What you need to know about financial aid and EducationQuest Foundation Counselor 2014 Counselor Update

Agenda ■ Financial Aid Update – Types of aid – Financial aid process – Financial aid formulas ■ EducationQuest Programs and Services – Resources for 8 th - 10 th grade students – Resources for 11 th - 12 th grade students – College Fairs – Scholarship Resources – College Access Grants ■ Coming soon … a new website!

EducationQuest Foundation is a nonprofit organization with a mission to improve access to higher education in Nebraska. About EducationQuest

■ Through a permanent endowment, we fund: —Free college planning services —Need-based scholarship programs —Grants that help high schools increase their college-going rate —Outreach services for community agencies EducationQuest Update

By 2018, nearly 70% of Nebraska job openings will require postsecondary education. "Help Wanted: Projections of Jobs and Education Requirements Through 2018." DC: The Georgetown University Center of Education and the Workforce. Fast Facts Colleges will fall short of that mark by 3 million graduates. Nationwide, employers will need nearly 22 million new workers with postsecondary degrees.

Unemployment Rate by educational attainment (as of August 2013) Education LevelUnemployment Rate Less than high school diploma 11.0% High school graduate 7.6% Some college or associate’s degree 6.0% Bachelor’s degree 3.8% Bureau of Labor Statistics, August

Types of financial aid ■ Scholarships (merit and need-based) ■ Grants* (need-based) ■ Work-Study* (need-based) ■ Loans* (need-based and non-need-based) * Based on FAFSA results

Common scholarship criteria GPA Financial Need Ethnicity ACT/SAT score Field of study Leadership College choice Community Service Employer First generation student Talents Activities Military service Disability State of residence Gender

Scholarships Tips for students: Focus on college- based and local scholarships. Review ScholarshipQuest at EducationQuest.org. Search free sites to find national awards. Use College Funding Estimator to determine if eligible for need- based awards. Request letters of recommendation in advance.

■ Three $500 scholarships across the state ■ Random selection begins in February ■ Parent or Student must attend an FAP (Student must be a junior or senior) ■ Must attend a not for profit Nebraska College ■ Last Year’s Winners: ■ Grand Island High School ■ Pender ■ Lincoln Southeast EducationQuest Financial Aid Program Scholarship

■ New dates – Online application opens: November 1, 2014 – Deadline: February 1, 2015 – Student Aid Report due March 15, 2015 ■ Eligibility Requirements – Recommendations must use online form – Financial need = EFC below 15,000 ■ Amount of Award – Maximum - $4,250/semester – Varies at institution Buffett Scholarship Buffett Scholarship

■ Renewable – Maintain 2.0 or higher GPA – Earn at least 18 credit hours each calendar year – Renewable up to five years (four-year college) or three years (two-year college) ■ Watch counselor listserv for details and training opportunities

■ Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled) ■ Student or parent/guardian must be eligible – Supplemental Security Income (SSI) – Free/Reduced Price Lunch – Temporary Assistance for Needy Families (TANF) – Food Stamps (SNAP) – Special Supplemental Nutrition Program (WIC) – Extreme Hardship ■ Documentation verifying eligibility required with application ACE Scholarship

Grants ■ Money students don’t repay; based on financial need – Federal Pell Grant (range $602 - $5,730) – EFC - $5,157 or less SEOG – State Nebraska Opportunity Grant – College-based

Tuition Assistance Programs ■ Collegebound Nebraska – UNO, UNL, UNK, or UNMC – NE resident, full-time student, Pell eligible – Must complete FAFSA by April 1 ■ Advantage – Wayne, Peru, Chadron – NE resident, full-time student, Pell eligible – Must complete FAFSA by June 1 If criteria is met, tuition is COVERED! tuition is COVERED!

Work-Study ■ Based on financial need ■ Allows students to earn money while attending college ■ Paid for hours worked – Shouldn’t expect money up-front to pay tuition ■ Earnings will not impact financial aid the following year

Name Interest accruing while in school? Type Need-based No Perkins loan Direct Subsidized loan Non-need- based Yes Direct Unsubsidized loan Parent PLUS loan Student Loans

Student Loan Interest Rates Student Loan Interest Rates Subsidized Stafford 4.66% Unsubsidized Stafford 4.66% Parent Loan 7.21% ■ Subsidized Stafford interest now paid by student during grace period ■ Interest rates change annually

Time-and-a-Half Limits ■ Pell Grants and Loans – Limited to 150% Associate Degree 2 years + 1 Bachelor’s Degree 4 years + 2 ■ NSLDS.ed.gov – Access with PIN – Grant and Student/Parent Loan History

Financial Aid Process PIN FAFSA Processor Student College SAR Verification Award Notification Student Loan This is how the financial aid process works:

Personal Identification Number (PIN) ■ Request at pin.ed.gov – Student and parent must register – Must provide SSN, name, address, date of birth – Select a challenge question ■ Use for data Retrieval from IRS ■ Serves as electronic signature for FAFSA and Loan Promissory Notes ■ Allows online access to grant and loan history

PIN…continued ■ Effective April 2015, PIN will be replaced with PAS: Public Access System ■ Students and parents will set up a user ID and password ■ Personally identifiable information will be collected and matched during this process

Student Aid Report (SAR) ■ Provides Expected Family Contribution (EFC) ■ Indicates if chosen for verification ■ Identifies Pell Grant eligibility ■ Lists grant and loan disbursement history

■ EFC = Expected Family Contribution FAFSA results ■ College uses EFC to determine the type and amount of aid to award the student Lower EFC Greater Financial Need =

Cost of Education Direct Costs Tuition & Fees Room & Board* Books & Supplies Indirect Costs Personal & Transportation *Depends on student housing plan

Financial aid formula Cost of Education Tuition & Fees Room & Board Books Personal Transportation Tuition & Fees Room & Board Books Personal Transportation Parent Income/Assets Student Income/Assets Parent’s Age # in Household # in College Parent Income/Assets Student Income/Assets Parent’s Age # in Household # in College The amount of money the college will try to give you in financial aid EFC Financial Need

Automatic Zero Automatic Zero Student automatically qualifies for zero EFC if both (1) and (2) are true (1) In 2013 or 2014, anyone in parents’ household received benefits from any of these federal programs: Supplemental Security Income (SSI) Supplemental Nutrition Assistance Program (SNAP) Free and Reduced Price School Lunch Program Temporary Assistance for Needy Families (TANF) Supplemental Nutrition Program for Women, Infants, and Children (WIC) – OR parents were eligible to file 2014 IRS Form 1040A or 1040EZ – OR parents were not required to file any income tax return – OR parent is a dislocated worker (2) 2014 income of student’s parents is $24,000 or less

Simplified Formula * Simplified Formula * Used for dependent students if both (1) and (2) are true: (1) In 2013 or 2014, anyone in parents’ household received benefits from any federal program listed on Automatic Zero slide – OR the student’s parents could file a A or 1040 EZ IRS Form – OR were not required to file any income tax return – OR the student’s parent is a dislocated worker (2) Parent(s) 2014 Adjusted Gross Income is UNDER $49,999 *Assets excluded

Regular Formula* Regular Formula* Used for dependent students if both (1) and (2) are true: (1) In 2013 or 2014, NO ONE in parents’ household received benefits from any federal program listed on the Automatic Zero slide (2) Parent(s) were required to file a 2014 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999 *Assets are included – see table for Education Savings and Asset Protection Allowance

Income impact on EFC – family size 4 Income increases, assets remain level Family AFamily BFamily C Income $50,000$100,000$150,000 Assets (excluding retirement-specific accounts) $50,000 EFC $2,487$18,031$36,912

Asset impact on EFC – family size 4 Assets increase, income remains level Family AFamily BFamily C Income $50,000 Assets (excluding retirement-specific accounts) $0$75,000$100,000 EFC $2,196$3,147$3,867

Questions?

EducationQuest Update

Resources for 8 th -10 th Grade Students ■ KnowHow2GO Program ■ KnowHow2GO Handbook ■ 8 th, 9 th & 10 th Grade section at EducationQuest.org ■ Countdown2College monthly s

Resources for 8 th -10 th Grade Students ■ KnowHow2GO Activities ‒Student activities that reinforce the 4 steps ■ 8 th Grade Campus Visit Grants ‒Applications available this fall for winter and spring college visits ■ KnowHow2GO Ambassador Program ‒Currently available in Beatrice, Grand Island/Hastings, Kearney, Lincoln, Norfolk, North Platte, Omaha, Peru, Scottsbluff, Wayne To learn more about these resources, visit the Middle School / High School Professionals section at EducationQuest.org.

Resources for 11 th -12 th Grade Students ■ Explore careers ■ Search for colleges ■ Scholarship resources ■ Complete the FAFSA ■ Learn about student loans

Resources for 11 th -12 th Grade Students ■ College Prep Handbook ‒College Planning for Students with Disabilities ■ 11 th & 12 th Grade section at EducationQuest.org ■ Countdown2College monthly s

■ Scottsbluff/Gering – Sept. 7 ■ Grand Island – Sept. 14 ■ Norfolk – Sept. 21 ■ South Sioux City – Oct. 5 ■ Lincoln – Oct. 19 ■ Omaha – Oct. 26 Fall College Fairs

■ Kearney – March 8 ■ Omaha – March 29 ■ Lincoln – April 19 Especially valuable for juniors and sophomores. Thank you for your promotional efforts! Spring College Fairs

Bar Codes and Scanners ■ Scanners – used by most colleges at College Fairs and EPPs ■ Barcodes – each student should register at NebraskaCollegeFairs.org ‒Barcodes for Fall College Fairs and EPPs can be used at Spring College Fairs ‒Students may display their barcode on mobile devices

■ ScholarshipQuest – Database of over 2,000 local and state scholarships at EducationQuest.org ■ Scavenger Hunt Scholarship – To apply for this $500 scholarship, students in 9 th - 12 th grade set up a ScholarshipQuest profile ■ Financial Aid Program Scholarship – Juniors and seniors who attend an FAP are eligible to apply for a $500 scholarship Scholarship Resources

■ Every two years, EducationQuest awards College Access Grants to Nebraska high schools ■ Grant amounts range from $2,500 to $20,000 per year for four years ■ 22 Nebraska high schools received funding starting in – Goal is to increase college-going rate by 10 percentage points during four years – New applications will be accepted in 2016 College Access Grants

2014 Grant Schools Lincoln Southeast Logan View Public Norfolk Senior North Bend Central Omaha North Magnet Omaha South Magnet Omaha Benson Raymond Central Santee West Point-Beemer Weeping Water Bancroft Rosalie Blue Hill Central City Columbus Public Crete David City Diller-Odell Garden County Harvard Kenesaw Lincoln High

Coming soon…a new website! ■ Should be ready by early 2015 ■ Will be mobile-friendly

Follow us! ■ Facebook.com/EducationQuest ■ – Encourage student and parents to follow us, too!

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