1. Financial Aid night 2017-2018 Cierra Ramirez
Financial Services Advisor
Baker College of Owosso

2. Topics/agenda What is financial Aid?
Categories, types, and sources of fa
Eligibility requirements
What is financial need
Cost of attendance (coa)
Expected family contribution (efc)
Free application for federal student aid (fafsa)
Application processing
Q & A

3. FAFSA…WHAT IS IT? (F) ree (A) pplication for (F) ederal (S) tudent
(A) id

4. STUDENT EMPLOYMENT (Workstudy)
What is financial aid?
Financial aid consists of funds provided to students and families to help pay for college & educational expenses.
GRANTS
SCHOLARSHIPS
LOANS
STUDENT EMPLOYMENT (Workstudy)
REMEMBER: Financial Aid is intended to help supplement, NOT REPLACE, the financial responsibly of the student and his/her family.

5. When to Complete the fafsa…Every Year!
October 1, 2016
Use 2015 taxes
Valid for the period beginning summer and ending after summer 2018, generally not more than 12 months
Prior Prior tax information
& 2017 &2018
Use Completed 2015 taxes

6. Categories of financial aid
Need based:
Grants ^
Scholarships ^*
Workstudy
Subsidized Student Loans #
Non-Need based:
Scholarships ^*
Employment
Unsubsidized Student Loans #
Parent PLUS Loans#
^gift aid
*each scholarship will have its own unique qualifying criteria
#self-help aid

7. Financial need Cost of Attendance [COA]
Expected Family Contribution [EFC]
direct and indirect costs
varies from college to college
formula developed by Congress [Federal Methodology]
stays the same regardless of college

8. Types of financial aid Scholarships Workstudy Grants
money that is not repaid and is awarded on the basis of merit, skill, or unique characteristic(s)
Library, Business and Civic Organizations
Employer (parent and/or student)
High School Counselor
College Academic Office
Handout
Workstudy
allows students to earn money to help pay for educational costs
average 20 hrs/week
need based or non-need based
Grants
money that is not repaid and usually awarded on the basis of financial need
Federal Pell Grant
Based on financial aid package
Based on income and family size
EFC From ( )
Maximum amount $5815 PER YEAR ( )
Federal Supplemental Educational Opportunity Grant [FSEOG].
Priority goes to pELL grant recipients
Maximum of $4000 per year
Campus-based grant
Limited availability

9. Sources of financial aid
Federal Government
State Government
Students must apply every year using the Free Application for Federal Student Aid [FAFSA] at
FAFSA will qualify you for:
Federal Pell Grant
FSEOG
Federal Perkins Loans
Federal Workstudy
Direct Loans
PLUS Loans
residency requirements
merit and need-based
uses information from FAFSA
deadlines vary by State
MI FAFSA DEADLINE:
MARCH 01, 2017*
*can still apply after this date for Federal aid

10. Types of financial aid cont.
annual loan limits [dependent student]
Freshman: $5500 [no more than $3500 subsidized]
Sophomore: $6500 [no more than $4500 subsidized]
Junior/Senior: $7500 [no more than $5500 subsidized]
Federal Direct Subsidized Loan
government will pay interest while enrolled at least half-time
need-based
interest rate: 4.29%
Federal Direct Unsubsidized Loan
interest accrues while attending school
non-need based
Note:
-Loans remain in a “deferred” status while the student is attending college at least half-time
-Payments begin six {6} months after a student ceases to be enrolled at least half time
-Guaranteed/No Credit Check

11. Types of financial aid cont.
Federal Direct Parent PLUS Loan
parents of dependent undergraduate students may borrow
cost of attendance – other aid = annual limits
interest rate: 6.84%
Note:
-Parent Loan
-Repayments begins sixty {60} days after disbursement
-Credit based
-Student can borrow and additional $4000 in unsubsidized loans if Plus loan is denied.

12. Eligibility requirements
no drug-related conviction
high school graduate [or equivalent]
Enrolled or accepted in an eligible program of study
valid Social Security Number
student and parent(s)
U.S. citizen or eligible non-citizen
Selective Service
males only
register at
“Register Me” on FAFSA

13.
Home page

14. NOTE: FSA has replaced PIN
Login Page
NOTE: FSA has replaced PIN

15. NOTE: FSA has replaced PIN
Login Page
NOTE: FSA has replaced PIN

16. FsA ID…what is it www.fsaid.ed.gov
An FSA ID is comprised of a username and password and can be used to login to certain Federal Student Aid websites, such as the Free Application for Federal Student Aid (FAFSA®).
The security of your FSA ID is important. Your FSA ID can be used to:
Electronically sign Federal Student Aid documents,
Access your personal records, and
Make binding legal obligations.

17. How do I apply for an FSA id?
If you do not already have an FSA ID and would like to apply for one, select the Create an FSA ID tab on the FSA ID log-in page.

18. CREATING AN FSA ID:

19. CREATING AN FSA ID CONT.

20. CREATING AN FSA ID CONT.

21. CREATING AN FSA ID CONT.

22. CREATING AN FSA ID CONT.
Make sure to click (SHOW TEXT) advise to make everything lower case it is case sensitive

23. CREATING AN FSA ID CONT.

24. CREATING AN FSA ID CONT.

25. CREATING AN FSA ID CONT.

26. Enter your new FSA Username/Email Address and Password
Login Page
Enter your new FSA Username/ Address and Password

27.
My FAFSA page

28.
Password Page

29.
Introduction Page

30. Student Demographic Page
Student Demographic Page

31. Student Eligibility Page
Student Eligibility Page
Note:
Selective Services question will only display for males

32. Student Eligibility Page Cont.
Student Eligibility Page Cont.

33.
School Selection Page

34. School Selection Summary Page
School Selection Summary Page

35. Student Depenency Page
1993?
2016
2017?
Student Depenency Page
2017?
2015

36. Dependency Status Results Page
Dependency Status Results Page
Note:
This page will only display for students determined to be dependent

37. Parent Demographic Information Page
Parent Demographic Information Page
Note:
never married, living separately > report parent who provides 51% support
unmarried, living together > report both legal parents
married/remarried > report both parents/step-parents (regardless of gender)
divorced/separated > report parent who provides 51% support

38. Student Tax Information Page
Student Tax Information Page

39. IRS Authorized Usage Page
IRS Authorized Usage Page

40. IRS Data Retrieval Tool Page 1.
IRS Data Retrieval Tool Page 1.
Note:
Street address must match that which was reported on the tax return exactly [i.e. abbreviations, punctuations]

41. IRS Data Retrieval Tool Page 2.
IRS Data Retrieval Tool Page 2.

42. IRS Data Retrieval Tool Page 3.
IRS Data Retrieval Tool Page 3.

43. Parent Financial Information Page
Parent Financial Information Page

44. Parent Financial Information Page Cont.
Parent Financial Information Page Cont.

45. Parent Financial Information Page Cont.
Parent Financial Information Page Cont.
Note: items to exclude from assets:
primary residence, vehicle(s), life insurance, retirement plans, family-owned business value of a company with less than 100 full-time employees

46. Asset definitions for FAFSA PURPOSES
Items NOT required: Value of a retirement fund or annuity, Value of life insurance, value of the home you live in, value of a farm that you live and work on, value of a business with less than 100 emplyees

47. Asset definitions for FAFSA PURPOSES

48. Student Tax Information Page
Student Tax Information Page

49. Student Financial Information Page
Student Financial Information Page

50. Student Financial Information Page Cont.
Student Financial Information Page Cont.

51. Student Financial Information Page Cont.
Student Financial Information Page Cont.

52. Make sure to click AGREE & SIGN
Sign & Submit Page
Make sure to click AGREE & SIGN

53.
Sign & Submit Page

54. www.Fafsa.gov Confirmation Page Data Release Number [DRN]
transfer parental information to a new FAFSA
school-related data
estimated EFC
estimated federal aid eligibility based on EFC

55. Verification 30% of applicants are randomly selected for verification
You (student and/or parent) will be asked to submit additional documentation to financial aid prior to being awarded
Colleges may have specific forms for you to fill out
What works for one college may not for another
Respond to all requests promptly - Student driven

56. Financial aid award package
combination of all types of aid [grants, scholarships, Workstudy, student loans, etc.]
format and awards will vary from school to school
read carefully
ASK questions!! (abbreviations and terms)

57. Baker College of Owosso
Questions or help?
Baker College of Owosso
1020 S. Washington St.
Owosso, MI 48867
(989)