EVENING WITH THE COUNSELOR FINANCIAL AID WORKSHOP 2015

EVENING WITH THE COUNSELOR

FINANCIAL AID WORKSHOP

2015

LAKEVIEW TECHNOLOGY ACADEMY

TODAY’S FACILITATOR

IS

LYNETTE ANDERSON

WHY SUBMIT A FAFSA?

• Scholarship applications may require

• Wisconsin covenant REQUIRES

• FAFSA used for more than just federal aid – also state and

institutional funding

• Won’t know what eligible for until submitted – gives you a baseline

to plan for future years

• Insurance policy if you need financial aid in future years – must

reapply each year.

• 45 minutes = average time to complete 15/16 FAFSA online

• FAFSA INFO

• FSA ID CHANGE

IRS DATA RETRIEVAL

• Request and retrieve income and tax data directly from the IRS

• Can be used:• After at least 2 – 3 weeks of electronic tax filing• After at least 8 – 11 weeks of paper tax filing

• If tool not used or changes made, may request “Tax Return Transcript”

GENERAL FINANCIAL AID TIMELINE

SUZIE’S SAR.

SUZANNE SMITH742 EVERGREEN TERRACESPRINGFIELD, OH 55555

Dear SUZANNE SMITH,

Your Student Aid Report (SAR) summarizes the information you submitted on your 2015-16 Free Application for Federal Student Aid (FAFSA).

Application Status (review the checked boxes)

Your FAFSA appears to be complete. Review the data on pages 3 – 10 of your SAR and make corrections or updates if necessary. The school(s) listed on your FAFSA will receive your information.

Your FAFSA has been selected for verification. Verification is a process where your school confirms the data you reported on your FAFSA. Your school has the authority to contact you for documentation that supports income and other information that you reported on your FAFSA.

HOT TOPICWHAT PARENT TO USE ON THE FAFSA

Remember: There are several factors that go into determining a student’s financial aid award…

SCHOOL CHOICE

• Compare cost of attendance at different schools

• Research – is there a difference in available institutional

grant/scholarships between those schools?

FAFSA

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Expected Family Contribution (EFC)

EFC CALCULATION• Established by Congress

• Uses both parent AND student info (for DEP students)

• Has standard income and asset protection allowances

**Adjustments to EFC may be made by the FinAid Office due to Verification

and/or Special Circumstances that limit ability to pay.**

NET PRICE CALCULATOR

• FEDERALLY MANDATED

• BASED ON INCOME INFORMATION AND, SOMETIMES,

ACADEMIC INFORMATION

• WILL PROVIDE AT LEAST THE FOLLOWING INFORMATION:

• ESTIMATED TOTAL COST OF ATTENDANCE

• TOTAL ESTIMATED MERIT- AND NEED-BASED GRANT AID

• ESTIMATED NET PRICE (PRICE OF ATTENDANCE MINUS

GIFT AID)

How Need Impacts AwardsCASE STUDY # 4

FULL NEED STUDENT: MEET EMILYEmily is applying to college, but is worried about affordability.

She has completed a FAFSA and her Expected Family

Contribution (EFC) is 0. Emily might think that this means her

family won’t be expected to contribute towards her college

costs, but she needs to understand that college still may not be

free. Even with grants and scholarships, she may still have a

“gap” that will need to be covered by loans or paid out-of-

pocket.

Here are some things Emily will need to know:

WHAT IS THE COST OF ATTENDANCE?

Tuition and fees

+ Room and board

+ Transportation

+ Books and supplies

+ Miscellaneous living expenses

= Cost of attendance (COA)

EMILY’S COA AT:

COLLEGE 1

Tuition & Fees $30,400Room & Board $9,800Book & Supplies $1,500Transportation $300Miscellaneous $4,000Total Cost of Attendance $46,000

COLLEGE 2

Tuition & Fees $9,800Room & Board $8,900Books & Supplies $1,200Transportation $300Miscellaneous $3,200Total Cost of Attendance

$23,400

WHAT ARE THE DIRECT COSTS?• Costs for which the student will receive a BILL:

• Tuition and fees

• Room & board, if living on campus

Tuition & Fees

$30,400

Room & Board $9,800

Tuition & Fees $9,800Room & Board $8,900

College 1 College 2

Indirect costs: estimated so that the student can plan, but are not billed and can vary depending on class enrollment (books/supplies) or the students’ spending habits (cell phone plan, etc).

“FREE MONEY” VS. LOANS

• GRANTS

• FEDERAL – PELL GRANT, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)

• STATE – WISCONSIN GRANT *NAME CHANGE

• Scholarships – Institutional, Community, Business, Organizational

• WORK STUDY/OTHER EMPLOYMENT

• LOANS

• Subsidized/unsubsidized Federal Direct Loans

• Perkins loan (no new loans after 15-16)

• Parent Loan for Undergraduate Students (PLUS)

• Private/alternative loans

Gift Aid - FREE

Self-Help Aid

EMILY’S FINANCIAL AID AWARD FROM:

COLLEGE 1 University Scholarship $12,000WI Grant $2,900Pell Grant $5,730University Grant $6,800Total FREE Aid $27,430

COLLEGE 2University Scholarship $2,000

WI Grant $2,900

Pell Grant $5,730

Total FREE Aid $10,630

Perkins Loan $1,500Sub Direct Loan $3,500Unsub Direct Loan $2,000Federal Work Study $1,500Total Self-Help Aid $8,500

Total Aid Offer $35,930

Perkins Loan $1,500

Sub Direct Loan $3,500

Unsub Direct Loan $2,000

Federal Work Study $1,500

Total Self-Help Aid $8,500


UNDERSTANDING EMILY’S AWARD• Federal work study does not disburse to a student’s account

• Based on the offers, are her direct costs completely covered?

• Will any of her indirect costs be covered as well?

College 1 Tuition & Fees $30,400

Room & Board $9,800


College 2Tuition & Fees $9,800

Room & Board $8,900


Total Self-Help Aid $8,500 Total Self-Help Aid $8,500

MEET BEN

• Ben’s EFC is $6,100- too high to qualify for Pell Grant

• He doesn’t qualify for the WI Grant at all colleges-

depends on the college’s tuition cost .

• Based on the offers, are his direct costs completely

covered?

BEN’S COA AT:COLLEGE 1

Tuition & Fees $9,800

Room & Board $8,900

Books & Supplies $1,200

Transportation $300

Miscellaneous $3,200

Total Cost of Attendance $23,400

COLLEGE 2


Room & Board $9,800

Book & Supplies $1,500

Transportation $300

Miscellaneous $4,000

Total Cost of Attendance $46,000

BEN’S FINANCIAL AID AWARD FROM:

COLLEGE 1 University Scholarship $12,000

WI Grant $2,900

University Grant $6,800


COLLEGE 2University Scholarship $2,000


Perkins Loan $1,500




Total Self Help Aid $8,500


Perkins Loan $1,500




Total Self Help Aid $8,500


COMPARING BEN’S AWARD OFFERS

• Federal work study does not disburse to a student’s account

• Based on the offers, are his direct costs completely covered?

College 1


Room & Board $9,800

College 2


Room & Board $8,900

Total Aid Offer $30,200 Total Aid Offer $10,500

HOW CAN STUDENTS COVER THE “GAP?”

• Are there scholarships they haven’t yet applied for?

• Is the parent willing to borrow a loan to help with costs?

• Is there a payment plan available that works for the family?

• How will “indirect costs” (other living expenses) be covered?

• Is the student planning to work while attending school?

• Have they contacted the university’s financial aid office to ask about

other options?

OTHER “GAP” RESOURCES

HOT TOPIC

UNDERSTANDING DEPENDENCY RULES

If you can check ANY of the following boxes, you will not have to provide parental info.If you check NONE of the following boxes, you will be asked to provide parental info.

I was born before January 1, 1993

I am married

I will be working on a master’s or doctorate program (e.g. MA, MBA, MD, JD, PhD, EdD, graduate certificate)

I am serving on active duty in the U.S. Armed Forces

I am a veteran of the U.S. Armed Forces.

I now have or will have children for whom I will provide more than half of their support between July 1, 2016 and June 30, 2017

Since I turned aged 13, both of my parents were deceased

I was in foster care since turning age 13

I have dependents (other than children or my spouse) who live with me and I provide more than half of their support

I was a dependent or ward of the court since turning age 13

I am currently or I was an emancipated minor

I am currently or I was in legal guardianship

I am homeless or am at risk of being homeless

STU

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MEET BROCK

Brock is a lifelong Wisconsin resident attending a Minnesota institution which participates in the MN-WI Tuition Reciprocity Agreement. Brock was charged out of state tuition. Why was he charged as an out of state student?

MN WI TUITION RECIPROCITY

•Students have to apply to receive the benefit

•Schools may indicate the possibility of this benefit in a financial aid package, but no benefit will be allowed unless the student applies for and is approved by HEAB.

•Step for Brock:

•Apply for the benefit: HEAB.WI.GOV/RECIPROCITY

NON-CITIZENS

CASE STUDY #5

MEET JULIA

Julia comes to you because although she is extremely

bright with high test scores, she’s the child of immigrant

parents who will be unable to assist with her college

costs. You know she is not a U.S. Citizen.

WHO’S ELIGIBLE FOR AID?

• U.S. Citizens

• Eligible non-citizens:

• U.S. Nationals

• U.S. Permanent residents (green card – that are actually blue)

• Have a I-94 showing refugee, asylum granted, Cuban-Haitian entrant (status pending), or parolee

• Student (or parent) holds a T-visa (victim of human trafficking)

• Battered immigrant-qualified alien

• Citizens of Micronesia, Republic of Marshall Islands, or the Republic of Palau

PARENT REFUSAL OF INFORMATION

CASE STUDY # 7

MEET AARON

Aaron, who just turned 18, is wondering if he can complete the

FAFSA without his parents’ information. He tells you that his

parents will not help him pay for college and that they refuse to

provide their information because they don’t want to be obligated in

any way to pay for his education. What do you tell Aaron? Can

Aaron file as an independent student? What options does Aaron

have?

WHEN PARENTS REFUSE TO COMPLETE FAFSA

• FA professional can use PJ to award a Federal Unsubsidized

Stafford Loan

• It must be verified that parent(s) have ended financial

support of the student and refuses to file the FAFSA.

• Support includes payment of educational expenses,

cash and non-cash support to the student such as room

and/or board

THINGS TO DISCUSS WITH PARENT

• FAFSA information is confidential

• Not a “cosigner” for federal direct loans

• Student will not be eligible for potential grants

without a FAFSA

RESOURCES

COLLEGE GOAL WISCONSIN 2016!•Free program to help families complete the FAFSA!

•Offered at 33 sites and 41 events

•Saturdays, February 13, 20, and 27

•Wednesday, February 10, 17, and 24

•Various sites including 5 high schools, 12 technical colleges, 7 UW campuses, 4 private colleges, two libraries, two college access centers, and one reservation!

For location information:

Visit www.Collegegoalwi.Org

Or call 1-866-578-4625

COLLEGE GOAL WISCONSIN 2016!

• Scholarship drawings for attendees!

• Survey shows - 98.1% of families felt it was worth attending

• Sponsored by WASFAA along with several other partners.

• Your help is essential in promoting our event! Download promotional materials on the website.

• Volunteer at a site near you!

QUESTIONS?PLEASE MAKE SURE TO COMPLETE YOUR EVALUATION!

Documents

EVENING WITH THE COUNSELOR FINANCIAL AID WORKSHOP 2015