Upload
clementine-hunt
View
222
Download
0
Embed Size (px)
DESCRIPTION
3 Who is Eligible? All U.S. citizens or non-citizens with permanent resident status applying for federal student aid for the first time qualify for some forms of financial assistance. (Males required to register for selective service must do so in order to receive federal student aid.) Undocumented WA residents can apply for the Washington State assistance using the WASFA (Washington Application for State Financial Aid).
Citation preview
PRESENTED BY:
Financial Aid & Navigating the Application Process
1
What is Financial Aid?Financial Assistance to help families pay for the cost of attending college when the cost exceeds their ability to do so. It is awarded as:
2
“Gift Aid” (free monies)-- Scholarships-- Grants
“Self Help”-- Student Loans (to be repaid)-- Student Employment (to be
earned)
3
Who is Eligible?All U.S. citizens or non-citizens with permanent resident status applying for federal student aid for the first time qualify for some forms of financial assistance.
(Males required to register for selective service must do so in order to receive federal student aid.)
Undocumented WA residents can apply for the Washington State assistance using the WASFA (Washington Application for State Financial Aid).
How Do I Apply?1. Apply for admission to the schools you are interested
in attending (Fall of your Senior Year in high school)2. Complete the Free Application for Federal Student
Aid (FAFSA) (www.fafsa.gov). Application can be submitted beginning Jan. 1, 2016. Apply as early as you can, using estimated 2015 income information, if necessary. Apply by Feb. 1, 2016 if you are a College Bound student.
3. Complete the WASFA (Washington Application for State Financial Aid) if you are an undocumented WA resident. (www.readysetgrad.org)
4. Complete any supplemental applications required by individual schools.
4
Your on-line FAFSA should look like this . . .
5
And NOT these $79.99 .com sites!
.gov
What am I applying for? Federal Aid
6
Federal Pell Grant (up to $5,775 in 2015-16)Federal Supplement Educational Opportunity Grant (FSEOG - $100 to $4,000 depending of available funds)
Federal Direct Student Loans (not available at all schools)Up to $5,500 per year for freshmen Up to $6,500 per year for sophomores Up to $7,500 per year for juniors and seniorsFederal Nursing Loan Up to $3,300 per year for sophomores Up to $5,200 per year for juniors and seniors
Federal Work Study (working a part-time job and getting a pay check to help pay for educational expenses)
What am I applying for? – State Aid• Washington State Need Grant & College Bound
Scholarships (available only in WA, but not available at all for-profit career schools). • Up to $11,904 at four year private schools if College Bound eligible• Up to $4,300 at community colleges if College Bound eligible• Can be eligible for Need Grant without being eligible for College
Bound, but must be eligible for Need grant to be eligible for College Bound
• Washington State Work Study program (in WA only - working a job and getting a pay check to help pay for educational expenses)
• Washington State Tuition & Fee Waivers (limited to specific students attending WA public schools only)
7
What am I applying for? – Other Aid• College funded need-based scholarships and Grants. Can
be based on merit and talent as well as need. Criteria and award amounts will vary, depending on school. Funding will be most available at private colleges and universities to help offset their higher tuition costs.
8
Other aid options are also available through the Veteran’s Administration, Private scholarship organizations, such as employers, foundations and civic groups, and private loans from commercial lenders. These usually do not require you to file a FAFSA.
How is “Financial Need” Determined?“Financial Need” is the difference between the cost of the school and the amount the family is expected to contribute toward that cost (EFC) according to the FAFSA information and a federal formula.
9
Cost of Attendance (COA)- Expected Family Contribution (EFC)= Financial Need
Cost of Attendance (COA)Includes:
10
(may also include day care costs, uniforms and computer at school’s discretion/policy)
Sometimes referred to as the “Financial Aid Budget”. Amounts set by each school = maximum financial aid award.
Tuition and fees (direct costs)Room and meals (direct costs if living on campus)
Books and supplies (indirect costs)Transportation (indirect costs)Personal and miscellaneous (indirect costs)
Cost of Attendance will Vary by School . . .
11
Two Year public Community Colleges
Four Year Public Universities Four Year Private Universities $-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$18,349
$24,477*
$47,161
Average Cost of Attendance of WA Schools, 2015-16
*Includes cost of BA programs at some community colleges.
But Expected Family Contribution (EFC) remains the same
12
SAMPLE
2 Yr. Community Colleges 4 Yr. Public
Universities 4 Yr. Private Universities
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
EFC
NEED
COA $7,800 $7,800
$7,800
$10,549 $16,677
$39,361 $18,349 $24,477
$47,161
EFCNEEDCOA
How is the EFC Calculated?
Federal Methodology Need Analysis Formula looks at:
1. Student’s dependency status2. 2015 Income (taxed and some untaxed incomes) for
parents (if student is dependent) and student3. Household size4. Number of family members attending college (excludes
parents, running start students)5. Value of assets (Excludes home, retirement accounts,
insurance policies - 529 accounts are parents assets)6. Age of older parent (as parents get older, less assets
used in formula).
13
Who is an Independent Student?
14
• Student is 24 years old by Dec 31, 2016• Married at time of FAFSA filing• Providing 50%+ of support to dependent child(ren) • Is serving on active duty or is a veteran of the U.S.
Armed Forces• Is enrolled in graduate school• Both parents deceased• Documented homeless or emancipated minor or foster
youth, or court appointed legal guardian
If independent, parents’ information is not used.
So who’s the Parent?• Legal or biological parent• If parents divorced, the parent the student lives with the
most over the last 12 months• If equal, then the parent providing the most support over
the past 12 months• Always includes step-parent if parent has remarried• Includes both parents if they are living together
(regardless of marital status or gender)• Excludes grandparent or other relatives (unless student
legally adopted)
15
Submit Your FAFSA• You can list up to ten schools to receive your FAFSA
information.• Parents need to “sign” with their own FSA ID if they also
provided their information.• Your FAFSA has not been submitted until you see a
Confirmation Page at the end. You will be provided with your EFC on the Confirmation Page.
• Find the “FAFSA Overview” at https://www.youtube.com/watch?v=c-23SMf5DyQ
16
17
So What happens next?
After your school receives your FAFSA (and in most cases, after you are admitted), you will receive an offer of financial aid from each school, outlining what aid programs and dollar amounts they are making available to you. You need to:• Decide on the school you will attend, accept their
award and complete the processes to finalize your aid. (May include a tuition deposit)
• Notify the other schools of your decision• May 1st is National Candidate Reply date
Sample Financial Aid Award Letter
18
University’s direct costs
Total Cost of Attendance (COA)
Total of Scholarships & Grants
Net Cost after gift aid
Total Loans Offered
Out-of-pocket costs after loans
Other Possible Resources
Assuming you’ve been admitted and filed the FAFSA, generally aid offers are sent beginning:
19
When can we expect to see this happen?
Mid to late February, mostly from private colleges and universities
March & April, mostly from four year public colleges and universities
May, June and into the summer, mostly from community colleges
Things to Remember• FAFSA Only looks at previous year’s income, so must re-
apply each year.• FAFSA Doesn’t consider unusual circumstances or
changes. You must contact the school.• Better to file the FAFSA early with estimated information
than be accurate but late. To help you remember . . . .2, 4, 6, 8, don’t be late, estimate!
• Don’t assume you can’t afford a school – get your financial aid award offer before deciding.
• Renewal requires making Satisfactory Academic Progress (and the new year’s FAFSA).
20
FAFSA4casterGet an estimate of what the FAFSA might generate as your Expected Family Contribution (EFC) by completing the FAFSA4caster.
Go to www.fafsa.gov and click on the link you see below:
21
Use FAFSA4caster to see howFederal student aid can help you payFor college!
Thinking About College?
Net Price Calculator
22
All schools offering federal student aid MUST have a “Net Price Calculator” (NPC) on their website, which provides and ESTIMATE of their:
Cost of Attendance - Dollar amount of scholarship and grants student could expect to receive= Net price
The NPC’s “net price” should be reasonably close to what you see on the financial aid award letter from that school. Some schools will also provide an estimate of the student’s total financial aid award, including student loans and work study.
Finally . . .Keep all your school options open until you have all
the information to make an informed decision.Don’t pay anyone or any website to do your
scholarship search or help with the FAFSA.33% of all FAFSA filers will be selected by the federal
processer for Verification. Schools will be required to substantiate your FAFSA information. Tax returns will be required & can only be provided via:
- IRS Data Retrieval Tool on the FAFSA website OR- IRS Tax Return Transcript
You will be notified on your Confirmation Page if you have been selected for verification.
23
24
Find scholarship matches on the Washington only website: www.thewashboard.org
25
www.readysetgrad.org
Readysetgrad.org is a project of the Washington Student Achievement Council (WSAC) and funded through the Washington GEAR UP program.
Get tips for preparing for college starting in the 6th grade. The Washington Application for State Financial Aid (WASFA) is also found on this site.
Includes financial aid information, academic preparation, timelines, etc.
Got Questions?
26
1. Check out readysetgrad.org
2. Check out WFAA.org. Includes FAFSA deadlines for WA colleges and universities, FAQ’s, and “How to” video clips.
3. Check out the financial aid website at the schools you are interested in attending.
4. Finally, if all else fails or you have remaining questions, email or call the school’s financial aid office.
.edu