1. National Association of Student Financial Aid Administrators Presents… © NASFAA 2003 Financing Education Beyond High School University of Puget Sound November 1, 2012

2. Slide 2 © NASFAA 2003 Financing Your Education How to apply How eligibility is determined What aid is available

3. Slide 3 © NASFAA 2003 Financial Aid Application Process Free Application for Federal Student Aid (FAFSA) Check each school’s financial aid website for applications required: –FAFSA, CSS Profile, Institutional Application Application deadlines

4. Slide 4 © NASFAA 2003 FAFSA on the Web Web site: www.fafsa.govwww.fafsa.gov 2013-14 FAFSA available on January 1, 2013 Tip: Do not go to www.fafsa.com! The FAFSA is FREE Apply for FAFSA PINS: Student AND Parent IRS DATA RETRIEVAL

5. Slide 5 © NASFAA 2003 To Register for a PIN: www.pin.ed.gov

6. Slide 6 © NASFAA 2003 What Information is Reported? Student income and asset values Parent income and asset values Income reported is from previous year’s federal tax return Untaxed income (child support received, voluntary contributions to retirement plan) Household size Number of dependents attending college at least half-time

7. Slide 7 © NASFAA 2003 Reporting Income Income based on federal tax return For 2013-14 school year, use 2012 tax return Okay to estimate until you have filed your return Wages (from W-2), AGI, Taxes Paid, Business Income, Capitol Gains Untaxed Income

8. Slide 8 © NASFAA 2003 Reporting Assets Cash, Savings and Checking acct. balances as of date FAFSA signed Net Investment and Real Estate values, including college savings, trust funds, vacation properties, etc. Do not include primary residence or funds held in retirement accounts (IRA, 401K, etc) Investment farm value Net Business value only if over 100 employees

9. Slide 9 © NASFAA 2003 Corrections If a correction to applicant data is needed, the correction may be made: www.fafsa.gov if student has a PIN; or By the school IRS Data Retrieval-when taxes are completed

10. Slide 10 © NASFAA 2003 How Will My School(s) Receive my FAFSA? Can list up to 10 schools on FAFSA on web FAFSA data will be electronically transmitted to all schools listed Each School is required to review the data for all admitted students, and to calculate eligibility for federal student aid

11. Slide 11 © NASFAA 2003 Expected Family Contribution EFC = Expected Family Contribution Calculated using a formula established by Congress Results in a dollar value between $0 and $99,999 Not a prediction of how much cash you actually have on hand. Rather, it's the best estimate of your capacity (over time) to absorb the costs of education.

12. Slide 12 © NASFAA 2003 Cost of Attendance (COA) Tuition and Fees Room and Board Books and Supplies Personal Expenses Travel Expenses

13. Slide 13 © NASFAA 2003 Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

14. Slide 14 © NASFAA 2003 Financial Need Examples: EFC $12,000 Puget Sound COA $53,940 - EFC $12,000 = $41,940 Need UW-WA Resident COA $26,066 - EFC $12,000 = $14,066 Need The EFC is not necessarily the amount of money you will have to pay each year. Private colleges might offer you grants and scholarships not offered by a public college, and you may find that a private college is more affordable, or at least comparable to a public college TIP: If finances are critical, it is important to apply to a variety of colleges and compare aid offers

15. Slide 15 © NASFAA 2003 What Types of Financial Aid ? Grants Scholarships Loans Work-Study

16. Slide 16 © NASFAA 2003 Sources of Aid Federal, State, Institutional, Private Private universities have their own institutional scholarships and grants funded through their endowments Public universities may or may not offer institutional scholarships and grants

17. Slide 17 © NASFAA 2003 Federal Aid Pell Grant SEOG (Supplemental Educational Opportunity Grant) Federal Work-Study Perkins Loan for students Stafford Loan for students Plus Loan for parents Detailed descriptions in The Student Guide http://studentaid.ed.gov

18. Slide 18 © NASFAA 2003 State Financial Aid Washington State Need Grant: for low income families State Work Study

19. Slide 19 © NASFAA 2003 Stafford Loans (Subsidized and Unsubsidized) Subsidized Stafford: Must demonstrate “need” (3.4% 2012-13 fixed interest rate) Unsubsidized Stafford: Need is not a consideration (6.8% 2012-13 fixed interest rate) Base annual loan limits (combined subsidized and unsubsidized) –$5,500 for 1st year undergraduates –$6,500 for 2nd year undergraduates –$7,500 for each remaining undergraduate year

20. Slide 20 © NASFAA 2003 Work-Study Undergraduate students are eligible Employment may be on or off campus Hours average 10-12 hours/week Great way to cover personal expenses and develop valuable job skills

21. Slide 21 © NASFAA 2003 Scholarships Institutional scholarships and grants vary by college and are typically funded through donor and alumni support Merit scholarships based on review of academic profile to include H.S. GPA, Rigor of coursework completed, and SAT/ACT scores The more time you invest in scholarship searches the more likely you will receive something. No time/effort = no money. Make the effort!

22. Slide 22 © NASFAA 2003 Private Scholarships Private Scholarships are available from a wide variety of sources, including employers, clubs, community organizations, credit unions and even your own high school. (i.e. Elks, Rotary, Kiwanis) MIGHT result in decreased aid from other areas, especially if you are admitted to college that “meets full need”. Don’t ever pay for a scholarship search!!

23. Slide 23 © NASFAA 2003 Private Scholarship Search Free Internet scholarship search engines: –GoCollege.com: The Collegiate Websource – http://www.gocollege.com http://www.gocollege.com –Fast Web www.fastweb.comwww.fastweb.com –College Board Scholarship Search http://apps.collegeboard.com/cbsearch_ss/wel come.jsp http://apps.collegeboard.com/cbsearch_ss/wel come.jsp –TIP: open a separate yahoo account for scholarship search email. Online searches generate a lot of mail.

24. Slide 24 © NASFAA 2003 Other Options Parent PLUS Loan –(7.9% fixed interest rate) Monthly Payment Plan –Balance is divided into 10 monthly payments. –Fee. Consider a combination of the PLUS parent loan and a payment plan

25. Slide 25 © NASFAA 2003 Special Circumstances Let your college know if you experience: Loss of employment, or reduction in income Unusually high out-of-pocket medical expenses, not including insurance premiums Tuition for siblings attending private K-12

26. Slide 26 © NASFAA 2003 TIPS Apply to at least 5 colleges if finances are very important. Aid packages will vary. Compare costs to aid package to determine net amount you will pay. Use that number when comparing aid offers. Private college might turn out to be comparable to public college. Examine total loan debt you will have to repay once you graduate!

27. Slide 27 © NASFAA 2003 NET PRICE CALCULATOR All schools must provide a Net Price Calculator Net Price Calculator is an estimate, based on specific questions, of what a student’s aid package could be at that particular school. www.pugetsound.edu/sfs

28. Slide 28 © NASFAA 2003 Good Luck!