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

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Counselor Training for College and Career Planning 2013 High School Counselor Workshops. Financial Aid Overview. AGENDA KASFAA Financial Aid Overview Aid Programs FAFSA Filing the FAFSA Dependency status Special Circumstances Processing the FAFSA V erification - PowerPoint PPT Presentation

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

    Financial Aid Overview

  • AGENDA

    KASFAAFinancial Aid OverviewAid ProgramsFAFSAFiling the FAFSA Dependency statusSpecial CircumstancesProcessing the FAFSA VerificationResources for Counselors and Students

  • Kentucky Association of Student Financial Aid AdministratorsOur mission is to pledge support to professional activities and communications in all areas concerned with the administration of student educational financing programsUpcoming EventsHigh School Workshop, 10 sitesCollege Goal Kentucky, various dates/sites statewide

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

  • Financial Aid Overview

    2013 High School Counselor Workshops

  • Financial Aid IncludesScholarshipsGrantsWork-StudyLoans

  • Sources of Financial AidFederal governmentState governmentInstitutionalPrivate sources

  • Federal Aid Programs

    2013 High School Counselor Workshops

  • Federal Aid ProgramsAid awarded primarily on the basis of financial needStudents must apply every year using the Free Application for Federal Student Aid (FAFSA)

  • Federal Pell GrantNeed-based grantAvailable to undergraduate students who have not received a bachelors or first professional degree (exception for teacher certification students)

  • TEACH GrantTeacher Education Assistance for College and Higher Education GrantFor undergraduate, post-baccalaureate, or graduate students who are/will be taking course work necessary to become elementary or secondary teachersMust 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

  • Campus-Based AidFederal Supplemental Educational Opportunity Grant (SEOG)Federal Work-StudyFederal Perkins LoanAwarded by schools on a first come, first served basis within guidelines for each program

  • Federal Work-studyUndergraduate and graduate studentsNeed-based, part-time employmentNo minimum or maximum awardMay look at willingness to workMust pay at least federal minimum wageThe program encourages community service work and work related to the recipient's course of study.

  • Federal Direct Stafford Student LoansLoan application is the FAFSAStudent borrows from and repays to federal governmentSchool facilitates loan processAnnual and aggregate borrowing limitsAmounts increase for subsequent years of study, with higher amounts for graduate students.

  • Federal Direct Stafford Student LoansIn-school defermentSix month post-enrollment grace periodLow, fixed interest ratesVarious repayment options available to students entering repayment

  • Federal Direct PLUS LoansParents 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.

  • Veterans Benefits

    2013 High School Counselor Workshops

  • Veterans BenefitsPost-9/11 GI Billhttp://www.gibill.va.gov

    1-888-GIBILL-1(1-888-442-4551)

  • Veterans BenefitsPost-9/11 GI BillIndividuals 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.

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

  • 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

  • STATE AID PROGRAMSKentucky

    2013 High School Counselor Workshops

  • State Aid ProgramsResidency requirements for eligibilityMerit and need-based aid typesMay use information from the FAFSA to determine eligibilityGrant program eligibility determined upon when the FAFSA is completed

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

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

  • Institutional Aid Programs

    2013 High School Counselor Workshops

  • Institutional AidDiffers from one college to anotherContact colleges directly when applyingApply earlySubmit polished applicationsRespond promptly to offers

  • Private Aid Sources

    2013 High School Counselor Workshops

  • Private SourcesFoundations and professional organizations in the students field of studyLocal businesses and employersCommunity organizations and civic groupsReligious groupsEthnicity-based groups

  • FREE Online Scholarship Search Engineswww.kheaa.comwww.finaid.orgwww.collegeboard.comwww.fastweb.comwww.studentaid.ed.gov

  • Filing the FAFSA 2013 High School Counselor Workshops

  • FAFSA on the WebWebsite: www.fafsa.gov2014-15 FAFSA on the Web available on January 1, 2014

  • FAFSA Demo for CounselorsAllows counselors to increase their own understanding of FAFSA on the Web and to show it to students and parents before they applyhttp://fafsademo.test.ed.govWhen you visit the site, you will be prompted for a user name and passwordUser name: eddemoPassword: fafsatest

  • Application ProcessStudent completes FAFSAFAFSA results are transmitted to the school(s) listed on the FAFSASchool uses the EFC amount to determine eligibility for financial aidSchool communicates eligibility to the student through an award package

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

  • FAFSA Filing DeadlinesEncourage families to file early:Families encouraged to file as soon as possible after January 1stSome types of aid are first come, first served and funding is limitedLikely to receive more timely award information from schools for students to make college decisions/plans

  • Documents needed to complete the FAFSAThe following information and documents are necessary for completing the FAFSA:Social Security numberParents Social Security number Drivers license numberAlien Registration Number if not a U.S. citizen

  • Documents needed to complete the FAFSAThe 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 informationEstimated tax information if tax return not yet completed Records of untaxed income, such as child support and interest income

  • Using Estimated Tax Information on the FAFSAStudents and/or parents who have not completed their 2013 tax returns may submit a FAFSA using estimatesFiling FAFSA with estimated numbers allows students to file early to meet priority deadlinesResources 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

  • IRS Data RetrievalFamilies 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

  • 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

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

  • FILING THE FAFSADependency Status 2013 High School Counselor Workshops

  • Dependency Status:Criteria for Independent StudentsAt 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 supportServing on active duty in the U.S. Armed Forces for other than training purposes Veteran of the U.S. Armed Forces

  • Dependency Status:Criteria for Independent StudentsOrphan (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 residenceUnaccompanied youth who is homeless or at risk of homelessness and is self-supporting

  • Dependency Override forSpecial CircumstancesIf 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 doneExamples of special circumstances for professional judgment may include, but are not limited to:Parent(s) are incarcerated Whereabouts of parents unknownStudent left home due to an abusive situation Financial aid office requires documentation for such situation

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

  • Definition of parent for parental data on FAFSAIf 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).

  • Definition of parent for parental data on FAFSAIf 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).

  • Definition of parent for parental data on FAFSAThe following people are not parents and should not provide FAFSA data except in cases of adoption:grandparentsfoster parentslegal guardiansolder brothers or sistersuncles or aunts

  • FILING THE FAFSASpecial Circumstances and Professional Judgment 2013 High School Counselor Workshops

  • Special CircumstancesStudents should contact the school with special circumstances such as:

    Dislocated Worker Change in employment statusMedical expenses not covered by insuranceChange in parent marital statusUnusual dependent care expensesStudent cannot obtain parent information

    The school may use professional judgment to review extenuating circumstances for possible adjustments to FAFSA data.

  • FILING THE FAFSAProcessing of the Application 2013 High School Counselor Workshops

  • FAFSA Processing ResultsStudent will receive a Student Aid Report (SAR)Student should review and make any necessary changes

  • VerificationVerification is a processin which schools must collect information to verify accuracy of data entered on the FAFSAReasons for verification: Chosen randomly FAFSA contains estimated information Data provided on the FAFSA is inconsistent

  • Verification

    For verification of information on FAFSA, student/parent may be asked to provide the school with : 2013 Federal tax return transcript Transcript may be obtained by contacting IRS online at www.irs.gov or by phone 1-800-908-9946

  • Verification

    Student/parents may also be asked to provide documentation which may include, but is not limited to: Copies of W-2 forms Verification worksheet provided by school Record of untaxed income such as child support, untaxed pensions, etc. Record of child support paid, if reported on FAFSA

  • Verification

    HELPFUL HINT:To limit documentation required for verification purposes, families are encouraged to utilize the IRS Data Retrieval Process when completing or correcting tax information on the FAFSA.

  • Verification Eligibility for aid cannot be determined by the school until the verification process is completed Students should provide requested verification documentation promptly to ensure timely processing for aid determination purposes

  • FILING THE FAFSAErrors and Myths 2013 High School Counselor Workshops

  • Frequent FAFSA ErrorsSocial Security Numbers incorrectDivorced/remarried parental information improperly reportedIncome earned by stepparent not includedUntaxed income not included U.S. income taxes paid misreported

  • Frequent FAFSA ErrorsHousehold size discrepanciesNumber of household members in collegeAsset information unreportedWrong degree seeking type Parent/student has not signed with PIN

  • FAFSA MythsI wont file the FAFSA since my family makes too much money so I wont qualify for aid.

    Reality:No income cut-off to qualify for federal student aidMany factors besides incomefrom the size of your family to the age of your older parentare taken into account. FAFSA may also be the application for funds from your state, and possibly from your school as wellDont assume! File the FAFSA and find out.

  • FAFSA MythsOnly students with good grades and high ACT scores get financial aid.

    Reality:Most federal student aid programs do not take a students grades into considerationAs long as a student maintains satisfactory academic progress, federal student aid can help a student with an average academic record

  • FAFSA MythsYou have to be a minority to get financial aid.

    Reality:Funds from federal student aid programs are awarded on the basis of financial need, not on the basis of race. The FAFSA doesnt even collect this kind of information about an applicant.

  • FAFSA MythsThe FAFSA is too hard to fill out.

    Reality:Detailed instructions provided for every question, and the form walks you through step by stepHelp available through online real-time chat and by phone Assistance available through school financial aid officesFree advice and Free to file!

  • Student Aid Resources 2013 High School Counselor Workshops

  • Net Price Calculator

    All colleges are required to provide online net price calculators Benefits of net price calculators:Provide estimate of college costsProvide estimated financial aid packagesStudents can compare estimated financial aid and expenses at multiple schools

  • FAFSA4casterhttps://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1Early start on the financial aid processProvides early estimate of eligibility for federal aid based on current laws and student informationHelps families begin the financial planning process for collegeReduce time to file FAFSA as information will pre-populate from FAFSA4caster when filing FAFSA on the Web

  • Federal Student Aid Contact InfoFederal Student Aid Information Center (FSAIC) Toll-free number for questions about federal student aid 1-800-4-FED-AID (1-800-433-3243) TTY (for the hearing impaired) 1-800-730-8913 E-mail: fsa.customer.support@ed.gov

  • Federal Resource for Studentshttp://StudentAid.gov/

    Student Aid on the Webplanning for college, paying for college, and repaying student loansFunding Your Education: The Guild to Federal Student AidHow to Qualify for Financial AidTypes of Financial AidHow to Apply for Financial aidLooking for Student Aid Without Getting ScammedFact sheets on various topics

  • FSA for Counselorsresources to help you help yourstudentswww.fsa4counselors.ed.govOnline training and information about live trainingFinancial Aid Night PowerPoint presentation and scriptwww.fsapubs.gov/Federal Student Aid Publications Ordering System

  • 2013 High School Counselor Workshops

    Questions?

  • 2013 High School Counselor WorkshopsThanks to our workshop sponsors!

    Kentucky Association of Student Financial Aid Administrators (KASFAA)

    Kentucky Higher Education Assistance Authority (KHEAA)

    ACT, Inc.

  • 2013 High School Counselor Workshops

    Thank you for attending!

    *

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