Financial Aid night 2017-2018 Cierra Ramirez Financial Services Advisor Baker College of Owosso Cierra.Ramirez@baker.edu

Topics/agenda What is financial Aid? Categories, types, and sources of fa Eligibility requirements What is financial need Cost of attendance (coa) Expected family contribution (efc) Free application for federal student aid (fafsa) Application processing Q & A

FAFSA…WHAT IS IT? (F) ree (A) pplication for (F) ederal (S) tudent (A) id

STUDENT EMPLOYMENT (Workstudy) What is financial aid? Financial aid consists of funds provided to students and families to help pay for college & educational expenses. GRANTS SCHOLARSHIPS LOANS STUDENT EMPLOYMENT (Workstudy) REMEMBER: Financial Aid is intended to help supplement, NOT REPLACE, the financial responsibly of the student and his/her family.

When to Complete the fafsa…Every Year! 2017-2018 October 1, 2016 Use 2015 taxes Valid for the period beginning summer 2017 and ending after summer 2018, generally not more than 12 months Prior Prior tax information 2016-2017 & 2017 &2018 Use Completed 2015 taxes

Categories of financial aid Need based: Grants ^ Scholarships ^* Workstudy Subsidized Student Loans # Non-Need based: Scholarships ^* Employment Unsubsidized Student Loans # Parent PLUS Loans# ^gift aid *each scholarship will have its own unique qualifying criteria #self-help aid

Financial need Cost of Attendance [COA] Expected Family Contribution [EFC] direct and indirect costs varies from college to college formula developed by Congress [Federal Methodology] stays the same regardless of college

Types of financial aid Scholarships Workstudy Grants money that is not repaid and is awarded on the basis of merit, skill, or unique characteristic(s) Library, Business and Civic Organizations Employer (parent and/or student) High School Counselor College Academic Office Handout Workstudy allows students to earn money to help pay for educational costs average 20 hrs/week need based or non-need based Grants money that is not repaid and usually awarded on the basis of financial need Federal Pell Grant Based on financial aid package Based on income and family size EFC From 0-5234 (2016-2017) Maximum amount $5815 PER YEAR (2016-2017) Federal Supplemental Educational Opportunity Grant [FSEOG]. Priority goes to pELL grant recipients Maximum of $4000 per year Campus-based grant Limited availability

Sources of financial aid Federal Government State Government Students must apply every year using the Free Application for Federal Student Aid [FAFSA] at www.fafsa.gov FAFSA will qualify you for: Federal Pell Grant FSEOG Federal Perkins Loans Federal Workstudy Direct Loans PLUS Loans residency requirements merit and need-based uses information from FAFSA deadlines vary by State MI 2017-2018 FAFSA DEADLINE: MARCH 01, 2017* *can still apply after this date for Federal aid

Types of financial aid cont. annual loan limits [dependent student] Freshman: $5500 [no more than $3500 subsidized] Sophomore: $6500 [no more than $4500 subsidized] Junior/Senior: $7500 [no more than $5500 subsidized] Federal Direct Subsidized Loan government will pay interest while enrolled at least half-time need-based 2016-17 interest rate: 4.29% Federal Direct Unsubsidized Loan interest accrues while attending school non-need based Note: -Loans remain in a “deferred” status while the student is attending college at least half-time -Payments begin six {6} months after a student ceases to be enrolled at least half time -Guaranteed/No Credit Check

Types of financial aid cont. Federal Direct Parent PLUS Loan parents of dependent undergraduate students may borrow cost of attendance – other aid = annual limits 2016-17 interest rate: 6.84% Note: -Parent Loan -Repayments begins sixty {60} days after disbursement -Credit based -Student can borrow and additional $4000 in unsubsidized loans if Plus loan is denied.

Eligibility requirements no drug-related conviction high school graduate [or equivalent] Enrolled or accepted in an eligible program of study valid Social Security Number student and parent(s) U.S. citizen or eligible non-citizen Selective Service males only register at www.sss.gov “Register Me” on FAFSA

www.Fafsa.gov Home page

NOTE: FSA has replaced PIN www.Fafsa.gov Login Page NOTE: FSA has replaced PIN

NOTE: FSA has replaced PIN www.Fafsa.gov Login Page NOTE: FSA has replaced PIN

FsA ID…what is it www.fsaid.ed.gov An FSA ID is comprised of a username and password and can be used to login to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid (FAFSA®). The security of your FSA ID is important. Your FSA ID can be used to: Electronically sign Federal Student Aid documents, Access your personal records, and Make binding legal obligations. www.fsaid.ed.gov

How do I apply for an FSA id? www.fsaid.ed.gov If you do not already have an FSA ID and would like to apply for one, select the Create an FSA ID tab on the FSA ID log-in page.

CREATING AN FSA ID:

CREATING AN FSA ID CONT.

CREATING AN FSA ID CONT.

CREATING AN FSA ID CONT.

CREATING AN FSA ID CONT. Make sure to click (SHOW TEXT) advise to make everything lower case it is case sensitive

CREATING AN FSA ID CONT.

CREATING AN FSA ID CONT.

CREATING AN FSA ID CONT.

Enter your new FSA Username/Email Address and Password www.Fafsa.gov Login Page Enter your new FSA Username/Email Address and Password

www.Fafsa.gov My FAFSA page

www.Fafsa.gov Password Page

www.Fafsa.gov Introduction Page

Student Demographic Page www.Fafsa.gov Student Demographic Page

Student Eligibility Page www.Fafsa.gov Student Eligibility Page Note: Selective Services question will only display for males

Student Eligibility Page Cont. www.Fafsa.gov Student Eligibility Page Cont.

www.Fafsa.gov School Selection Page

School Selection Summary Page www.Fafsa.gov School Selection Summary Page

Student Depenency Page 1993? www.Fafsa.gov 2016-2017 2016 2017? Student Depenency Page 2017? 2015

Dependency Status Results Page www.Fafsa.gov Dependency Status Results Page Note: This page will only display for students determined to be dependent

Parent Demographic Information Page www.Fafsa.gov Parent Demographic Information Page Note: never married, living separately > report parent who provides 51% support unmarried, living together > report both legal parents married/remarried > report both parents/step-parents (regardless of gender) divorced/separated > report parent who provides 51% support

Student Tax Information Page www.Fafsa.gov Student Tax Information Page

IRS Authorized Usage Page www.Fafsa.gov IRS Authorized Usage Page

IRS Data Retrieval Tool Page 1. www.Fafsa.gov IRS Data Retrieval Tool Page 1. Note: Street address must match that which was reported on the tax return exactly [i.e. abbreviations, punctuations]

IRS Data Retrieval Tool Page 2. www.Fafsa.gov IRS Data Retrieval Tool Page 2.

IRS Data Retrieval Tool Page 3. www.Fafsa.gov IRS Data Retrieval Tool Page 3.

Parent Financial Information Page www.Fafsa.gov Parent Financial Information Page

Parent Financial Information Page Cont. www.Fafsa.gov Parent Financial Information Page Cont.

Parent Financial Information Page Cont. www.Fafsa.gov Parent Financial Information Page Cont. Note: items to exclude from assets: primary residence, vehicle(s), life insurance, retirement plans, family-owned business value of a company with less than 100 full-time employees

Asset definitions for FAFSA PURPOSES Items NOT required: Value of a retirement fund or annuity, Value of life insurance, value of the home you live in, value of a farm that you live and work on, value of a business with less than 100 emplyees

Asset definitions for FAFSA PURPOSES

Student Tax Information Page www.Fafsa.gov Student Tax Information Page

Student Financial Information Page www.Fafsa.gov Student Financial Information Page

Student Financial Information Page Cont. www.Fafsa.gov Student Financial Information Page Cont.

Student Financial Information Page Cont. www.Fafsa.gov Student Financial Information Page Cont.

Make sure to click AGREE & SIGN www.Fafsa.gov Sign & Submit Page Make sure to click AGREE & SIGN

www.Fafsa.gov Sign & Submit Page

www.Fafsa.gov Confirmation Page Data Release Number [DRN] transfer parental information to a new FAFSA school-related data estimated EFC estimated federal aid eligibility based on EFC

Verification 30% of applicants are randomly selected for verification You (student and/or parent) will be asked to submit additional documentation to financial aid prior to being awarded Colleges may have specific forms for you to fill out What works for one college may not for another Respond to all requests promptly - Student driven

Financial aid award package combination of all types of aid [grants, scholarships, Workstudy, student loans, etc.] format and awards will vary from school to school read carefully ASK questions!! (abbreviations and terms)

Baker College of Owosso Questions or help? Baker College of Owosso 1020 S. Washington St. Owosso, MI 48867 (989) 729-3430