1. Financial Aid Information Session

2. Goals for tonight’s presentation
Financial Aid Information Session
Goals for tonight’s presentation
What is financial aid?
Categories, types & sources of aid
The Free Application for Federal Student Aid (FAFSA)
What is financial need?
Timeline of financial aid
What if you have special circumstances?
Resources available

3. Colleges or Universities
Financial Aid Information Session
Financial aid is the money provided to students and families to help pay for postsecondary education expenses.
What is Financial Aid?
Who provides the funds?
Federal Government
Colleges or Universities
Private Sources
Civic Organizations
Employers
State Government

4. Need Based Merit Based The Basics
Financial Aid Information Session
The Basics
Nearly all financial aid can be divided into two basic types:
Need Based
Merit Based
Awarded to students based on their family’s financial and economic status.
Awarded to students based on academic achievement
and other accomplishments or activities.

5. Financial Aid Categories:
Financial Aid Information Session
Financial Aid Categories:
Grants
Scholarships
Work
Loans

6. Scholarships What is a scholarship? Financial Aid Information Session
A financial award given to a student based on merit and/or need.
Each scholarship has its own unique criteria and requirements.

7. Why might I receive a scholarship?
Financial Aid Information Session
Scholarships
Why might I receive a scholarship?
Grade Point Average (GPA)
ACT or SAT Score
Community Service
Extra-Curricular Involvement
Athletic Ability
Special & Unique Talent
Music Talent
Financial Need
Ethnicity & Family Heritage
Work History
Military Service

8. Scholarships 2 1 3 4 Financial Aid Information Session
Contact the colleges you are interested in to check on their scholarship application.
Utilize your high school guidance counselor for local scholarship searches. 3
Check with local civic organizations & your employer.
Use on-line search engines such as fastweb.com. 4

9. A financial award based on need that does not require repayment.
Financial Aid Information Session
Grants
What is a grant?
A financial award based on need that does not require repayment.
How do I qualify?
Fill out the FAFSA (Free Application for Federal Student Aid) as early as possible.

10. Grants Financial Aid Information Session Federal Pell Grant
Maximum of $5,815/year for
Students must have high need to qualify
Federal Supplemental Education Opportunity Grant (SEOG)
Amount varies per school
Students must have high need & be Pell eligible to qualify

11. Grants Financial Aid Information Session
Ohio College Opportunity Grant (OCOG)
Students must be Ohio residents & have high need
Amount varies based on type of school:
Public Main Campuses: $1416/year for
Most Private Non-profits: $2832/year for
Most Private For-profits: $1056/year for
Federal TEACH Grant
Up to $3,724/year (subject to change every academic year)
Students must serve as a full-time teacher for at least 4 years in a high-need field
in a public or private elementary or secondary school that serves low-income students
within 8 years of completing their degree.
Turns into an Unsubsidized loan if these obligations are not met.

12. Money earned by a student who works a job on campus.
Financial Aid Information Session
Work Study
Money earned by a student who works a job on campus.
Examples:
Front desk at an office on campus
Lab assistant
Grounds crew
Recreation Center
Scorekeeper for Athletic Department
Campus Ambassadors

13. Work Study How do I get a work study job? What are the benefits?
Financial Aid Information Session
Work Study
When filing the FAFSA, make sure you answer yes to indicate you are interested in federal work study.
Awarded based on financial need
Increases employment opportunities
These wages are excluded from consideration on your financial aid application.
How do I get a work study job?
What are the benefits?

14. Loans What is a loan? Financial Aid Information Session
Financial aid available to all students that requires repayment.
Federal loans are obtained through the FAFSA,
but private lenders offer loans as well.
Everyone is entitled to some loan money.

15. 4.29% Loans Federal Direct Stafford Loan SUBSIDIZED UNSUBSIDIZED
Financial Aid Information Session
4.29%
For
Loans
What are the different types of federal loans available?
Federal Direct Stafford Loan
SUBSIDIZED
(3.76%)
U.S. Department of Education pays interest while borrower is in school.
UNSUBSIDIZED
Borrower is responsible for all interest accrued.
First year:
$5,500
(Up to $3,500 subsidized)
Second year:
$6,500
(Up to $4,500 subsidized)
Third year and beyond: $7,500 (Up to $5,500 subsidized)
*Repayment must begin six months after last date of attendance.

16. Loans Federal Parent PLUS Loan
Financial Aid Information Session
Loans
What are the different types of federal loans available?
Federal loans taken out by the parent of a dependent student.
Federal Parent PLUS Loan
(6.31%)
Amount borrowed cannot exceed total costs minus other aid.
*Repayment begins 60 days after full disbursement (typically Spring) OR you can choose to defer repayment while the student is in school.

17. Loans Private Education Loans
Financial Aid Information Session
Loans
Private Education Loans
Loan in student’s name with credit-worthy co-signer.
Amount borrowed cannot exceed total costs minus other aid.
*Repayment usually deferred until after graduation. Sometimes interest only payments are required while in-school.

18. Free Application for Federal Student Aid
Financial Aid Information Session
Where do we start?
File the
FAFSA
Free Application for Federal Student Aid
An application completed and filed by a student (along with parents if necessary) every academic year in order to receive financial aid.

19. Free Application for Federal Student Aid
Financial Aid Information Session
Where do we start?
File the
FAFSA
Free Application for Federal Student Aid
The FAFSA collects household size and financial information, and calculates your EFC, or Expected Family Contribution.

20. Expected Family Contribution
Financial Aid Information Session
When your family completes the FAFSA, it will calculate your EFC.
EFC =
Expected Family Contribution
Amount a family can reasonably be expected to contribute, but not what the family will necessarily pay to the college.
EFC is the same regardless of what college or university the student attends.
Two components combined to form EFC:
Parent contribution
Student contribution
Calculated using data from a federal application form and a federal formula - FAFSA
A few of the things included to calculate the EFC:
Family’s Taxable Income
Family’s Untaxed Income
The Number of People in your Household
The Number of Students in College
Family Assets*
Child Support Paid or Child Support Received

21. Do I meet the requirements to receive Federal Student Aid?
Financial Aid Information Session
Do I meet the requirements to receive Federal Student Aid?
Satisfactory Academic Progress (each institution sets their own standards)
Not in default on other federal student loans
Educational purpose
High School completion
Financial Need
U.S. citizen or eligible non-citizen
Valid Social Security Number
Selective Service registration
Enrollment (must be enrolled at least half-time for Direct Loans)
Eligible non-citizen:
U.S. permanent resident, with a Permanent Resident Card (formerly known as an Alien Registration Receipt Card or "Green Card”)
Conditional permanent resident (I-551C)
Other eligible noncitizen with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” “Asylum Granted,” “Indefinite Parole,” “Humanitarian Parole,” or “Cuban-Haitian Entrant”
A citizen of the Republic of Palau (PW), the Republic of the Marshall Islands (MH), or the Federated States of Micronesia (FM).
High school:
Must have high school diploma, GED, or certificate of completion of a high school education in a homeschool setting approved under state law.
*Repayment usually deferred until after graduation. Sometimes interest only payments are required while in-school.

22. How do I fill out a FAFSA? Materials Needed:
Financial Aid Information Session
How do I
fill out a FAFSA?
Materials Needed:
You
Your Parents
Prior year tax returns
Prior year W-2s
Social Security Numbers
Records of untaxed income
Asset information
A computer
Patience

23. October 1, 2016 How do I fill out a FAFSA? When:
Financial Aid Information Session
How do I
fill out a FAFSA?
When:
For the academic year, the FAFSA is available beginning October 1, Students and parents will be using 2015 tax return/income information.
October 1, 2016
Explain early FAFSA.

24. How do I fill out a FAFSA? Financial Aid Information Session
Go to fafsa.gov and click on the “Start a New FAFSA” button.
You can select up to 10 schools to send your FAFSA.
Why file electronically at
Built-in edits to prevent costly errors
Skip-logic allows you to skip unnecessary questions
Option to use Internal Revenue Service (IRS) data share
More timely submission of application and/or corrections
More detailed instructions and “help” for common questions
Ability to check application status on-line

25. How do I fill out a FAFSA? Financial Aid Information Session
Get your FSA ID by going to fsaid.ed.gov
Record your FSA ID in a safe place.
Both students and parents will need an FSA ID.

26. FAFSA Frequently Asked Questions
Financial Aid Information Session
FAFSA Frequently Asked Questions
What if my parents are divorced?
Do I include the income of my stepparent?
If I provide my own support, do I have to list parents?
What if my parents are divorced?
Use the parent with whom the student lived with the most in the last 12 months.
If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that you actually received support from a parent.
Do I include the income of my stepparent?
Yes, if the stepparent is married to the parent who is required to provide information on the FAFSA.
If the student provides his/her own support, do I have to list parental income?
Yes, until the student is 24 years old or meets the limited exceptions listed on the FAFSA worksheet.
What if my family owns a business?
The business value does not include the value of a small business if your family owns and controls more than 50% of the business and the business has 100 or fewer full-time employees.

27. FAFSA Frequently Asked Questions
Financial Aid Information Session
FAFSA Frequently Asked Questions
Real estate (but not the home you live in)
Trust funds
Money market funds
Certificates of deposit
Mutual funds
Stocks
Stock options
Bonds
UGMA & UTMA accounts
Other securities held
Education savings accounts (i.e. Coverdell & 529 savings)
Not the home you live in
Value of life insurance
Retirement plans (401k plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.)
What is included as an asset?
What is NOT included as an asset?
If I provide my own support, do I have to list parents?
*Examples of what is NOT included in Assets:
Value of your Primary Home
Value of Life Insurance
“Official” Retirement Plans (pension funds, annuities, non-education IRAs, Keogh plans, etc.)
Value of Small Business that the family owns more than 50% of but has 100 or fewer employees

28. How much will college cost?
Financial Aid Information Session
Entertainment
Books
How much will college cost?
Tuition
Food
Transportation
Housing

29. C OLLEGE OSTS Tuition & Fees Housing Meals Direct Costs
Financial Aid Information Session C
OLLEGE
Direct Costs
OSTS
Tuition & Fees
Housing
Meals

30. C OLLEGE OSTS Transportation Books & Supplies
Financial Aid Information Session C
OLLEGE
Indirect Costs
OSTS
Transportation
Books & Supplies
Miscellaneous Living Expenses

31. C OST OF ATTENDANCE C.O.A. Financial Aid Information Session
Tuition and Fees
Room and Board
Books and Supplies
Miscellaneous Living Expenses
Transportation
Cost of Attendance varies widely among different types of college.
Residency (in-state vs. out of state)
Enrollment Status (full-time vs. part-time)
Campus (main campus vs. regional campus)
Living arrangements (on-campus vs. off-campus)
It is important to compare the COA at each university alongside the student’s aid package.
Remember that the COA is not necessarily what you are going to be billed, but it does represent the maximum amount of aid a student can receive.

32. What is financial need? EFC COA Financial Aid Information Session
The difference between the cost of attendance (COA) and the expected family contribution(EFC).
Your financial need is used to determine how much aid you may receive
A college may not be able to offer enough aid to meet your demonstrated financial need, however it is our GOAL!
COA
EFC
Financial Need

33. Financial Need Comparison
Financial Aid Information Session
Financial Need Comparison
Private 4 Year College or University
Public 4 Year College or University
Public 2 Year College or University
Cost of Attendance (COA)
$45,080
$29,770
$10,818
- Expected Family Contribution (EFC)
$12,000
Financial Need
$33,080
$17,770 $0
The COA differs depending on the school, whereas the EFC is the same at every institution.

34. Special Circumstances
Financial Aid Information Session
Special Circumstances
Change in employment status
Medical bills not covered by insurance
Change in marital status
Student cannot obtain information from parents
due to incarceration or abusive situation
Have a situation you cannot report on FAFSA? Instead, send an explanation of your situation to the financial aid office at each college.
The college will review your situation:
Request additional documentation if appropriate
Come to a decision based on their policy. Decisions are final and cannot be appealed to the US Department of Education

35. Deadlines are important!
Financial Aid Information Session
Deadlines are important!
October 1, 2016 is the first day you can complete a FAFSA for
Check with each college to see what their priority deadline is.
Missing deadlines might prohibit you from maximizing your aid!

36. Additional Resources finaid.org FAFSA.gov
Financial Aid Information Session
General Financial Aid
finaid.org
FAFSA on the Web
Additional Resources
FAFSA.gov
Federal Student Aid
studentaid.gov
FED-AID

37. Questions?