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Financial Aid and Scholarships A “How To” Guide January 10 th, 2013 Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside.

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Presentation on theme: "Financial Aid and Scholarships A “How To” Guide January 10 th, 2013 Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside."— Presentation transcript:

1 Financial Aid and Scholarships A “How To” Guide January 10 th, 2013 Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside

2  Step 1-Search for and Apply for Scholarships  Step 2- Apply for a PIN  Step 3-Complete the FAFSA  Step 4-Review your Student Aid Report (SAR)  Step 5-Respond to any requests from the Financial Aid  Step 6-Review your eligibility/determine loan needs or other payment arrangements 6 Steps to Financial Aid Steps 5 and 6 May Interchange

3 Step 1:-Apply for Scholarships Where should I look? School Civic Organization Church College/University Parent employer Other companies

4 Step 1:-Apply for Scholarships What are scholarships for? Merit Need-based Just for being you Involvement/Leadership/Activity related

5 Step 1:-Apply for Scholarships What information is needed? Essay Application Supporting documentation

6 Step 1:-Apply for Scholarships Scholarship Search Tips and Tidbits Edit, edit, edit… and then edit again! Create secondary email address Don’t stop after first year! Do NOT ever PAY for scholarships!

7 Step 1:-Apply for Scholarships Commonly Used Scholarship Websites: College Board: FastWeb: College Connection: Go College: And many, many, many more!

8 Step 2- Apply for a PIN Apply online by going to Can be done at any time Tied to Social Security Number, so keep it SAFE! Pick your own, or have the system generate One parent will ALSO need a PIN PIN is needed for most


10 Step 3-Complete the FAFSA College Goal Wisconsin Saturday, February 23rd-Sunday, February 24th 31 locations throughout Wisconsin Event starts at 2:00 UW-Parkside-Sunday, February 24th FREE event! Provide assistance in filing the FAFSA Help review FAFSA information if already completed Scholarship raffle!

11 Step 3-Complete the FAFSA Web site: 2013-2014 FAFSA on the Web available January 1, 2013 Apply early--Don’t be late, guesstimate! What does the first “F” in FAFSA stand for?


13 Step 3-Complete the FAFSA What information is needed? For the student and parents, you will need the following: Driver’s license #’s Social Security Number Citizenship information (Alien registration number) Savings/banking statements 2012 Federal income tax returns/W-2 forms 2012 investment records 2012 untaxed income records (child support, IRA deductions, veterans benefits)

14 The first “F” in FAFSA stands for FREE! Apply as soon after January 1 st as possible Gather all materials needed, and set aside an hour It can be filed on paper, but processing time is significantly longer Purple=Parent, Blue=Student Step 3-Complete the FAFSA Tips and Tidbits to help you on your way

15 Help and Hints bar on side “Clear All Data” option Information automatically saved between pages Menu bar at top to let you know what section you’re in

16 Dependency is NOT determined by: Parent tax filing status Student living arrangements (at home vs. apartment) Student employment status In general, a student is considered DEPENDENT if: They are under 24 years of age They are NOT married They do NOT have children or other dependents Step 3-Complete the FAFSA Dependency clarification

17 Step 3-Complete the FAFSA Who is considered a “parent”? Who is considered a parent? Biological or adoptive parent Step-parent if parent is remarried Who is NOT considered a parent? Grandparents Foster parents Legal guardians Older siblings Aunts/uncles Unless the student has been legally adopted by that individual

18 For 2013-2014, use your 2012 tax information Can use estimated information if not yet filed Use 2011 tax info if earnings are similar IRS Data Retrieval Tool—Available 2/3/2013 Step 3-Complete the FAFSA Entering Tax information IRS Data Retrieval Tool is not required, but HIGHLY recommended



21 Step 3-Complete the FAFSA Tips to make sure the IRS Data Retrieval Works Enter your address exactly as it appears on your taxes Make sure you know your tax filing status (married, single, head of household, etc) You cannot use the IRS Data Retrieval Tool if: You do not have a valid SSN Didn’t file a 1040/1040A or 1040EZ You have had a change in marital status since December 31, 2012 You are married but file separately You have filed an amended tax return

22 Step 3-Complete the FAFSA Additional Income and Assets Not sure what it is? Click the box! If the field is already populated and BOLD, it transferred from your taxes… DO NOT CHANGE IT!

23 Step 3-Complete the FAFSA Adding School Codes Look on the school/FAFSA website Search by state/city Add up to 10 codes Put WI schools towards the top!

24 Required Student One parent (dependent students) Format Electronic using PIN Signature page Paper FAFSA Step 3-Complete the FAFSA Sign away!


26 The FAFSA generates an EFC EFC=Expected Family Contribution (0-99,999) EFC is NOT a dollar amount! It is NOT what you will be expected to pay!! A low EFC demonstrates that the family has a high level of financial need. More financial “need” means a student will likely be eligible for more “need based” aid Step 3-Complete the FAFSA What does this information mean?

27 Student notified of FAFSA processing results: E-mail notification containing SAR (Student Aid Report) if student e-mail is provided Student with PIN may view SAR on-line at Review data for accuracy Step 4-Review your SAR Student Aid Report

28 Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number from household that count as “in college” Real estate and investment net worth Social Security Benefits Step 4-Review your SAR Frequent FAFSA Errors

29 Corrections can be made by: Using FAFSA on the Web ( if student has a PIN Updating paper SAR (SAR Information Acknowledgment cannot be used to make corrections) Submitting documentation to college’s financial aid office Step 4-Review your SAR Correcting Errors

30 Sent to school – Are you ADMITTED? School to process FAFSA information If additional documentation required, student notified Step 4-Review your SAR What’s Happening with the information How is the school notifying you? Use your email!

31 Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Step 4-Review your SAR What if my 2012 info isn’t accurate anymore? Reviewed by the Financial Aid Office!!

32 Submit any documentation requested from each school Financial Aid Office Verification Documents Tax info, W-2’s, Child Support Paid, SNAP benefits, institutional form, etc. Citizenship Passport, Cert of Naturalization, Cert of Citizenship Selective Service Proof of registration, Documentation showing not required Step 5-Respond to FA Office Is any documentation needed from you?

33 Appeal changes in earnings Change in marital status Update information for the FAFSA due to error in entering information Know your deadlines! Scholarship requirements Covenant-FAFSA filing date requirement (April 1, 2013) When is paperwork due for max eligibility? Step 5-Respond to FA Office Are you requesting a review? Remember: The Earlier, the Better!!!

34 Step 6-Review your Eligibility Show me the money! What do you qualify for? Grants Federal/State Pell, SEOG, WHEG, WTG, Covenant Scholarship Loans Direct Loans: Subsidized/Unsubsidized Perkins Parent PLUS Federal Work Study

35 Determine estimate of bill Calculate all “free money” first (grant, scholarship) Deduct free money from bill Borrow as LITTLE AS POSSIBLE Debt will follow you, and there are LIMITS For every $10,000 you borrow, you add approximately $120 to your minimum payment after graduation Step 6-Review your Eligibility Calculate what to borrow

36 Complete any loan paperwork required Entrance Counseling Master Promissory Note Are there other options to borrowing? Payment plan Do I need to live on campus? Can I pay my loans while I’m in school? Step 6-Review your Eligibility Calculate what to borrow Borrowing in moderation is key!

37 Final Tips for Financial Aid Success Check school deadlines/requirements Complete the FAFSA as early as possible Don’t be afraid to ask questions! Limit borrowing as much as possible Keep applying for scholarships, even after freshman year

38 THANK YOU!!!! Kristina Klemens Financial Aid Counselor University of Wisconsin-Parkside Student Financial Aid Office (262) 595-2574 website:

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