1. Federal Update and FAFSA Information
NDASFAA
High School Counselors Workshop
October 2017

2. Federal Update and FAFSA Information
Goals for Today:
Overview of changes for upcoming award year
Overview and updates of financial aid programs
See some screens that students use to apply for federal aid
Explain what Prior-Prior Year means and review impact from this past year
Provide opportunity to ask questions
Please ask questions – informal setting

3. Federal Student Aid Programs
Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Federal Perkins Loans
No longer offered
Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
Federal PLUS Loans

4. Federal Student Aid Programs
FEDERAL PELL GRANT
Maximum grant for is $5,920 or $2,960 per semester. The amounts vary from approximately $600 to $5,920 but not all students are eligible. Amount based upon enrollment status (number of credits enrolled in) and EFC – expected family contribution.
Typically, family income less than $45,000 for a family of three and then income goes up to qualify with more in family and more than one in college.
No Deadline to apply.
No figures available yet for but most likely will see little to no increase

5. Federal Student Aid Programs
Campus-Based Funds
Priority Funding Deadline varies depending upon the college/university
What does Priority Funding Deadline really mean???
ND February 1st to April 15th
Supplemental Educational Opportunity Grant
Funding varies between $200 - $1,000
Must be Pell Grant eligible
Federal Work Study Program
Funding typically at $1,500 - $2,000 per academic year
Federal Perkins Loan*
* is last year colleges/universities offered this program (unless Congress reauthorizes).

6. Federal Student Aid Programs
Federal Subsidized Direct Loan
Financial need is a determining factor.
Federal Government pays interest while student is in school.
Interest MAY begin accruing immediately after attendance ceases!
No priority funding deadline.
1.066% origination fee
In essence student is charged 1.066% for loan fees.
Example – student borrows $3500 – federal government will collect $37.31 so student will receive $962.69
All federal loans are processed through federal government
Budget Resolution – interest subsidy may be eliminated

7. Federal Student Aid Programs
Federal Subsidized Direct Loan (continued)
Base annual loan limits (combined subsidized and unsubsidized):
$3,500 for 1st year undergraduates
$4,500 for 2nd year undergraduates
$5,500 for each remaining undergraduate year
$23,000 maximum to borrow for undergraduate programs. (Subsidized)
$31,000 maximum to borrow for undergraduate Dependent
Federal Unsubsidized Direct Loan
Additional $2,000 unsubsidized for dependent students
Additional $6,000 unsubsidized for independent students (Freshman/Sophomore)
Additional $7,000 unsubsidized for independent students (Junior/Senior)
Example: Freshman dependent student could receive up to $5,500 in Federal Loan eligibility depending upon other financial student assistance but only $3500 is subsidized

8. Federal Student Aid Programs
Parent Loan for Undergraduate Students (PLUS)
Parent borrows money on behalf of student.
Loan max. is difference between cost of education and other financial assistance (observation – parents are borrowing to cover miscellaneous expenses – indirect costs).
Parents need to meet credit criteria.
Fixed interest rate – currently 7.00%.
Repayment begins after final disbursement – which normally means February 1.
Parent applies for PLUS at:
ALL Federal Aid REQUIRES completion of FAFSA each year!

9. Federal Student Aid Programs
Interest Rate
Origination Fee
Direct Loan
4.45%
1.066%
PLUS Loan
7.00%
4.264%
Perkins Loan
5.00%
0.00%
Private Loan
2.35% %
Typically 0.00%

10. State Financial Aid Programs
North Dakota State Grant
Award maximum is $1,950 per year.
Award will be prorated based upon enrollment status so student need not be full time.
Priority funding deadline – as soon as possible – first come, first serve.
Requires completion of FAFSA
Must be a graduate of a ND high school AND be a ND resident
Must attend a ND college or university to receive a state grant
ND State Grant is a need based program
Other aid received can/may affect eligibility.

11. State Financial Aid Programs
North Dakota Indian Scholarship
$2,000 per year as a full time student
July 1 deadline (separate application)
North Dakota Scholars Program
Typically 33+ ACT score by June of junior year
Full tuition up to UND/NDSU rate
Technology Occupations Loan Forgiveness Program
$1,000 loan forgiveness for up to three years
Teacher Shortage Loan Forgiveness Program
NDUS Tuition Waivers
Peace Officers, Fire Fighters, Senior Citizens

12. State Financial Aid Programs
ND Academic and Career and Technical Scholarships
A few changes for this year to note!
No longer have the 12 credits first year and 15 credits thereafter requirement.
Generally eligible for $1,500 per year for up to four years:
Scholarships are renewable for full-time students who maintain GPAs of 2.75 or higher.
Full-time for this scholarship means enrollment in at least twelve credits.
If a student is not enrolled full-time (as defined above), the scholarship will be revoked until the student is enrolled full-time. The scholarship will be reinstated the next semester the student is enrolled full-time.
One time exception for student who does not maintain a 2.75 gpa, if gpa falls below 2.75 for a second semester student will no longer be eligible for this scholarship.

13. ND Academic and Career and Technical Scholarships
Anticipated Payment #
Enrollment status and # of credits needed to have “earned” to qualify for the anticipated payment
Payment #1
Enroll “Full Time”
Payment #2
Payment #3
Enroll “Full Time” and must have earned 24 credits
Payment #4
Enroll “Full Time” and must have earned 39 credits
Payment #5
Enroll “Full Time” and must have earned 54 credits
Payment #6
Enroll “Full Time” and must have earned 69 credits
Payment #7
Enroll “Full Time” and must have earned 84 credits
Payment #8
Enroll “Full Time” and must have earned 99 credits

14. Institutional Aid Grants Scholarships
Determined by financial need – normally given by private schools.
Scholarships
Academic – Dependent upon each school’s criteria
Participation (music, drama, athletic etc.).
Students need to apply directly to the school – separate application(s) and deadline(s).
Non-Guaranteed Scholarships – varying criteria.
Awards vary depending on each school.
Priority Funding Date and Guaranteed Scholarships
Each college/university will have their own established deadline date
Each college/university will have their own criteria for offering guaranteed scholarships

15. FAFSA on the Web Sign FAFSA electronically
Not required, but speeds up processing
May be used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID

16. FAFSA on the Web

17. FAFSA Update

18. FAFSA Update

19. FAFSA Update

20. FAFSA Update

21. FAFSA Update

22. FAFSA Update

23. FAFSA Update

24. FAFSA Update

25. FAFSA Update

26. FAFSA Update

27. FAFSA Update

28. FAFSA Update
These fields are pre-filled based on FAFSA responses

29. FAFSA Update

30. FAFSA Update

31. FAFSA Update

32. Provide Signature(s), Dependent Student
FAFSA Update
Provide Signature(s), Dependent Student
“Provide Signature(s)” page for a dependent student.
Here the parent (of a dependent applicant) or the applicant (student) can provide his/her signature(s) electronically by clicking on “Sign Electronically With My FSA ID (Fastest).”

33. FAFSA Update

34. Prior-Prior Year (PPY)

35. Prior-Prior Year (PPY)
What did PPY accomplish?
Students and parents completed their FAFSA earlier as tax data was available prior to applying.
Better informed decisions regarding their college/university of choice as the financial aid offer was more accurate and more timely.
Need based scholarships were awarded to those who demonstrate financial need and not necessarily those who complete the FAFSA early.
Example at NDSU:
Over $4M more in aid awarded by end of September compared to previous year
Over $40,000 less in late fee charges
FAFSA’s processed to date

36. Prior-Prior Year (PPY)
What did this accomplish?
More accurate payments in the Pell Grant Program reducing the cost of the program saving tax payer dollars estimated at $350 Million per year.
Earlier financial aid offers than in years’ past – depending upon the school type.
NDSU and UND went out mid-March
No need to estimate earnings as the 2016 tax returns are already complete.
Fewer financial aid files selected for verification

37. Determining Financial Aid Eligibility
Basic Financial Aid Formula
Cost of Attendance
Minus
Expected Family Contribution
Equals
Financial Need
College will award institutional aid first
College will award federal grant assistance next
College will award state grants and state scholarships next
College will award private scholarships next
College will award federal loans next
College will award private loans last
College MAY adjust loans (and state and federal grants on rare occasions) if other aid awarded

38. Determining Financial Aid Eligibility
Category
Amount
Tuition
$7,902
Fees
$1,344
Room
$4,060
Board
$4,526
Books
$800
Miscellaneous
$3,400
Total
$22,032

39. Determining Financial Aid Eligibility
ND Resident, HS GPA 3.95, ACT 32
Cost of Attendance
$22,032
- Expected Family Contribution
$12,000
= Financial Need
$10,032
ND Academic Scholarship
$1,500
NDSU Presidential
$3,000
ND State Grant
$1,950
Federal Direct Loan – subsidized
$3,500
Federal DL – unsubsidized
$2,000
Total Aid
$11,950

40. Determining Financial Aid Eligibility
Category
Amount
Tuition
$7,902
Fees
$1,344
Room
$4,060
Board
$4,526
Books
$800
Miscellaneous
$3,400
Total
$22,032
Total Aid
$11,950
Options to Pay Education Expenses
???
Total Dollar Amount $10,082

41. Additional Federal Aid Eligibility
Special Circumstances
If student and/or parent situation changes after filing financial aid forms, contact Financial Aid Office.
Unusual Medical Expenses
Unemployment
Death of a spouse
Divorce
Independent status – those who answer no to all dependency questions – must be estranged from parents for school to process as an independent student

42. Questions Contact: Jeff Jacobs (701) 231-7537 Jeffrey.Jacobs@ndsu.edu
Or – contact the school you are applying to directly.