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Financial Aid IUPUC - ISFAA

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1 Financial Aid IUPUC - ISFAA
Jennifer Chandler IUPUC

2 FINANCIAL AID 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) IUPUC

3 PERSONAL IDENTIFICATION NUMBER (PIN)
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 IUPUC - ISFAA

4 FINANCIAL AID PROCESS YES NO
FAFSA submitted each year. 21st Century MUST complete every year even if not attending! Include accurate address. Financial Aid Office requests additional information from student and/or parent(s). YES Processor receives FASFA Requested information received from student/parent(s). Is additional information needed? College/University receives student FAFSA data from the processor. FAFSA stands for “free application for federal student aid” 2 ways to file (if by mail student must contact the federal processer directly to have one mailed to them (make sure to give them plenty of time to make state aid deadline) SSACI and Federal govt will no longer mail out notifications of awards or that students has rejections so make sure accurate address is provided NO Student receives Student Aid Report (SAR) from processor Financial aid file completed and the student is awarded. IUPUC - ISFAA

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

6 DATA BASE MATCHES 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 IUPUC

7 COST OF ATTENDANCE (COA)
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 [4] What is Cost of Attendance (COA)?  Direct costs  Billed by or paid directly to the college, such as tuition and on-campus housing  Indirect costs  Necessary expenses, such as transportation and personal care items, that are not paid to the college  Colleges combine direct and indirect expenses into the cost of attendance, or student budget  Cost of attendance varies widely among different types of colleges IUPUC

8 ESTIMATED FAMILY CONTRIBUTION (EFC)
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 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 IUPUC

10 TYPES OF AID 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 Contact FA office if ANY adjustments need to be made to schedule IUPUC

11 ENROLLMENT REQUIREMENTS
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, 21st 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! IUPUC - ISFAA

12 LOANS FOR UNDERGRADUATES
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 IUPUC - ISFAA

13 LOANS Private Loans Parent PLUS loans (for dependent students)
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 IUPUC - ISFAA

14 STAFFORD LOANS Dep Ind Fresh $5,500 +$4,000 Soph $6,500 Junior $7,500
+$5,000 Senior IUPUC - ISFAA

15 FAFSA ON THE WEB (FOTW) 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) Note: Emphasize the importance of reporting the student’s name and Social Security Number exactly as they appear on the student’s Social Security card. Errors will delay processing. Note: When the Central Processing System (CPS) processes the FAFSA, it verifies that the student meets the citizenship/eligible noncitizen criterion, but it does not verify the citizenship status of the parents. Parents do not need to be U.S. citizens or eligible noncitizens for their students to be eligible for federal student aid. Categories of eligible noncitizens include:  U.S. permanent residents  Citizens of the Freely Associated States: the Federated States of Micronesia and the Republic of the Marshall Islands  Refugees  Victims of human trafficking  Persons paroled into the U.S. for at least one year  Persons granted asylum  Battered immigrants  Conditional entrants-qualified aliens  Cuban-Haitian entrants Note: For the drug question:  Student who answers “Yes” completes on-line worksheet to determine if answer affects eligibility for aid.  Student who answers “Yes” should submit a FAFSA. IUPUC

16 FOTW Students dependency status Can list up to 10 school codes
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) Information about the student (and spouse) Note: Remind the audience that if the student is married, his or her spouse’s information must be reported on the FAFSA.  Student (and spouse) needs to supply tax and income information as well as amounts for checked items in the Additional Financial Information and Untaxed Income boxes  Checkbox to indicate whether student and/or spouse is a dislocated worker  Definition will be available on the screen where question appears  Assets:  Based on responses to previous questions, student may be asked to provide more information about his or her assets  Asset data may include current balance of cash, savings, and checking accounts; net worth of investments; and the net worth of certain businesses and investment farms  Includes the value of 529 plans owned by the independent student and his or her spouse IUPUC

17 IRS Data Retrieval Tool
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 Information about the student (and spouse) Note: Remind the audience that if the student is married, his or her spouse’s information must be reported on the FAFSA.  Student (and spouse) needs to supply tax and income information as well as amounts for checked items in the Additional Financial Information and Untaxed Income boxes  Checkbox to indicate whether student and/or spouse is a dislocated worker  Definition will be available on the screen where question appears  Assets:  Based on responses to previous questions, student may be asked to provide more information about his or her assets  Asset data may include current balance of cash, savings, and checking accounts; net worth of investments; and the net worth of certain businesses and investment farms  Includes the value of 529 plans owned by the independent student and his or her spouse IUPUC - ISFAA

18 Frequent FAFSA Errors 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 - ISFAA

19 SPECIAL CIRCUMSTANCES
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 Information about the student (and spouse) Note: Remind the audience that if the student is married, his or her spouse’s information must be reported on the FAFSA.  Student (and spouse) needs to supply tax and income information as well as amounts for checked items in the Additional Financial Information and Untaxed Income boxes  Checkbox to indicate whether student and/or spouse is a dislocated worker  Definition will be available on the screen where question appears  Assets:  Based on responses to previous questions, student may be asked to provide more information about his or her assets  Asset data may include current balance of cash, savings, and checking accounts; net worth of investments; and the net worth of certain businesses and investment farms  Includes the value of 529 plans owned by the independent student and his or her spouse IUPUC - ISFAA

20 TIMELINE 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 Information about the student (and spouse) Note: Remind the audience that if the student is married, his or her spouse’s information must be reported on the FAFSA.  Student (and spouse) needs to supply tax and income information as well as amounts for checked items in the Additional Financial Information and Untaxed Income boxes  Checkbox to indicate whether student and/or spouse is a dislocated worker  Definition will be available on the screen where question appears  Assets:  Based on responses to previous questions, student may be asked to provide more information about his or her assets  Asset data may include current balance of cash, savings, and checking accounts; net worth of investments; and the net worth of certain businesses and investment farms  Includes the value of 529 plans owned by the independent student and his or her spouse 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 IUPUC - ISFAA

22 Resources Filing FAFSA early: www.FAFSA4caster.ed.gov
Financial Awareness Counseling Tool (FACT): studentloans.gov Help filing FAFSA: College Goal Sunday; February 23, Columbus Learning Center Track Stafford Loans: IUPUC - ISFAA

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


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