Counselor 2015 Counselor Update What you need to know about financial aid and EducationQuest Foundation

Agenda Financial Aid Update ■ FAFSA changes ■ Types of financial aid ■ New FSA ID ■ Financial aid process ■ Financial aid formulas Nebraska Coordinating Commission ■ ACE ■ GAP ■ Tracking FAFSA completions EducationQuest Programs and Services ■ Resources for students ■ College Fairs ■ Scholarship tools ■ College Access Grants

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

10 students Of 10 students who start high school in 9 th grade: will graduate from high school in 4 years will enter college within 12 months of graduation. 4 4 will return for their sophomore year will graduate within 150% of time. Nebraska Higher Education Pipeline

Where Nebraska students are going to college Community Colleges University of Nebraska System Independent Colleges State Colleges Private Career Schools 6.6% 3.1% 20.1% 33.5% 36.7%

FAFSA changes ■ College’s identification will be blocked ■ Adjustment to tax liability question: – Allows for premium payments made to insurance provider (per ACA) – For example: Income tax amount is on IRS Form: 1040—line 56 minus line A—line 28 minus line EZ—line 10

FSA ID replaces PIN ■ Request at fsaid.ed.gov – Student and parent must each get one – Provide , username and password – Provide SSN, name, address, date of birth – Answer 4 challenge questions and pick a unique date ■ will be verified ■ Use for: – Data Retrieval from IRS – Electronic signature for FAFSA and Promissory Notes – Access to grant and loan history

FSAID.ED.GOV

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 ACT/SAT score Financial need first-gen ethnicity College choice Field of study Talents Activities Community Service Disability

Scholarship tips for students Focus on college- based and local scholarships. Review ScholarshipQuest and national search sites. Begin scholarship research in 10 th & 11 th grade. Use College Funding Estimator to determine EFC that is used for need-based awards. Provide Activities Resume when requesting a letter of recommendation.

■ Three $500 scholarships ■ Winners selected in February ■ Parent or student (junior or senior) must attend an FAP ■ Must attend nonprofit Nebraska college ■ Last year’s winners were from: − Friend − Brownell Talbot − St. Paul Financial Aid Program Scholarship

■ New dates – Online application opens: November 1, 2015 – Deadline: February 1, 2016 – Student Aid Report due March 15, 2016 ■ Eligibility Requirements – Recommendations must use online form – Financial need = EFC below 15,000 ■ Amount of Award – Maximum - $4,350 per 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

Grants ■ Money students don’t repay; based on financial need – Federal Pell Grant (range $626 - $5,775) – EFC - $5,198 or less SEOG – State Nebraska Opportunity Grant – College-based

Tuition Assistance Programs If criteria is met, tuition is covered Collegebound Nebraska − UNO, UNL, UNK, UNMC − NE resident, full- time student, Pell-eligible − Complete FAFSA by April 1 Advantage − Wayne, Peru, Chadron − Must be freshman or returning student − NE resident, full- time student, Pell- eligible − Complete FAFSA by June 1 Access NWU − NE resident, full- time student − ACT of 25 or higher, GPA of 3.0 or higher − Live on campus − EFC of $1,000 or less − Complete FAFSA by March 1

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 Discontinued 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 4.29% Unsubsidized Stafford 4.29% Parent Loan 6.84% ■ Subsidized Stafford interest 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 FSA ID ■ Grant and Student/Parent Loan History

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

Student Aid Report (SAR) ■ Provides Expected Family Contribution (EFC) ■ Indicates if chosen for verification ■ Identifies Pell Grant & loan 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 Tuition & Fees Room & Board Books & Supplies Personal & Transportation

Financial aid formula Cost of Education Tuition & Fees Books & Supplies Room & Board Personal Transportation Tuition & Fees Books & Supplies Room & Board 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 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 2014 or 2015, 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 2015 IRS Form 1040A or 1040EZ – OR parents were not required to file any income tax return – OR parent is a dislocated worker (2) 2015 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 2014 or 2015, 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) 2015 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 2014 or 2015, 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 2015 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999 *Assets are included – see table for Education Savings and Asset Protection Allowance

$0 1,000 2,100 3,100 4,100 5,200 6,200 7,200 8,300 9,300 10,300 11,400 12,400 13,400 14,500 15,500 15,900 16,300 16,600 17,000 $0 1,000 2,100 3,100 4,100 5,200 6,200 7,200 8,300 9,300 10,300 11,400 12,400 13,400 14,500 15,500 15,900 16,300 16,600 17,000 $ ,100 1,600 2,100 2,600 3,200 3,700 4,200 4,700 5,300 5,800 6,300 6,800 7,400 7,900 8,100 8,300 8,500 8,600 17,400 17,800 18,300 18,700 19,200 19,700 20,200 20,700 21,300 21,800 22,400 23,000 23,700 24,300 25,000 25,700 26,400 27,200 27,900 13,900 29,600 8,800 9,000 9,200 9,400 9,700 9,900 10,100 10,400 10,600 10,900 11,100 11,400 11,700 12,000 12,300 12,600 12,900 13,200 13,600 13,900 14,300

$17,840 22,220 27,400 32,380 37,870 $14,790 19,180 24,390 29,320 34,820 $16,130 21,350 26,290 31,780 $18,300 23,240 28,730 $20,200 25,690 $4,270 $3,040

$25,000 to $380,000 $380,100 to $635,000 $635,001 or more $177, % of NW over $380,000 $330, % of NW over $635,000

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 $3,120$18,611$33,498

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 $2,251$3,798$4,551

CCPE Update ■ ACE Scholarship ■ Ace “Career Program of Study” Scholarship ■ Community College GAP Assistance Program ■ Tracking FAFSA Completions

■ Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled) – No more than 2 classes per term ■ 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 ■ Eligibility documentation required with application ACE Scholarship

ACE “Career Program of Study” Scholarship ■ For low-income students pursuing a career that typically requires a diploma or certificate ■ Eligibility criteria: – Family income at or under 200% of federal poverty level – Student enrolled in a Career Program of Study at least one course must be part of a sequence of courses found at – A local business or industry must serve as an official advisor to the program ■ Limited to $250 per term

New FAFSA Completion Project ■ Can now track FAFSA completions by student ■ Schools must register with CCPE to participate – Submit contract by Dec. 15, 2015 ■ CCPE will run weekly reports starting Jan – Show students’ FAFSA status (started, submitted, missing signature, completed, etc.) ■ Initiated by DOE to increase number of students who complete the FAFSA and thus go on to college ■ Watch bulletins and listserv for more details

Community College GAP Assistance Program (GAP) ■ Effective for school year ■ Funding for community colleges to award to students in eligible “not-for-credit” programs such as certificate, diploma or degree ■ Eligibility Criteria: – Nebraska resident – Family income at or below 250% of poverty – Must complete readiness assessment – Valid for six months – Funding for only one eligible program – Program must have 16 contact hours or more

GAP ■ In-demand occupation means: – Financial services – Transportation, warehousing, distribution logistics – Precision metals manufacturing – Biosciences – Renewable energy – Agriculture and food processing – Business management and administrative services – Software and computer services – Research, development, engineering services – Health services – Hospitality and tourism – Any other industry designated as an in-demand occupation by the committee

GAP ■ Committee awards grant in any amount up to eligible costs – Tuition – Direct training costs – Required books and equipment – Fees, including but not limited to Testing Background checks ■ Denied if funding from other source available

Questions?

EducationQuest Update

■ KnowHow2GO Handbook ■ 8 th, 9 th & 10 th Grade section at EducationQuest.org ■ KnowHow2GO Activities ‒20 activities that relate to each KnowHow2GO step Resources for students in grades 8-10 ■ Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

Resources for students in grades 8-10 Step to the Top of the Class Demonstrates an activity that helps students understand how their choices can impact their future. College students share stories In 8 th, 9 th & 10 th Grade section, each step features a video of students explaining how that step impacted them. New videos: Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

Resources for 11 th -12 th Grade Students EducationQuest has resources to help students: ■ explore careers ■ search for colleges ■ Find scholarships ■ complete the FAFSA ■ learn about student loans

Resources for 11 th -12 th Grade Students Handbooks Website Monthly s

Fall College Fairs There will be spring fairs in Lincoln and Omaha, dates TBD

Barcodes and Scanners ■ Scanners – used by most colleges at College Fairs and EPPs ■ Barcodes – each student should register at NebraskaCollegeFairs.org ‒Print and take the barcode to the fair, or download to mobile device ‒Can be reused at spring fairs

■ ScholarshipQuest – Database of over 2,000 local and state scholarships at EducationQuest.org – Send us your scholarships so we can include them! ■ Scavenger Hunt Scholarship – To apply for this $500 scholarship, students in 9 th -12 th grade set up a ScholarshipQuest profile Deadline - March 31 Scholarship Resources

Apply2College! ■ Statewide campaign – Schools encouraged to hold event during the school day to help seniors complete applications ■ Official dates – Oct – Over 150 high schools have registered ■ Find details and resources under “Professionals” at EducationQuest.org

■ Will award a new round of grants next summer – Funding is for to – Opportunity to develop and/or enhance college access activities and programs at your school ■ Application available this fall ■ Schools interested in applying must send a representative to our College Access Symposium – March 31 in Lincoln – save the date! College Access Grants

Outreach Services ■ Our Outreach Services team provides college planning services to clients of community agencies statewide ■ They’re a valuable resource for students who: – are in foster care – are wards of the state – use Voc Rehab

Coffee Break Webinars ■ Will conduct three webinars this year: – Financial Aid Update (September 24, 2015) – Buffett Scholarship (November 2015) – FAFSA completion/FSA ID (January 2016)

Financial Avenue ■ Financial literacy tool from Inceptia ■ Newly revamped to make it more student-friendly – New look and tone – Mobile-friendly ■ Free for Nebraska schools – FinancialAvenue.org – New access code is: pr3kq

Financial Avenue

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

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