1. Kelly Fox Financial Planning Coordinator Central Penn College
FINANCIAL AID Facts
Kelly Fox
Financial Planning Coordinator
Central Penn College

2. Where to begin: FSA ID and Password
Student and Parent both need to have an FSA ID and Password
Create a Username and Password
Need an address and preferably a cell phone number
Answer 4 challenge questions
FSA will both and text you a code to ensure your information is correct
It takes 1-3 business days to validate your information with the Social Security Administration

3. FAFSA www.fafsa.gov or Download the MyStudentAid app
NEVER PAY TO COMPLETE THE FAFSA!!!!!!!
Complete the FAFSA to begin school after July 1, 2019

5. What information is on the FAFSA?
The FAFSA will use the parent who the student lives with 2017 tax information
If there is joint custody, the parent who supports the child more then 50%
Only if the following criteria are met, can a student be independent:
24 years of age
Veteran of the U.S. Armed Forces
Enrolled in a graduate or professional program
Married
Orphan or ward of the court until age 18
Have legal dependents that student provides at least 50% support for

6. What information goes on the FAFSA?
Student demographics
School selection
Students can list up to 10 schools!
Dependency Status
Parent Demographics
List who is in the household that you support more then 50%
Financial information

7. IRS DATA RETRIEVAL TOOL
Have you already completed your IRS income tax return for 2017?
What is your filing status?
Did you file a Puerto Rican Return for 2017?
LINK TO THE IRS
Students will automatically link since they logged in with their FSA ID and Password
Parents will need to enter their FSA ID and Password word to use the IRS Tool

8. BENEFITS of the IRS TOOL
If your FAFSA is one of the randomly selected 30% of applications selected for verification through the federal government, you won’t be required to submit your tax transcripts from the IRS
The financial aid is able to be processed quicker since the data is automatically assumed correct since it is from the IRS and not manually entered by the family
You will not need to scan your entire tax return to find all the answers!

9. TRICKS of the TRADE!
Answer EVERY question, even if you think it is insignificant
Make sure you enter your high school name, city and state – this helps PHEAA process your eligibility faster
When it asks about your first bachelor degree, the student DOES NOT have it yet, please mark that NO even if they are working on a bachelor’s degree
Parents don’t count in the number in college, even if they are taking full time classes
Read each question, even if FAFSA pre completed the question with $0
Students do NOT need to be accepted to college to submit the FAFSA

10. Grant amounts, 2018-2019 PELL Amounts EFC range from $0 – $5,401
PELL Award amount between $652 - $6,095
PHEAA Amounts
$3771 is maximum
PHEAA determines the amounts, not the schools
FSEOG
Each school has their own funding amounts
Must be PELL Eligible
Funds are typically limited so apply early

11. PHEAA
May 1 deadline
Additional paperwork to verify Pennsylvania Residency at
Make sure you list an on the FAFSA you will be checking as this is how they communicate with families
Student must successfully complete a percentage of their courses to receive this fund each year 
A student may not take more than 50% of their classes in an online format and receive the grant 

12. Student Loans www.studentloans.gov
Student signs in with STUDENT FSA ID and PASSWORD
Entrance Counseling
A “test” to make sure the student understands they are borrowing money and the ramifications of not paying federal student loans back
Master Promissory Note
Student signs to actually borrow the money
Student does not have to be 18 to sign the Master Promissory Note

13. Student Loans Subsidized Unsubsidized
- Based on financial need
- Govt. pays interest on loan while student is enrolled
Unsubsidized
- Available to ALL students, regardless of need
- Interest paid either quarterly or capitalized upon repayment
Stafford amount capped by grade level
- $5,500 freshmen year / $9,500
- $6,500 sophomore year / $10,500
- $7,500 junior/senior year / $12,500

14. Parent Loans Direct Plus Loan (Parent Loan for Undergraduate Students)
- Loan in parent’s name
- Interest rate cap
- Repayment begins 60 days after final disbursement
- Credit check involved
- Borrow up to cost of attendance minus other financial aid student is receiving
- Additional unsubsidized available to students whose parent(s) are denied on PLUS Loan due to poor credit

15. PARENT PLUS Loans www.studentloans.gov
Parent logs in with PARENT FSA ID and Password
Parent submits the PLUS Application
The application is where you list if you want to defer payments while student is enrolled and the amount you want to borrow
If approved, the Parent then submits the PLUS Master Promissory Note
Approval or Denial is IMMEDIATE

16. Private Loans
Student can borrow with any credit worthy cosigner, does not have to be a parent
Watch interest rates
Check fee structure
Ask the college for guidance on who they recommend
Usually requires additional documentation, W2’s, driver’s license
Applications are processed within 24 hours
NOTIFY the school if you plan to use a private loan so they can watch for it to come through and process

17. Work Study Financial aid based How are students paid?
Typically, minimum wage with limited hours each week
Part time jobs on campus

18. Scholarships Check the college website for how to apply and deadlines
NEVER PAY FOR A SCHOLARSHIP SEARCH
Apply early!
Many scholarships can be combined AND MATCHED!
Check with student and parent employer, guidance office, community

19. Award Letters List Grants, Scholarships and Loans
Make sure you understand the total cost of the school when looking at the award letter
Call the school with questions
Comparing award letters helps families make educated decisions

20. Call the financial aid office !