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Financial AidIUPUC

IUPUC

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FINANCIAL AID

Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses

www.fafsa.gov (or www.fafsa.ed.gov)

Provides a snapshot of the students/family’s personal & financial information (marriage, number in household or college, income & assets)

IUPUC

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PERSONAL IDENTIFICATION NUMBER (PIN)

www.pin.ed.gov

Sign FAFSA electronically

Used by students/parents throughout aid process; including subsequent school years

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Free Application for Federal Student Aid

(FAFSA) submitted each year. (INCLUDE EMAIL

ADDRESS)

Processor receives FASFA via internet or mail.

Student receives Student Aid Report (SAR) from the processor

College/University receives student FAFSA data from

the processor.

Financial Aid Office requests additional information from student and/or parent(s).

YESIs additional information

needed?

NO

Requested information

received from student/parent(s).

Financial aid file completed

and the student is awarded.

FINANCIAL AID PROCESS

IUPUC

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IMPORTANT DATES

January 1st

FAFSA available (submitted every year) www.fafsa.gov or www.fafsa.ed.gov

March 1st

IU priority deadline (important for limited funds) (check date with the University student will

attend) March 10th

Deadline to qualify for state aid (can still qualify for federal aid after this date)

May 15th

All corrections/edits must be made to FAFSA (including electronic signatures)

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DATA BASE MATCHES

Social Security Administration

Selective Service

National Student Loan Data System (NSLDS)

Immigration and Naturalization Services

If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds

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COST OF ATTENDANCE (COA)

Direct & Indirect costs Direct is billed by or paid directly to college▪ Tuition & fees▪ On-campus housing

Indirect are necessary expenses▪ Transportation▪ Personal care items

Varies widely from college to college Puts a cap on the amount of financial aid

a student can receive IUPUC

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ESTIMATED FAMILY CONTRIBUTION (EFC)

Amount family can reasonably be expected to contribute towards COA

Stays same regardless of college

Calculated using data from a federal application form and a federal formula

This is NOT what a student owes the University. Is used to determine need based aid

IUPUC

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FINANCIAL NEED

Your financial need determines how much financial aid you may receive

Financial need is the difference between the COA and the EFC

Will vary based on the cost of different

colleges

Cost of Attendance – Expected Family Contribution

= Financial Need IUPUC

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TYPES OF AID

Scholarships Does not have to be paid back Awarded on the basis of merit, skill or unique

characteristic

Grants Money that does not have to be paid back Usually awarded on the basis of financial

need

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TYPES OF AID

Loans Students & parents borrow to help pay for

college expenses Repayment usually begins after education is

finished Every student offered Stafford loans that

complete FAFSA Employment

Allows student to earn money to help pay educational costs▪ Paycheck▪ Non-monetary compensation, such as room & board

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ENROLLMENT REQUIREMENTS

Student Loans (any) Minimum ½ time (6 credits for undergrad & 4 for

graduate) Pell Grant

No requirement (is pro-rated based on enrollment) State Grant (O’Bannon, 21st Century & National Guard

Supplemental Grant)

Full time (12 credits) Child of Disabled Veteran (CVO or CDV)

No requirement

Contact the Office of Financial Aid before making any schedule adjustments!!! IUPUC

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LOANS

Stafford Loans (every student offered) 3.4% (subsidized loans; government pays

interest until end of grace period. Sub loans determined by financial need)

6.8% (unsubsidized loans; interest starts accruing as soon as disbursed)▪ 6 month grace period

Perkins Loans (awarded through University) 5%▪ 9 month grace period IUPUC

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LOANS

Private Loans Varies upon credit (might need co-signer) Flexible repayment

Parent PLUS loans (if denied additional unsub loans available; ONLY for Dependent students) 7.9%▪ 60 days after final disbursement (parent can

request deferment through lender) IUPUC

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Dep Ind

Fresh $5,500 +$4,000

Soph $6,500 +$4,000

Junior $7,500 +$5,000

Senior $7,500 +$5,000

STAFFORD LOANS

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FAFSA ON THE WEB (FOTW) WORKSHEET

2012/2013 FOTW Worksheet 4 pages 24 questions/4 sections Fewer questions than FAFSA on the Web

FOTW Worksheet: Section 1 General student information▪ Make sure name & SSN are exactly as it appears on

SS Card▪ Student must meet citizenship/eligible noncitizen

criteria, but does not verify the status of the parents.

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FOTW WORKSHEET

FOTW Worksheet: Section 2 Students dependency status▪ If all “NO’ responses, student is dependent▪ If “Yes” to any question, student is independent

FOTW Worksheet: Section 3 Information about parents of dependent students▪ Does not include grandparents, foster parents & legal

guardians (unless a legal adoption has occurred) If parents divorced then use the parent that

contributes more than 51% of the care (if that parent is remarried step-parent will also be included) IUPUC

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FOTW WORKSHEET

FOTW Worksheet: Section 4 Information about student (and spouse if

applicable)

Additional Information Can list up to 10 school codes

Signatures Required by student (and parent if

dependent) IUPUC

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IRS Data Retrieval Tool

While completing FOTW, applicant may submit real-time request to IRS for tax data

IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to

applicant in new window Applicant chooses whether or not to transfer

data to FOTW Available late January 2012 for 2012-2013 Participation is voluntary Could reduce documents requested by school

IUPUC - ISFAA

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Frequent FAFSA Errors

Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Missing signature, parent and/or student

IUPUC - ISFAA

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SPECIAL CIRCUMSTANCES

A Special Circumstances Appeal allows you to report things that cannot be

reported on the FAFSA: Change in employment status Death or divorce Medical bills not covered by insurance Change in parent marital status Unusual dependent care expenses Student is unable to obtain parental information Ask your financial aid office for a

Special Circumstances Appeal form to report this information IUPUC

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TIMELINE

After completing FAFSA student receives Student Aid Report (SAR)

3-5 days information is received by school (if student is admitted)

4-6 weeks for FAFSA to process Financial Aid Notification (FAN) will be

mailed/emailed to student Financial aid will post at different times

according to the schools policy – check with University

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The confirmation number will contain the student’s randomly generated identification number.

This will replace the student’s current confirmation number which is composed of their Social Security Number and first two letters of their last name.

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GETTING READY FOR FAFSA

www.FAFSA4caster.ed.gov

Is available as a tool that high school juniors and seniors can use to get an early forecast of their eligibility for

federal need-based aid. IUPUC

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COLLEGE GOAL SUNDAY

For help completing the FAFSAwww.collegegoalsunday.org

February 12, 2012

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THANK YOU

IUPUCOffice of Financial Aid and Scholarships

Jennifer Perry

IUPUC