1. Applying for Financial Aid
Applying for Financial Aid

2. What is Financial Aid?
Money to help you pay educational costs such as:
Tuition
Fees
Books
Room and Board
Transportation
Personal Expenses

3. Types of Financial Aid Federal Aid State Aid Institutional Aid
Private Scholarships

4. Applying for
FEDERAL FINANCIAL AID

5. FAFSA (Free Application for Federal Student Aid)
No cost to apply
Family’s personal and financial information is collected
Information is used to make a measurement of the family’s ability to pay for college
Everyone should complete a FAFSA

6. When To Start
Complete the FAFSA online as soon after October 1st as possible.
Use “prior prior year” tax return. (For college school year, use 2016 taxes.)
This means you are using tax information you already have.

7. FSA ID FIRST
Step 1: get your FSA ID for an electronic signature. Be sure that at least one parent also gets an FSA ID (for dependent student applications).
Use the FAFSA information sheet to keep track of what you enter
Take a photo of the information sheet with your phone
It is VERY difficult to re-set FSA ID usernames and passwords so be careful to remember this information.

8. Now, Start the FAFSA Step 2: https://fafsa.gov to complete your FAFSA
Must re-apply each year!
Some sources of funding require you to have submitted a FAFSA. These are sometimes first come, first served. (APPLY EARLY!)

9. Providing Tax Information
Parents and students should use IRS Data Retrieval Tool on the FAFSA website if possible.
If parents and/or students cannot use IRS Data Retrieval tool and are asked for tax information by the school, instructions for acceptable documents will be included in that request. Families may need to contact the IRS to request an income tax transcript or other verification of income.

10. Using the IRS Data Retrieval Tool
Parents and students must have a valid Social Security Number to use the IRS Data Retrieval Tool
Parents that file tax returns as “Married, Filing Separately” are not eligible to use the tool.

11. How To Determine Financial Need
The information you enter on the FAFSA is used to calculate your Expected Family Contribution (EFC).
Your Cost of Attendance (COA) minus your Expected Family Contribution (EFC) equals
your Financial Need.

12. EFC = ZERO
Dependent Student - If parents received federal benefits such as Free/Reduced Lunches, TANF, SNAP or WIC and their annual income is less than $25,000 or,
Independent Student – may qualify if they meet the above qualifications; however, independent students without dependents other than a spouse do not qualify.

13. Five Funding Factors Assets Income Household Size Number in College
Age (of older parent)

14. Retirement funds are not required to be reported on the FAFSA
Examples of Assets
Educational IRA Accounts
529 Savings Plans
Prepaid Tuition Plan
CD’s
Real Estate (not primary residence)
U.S. Savings Bond Series EE
Stocks
Cash
Inheritance
Mutual Funds
Retirement funds are not required to be reported on the FAFSA

15. FAFSA FACTS
Unless independent, you should include information about your parent’s income and assets.
If you have a special situation, contact the Financial Aid office at the college or university you plan to attend.

16. Dependency Status Independent
For , you were born before Jan. 1, 1995
Married students
Students with dependents other than a spouse
Orphan/ Ward of the Court (Foster Care)
Students that have a legal guardian (other than a parent or stepparent) determined by an Oklahoma court
Currently serving on active duty in U.S. armed forces (other than for training)
Veteran
Student identified as homeless

17. FAFSA FACTS
The marital status you choose on your FAFSA must reflect the status on the day you complete the application
If your parents are divorced, report the income for the parent you lived with the most during the last 12 months. If you lived with each parent for the same amount of time during the past year, you should include income information for the parent who provided you the most financial support during that period.
You must report the income of the parent and step-parent, if the reporting parent is remarried.

18. SOME FEDERAL AID PROGRAMS THROUGH FAFSA
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work Study
Federal Subsidized Student Loan
Federal Unsubsidized Student Loan

19. Federal Pell Grant Program
Awarded to eligible undergraduates pursuing first baccalaureate degree
College determines actual award amount based on the Cost of Attendance, enrollment status and Expected Family Contribution as determined by the information you submit on the FAFSA
$5,920 was maximum award for

20. Federal Supplemental Educational Opportunity Grant (FSEOG)
Eligible Students
Undergraduate student who has not earned a bachelor’s or graduate degree
Awarded to students with significant financial need (lowest EFC)
Annual award amounts - $100 -$4,000/yr.

21. FSEOG Federal Pell Grant recipients receive priority
Not all colleges participate in the FSEOG Program and funding is limited at those that do
Funds depend on availability at the college; early application is important

22. Federal Work Study Work schedule developed around classes
Employment can be on or off campus
The amount you earn can’t exceed your total Federal Work-Study award
Paid at least the federal minimum wage

23. Federal Stafford Loan (Subsidized)
Need based (not all students qualify)
Federal government pays interest while enrolled in school
The school determines how much you may borrow based on federally set limits and unmet need.
Repayment begins six months after leaving school
Loan is in the student’s name

24. Federal Stafford Loan (Unsubsidized)
Interest accrues while in school
Generally all students qualify unless total COA is met with other aid
May receive in addition to a subsidized loan (limits apply)
Loan is in the student’s name

25. What To Do Next Review the Student Aid Report (SAR)
Make any Necessary Changes
Respond to Requests for Information
Receive Award Letter and respond if necessary
Sign Promissory Note for Loans
Complete Loan Counseling

26. Do I Have to Take Loans? Borrow only what you need, if any
You DO NOT have to take the full amount your award letter offers. Simply ask how to reduce the amount.
You might research private loans before accepting. (Federal is usually best interest rate and terms.)

27. State Financial Aid Oklahoma Tuition Aid Grant (OTAG)
Must attend eligible Oklahoma college, university or career technology center
Based on need as determined by EFC and early submission of the FAFSA
Annual award is $1000 (public) or $1300 (private)
Undocumented immigrants may apply

28. State Financial Aid Oklahoma Tuition Equalization Grant (OTEG)
Must attend an eligible private non-profit college in Oklahoma
Family income cannot exceed $50,000
Still have unmet need following Federal Aid Award
$1,000 per semester ($2,000 per year)
Funds are limited
Institutions choose recipients

29. State Financial Aid-Oklahoma’s Promise
Must apply in the 8th, 9th or 10th grade
Application requires documentation that MUST be submitted for the application to be considered complete
Must meet course, GPA and behavior requirements
Must complete a FAFSA each year in college
Full tuition at public Oklahoma colleges and universities (partial at private)

30. Institutional Scholarships

31. Institutional Scholarships
Valedictorian
Salutatorian
Academic Achievement
Leadership
Intended Major
Activities
Athletic Ability
ACT Score & GPA
Foundation
Check with the college for exact dates that scholarship applications are due.

32. College-Awarded Tuition Waiver Scholarships
State supported institutions may have tuition waivers available for students based on financial need, scholastic aptitude and achievement, academic discipline or field of study, student activity participation and academic level. Check with the college for the eligibility guidelines, application process and deadlines.

33. Private and Civic Scholarships
Voc-Rehab
Workforce Dev.
Nat’l Guard
American Business Women’s Association
Jeltz Foundation
Gates Millennium Scholarship
Company Scholarships
Lions Club
Kiwanis Club
Tribal Grants
Religious Organizations
Indian Health Service

34. Contact Information