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National Association of Student Financial Aid Administrators © NASFAA 2011 What You Need to Know about Financial Aid
Slide 2 © NASFAA 2011 Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances
Slide 3 © NASFAA 2011 What is Cost of Attendance (COA) Direct costs Indirect costs Direct and indirect costs combined into cost of attendance Varies widely from college to college
Slide 4 © NASFAA 2011 Budget Components ( ) Budget Resident Tuition7434 Room/Board8272 Transportation1117 Personal1500 Books/Supplies ,823 Budget Non-Resident Tuition Room/Board 8272 Transportation 1117 Personal 1500 Books/Supplies ,686
Slide 5 © NASFAA 2011 Comparison Cost of Schools Northwest Cost of Attendance 18,823 EFC - 6,800 Gross Need 12,023 University X Cost of Attendance 23,000 EFC - 6,800 Gross Need 16,200 University Y Cost of Attendance 28,500 EFC - 6,800 Gross Need 21,700
Slide 6 © NASFAA 2011 What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute Stays the same regardless of college Two components –Parent contribution –Student contribution Calculated using data from a federal application form and a federal formula
Slide 7 © NASFAA 2011 What is Financial Need Cost of Attendance – Expected Family Contribution = Financial Need
Slide 8 © NASFAA 2011 Types of Financial Aid Scholarships Grants Loans Employment
Slide 9 © NASFAA 2011 Common Federal Aid Programs Federal Pell Grant Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Subsidized and Unsubsidized Loans PLUS Loans
Slide 10 © NASFAA 2011 FAFSA on the Web Website: 2012–13 FAFSA on the Web available on January 1, 2012 FAFSA on the Web Worksheet: –Used as “pre-application” worksheet –Questions follow order of FAFSA on the Web
Slide 11 © NASFAA 2011 FAFSA on the Web Good reasons to file electronically: Built-in edits to prevent costly errors Skip logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) data retrieval
Slide 12 © NASFAA 2011 IRS Data Retrieval 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
Slide 13 © NASFAA 2011 Federal Student Aid Personal Identification Number (FSA PIN) Website: Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years
Slide 14 © NASFAA 2011 FAFSA on the Web Worksheet 2012–13 FAFSA on the Web Worksheet— 4-page booklet containing: Instructions 22 questions in 4 sections
Slide 15 © NASFAA 2011 FOTW Worksheet General student information Student’s dependency status Information about the parents of dependent students Information about the student (and spouse)
Slide 16 © NASFAA 2011 Signatures Required –Student –One parent (dependent students) Format –Electronic using PIN –Signature page –Paper FAFSA
Slide 17 © NASFAA 2011 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 Real estate and investment net worth
Slide 18 © NASFAA 2011 FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR –May request additional documentation, such as proof that a sibling is enrolled in college
Slide 19 © NASFAA 2011 Verification and Request for IRS Tax Return Transcript Student must submit IRS Tax Return Transcript (self, spouse, or parents) when: –Applicant or parent did not use IRS Data Retrieval Process (initial or correction) –Information included on FAFSA via IRS Data Retrieval Process is subsequently changed –Married applicant and spouse file taxes separately –Parents of a dependent student file taxes separately –Marital status of applicant or parent changes after end of tax year on Dec. 31, 2011 –Applicant, spouse or parent file an amended tax return
Slide 20 © NASFAA 2011 Awarding Process 18, ,958EFC 15,865Need - 2,600Pell 13, ,500Tower Scholar 11, ,000MO Access 10, ,000Perkins Loan 9, ,500Sub. Loan 6,265 -2,400Work Study 3,865 -2,000Unsub. Loan 1,865+(2,958)=4,823 Plus EFC
Slide 21 © NASFAA 2011 Award Letter
Slide 22 © NASFAA 2011 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a PIN; Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college’s financial aid office
Slide 23 © NASFAA 2011 Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information
National Association of Student Financial Aid Administrators © NASFAA 2011 What You Need to Know about Financial Aid.
National Association of Student Financial Aid Administrators Presents … © 2013 NASFAA What You Need to Know About Financial Aid.
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