees (paid directly to school) • Monthly housing allowance (paid to student) • Books and supplies stipend (paid to student) • Benefits are payable only for approved training and education programs offered by a college or university.

20. Veterans BenefitsPost-9/11 GI Bill -Transferability • Allows career service members (6 years + of service) the opportunity to share their education benefits with immediate family. • Immediate family includes: • - The individual’s spouse • - The individual’s children (under 26 years of age) • - Any combination of spouse and children

21. Yellow Ribbon Program • Allows colleges and universities to enter a voluntarily agreement with VA to fund tuition expenses that exceed the highest public in-state undergraduate rate for individuals eligible for the GI Bill 100% payment tier. • http://www.gibill.va.gov/benefits/post_911_gibill/yellow_ribbon_program.html

22. State aid programsKentucky 2013 High School Counselor Workshops

23. State Aid Programs • Residency requirements for eligibility • Merit and need-based aid types • May use information from the FAFSA to determine eligibility • Grant program eligibility determined upon when the FAFSA is completed

24. Kentucky Aid Programs • Administered by the Kentucky Higher Education Assistance Authority (KHEAA) • Information and applications for Kentucky grant and scholarship programs at www.kheaa.com

25. KHEAA Programs Below are a few popular state programs most relevant to high school students and parents: • College Access Program (CAP) Grant • Kentucky Tuition Grant (KTG) • Kentucky Educational Excellence Scholarship (KEES) • Go Higher Grant • Kentucky Education Savings Plan Trust • Kentucky's Affordable Prepaid Tuition

26. Institutional Aid Programs 2013 High School Counselor Workshops

27. Institutional Aid • Differs from one college to another • Contact colleges directly when applying • Apply early • Submit polished applications • Respond promptly to offers

28. Private Aid Sources 2013 High School Counselor Workshops

29. Private Sources • Foundations and professional organizations in the student’s field of study • Local businesses and employers • Community organizations and civic groups • Religious groups • Ethnicity-based groups

30. FREE Online Scholarship Search Engines • www.kheaa.com • www.finaid.org • www.collegeboard.com • www.fastweb.com • www.studentaid.ed.gov

31. 2013 High School Counselor Workshops Filing the FAFSA

32. FAFSA on the Web • Website: www.fafsa.gov • 2014-15 FAFSA on the Web available on January 1, 2014

33. FAFSA Demo for Counselors • Allows counselors to increase their own understanding of FAFSA on the Web and to show it to students and parents before they apply http://fafsademo.test.ed.gov • When you visit the site, you will be prompted for a user name and password • User name: eddemo • Password: fafsatest

34. Application Process • Student completes FAFSA • FAFSA results are transmitted to the school(s) listed on the FAFSA • School uses the EFC amount to determine eligibility for financial aid • School communicates eligibility to the student through an award “package”

35. Expected Family Contribution (EFC) • Amount a family can reasonably be expected to contribute to college • EFC is calculated using data provided on the FAFSA • EFC remains the same from college to college

36. FAFSA Filing Deadlines • Encourage families to file early: • Families encouraged to file as soon as possible after January 1st • Some types of aid are “first come, first served” and funding is limited • Likely to receive more timely award information from schools for students to make college decisions/plans

37. Documents needed to complete the FAFSA The following information and documents are necessary for completing the FAFSA: Social Security number Parents’ Social Security number Driver’s license number Alien Registration Number if not a U.S. citizen

38. Documents needed to complete the FAFSA The following information and documents are necessary for completing the FAFSA: Federal tax information or tax returns, including IRS W-2 information, for the year prior to the academic year for which you are applying Income tax information for yourself and spouse, if you are married, and for your parents if you must provide parent information Estimated tax information if tax return not yet completed Records of untaxed income, such as child support and interest income

39. Using Estimated Tax Information on the FAFSA Students and/or parents who have not completed their 2013 tax returns may submit a FAFSA using estimates Filing FAFSA with estimated numbers allows students to file early to meet priority deadlines Resources to assist with estimating tax data may be obtained through the IRS website www.irs.gov/formspubs/index.html After tax returns are completed, income or tax information should be submitted on the FAFSA

40. IRS Data Retrieval Families are STRONGLY encouraged to use IRS Data Retrieval process to import tax information directly from the IRS database into the FAFSA Prompts in the tax information section of the FAFSA on the Web will guide student/parent through IRS data retrieval option

41. IRS Data Retrieval If using estimated tax information to file the FAFSA early, as recommended, later corrections to submit completed tax information should be made using IRS data retrieval

42. Federal Student Aid PIN • Students and parents of dependent students must have PIN to complete FAFSA on the Web • Students and parents may apply for a PIN early and do not have to wait until the FAFSA is available January 1, 2014

43. FILING THE FAFSA Dependency Status 2013 High School Counselor Workshops

44. Dependency Status:Criteria for Independent Students At least 24 years of age on or before December 31st of the award year Graduate or professional student Married Has children or dependents other than a spouse for whom the student provides more than half support Serving on active duty in the U.S. Armed Forces for other than training purposes Veteran of the U.S. Armed Forces

45. Dependency Status:Criteria for Independent Students Orphan (i.e. both parents are deceased) or is a ward/dependent of the court, or was a ward/dependent of the court until age 18 Emancipated minors or in legal guardianship as determined by a court of competent jurisdiction in the applicant's state of legal residence Unaccompanied youth who is homeless or at risk of homelessness and is self-supporting

46. Dependency Override forSpecial Circumstances • If the student has no contact with a parent and is unable to provide parental data on the FAFSA, a review of special circumstance may be done • Examples of special circumstances for professional judgment may include, but are not limited to: • Parent(s) are incarcerated • Whereabouts of parents unknown • Student left home due to an abusive situation • Financial aid office requires documentation for such situation

47. Dependency Override for Special Circumstances • FAFSA on the Web filers: Answer questions regarding special circumstance and remaining student questions and sign and submit for processing • Students should contact schools listed on FAFSA for further assistance to complete their FAFSA

48. Definition of “parent” for parental data on FAFSA If parents are living and in same household, answer the questions about both. If parent is widowed or single, answer questions about that parent. If widowed parent is remarried as of the day you sign the FAFSA, answer questions about that parent and the person whom the parent married (stepparent).

49. Definition of “parent” for parental data on FAFSA If parents are divorced or separated, answer the questions about the parent with whom student lived more during the past 12 months. If student lived exactly six months with each parent, give answers about the parent who provided more financial support during the past 12 months OR during the most recent year that student received support from a parent. If this parent is remarried, answer the questions on the FAFSA about that parent and the person whom the parent married (stepparent).

50. Definition of “parent” for parental data on FAFSA • The following people are not parents and should not provide FAFSA data except in cases of adoption: • grandparents • foster parents • legal guardians • older brothers or sisters • uncles or aunts