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Jennifer Chandler 1 IUPUC.  Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses  (or.

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Presentation on theme: "Jennifer Chandler 1 IUPUC.  Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses  (or."— Presentation transcript:

1 Jennifer Chandler 1 IUPUC

2  Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses  (or  Provides a snapshot of the students/family’s personal & financial information (marriage, number in household or college, income & assets) 2 IUPUC

3   Sign FAFSA electronically  Used throughout aid process including subsequent school years  Parents (if applicable) will use same PIN if a student themselves, or another child completing FAFSA 3 IUPUC - ISFAA

4 FAFSA submitted each year. 21 st Century MUST complete every year even if not attending! Include accurate address. Processor receives FASFA Student receives Student Aid Report (SAR) from processor College/University receives student FAFSA data from the processor. Financial Aid Office requests additional information from student and/or parent(s). YES Is additional information needed? NO Requested information received from student/parent(s). Financial aid file completed and the student is awarded. 4 IUPUC - ISFAA

5  January 1 st  FAFSA available (submit every year)  March 1 st  IU priority deadline (important for institutional funds) ▪ check date with the University student will attend  March 10 th  State aid deadline (federal aid still available after this date)  May 15 th  ALL edits must be made to FAFSA for state aid consideration ▪ including electronic signatures 5 IUPUC - ISFAA

6  Confirms applicant meets certain eligibility criteria  Social Security Administration  Selective Service  National Student Loan Data System (NSLDS)  If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds 6 IUPUC

7  Direct & Indirect costs  Direct is billed by or paid directly to college ▪ Tuition & fees ▪ On-campus housing  Indirect are necessary expenses ▪ Transportation ▪ Personal care items  Varies widely from college to college  Puts a cap on the amount of financial aid a student can receive 7 IUPUC

8  Amount family can reasonably be expected to contribute towards COA  Stays same regardless of college  Calculated using data from a federal application form and a federal formula  This is NOT what a student owes the University. Is used to determine need based aid 8 IUPUC

9 Your financial need determines how much financial aid you may receive  Financial need is the difference between the COA and the EFC  Will vary based on the cost of different colleges Cost of Attendance – Expected Family Contribution = Financial Need 9 IUPUC

10  Scholarships – Do not need repaid  Criteria: merit, skill or unique characteristic  Grants – Do not need repaid  Usually awarded on the basis of financial need  Loans – Borrowed money  All FAFSA applicants offered Stafford loans  Employment  Students earn money to help pay educational costs ▪ Paycheck ▪ Non-monetary compensation, such as room & board 10 IUPUC

11  Student Loans (any)  Minimum ½ time (6 credits for undergrad & 4 for graduate)  Pell Grant  No requirement (is pro-rated based on enrollment)  State Grant (O’Bannon, 21 st Century & National Guard Supplemental Grant)  Full time (12 credits)  Child of Disabled Veteran (CVO or CDV)  No requirement ▪ MUST have FAFSA on file and a remission of fees form with the university Contact Financial Aid before making any schedule changes! 11 IUPUC - ISFAA

12  Stafford Loans (every FAFSA applicant offered)  Repayment starts 6 months after enrollment below ½ time  Subsidized loans ▪ 3.86% interest ▪ government pays interest until enrollment below half-time ▪ determined by financial need  Unsubsidized loans ▪ 3.86% interest; starts accruing as soon as disbursed  Perkins Loans (awarded through University)  5% ▪ 9 month grace period 12 IUPUC - ISFAA

13  Private Loans  Varies upon credit (might need co-signer)  Flexible repayment  Parent PLUS loans (for dependent students)  Denial allows student additional unsubsidized loans  7.9% ▪ Repayment starts 60 days after final disbursement ▪ parent can request deferment through lender 13 IUPUC - ISFAA

14 DepInd Fresh$5,500+$4,000 Soph$6,500+$4,000 Junior$7,500+$5,000 Senior$7,500+$5, IUPUC - ISFAA

15  General student information  Name & SSN exactly as it appears on SS Card  Must meet citizenship/eligible noncitizen criteria, does not verify status of parents.  Parents of dependent students  Does not include grandparents, foster parents & legal guardians (unless a legal adoption has occurred)  If parents divorced use parent that contributes more than 51% of care (if parent is remarried step-parent will also be included) 15 IUPUC

16  Students dependency status  If all “NO’ responses, student is dependent  If “Yes” to any question, student is independent  Can list up to 10 school codes  Signatures (with PIN)  Required by student (and parent if dependent) 16 IUPUC

17  While completing FOTW, applicant may submit real- time request to IRS for tax data  IRS will authenticate taxpayer’s identity  If match found, IRS sends real-time results to applicant in new window  Applicant chooses whether or not to transfer data to FOTW  Available late January  Participation is voluntary  Could reduce documents requested by school 17 IUPUC - ISFAA

18  Social Security Numbers  Divorced/remarried parental information  Income earned by parents/stepparents  Untaxed income  U.S. income taxes paid  Household size  Number of household members in college  Missing signature, parent and/or student IUPUC - ISFAA18

19 Appeal that allows you to report things that cannot be reported on the FAFSA:  Change in employment status  Death or divorce  Medical bills not covered by insurance  Change in parent marital status  Unusual dependent care expenses Ask financial aid office for Special Circumstances Appeal form to report this information 19 IUPUC - ISFAA

20  Complete FAFSA - Receive Student Aid Report (SAR)  3-5 days school receives information - if student is admitted  4-6 weeks for FAFSA to process  Award Letter will be mailed/ ed to student  Check with University how aid will post/award 20 IUPUC - ISFAA

21 Make sure there is a date and time by the confirmation. DRN is important if university is having issues finding the FAFSA in the computer system Estimated awards will be listed 21 IUPUC - ISFAA

22  Filing FAFSA early:  Financial Awareness Counseling Tool (FACT):  Help filing FAFSA: College Goal Sunday; February 23, Columbus Learning Center  Track Stafford Loans: 22 IUPUC - ISFAA

23 IUPUC Office of Financial Aid and Scholarships Jennifer Chandler Financial IUPUC: IUPUC - ISFAA

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