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{ Navigating James Hammar Interim Assistant Director of Financial Aid and Admissions University of St. Thomas Financial Aid.

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Presentation on theme: "{ Navigating James Hammar Interim Assistant Director of Financial Aid and Admissions University of St. Thomas Financial Aid."— Presentation transcript:

1 { Navigating James Hammar Interim Assistant Director of Financial Aid and Admissions University of St. Thomas Financial Aid

2  The best thing students can do…  Outside scholarships  Free Application for Federal Student Aid  Special Circumstances Agenda ApplyOutside AidFAFSA

3  One less thing to worry about  Gives the student more time to focus on searching for scholarships and preparing for the FAFSA  Gives schools the information they need to start the financial aid process and keep students informed The best thing you can do… Apply early.

4 1. After the holidays colleges have more applications to review and it will take longer to get a response 2. Colleges use application information to determine who they will invite to apply for additional scholarships. If you wait, you may miss out. 3. Later in the spring, as colleges close in on their recruiting targets, they may tighten admission criteria to decrease number of new admits. 4. Colleges could also decrease financial aid awards in the spring if recruiting targets are met. 5. Your relatives are going to ask you where you are going to school next year. Reasons to apply early.

5 1. Finish applications and BRAG! 2. Visit each campus 3. Make college and scholarships part of every conversation you have with an adult Pro tips for … Seniors Juniors 1. Sign up for ACT or SAT 2. Think about who could write you a recommendation and ask them early 3. Start your scholarship search now. Use seniors as a resource.

6  Most scholarships for high school seniors will have deadlines in Jan. – April  Start locally, think globally  Students should never pay for scholarships or services that “guarantee” they will find the student scholarships  Set realistic goals and stick to them Outside Scholarships Outside Aid

7  Universal application  98% of students file online  Students must re-apply each year  Determines Expected Family Contribution (EFC)  Regardless of EFC, all students are awarded financial aid Free Application for Federal Student Aid FAFSA

8  The FAFSA will be available online at after Jan. 1, 2015  The FAFSA will be available online at after Jan. 1, 2015  Prepare taxes early and file electronically if possible  The student and one parent need a PIN to sign FAFSA electronically  Talk with schools about priority filing date and school code FAFSA FAFSA Continued…

9 Students should always try to meet each schools priority filing date. This is the only time it is advised they estimate.  It is more important that high-need students meet priority filing dates  Estimating will increase student’s chances of being selected for verification, slowing the whole process down  An award based on estimated information is really just an estimate. It is subject to change when actual data is available  Parents may not be able to use the IRS Data Retrieval Tool if:  They owe taxes  They file as head of household or married filing separately  They amended their taxes  They filed for an extension to file taxes Should I estimate?

10 PIN Site PIN Site Fill Out Your FAFSA Look up federal school codes Print a Paper FAFSA fafsa.gov

11 Taxpayers may choose to transfer their IRS data directly to the FAFSA. Tax data should be available within 10 days after taxes are filed electronically with the IRS. For best results : 1.File taxes early and electronically 2.Wait two weeks 3.File FAFSA using IRS data transfer If you file with estimated data you should update FAFSA using IRS transfer when possible. Taxpayers may choose to transfer their IRS data directly to the FAFSA. Tax data should be available within 10 days after taxes are filed electronically with the IRS. For best results : 1.File taxes early and electronically 2.Wait two weeks 3.File FAFSA using IRS data transfer If you file with estimated data you should update FAFSA using IRS transfer when possible.

12 Reporting Assets on FAFSA Protected Assets Your home Retirement Accounts Unprotected Assets Investment real estate Trust funds Money market funds Mutual funds Certificates of deposit Stocks and bonds 529 College savings plans Business value (if you employ 100+ people) Only “unprotected” assets must be reported on the FAFSA

13  Make it a family affair  List your name and SSN on the FAFSA exactly how it appears on your social security card.  Don’t leave any fields blank. If entry is zero or none, enter 0.  Enter all school code(s). Avoid Errors Other FAFSA Tips

14 Types of Financial Aid Financial Aid  Scholarships (merit-based)  Grants (need-based)  Work-study (must be earned)  Student loans (must be repaid)  Education Tax Credits

15 How is financial need determined? Cost of Attendance (Variable) EFC (Constant) Financial Need

16 If you have a special circumstance, you should: 1. File the FAFSA using previous tax year data 2. Contact each school to talk about their process 3. Collect necessary documentation and provide copies to each Financial Aid Office. Schools are allowed to adjust FAFSA results for:  Changes in household size (divorce, death, etc.)  Medical, dental or dependent care expenses not paid or reimbursed by insurance  Private education expenses (K-12)  Reductions in income or unemployment of a parent Special Circumstances

17 Net Price Calculators  Estimates your EFC based on a few questions  Estimates aid from the school and government sources  Compares cost and aid to provide “net price” or true cost to student/family  Useful planning tool but the estimate is only as good as data provided

18 Other Questions?

19 Student must determine which biological parent will be listed on their FAFSA. As of the date of application, the student should ask themselves:  Which parent have they lived with more during the last 12 months? If neither then…  Which parent provided most of their financial support during the past 12 months. If neither then…  Which parent provided more financial support during the most recent year they actually received support? If the biological parent listed on the FAFSA is remarried, their spouses information is required on the student’s FAFSA as well. When parents are divorced


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