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What You Need to Know About Financial Aid 2014-2015 Presented by: Wenatchee Valley College Presented by: Wenatchee Valley College.

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Presentation on theme: "What You Need to Know About Financial Aid 2014-2015 Presented by: Wenatchee Valley College Presented by: Wenatchee Valley College."— Presentation transcript:

1 What You Need to Know About Financial Aid 2014-2015 Presented by: Wenatchee Valley College Presented by: Wenatchee Valley College

2 Role of the Financial Aid Office Determines eligibility for financial aid in compliance with Federal and State laws Award financial aid Award financial aid Send an award notification which details: Student’s cost of attendance Student’s cost of attendance Amount of student’s financial “need” Amount of student’s financial “need” Types and amounts of aid offered Types and amounts of aid offered How and when aid will be disbursed How and when aid will be disbursed Student employment conditions Student employment conditions Terms and conditions of aid offer Terms and conditions of aid offer Determines eligibility for financial aid in compliance with Federal and State laws Award financial aid Award financial aid Send an award notification which details: Student’s cost of attendance Student’s cost of attendance Amount of student’s financial “need” Amount of student’s financial “need” Types and amounts of aid offered Types and amounts of aid offered How and when aid will be disbursed How and when aid will be disbursed Student employment conditions Student employment conditions Terms and conditions of aid offer Terms and conditions of aid offer 2

3 What is Financial Aid? Financial aid are funds provided to students and families to help pay for college expenses. Financial aid are funds provided to students and families to help pay for college expenses. Grants Grants Loans Loans Employment opportunities Employment opportunities Scholarships Scholarships Financial aid are funds provided to students and families to help pay for college expenses. Financial aid are funds provided to students and families to help pay for college expenses. Grants Grants Loans Loans Employment opportunities Employment opportunities Scholarships Scholarships 3

4 4  What does FAFSA stand for?  How do I file the FAFSA?  When should I fill it out?  Is there a deadline?  What does FAFSA stand for?  How do I file the FAFSA?  When should I fill it out?  Is there a deadline? Free Application for Federal Student Aid Free Application for Federal Student Aid Apply on line at www.fafsa.ed.gov Apply on line at www.fafsa.ed.gov After January 1, 2014. After January 1, 2014. No, but college’s have priority deadlines. Check with the college. No, but college’s have priority deadlines. Check with the college. Free Application for Federal Student Aid Free Application for Federal Student Aid Apply on line at www.fafsa.ed.gov Apply on line at www.fafsa.ed.gov After January 1, 2014. After January 1, 2014. No, but college’s have priority deadlines. Check with the college. No, but college’s have priority deadlines. Check with the college. How do I apply for Financial Aid?

5 5 PIN Registration May be used by students and parents throughout the aid process, including subsequent school yearsMay be used by students and parents throughout the aid process, including subsequent school years

6 6 FAFSA on the Web

7 7 The Federal School Code Wenatchee Valley College #003801 WSU #003800 UW #003798 CWU #003771 Find a school’s code on the web at: www.fafsa.ed.gov Wenatchee Valley College #003801 WSU #003800 UW #003798 CWU #003771 Find a school’s code on the web at: www.fafsa.ed.gov

8 8 FAFSA on the Web While completing FOTW, applicant may submit real-time request to IRS for tax data While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW Applicant chooses whether or not to transfer data to FOTW Available early February 2014 Available early February 2014 While completing FOTW, applicant may submit real-time request to IRS for tax data While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW Applicant chooses whether or not to transfer data to FOTW Available early February 2014 Available early February 2014 IRS Data Retrieval

9 9 FAFSA Workshop  Assistance in completing the FAFSA will held at WVC workshops during College Goal.  College Goal will be on Tuesday, Jan. 28, 2014 and Tuesday, Feb. 19, 2014 from 6:00-8:00 p.m at WVC second floor of Wenatchi Hall.  Assistance in completing the FAFSA will held at WVC workshops during College Goal.  College Goal will be on Tuesday, Jan. 28, 2014 and Tuesday, Feb. 19, 2014 from 6:00-8:00 p.m at WVC second floor of Wenatchi Hall.

10 10 General Eligibility Requirements Must be enrolled/accepted in an eligible program of study Must be enrolled/accepted in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible noncitizen Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male) over age 18. Must be registered with Selective Service (if male) over age 18. Must be enrolled/accepted in an eligible program of study Must be enrolled/accepted in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible noncitizen Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male) over age 18. Must be registered with Selective Service (if male) over age 18.

11 11 General Eligibility Requirements (continued) Must have a valid Social Security Number Must maintain satisfactory academic progress as defined by the higher education institution Must have a valid Social Security Number Must maintain satisfactory academic progress as defined by the higher education institution

12 Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need  The information from the FAFSA is used in a formula to determine a student’s EFC. Colleges have no control over the EFC.

13 Cost of Attendance at WVC per year. Cost of Attendance at WVC per year. Live at Home Live away Tuition $3718 $3718 Room and board $3174 $9492 Books and supplies. $1060 $1060 Transportation. $1480 $1572 Misc. & personal exp. $1614 $1794 Total $11046 $17,636 Cost are based on 2013-2014 cost and on a 9 month budget Live at Home Live away Tuition $3718 $3718 Room and board $3174 $9492 Books and supplies. $1060 $1060 Transportation. $1480 $1572 Misc. & personal exp. $1614 $1794 Total $11046 $17,636 Cost are based on 2013-2014 cost and on a 9 month budget

14 Cost of Attendance at the CWU per year. Cost of Attendance at the CWU per year. Live away from home Tuition (resident) $8976 Room and board $9795 Books and supplies. $1002 Transportation. $1260 Misc. & personal exp. $1752 Total $22,785 Cost are based on 2013-2014 cost and on a 9 month budget Live away from home Tuition (resident) $8976 Room and board $9795 Books and supplies. $1002 Transportation. $1260 Misc. & personal exp. $1752 Total $22,785 Cost are based on 2013-2014 cost and on a 9 month budget

15 15 Types of Need-Based Aid Where does it come from? Gift aid: Grants and scholarships Gift aid: Grants and scholarships Self-help aid: Student Loans Parent Loans Work-study Self-help aid: Student Loans Parent Loans Work-study Gift aid: Grants and scholarships Gift aid: Grants and scholarships Self-help aid: Student Loans Parent Loans Work-study Self-help aid: Student Loans Parent Loans Work-study

16 Work-Study  Undergraduate students are eligible  Employment can be on or off campus  Eligible employers – School – Federal, state, or local public agency – Private non-profit organization – For-profit organization – Community service activities 16

17 17 Federal Direct Loan (Subsidized and Unsubsidized) Annual loan limits for Dependent Students: Annual loan limits for Dependent Students: First year student: (45 or less college level credits) First year student: (45 or less college level credits) Second year student: (46 or more college level credits Second year student: (46 or more college level credits Annual loan limits for Dependent Students: Annual loan limits for Dependent Students: First year student: (45 or less college level credits) First year student: (45 or less college level credits) Second year student: (46 or more college level credits Second year student: (46 or more college level credits Grade LevelSubsidized OnlyTotal Subsidized & Unsubsidized 1 st Year$3,500$5,500 2 nd Year$4,500$6,500  Subsidized: Must demonstrate “financial need”  Unsubsidized : Need is not a consideration  Current interest rate 3.86%  Subsidized: Must demonstrate “financial need”  Unsubsidized : Need is not a consideration  Current interest rate 3.86%

18 Avoid ERRORS! Any accidental errors made in completing the FAFSA and/or supplemental forms may cause delays in the aid process and result in the loss of financial aid funds. Please complete all forms carefully! 18

19 19 Dependent or Independent? Dependent Student Definition is NOT the same as for taxes  Dependent Student Definition is NOT the same as for taxes  Does NOT have to do with where student lives  If the answer is NO to all dependency questions, student is dependent and parents must provide their information  Born before Jan 1, 1991  Married;  Has legal dependents other than a spouse;  Orphan or ward of the court;  Veteran of the U.S. Armed Forces; or  Determined to be independent by the financial aid administrator administrator Dependent Student Definition is NOT the same as for taxes  Dependent Student Definition is NOT the same as for taxes  Does NOT have to do with where student lives  If the answer is NO to all dependency questions, student is dependent and parents must provide their information  Born before Jan 1, 1991  Married;  Has legal dependents other than a spouse;  Orphan or ward of the court;  Veteran of the U.S. Armed Forces; or  Determined to be independent by the financial aid administrator administrator Student should answer “NO” to pursuing a graduate or professional degree program, as high school students would not meet that criteria, as they would not yet have a Bachelor degree Student should answer “NO” to pursuing a graduate or professional degree program, as high school students would not meet that criteria, as they would not yet have a Bachelor degree.

20 20 What about divorced or separated parents? Separated Parents When parents are separated (living in separate homes) only one parent reports their income on the FAFSA. Which Parent? The parent that provides more support to the student. Separated Parents When parents are separated (living in separate homes) only one parent reports their income on the FAFSA. Which Parent? The parent that provides more support to the student. Divorced Parents When parents are divorced (living in separate homes) only one parent reports their income on the FAFSA. Which Parent? The parent that provides more support to the student. Divorced Parents When parents are divorced (living in separate homes) only one parent reports their income on the FAFSA. Which Parent? The parent that provides more support to the student.

21 21 Special Circumstances Change in employment status Change in employment status Medical expenses not covered by insurance Medical expenses not covered by insurance Change in parent marital status Change in parent marital status Unusual dependent care expenses Unusual dependent care expenses Student cannot obtain parent information Student cannot obtain parent information Change in employment status Change in employment status Medical expenses not covered by insurance Medical expenses not covered by insurance Change in parent marital status Change in parent marital status Unusual dependent care expenses Unusual dependent care expenses Student cannot obtain parent information Student cannot obtain parent information

22 22 Special Circumstances Are not reported on the FAFSA Are not reported on the FAFSA Send written explanation to financial aid office at each college Send written explanation to financial aid office at each college

23 23 CAUTION!CAUTION! Don’t pay a fee to file the FAFSA Don’t pay a fee to file the FAFSA Processing the FAFSA is FREE Processing the FAFSA is FREE Make sure you go directly to: www.fafsa.ed.gov for filing the FAFSA on the Web Make sure you go directly to: www.fafsa.ed.gov for filing the FAFSA on the Web Contact the financial aid office if you need help in completing the FAFSA Contact the financial aid office if you need help in completing the FAFSA Don’t pay a fee to file the FAFSA Don’t pay a fee to file the FAFSA Processing the FAFSA is FREE Processing the FAFSA is FREE Make sure you go directly to: www.fafsa.ed.gov for filing the FAFSA on the Web Make sure you go directly to: www.fafsa.ed.gov for filing the FAFSA on the Web Contact the financial aid office if you need help in completing the FAFSA Contact the financial aid office if you need help in completing the FAFSA

24 24 Frequent FAFSA Errors Parent and student Social Security Numbers Parent and student Social Security Numbers Do NOT use Tax ID numbers! Do NOT use Tax ID numbers! Dependent students claiming independent status Dependent students claiming independent status Divorced/remarried parental information Divorced/remarried parental information Income earned by parents/stepparents Income earned by parents/stepparents Untaxed income Untaxed income U.S. income taxes paid – USE the amount on the line the FAFSA refers to, NOT amount on W-2s U.S. income taxes paid – USE the amount on the line the FAFSA refers to, NOT amount on W-2s Household size Household size Number of household members in college Number of household members in college Parent and student Social Security Numbers Parent and student Social Security Numbers Do NOT use Tax ID numbers! Do NOT use Tax ID numbers! Dependent students claiming independent status Dependent students claiming independent status Divorced/remarried parental information Divorced/remarried parental information Income earned by parents/stepparents Income earned by parents/stepparents Untaxed income Untaxed income U.S. income taxes paid – USE the amount on the line the FAFSA refers to, NOT amount on W-2s U.S. income taxes paid – USE the amount on the line the FAFSA refers to, NOT amount on W-2s Household size Household size Number of household members in college Number of household members in college

25 25 Private Scholarship Search College scholarship offices and websites College scholarship offices and websites Local businesses & civic organizations Local businesses & civic organizations Parents’ employers Parents’ employers College scholarship offices and websites College scholarship offices and websites Local businesses & civic organizations Local businesses & civic organizations Parents’ employers Parents’ employers Visit Fastweb.com, finaid.org, or collegeboard.org Visit Fastweb.com, finaid.org, or collegeboard.org Follow directions! Include all items in the packet Follow directions! Include all items in the packet Good Essay describing yourself and educational goals Good Essay describing yourself and educational goals Proofread! Proofread! Visit Fastweb.com, finaid.org, or collegeboard.org Visit Fastweb.com, finaid.org, or collegeboard.org Follow directions! Include all items in the packet Follow directions! Include all items in the packet Good Essay describing yourself and educational goals Good Essay describing yourself and educational goals Proofread! Proofread!  Local library resources  FastWeb  FastWeb www.fastweb.com  WSAC & partners theWashBoard.org  Community Foundation of NCW. www.cfncw.org  Local library resources  FastWeb  FastWeb www.fastweb.com  WSAC & partners theWashBoard.org  Community Foundation of NCW. www.cfncw.org Scholarship Tips

26 26 Avoid Being Scammed To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: U.S. Department of Education: U.S. Department of Education: www.studentaid.ed.gov/types/scams www.studentaid.ed.gov/types/scams Federal Trade Commission: Federal Trade Commission: www.ftc.govwww.ftc.gov Better Business Bureau: Better Business Bureau: www.bbb.com To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: To check legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites: U.S. Department of Education: U.S. Department of Education: www.studentaid.ed.gov/types/scams www.studentaid.ed.gov/types/scams Federal Trade Commission: Federal Trade Commission: www.ftc.govwww.ftc.gov Better Business Bureau: Better Business Bureau: www.bbb.com

27 27 Good Luck! Wenatchee Valley College Financial Aid Office 509-682-6810financialaid@wvc.edu


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