Financial Aid Information Session

The Free Application for Federal Student Aid (FAFSA) Financing your Education How am I going to pay for this? The Free Application for Federal Student Aid (FAFSA) If applying for Financial Aid, this form is required to determine eligibility for many Federal, State and Institutional aid programs which can include scholarships, grants, work study and student loans.

Financing Your Education Where is the money coming from? Recent studies have found that the average family pays for college from these sources- 30% Federal Grants and Scholarships 30% Student Savings and or Loans 30% Parents Savings and or Loans

May file FAFSA in one of two ways: Collects family’s personal and financial information used to calculate an EFC (Expected Family Contribution) May file FAFSA in one of two ways: Electronically via FAFSA on the Web Paper FAFSA available in English and Spanish 8

Web site: www.fafsa.ed.gov FAFSA on the Web Web site: www.fafsa.ed.gov 2018-2019 FAFSA on the Web available on October 1, 2017 FAFSA on the Web Worksheet: Questions follow order of FAFSA on the Web

Federal Student Aid (FSA) ID Web site: www.fsaid.ed.gov Replaces “FAFSA PIN” Will be used by students and parents throughout aid process, including subsequent school years

Filing electronically: FAFSA on the Web Filing electronically: Built-in edits to help prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions More detailed instructions and “help” for common questions More timely submission of original application and any necessary corrections Ability to check application status on-line More simplified verification (IRS data retrieval tool) & renewal application process Cover Guardianship

What happens next You’ll receive a Student Aid Report (SAR) electronically or through the mail Check carefully and make any corrections necessary Schools will receive the same information and corrections you make School determines aid eligibility and will contact you if they need additional information

Expected Family Contribution (EFC) What is it? The FAFSA takes information like Adjusted Gross Income (AGI), Wages and Earnings, Household size and other things to determine how much a family can contribute financially for the given school year. Why is it important? The EFC generated will help calculate if you qualify for Pell Grant as well as other grants and aid. It also helps calculate the amount of need a student has and qualifies for.

Submit FAFSA prior to school’s deadline Application Process Submit FAFSA prior to school’s deadline Most aid awarded on “first-come, first-served” basis To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: Required application materials Application deadlines (priority deadline) March 1 – New Students April 1 – Continuing Students

Cost of Attendance (COA) Tuition and fees Room and board Books and supplies Loan fees Transportation Expenses Personal/Miscellaneous Expenses COA is not a bill or list of your direct expenses, COA is only used for awarding purposes 6

Direct vs. Indirect Costs Total of $19,115 per year Tuition and Fees/Sem: $4,785 Room and Board/Sem: $4,773 Colorado Resident Indirect Costs: Total of $4,324 per year and $2,162 per semester. Books could be charged directly depending on the school.

– Expected family contribution (EFC) Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Need 4

Need Varies Based on Cost 5

3 Types of Aid There is more than $150 billion available in federal aid to help students pay for college 2

Types of Grants/Scholarships Federal and State Grants Federal PELL Grant Supplement Educational Opportunity Grant (SEOG) Colorado Student Grant Institutional Grants/Merit Scholarships Provided by institution Private Scholarships Outside source – donors  maximum Federal Pell Grant award is $5,920 If you have an EFC of 0-$5,328, you qualify for a federal pell grant on a sliding scale up to $5,920 You must have NEED to be awarded grants.

Types of Workstudy Federal Work-study (need-based) State Work-study (need based) Institutional Work-study (typically non-need based) Work 10-20 hours per week while attending school May be related to degree program Valuable experience–looks great on your resume Paid by hours worked, at variable wage rate, around class schedule

Student Loans Subsidized (need-based) Unsubsidized Parent Loans Interest paid by the Government while enrolled at least half-time Unsubsidized Interest accrues continually Parent Loans Federal PLUS Loan Credit-based

College Opportunity Fund $77 stipend per credit hour Available to Colorado residents ONLY ONLY at Colorado schools Must apply at www.cof.college-assist.org Check with school to see if there are additional requirements

Western State Colorado University Questions?? Western State Colorado University finaid@western.edu 970-943-3085 Thank you!