APPLICATIONS Application for Admission May double as a scholarship application Apply early for best opportunity Free Application for Federal Student Aid (FAFSA) Federal financial aid application Apply online at www.fafsa.gov between January 1 and March 1www.fafsa.gov Application must be completed for each academic year Institutional Aid Application or the CSS PROFILE Check with each school for required applications
THE EFC – FROM THE FAFSA Calculated by the FAFSA Score of family’s financial strength Used to determine federal, state, and institutional aid Ranges from 0 to 999,999
COST OF ATTENDANCE (COA) Tuition and fees Cost of living in dorms Cost of meal plans on campus Allowance for books and supplies Allowance for personal expenses and a few meals out Allowance for transportation ++ Indirect costs that may not be charged by the college: + + Direct costs typically charged by the college:
FINANCIAL ELIGIBILITY Total Cost of Attendance Expected Family Contribution (EFC)* Financial Need *Note: This is not the same as the student’s bill or the amount a family will actually pay for the student to attend college
COMPARISON OF NEED High Cost SchoolLow Cost School Cost$50,000$25,000 (-) EFC$25,000 (=) Need$25,000$0 *The EFC remains the same at each school
FINANCIAL AID OFFER Federal, State and Institutional Aid Financial aid offers are sent around March
FAMILY RESPONSIBILITY (Out of Pocket Expenses) Direct Costs Financial Aid Offered Out of Pocket Expenses
TYPES OF FINANCIAL AID Gift Assistance Institutional Gift Programs Federal Grants State Grants Self-Help Federal Loan Programs Federal Work Study
FINANCING OPTIONS College Savings Plans Payment Plans Federal Direct Parent PLUS Loans Private Education Loans
OUTSIDE SCHOLARSHIPS Free Online Scholarship Searches www.fastweb.com www.finaid.org www.collegeboard.org www.collegeanswer.com High School Guidance Office Community Foundations Employers Churches Civic Organizations
IS THIS COLLEGE AFFORDABLE? A candid review of family resources is essential. Parents – Current income Savings or investments Home Equity College Savings Plans Student – Savings or investments Summer earnings Academic year earnings Other resources
TIPS & STRATEGIES File the FAFSA Be informed Set goals/expectations for student Meet deadlines! Keep copies! Keep a positive attitude Consider all aid options Ask for help
COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
WWW.FAFSA.GOV Complete the FAFSA between January 1 and March 1 of your senior year
WWW.PIN.ED.GOV Electronic signature for the FAFSA Student and one parent needs PIN May apply anytime Use same PIN each year Will change to a password
WHAT YOU WILL NEED… Student’s driver’s license & social security card Income information for the student & parent(s) 2014 federal income tax returns 2014 W2 forms Records of untaxed income for 2014 Child support received and paid Contributions to retirement accounts
WHAT YOU WILL NEED …(CONT.) Current bank statements Records of investments Stocks Bonds Certificates of deposit Mutual funds Education savings accounts
INVESTMENTS INCLUDE… The net value of: Real estate (not the home you live in) Trust funds, UGMA & UTMA accounts (owner) Money market funds Mutual funds Certificates of deposit Stocks and stock options Bonds Other securities, etc.
INVESTMENTS ALSO INCLUDE… Qualified educational benefits or education savings accounts Coverdell savings accounts 529 college savings plans Refund value of 529 prepaid tuition plans Always report as a parent asset, even if in the student’s name.
INVESTMENTS DO NOT INCLUDE… The value of: The home you live in Life insurance policies Retirement plans 401(K), non-education IRAs, Keogh, pension plans, annuities, etc. Family farm you live on and operate Small business you and your family own and control more than 50 percent with 100 or fewer full-time or full-time equivalent employees
WHO IS CONSIDERED A PARENT? Legal Parents – biological and adoptive If your legal parents are living together (whether married, unmarried, divorced, or separated), answer the questions about them. If your parent was never married or is widowed and does not live with your other legal parent, answer the questions about that parent. If your widowed parent is remarried as of today, answer the questions about that parent and your stepparent.
WHO IS CONSIDERED A PARENT? If your parents have divorced or separated, answer questions about the parent you lived with most in the past 12 months. If you didn’t live with one parent more than the other, answer in terms of the parent who provided the most financial support during the last 12 months or during the most recent year you were actually supported by a parent. If this parent is remarried as of today, answer the questions about that parent and your stepparent.
FAFSA – Parent Financial Information IRS information will populate Manually enter income if not eligible for IDR “Help and Hints” will tell you what line to use Estimate information if you have not filed taxes yet
FAFSA – Parent Financial Information continued Report any additional financial information and untaxed income Review W2 box 12 for retirement contributions
FAFSA – Parent Financial Information continued Report assets at the bottom: Cash, savings, checking Investments Business and farm value Always report net worth
FAFSA – Student Tax Information Already completed Will file Not going to file
FAFSA – Student Financial Information Already completed Will file Not going to file If not filing, the student still has to report any wages
FAFSA – Student Financial Information continued Student will report any untaxed income and assets just like parent
FAFSA – Sign & Submit Student signs first PIN is the fastest and recommended method Can Apply For A Pin on this page if needed
FAFSA – Sign & Submit Parent signs also Be sure to Submit My FAFSA Now May be a password for 2016-2017
FAFSA – Confirmation Don’t forget to click “SUBMIT” A “SAVED” application will not be processed Print a copy of the confirmation page The EFC is calculated immediately and printed on the confirmation page
ADDITIONAL INFORMATION Special Circumstances If the FAFSA does not reflect your current financial situation, contact the financial aid office at each school. Indiana Residents MUST file by March 10 For consideration of state aid FAFSA Help Federal Student Aid provides free help online at www.fafsa.gov and 1-800-4-FED-AIDwww.fafsa.gov Contact the financial aid office where you are applying
FINANCIAL AID REFERENCES College Board - www.collegeboard.orgwww.collegeboard.org Financial aid information - www.finaid.orgwww.finaid.org The internet’s largest free scholarship search - www.fastweb.com www.fastweb.com FAFSA on the Web - www.fafsa.govwww.fafsa.gov U.S. Department of Education – studentaid.ed.gov/