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“Education is when you read the fine print. Experience is what you get if you don’t!” Pete Seeger.

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Presentation on theme: "“Education is when you read the fine print. Experience is what you get if you don’t!” Pete Seeger."— Presentation transcript:

1 “Education is when you read the fine print. Experience is what you get if you don’t!” Pete Seeger

2 First Saturday in February February 2, 2013 Computer lab locations throughout Idaho

3 Goals for Tonight Reduce financial aid anxiety Help you complete the FAFSA in an accurate and timely manner Explain the types of financial aid Evaluate financial aid offers Respond to your unique situations

4 What is Financial Aid? Grants Scholarships Employment Opportunities Loans

5 Scholarship Considerations High school counselor is your best resource School need-based and non-need based programs Local businesses, civic organizations, and professional associations Parents’ places of employment Web sites

6 Will I be eligible for aid? Yes -- if non-income eligibility items are met Selective Service, citizen/permanent resident Admitted as “degree-seeking Valid Social Security Number Income used to determine type of financial aid and amounts New student eligible for minimum of $5,500 federal loan Federal Parent PLUS Loans when extra is needed

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8 The PIN Personal Identification Numbers – you may choose a number Issued online by the U.S. Dept. of Education Used as your (student AND parent) electronic signature and view account info sign online FAFSA sign electronic promissory note make corrections to FAFSA Apply for a federal Parent PLUS Loan view loan balances and manage account business

9 The FAFSA Online application preferred Use application if starting Fall 2013 Used by nearly all post-secondary schools One application does nearly everything grants loans work study Other: Information for need-based scholarships Contact FED AID or the financial aid office if you need help

10 The IRS Data Retrieval Tool Electronically transfers 2012 data from your federal tax return into the electronic FAFSA Very particular. Official U.S. Postal Address No Punctuation O’Malley = O Malley Use a space where you would have punctuation Date taxes filed and method of filing = availability SIGN and SUBMIT the FAFSA transaction We offer a Timely Tip on the Boise State web site

11 The Student Aid Report (SAR) Provides confirmation of application information Is sent to addresses provided Also available on Alerts you to “Reject” status Inconsistent information Signatures needed Provides your Expected Family Contribution (EFC)

12 Expected Family Contribution (EFC) for a Dependent Student Student Income Parent Income Untaxed Income Assets Family Size Number Attending College Your EFC is Universal

13 Cost of Attendance (COA) Tuition and Fees Room and Board Books and Supplies Transportation Personal Expenses Clothes Entertainment Toiletries Other CompareSimilarCollegeCosts!

14 Need Varies Based on Cost

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16 FAFSA Processor Sends Student Aid Report (SAR) to student. Contains EFC & comments. Sends all student information electronically to schools Contacts student for verification documents, to resolve problems or send aid award notice

17 Starting Application Process Include all of the colleges you could possibly attend, even if you are waiting to apply for admission Submit the FAFSA before school’s deadline FAFSA available January 1, 2013 Check instructions from each school to ensure maximum consideration for aid Estimate 2012 income to meet deadline

18 FAFSA on the Web:

19 Dependent or Independent? Born before January 1, 1990 Married Active military in U.S. Armed Forces Veteran of the U.S. Armed Forces Supporting a dependent child more than 50% Orphan, Foster Care, Homeless Legal guardian OTHER than a parent!

20 FAFSA Tips Income Information Never miss a deadline! Use estimated income if tax return is not completed Use federal tax data from tax return, if completed Correct estimated income and data on the FAFSA after taxes are completed Use the online IRS Data Retrieval Tool whenever possible Income protections Retirement funds are excluded from the FAFSA Value of home or farm w/your home excluded Consideration for number in household

21 FAFSA Tips Parents must provide information on FAFSA Grandparents, foster parents, and legal guardians are not parents If parents are both living and married to each other – both parents provide information If parent is single – that parent provides information If single/divorced parent has remarried, both parent and step-parent provide information (regardless of any prenuptial agreement) Who is considered a parent?

22 FAFSA Tips If parents are divorced or legally separated - identify parent in the following order: Parent you have lived with more over the past 12 months. Parent who provided more financial support over the past 12 months. Parent who provided more financial support during the most recent year you received financial support. Who is considered a parent?

23 FAFSA Tips Determining Household Size Student The FAFSA Parents Include parents’ other children if: Parents will provide more than half of their support between July 1, 2013 & June 30, 2014 OR Children would answer “no” to dependency status questions Include others living in the household IF parents provide more than half of their support

24 Most Common Mistakes Incorrect Social Security Number or legal name Incorrect parent’s income or portion of income from tax form Incorrect amounts given for untaxed income and taxes paid Missing signatures Incomplete form Completing the wrong year’s FAFSA

25 Role of the Financial Aid Office Determines eligibility for financial aid Awards financial aid Provides an award notification explaining the programs and amount of aid Assists student and family when special circumstances occur

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27 Comparing College Offers * Work? Renewable Scholarships? Savings? Parent Loans? Private Loans? School XSchool YSchool Z COA$ 38,800$ 18,000$ 11,200 - EFC- 2,500 Unmet Need$ 36,300$ 15,500 $8,700 Pell Grant Scholarships $ 2,900 $ 10,000 $ 2,900 $ 500 $ 2,900 $ 500 Federal Loans$ 5,500 Unmet Need$ 17,9006,600$0 Unmet COA$ 20,400$ 9,100$ 2,500

28 Comparing Aid Offers Are the scholarships renewable? If so, what arethe criteria for renewal? What is the balance of grants/scholarships, student loans, and work? Is aid available that is not listed on the offer? Parent PLUS loans Work-study Perkins Loans Alternative Student Loans How will the offered aid change if outside scholarships are received? What factors may cause the aid package to change?

29 financialaid.boisestate.edu studentaid.ed.gov


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