1. Financial aid for college
Presented by Elizabeth LeMaster
Student Financial Aid and Scholarships
Bowling Green State University

2. Agenda Free Application for Federal Student Aid (FAFSA)
Federal loan/grant programs
Campus Based Aid
Additional loan sources
Scholarship search

3. Where do I start? Some standard applications are:
Different schools require different applications, check with the Financial Aid Office and Admissions Office at each school.
Some standard applications are:
1. Admission Application
2. Free Application for Federal Student Aid (FAFSA)
3. Other Institutional Application forms (if required)
4. Applications for scholarships

4. Free Application for Federal Student Aid (FAFSA)
FAFSA is a FREE federal form
File a new application every year
Apply early to meet priority deadlines
Available October 1st
Based on 2016 Federal taxes
Each student will file their own application.

5. 4/6/2019
To complete the FAFSA…
Student and one parent will need to create their own FSA ID to electronically sign the FAFSA
Apply online at
Used to sign the FAFSA and Federal Loan Master Promissory note electronically and as the log in for any Department of Education website
Student and Parent will need separate FSA IDs
One FSA ID per address per SSN
You cannot make an FSA ID for someone else
2016 Federal Income taxes
Current household information and asset values as of filing date

6. FAFSA Deadlines
FAFSA can be filed at any time after October 1st , however, there are funding limitations on some aid programs.
Be aware of priority deadlines. These may vary from institution to institution.

7. Sections to the FAFSA

8. Sections to the FAFSA

9. Sections to the FAFSA

10. Independent vs. Dependent Students
If you can answer yes to any of the following, you can file as an Independent student:
24 years of age (born before 1/1/1995)
Graduate student or seeking a professional degree
Married
Serving active duty in U.S. Armed Forces
Veteran of U.S. Armed Forces
Have a child you provide more than half of the support for
Both parents were deceased since turning age of 13
Foster care since turning age 13
Dependent/Ward of Court since turning age of 13
Emancipated minor
Legal Guardianship appointed
Homeless/at risk of being homeless

11. Sections to the FAFSA

12. “Parent” definitions Student’s legal parents
Same sex and live in same house = both income info
Different sex and live in same house = both income info
Separated/Divorced
Parent student lived with most in last 12 months (if student lived equally with both, report info for parent who provided more financial support)
Include step-parent info if parent is remarried as of day FAFSA is completed

13. “Parent” definitions

14. Sections to the FAFSA

15. Using IRS Data Retrieval
4/6/2019
Using IRS Data Retrieval

16. Sections to the FAFSA

17. After the FAFSA is submitted
The student receives notification from FAFSA and is issued a summary of the FAFSA called a Student Aid Report (SAR)
The Student Aid Report includes the calculated Expected Family Contribution (EFC)
Student will receive an Award Letter
Compare offers:
Amount of aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans
CollegeBoard Net Price Calculator Worksheet

18. Expected Family Contribution
EFC is an index number used to determine “financial need” of the student
The EFC estimates a families ability to pay for college as determined by a formula created by Congress called the Federal Methodology
Assumes that the primary responsibility for paying for college falls to the student and parents
Factors include:
Family Income (including taxed and untaxed income)
Family Size
Number of students in college in family
Etc.
The lower your EFC, the more likely you are to qualify for need-based aid programs at any school
The EFC is not a specific amount the family is expected to pay at any one specific college

19. How a financial aid package is created based on your EFC

20. Understanding “Need”

21. Definition of “Financial Need”
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need

22. Need Comparison
Higher Cost Mid Cost Lower Cost Institution Institution Institution
Cost of Attendance $30, $20, $13,000 - EFC $10, $ 10, $10,000
=Need-based Eligibility $20, $ 10, $ 3,000

23. Need vs. Non-Need Based Aid
Some forms of aid are only available to students that have demonstrated financial need:
Pell Grant, FSEOG (very high need only)
Direct Subsidized Loans
Federal Work Study
Some scholarships
Non-Need Based Aid:
Other forms of aid are not dependent on a student’s financial need:
Most Scholarships
Unsubsidized Student Loans
Parent PLUS loans, alternative/private loans

24. Awards through the FAFSA
Student aid programs:
Awards through the FAFSA

25. Federal Direct Loans Federal Direct Stafford student loans
Direct Subsidized Loan – No interest accrues on this need-based loan during undergraduate study.
Direct Unsubsidized Loan – Interest accrues on this non need-based loan while in school.
Interest rates are currently fixed at 4.45% for the academic year
Will change July 1st, based on Treasury Bill
Repayment occurs 6 months after the student:
Graduates
Leaves school
Falls below ½ time enrollment

26. Federal Direct Loans Limits
Dependent, Undergraduate Students
Class Year
Base Amount
Additional Unsubsidized Amount
Total Available to Borrow
Freshman
$3,500
$2,000
$5,500
Sophomore
$4,500
$6,500
Junior
$7,500
Senior

27. Grant Programs Federal Pell Grant - 2017-18 academic year Need based
Award amount: up to $5,920
EFC: 0 – 5198
Ohio College Opportunity Grant academic year
$1,536 for students at most public university main campuses
Funding not available for students at community colleges & regional campuses
EFC:

28. TEACH Grant Up to $4,000 per year
For students who agree to teach in a high-need field at a school that serves low-income families
Must teach at least 4 years within 8 years of graduation, otherwise it converts into a Direct Unsubsidized Loan

29. Campus-Based Aid
To be considered for these awards students must file FAFSA by priority deadline and amounts may vary between institutions.
Supplemental Educational Opportunity Grant (SEOG)
Awarded to Pell eligible students with a very low EFC
Award ranges between $100-$4000

30. Campus-Based Aid, continued
Federal Work-Study
Earnings are not automatically applied to your college bill
FWS funds will be provided to the student in the form of a paycheck for actual hours worked
When the student applies for financial aid for the next academic year, questions on the FAFSA will exclude Work-Study income so those earnings will not have a negative effect on the EFC

31. What if I’m not awarded enough money from FAFSA?

32. 4/6/2019
You have choices!
Federal Parent Loan for Undergraduate Students (PLUS)
Parent loan program for parents of dependent undergraduate students
Loan in parent’s name
Repayment begins while student is in school, but parent can defer payment as long as student continues to be enrolled half-time
Interest rate: 7% fixed for the academic year
Will change July 1st, based on Treasury Bill
If denied, student would be eligible for a $4,000 additional Unsubsidized Loan

33. Alternative/Private Loans
Credit based loan offered through private lenders
Student is borrower – will need a credit worthy co-signer
Terms and conditions will vary based on creditworthiness

34. Searching for Scholarships
Search locally:
High School Guidance Counselors
Places of Worship
Fraternal Organizations
Chamber of Commerce
Free, national searches:
At every college you want to attend, check with:
Financial Aid Office
Admissions Office

35. Applying for scholarships – general tips
Timing - start early and search often year round!
Complete each application carefully—check for specific criteria
Be aware of deadlines (postmarked, received by)
Submit all application requirements by deadline
Maintain a scholarship search folder
If an essay is required or even optional, do it!
Apply even if you think it’s a long-shot; who knows, you might be the only applicant!
Spend the time, not money. If it sounds too good to be true, it probably is!

36. Financial Aid TO DO: Complete the Admissions process
Complete FAFSA at
Search and apply for scholarships
Respond promptly to requests from college offices
Review all financial aid award letters from each school
Compare institutional costs to financial aid offered at each school
Determine your true out-of-pocket costs
College Board Net Price Calculator Worksheet

37. Thank you!
Contact information
Bowling Green State University
Student Financial Aid
Elizabeth LeMaster
AskSFA: