Presentation on theme: "Jump to first page Presenter: Stan Werne Vincennes University Director of Financial Aid And Indiana State Financial Aid Association Welcome to Financial."— Presentation transcript:
Jump to first page Presenter: Stan Werne Vincennes University Director of Financial Aid And Indiana State Financial Aid Association Welcome to Financial Aid
Jump to first page Federal Financial Aid Programs Pell Grant SEOG Grant (limited funds) Work-Study (limited funds) Stafford Loan – Subsidized Stafford Loan – Unsubsidized Perkins Loan (limited funds) Parent PLUS Loan
Jump to first page State of Indiana Grants Commission of Higher Education: Div. of Student Financial Aid Grant Programs - Frank O’Bannon & Academic Honors Grants Supplemental Grants -21 st Century Scholars -National Guard - Associate Degree “bump” Scholarships -Minority Teacher Scholarship -Special Education Teacher Scholarship
Jump to first page State Grants Credit Completion Requirements n 30-60-90 for full renewal n For 2 nd year complete at least 30 credits by end of 1 st year. n For 3 rd year complete at least 60 credits by end of 2 nd year. n For 4 th year complete at least 90 credits by end of 3 rd year. n 21 st Century Scholars must meet these targets to remain Scholars. n 24-48-72 for reduced non-Scholar award
Jump to first page SFA Tuition Remission Child of Veteran & Public Safety Officer (CVO) Tuition remission for students at public colleges who are children of : - Disabled Veterans -Purple Heart Recipients -POW/MIA’s -State police officers/fire fighters killed in line of duty
Jump to first page What to look for How to apply n Federal & State Awards = FAFSA u Special state programs = directions at www.in.gov/sfa n College/university aid = Ask at admissions or financial aid offices. (VU priority deadline is Jan. 15, 2014.) n Private scholarships = u Employers’ programs u Community foundation u Web sites like www.fastweb.com
Jump to first page Your key to financial aid: FAFSA Free Application for Federal Student Aid
Jump to first page Why Free Application for Federal Student Aid (FAFSA) is key: Family’s personal and financial information required to calculate expected family contribution (EFC). Why needed?
Jump to first page Financial Aid Need Calculation U.S. Department of Education Definition of Financial Aid Need Cost of Attendance (COA) Varies from school to school Minus Expected Family Contribution (EFC) Same for all schools--results of your FAFSA Equals Financial Aid Need
Jump to first page Part of Financial Need Calculation Cost of Attendance (VU/VUJC 2013-2014) Tuition & fees ($5030 – 30 credits/year) Room & board ($8478/$2244) Books & supplies ($1148) Transportation ($2046) Miscellaneous ($1050) Program expenses (varies) Total: $17,812/$11,578
Jump to first page Sample Aid Packages 1 & 2 Suppose dependent student living with parents or relative:#1#2 COA $11,578 $11,578 EFC - 2,500- 0 FA need$9,078 $11,578 Pell grant- 3,195 - 5,645 $5,883$5,933 Subsidized loan- 3,500- 1,000 (FSEOG) $2,383$4,933 Unsubsidized loan- 2,000- 3,500 (Sub loan) $ 383$ 1,433
Jump to first page Application Process Submit FAFSA prior to the college or state deadline, whichever is first. State SFA receipt date: March 10, 2014. State SFA correction date: May 15, 2014. To ensure maximum aid, check information from each school to determine: ► Required application materials ► Application deadlines
www.fafsa.gov n 2014-15 FAFSA on the Web available Jan. 1. n 2013-14 still available for current academic year. (Some use for summer 2014.)
Jump to first page PIN Registration n www.pin.ed.gov n Can request PIN now or as you fill out the FAFSA. n Each student and a parent needs separate PIN. n Use same PIN throughout financial aid processes. n Parent uses same PIN for other children.
Jump to first page FAFSA Step 1: Student information and plans: SSN, DOB, marital status, e-mail (for state notifications), Selective Service, school level 2014-15? Step 2: School choices: n Up to 10 schools (codes online). n Housing plans: on/off campus or with parents?
Jump to first page FAFSA Step 3: Student must submit parent data if answers = “No.” n Born before Jan. 1, 1991? n Grad student, active duty military, or veteran? n Provide more than half support for child or other dependent? n Since age 13, in foster care, ward of court, or parents deceased? n Emancipated minor or in guardianship (before turning 18)? n Homeless or unaccompanied youth?
Jump to first page FAFSA Step 4: Parental information: n SSN, DOB, marital status, residency, # in household, # in college? n Marital status question about legal parents (biological or adoptive) regardless of gender: Never married Unmarried & both parents living together Married or remarried Divorced or separated (if not living together, custodial or which parent student lived with most during 2013) Widowed
Jump to first page FAFSA Step 5:Financial information Parents: 2013 federal tax info or earnings, checking, savings, investments? NOT retirement accounts, home you live in, farm you work, or business with 100 or fewer full-time employees. Use the IRS Data Retrieval process if you can. Parents: Additional info, e.g., child support paid. Untaxed income. Dislocated worker, recipient of federal benefits?
Jump to first page FAFSA Step 5: Continued: Student: 2013 federal tax info or earnings, checking, savings, investments? Untaxed income? Recipient of federal benefits? Use the IRS Data Retrieval process if you can.
Jump to first page FAFSA Step 6: E-sign with PINs and submit: n Both student & parent e-sign. n Be sure to click SUBMIT button, then print confirmation page. n If submitting corrections, be sure both e-sign and submit. Print confirmation page.
Jump to first page Then what? One of three results: n EFC without verification OR n FAFSA reject/no EFC: major error n FAFSA processing center identifies student for verification. u Return to FAFSA to use IRS transmittal system to verify income and tax information u Submit other documentation as required
Jump to first page But my tax return is misleading because… What can I do? n Submit a form that requests consideration of special circumstances. n Submit verification and other supporting documentation. n Financial aid officers can make professional judgments. n Maybe grant or subsidized loan eligibility can result.
Jump to first page CAUTION! n Don’t pay a fee to file the Free Application for Federal Student Aid or search for scholarships. u Filing & processing of the FAFSA are FREE. u If filing via FAFSA on the Web, be sure to go directly to www.fafsa.gov. u Avoid www.fafsa.com. (Google lists this first.) u Contact financial aid office for help completing the FAFSA or attend College Goal Sunday, Feb. 23, 2014, 2:00, local time. n No one can guarantee finding scholarships.
Jump to first page CAUTION! For student or parent loans: n Ignore for the time being mailings from lenders. Maybe file away and save for later if needed. n Highly recommend you wait for award notification from financial aid offices. n Federal student and parent PLUS loans generally a better deal than private/alternative education loans.
Jump to first page Review: What & How n Federal & State Aid: FAFSA n Special State programs: Directions & forms at www.in.gov/ssaci n College/university scholarships: Ask at admissions or financial aid n Employee programs: Ask at work n Community foundations: High school guidance office or chamber of commerce n National sources: Web sites like www.fastweb.com