evening with the counselor financial aid workshop 2015
TRANSCRIPT
EVENING WITH THE COUNSELOR
FINANCIAL AID WORKSHOP
2015
LAKEVIEW TECHNOLOGY ACADEMY
TODAY’S FACILITATOR
IS
LYNETTE ANDERSON
WHY SUBMIT A FAFSA?
• Scholarship applications may require
• Wisconsin covenant REQUIRES
• FAFSA used for more than just federal aid – also state and
institutional funding
• Won’t know what eligible for until submitted – gives you a baseline
to plan for future years
• Insurance policy if you need financial aid in future years – must
reapply each year.
• 45 minutes = average time to complete 15/16 FAFSA online
• FAFSA INFO
• FSA ID CHANGE
IRS DATA RETRIEVAL
• Request and retrieve income and tax data directly from the IRS
• Can be used:• After at least 2 – 3 weeks of electronic tax filing• After at least 8 – 11 weeks of paper tax filing
• If tool not used or changes made, may request “Tax Return Transcript”
GENERAL FINANCIAL AID TIMELINE
SUZIE’S SAR.
SUZANNE SMITH742 EVERGREEN TERRACESPRINGFIELD, OH 55555
Dear SUZANNE SMITH,
Your Student Aid Report (SAR) summarizes the information you submitted on your 2015-16 Free Application for Federal Student Aid (FAFSA).
Application Status (review the checked boxes)
Your FAFSA appears to be complete. Review the data on pages 3 – 10 of your SAR and make corrections or updates if necessary. The school(s) listed on your FAFSA will receive your information.
Your FAFSA has been selected for verification. Verification is a process where your school confirms the data you reported on your FAFSA. Your school has the authority to contact you for documentation that supports income and other information that you reported on your FAFSA.
HOT TOPICWHAT PARENT TO USE ON THE FAFSA
Remember: There are several factors that go into determining a student’s financial aid award…
SCHOOL CHOICE
• Compare cost of attendance at different schools
• Research – is there a difference in available institutional
grant/scholarships between those schools?
FAFSA
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Expected Family Contribution (EFC)
EFC CALCULATION• Established by Congress
• Uses both parent AND student info (for DEP students)
• Has standard income and asset protection allowances
**Adjustments to EFC may be made by the FinAid Office due to Verification
and/or Special Circumstances that limit ability to pay.**
NET PRICE CALCULATOR
• FEDERALLY MANDATED
• BASED ON INCOME INFORMATION AND, SOMETIMES,
ACADEMIC INFORMATION
• WILL PROVIDE AT LEAST THE FOLLOWING INFORMATION:
• ESTIMATED TOTAL COST OF ATTENDANCE
• TOTAL ESTIMATED MERIT- AND NEED-BASED GRANT AID
• ESTIMATED NET PRICE (PRICE OF ATTENDANCE MINUS
GIFT AID)
How Need Impacts AwardsCASE STUDY # 4
FULL NEED STUDENT: MEET EMILYEmily is applying to college, but is worried about affordability.
She has completed a FAFSA and her Expected Family
Contribution (EFC) is 0. Emily might think that this means her
family won’t be expected to contribute towards her college
costs, but she needs to understand that college still may not be
free. Even with grants and scholarships, she may still have a
“gap” that will need to be covered by loans or paid out-of-
pocket.
Here are some things Emily will need to know:
WHAT IS THE COST OF ATTENDANCE?
Tuition and fees
+ Room and board
+ Transportation
+ Books and supplies
+ Miscellaneous living expenses
= Cost of attendance (COA)
EMILY’S COA AT:
COLLEGE 1
Tuition & Fees $30,400Room & Board $9,800Book & Supplies $1,500Transportation $300Miscellaneous $4,000Total Cost of Attendance $46,000
COLLEGE 2
Tuition & Fees $9,800Room & Board $8,900Books & Supplies $1,200Transportation $300Miscellaneous $3,200Total Cost of Attendance
$23,400
WHAT ARE THE DIRECT COSTS?• Costs for which the student will receive a BILL:
• Tuition and fees
• Room & board, if living on campus
Tuition & Fees
$30,400
Room & Board $9,800
Tuition & Fees $9,800Room & Board $8,900
College 1 College 2
Indirect costs: estimated so that the student can plan, but are not billed and can vary depending on class enrollment (books/supplies) or the students’ spending habits (cell phone plan, etc).
“FREE MONEY” VS. LOANS
• GRANTS
• FEDERAL – PELL GRANT, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)
• STATE – WISCONSIN GRANT *NAME CHANGE
• Scholarships – Institutional, Community, Business, Organizational
• WORK STUDY/OTHER EMPLOYMENT
• LOANS
• Subsidized/unsubsidized Federal Direct Loans
• Perkins loan (no new loans after 15-16)
• Parent Loan for Undergraduate Students (PLUS)
• Private/alternative loans
Gift Aid - FREE
Self-Help Aid
EMILY’S FINANCIAL AID AWARD FROM:
COLLEGE 1 University Scholarship $12,000WI Grant $2,900Pell Grant $5,730University Grant $6,800Total FREE Aid $27,430
COLLEGE 2University Scholarship $2,000
WI Grant $2,900
Pell Grant $5,730
Total FREE Aid $10,630
Perkins Loan $1,500Sub Direct Loan $3,500Unsub Direct Loan $2,000Federal Work Study $1,500Total Self-Help Aid $8,500
Total Aid Offer $35,930
Perkins Loan $1,500
Sub Direct Loan $3,500
Unsub Direct Loan $2,000
Federal Work Study $1,500
Total Self-Help Aid $8,500
Total Aid Offer $19,130
UNDERSTANDING EMILY’S AWARD• Federal work study does not disburse to a student’s account
• Based on the offers, are her direct costs completely covered?
• Will any of her indirect costs be covered as well?
College 1 Tuition & Fees $30,400
Room & Board $9,800
Total FREE Aid $27,430
College 2Tuition & Fees $9,800
Room & Board $8,900
Total FREE Aid $10,630
Total Self-Help Aid $8,500 Total Self-Help Aid $8,500
MEET BEN
• Ben’s EFC is $6,100- too high to qualify for Pell Grant
• He doesn’t qualify for the WI Grant at all colleges-
depends on the college’s tuition cost .
• Based on the offers, are his direct costs completely
covered?
BEN’S COA AT:COLLEGE 1
Tuition & Fees $9,800
Room & Board $8,900
Books & Supplies $1,200
Transportation $300
Miscellaneous $3,200
Total Cost of Attendance $23,400
COLLEGE 2
Tuition & Fees $30,400
Room & Board $9,800
Book & Supplies $1,500
Transportation $300
Miscellaneous $4,000
Total Cost of Attendance $46,000
BEN’S FINANCIAL AID AWARD FROM:
COLLEGE 1 University Scholarship $12,000
WI Grant $2,900
University Grant $6,800
Total FREE Aid $21,700
COLLEGE 2University Scholarship $2,000
Total FREE Aid $2,000
Perkins Loan $1,500
Sub Direct Loan $3,500
Unsub Direct Loan $2,000
Federal Work Study $1,500
Total Self Help Aid $8,500
Total Aid Offer $30,200
Perkins Loan $1,500
Sub Direct Loan $3,500
Unsub Direct Loan $2,000
Federal Work Study $1,500
Total Self Help Aid $8,500
Total Aid Offer $10,500
COMPARING BEN’S AWARD OFFERS
• Federal work study does not disburse to a student’s account
• Based on the offers, are his direct costs completely covered?
College 1
Tuition & Fees $30,400
Room & Board $9,800
College 2
Tuition & Fees $9,800
Room & Board $8,900
Total Aid Offer $30,200 Total Aid Offer $10,500
HOW CAN STUDENTS COVER THE “GAP?”
• Are there scholarships they haven’t yet applied for?
• Is the parent willing to borrow a loan to help with costs?
• Is there a payment plan available that works for the family?
• How will “indirect costs” (other living expenses) be covered?
• Is the student planning to work while attending school?
• Have they contacted the university’s financial aid office to ask about
other options?
OTHER “GAP” RESOURCES
HOT TOPIC
UNDERSTANDING DEPENDENCY RULES
If you can check ANY of the following boxes, you will not have to provide parental info.If you check NONE of the following boxes, you will be asked to provide parental info.
I was born before January 1, 1993
I am married
I will be working on a master’s or doctorate program (e.g. MA, MBA, MD, JD, PhD, EdD, graduate certificate)
I am serving on active duty in the U.S. Armed Forces
I am a veteran of the U.S. Armed Forces.
I now have or will have children for whom I will provide more than half of their support between July 1, 2016 and June 30, 2017
Since I turned aged 13, both of my parents were deceased
I was in foster care since turning age 13
I have dependents (other than children or my spouse) who live with me and I provide more than half of their support
I was a dependent or ward of the court since turning age 13
I am currently or I was an emancipated minor
I am currently or I was in legal guardianship
I am homeless or am at risk of being homeless
STU
DEN
T
DEPEN
DEN
CY S
TA
TU
S
MEET BROCK
Brock is a lifelong Wisconsin resident attending a Minnesota institution which participates in the MN-WI Tuition Reciprocity Agreement. Brock was charged out of state tuition. Why was he charged as an out of state student?
MN WI TUITION RECIPROCITY
•Students have to apply to receive the benefit
•Schools may indicate the possibility of this benefit in a financial aid package, but no benefit will be allowed unless the student applies for and is approved by HEAB.
•Step for Brock:
•Apply for the benefit: HEAB.WI.GOV/RECIPROCITY
NON-CITIZENS
CASE STUDY #5
MEET JULIA
Julia comes to you because although she is extremely
bright with high test scores, she’s the child of immigrant
parents who will be unable to assist with her college
costs. You know she is not a U.S. Citizen.
WHO’S ELIGIBLE FOR AID?
• U.S. Citizens
• Eligible non-citizens:
• U.S. Nationals
• U.S. Permanent residents (green card – that are actually blue)
• Have a I-94 showing refugee, asylum granted, Cuban-Haitian entrant (status pending), or parolee
• Student (or parent) holds a T-visa (victim of human trafficking)
• Battered immigrant-qualified alien
• Citizens of Micronesia, Republic of Marshall Islands, or the Republic of Palau
PARENT REFUSAL OF INFORMATION
CASE STUDY # 7
MEET AARON
Aaron, who just turned 18, is wondering if he can complete the
FAFSA without his parents’ information. He tells you that his
parents will not help him pay for college and that they refuse to
provide their information because they don’t want to be obligated in
any way to pay for his education. What do you tell Aaron? Can
Aaron file as an independent student? What options does Aaron
have?
WHEN PARENTS REFUSE TO COMPLETE FAFSA
• FA professional can use PJ to award a Federal Unsubsidized
Stafford Loan
• It must be verified that parent(s) have ended financial
support of the student and refuses to file the FAFSA.
• Support includes payment of educational expenses,
cash and non-cash support to the student such as room
and/or board
THINGS TO DISCUSS WITH PARENT
• FAFSA information is confidential
• Not a “cosigner” for federal direct loans
• Student will not be eligible for potential grants
without a FAFSA
RESOURCES
COLLEGE GOAL WISCONSIN 2016!•Free program to help families complete the FAFSA!
•Offered at 33 sites and 41 events
•Saturdays, February 13, 20, and 27
•Wednesday, February 10, 17, and 24
•Various sites including 5 high schools, 12 technical colleges, 7 UW campuses, 4 private colleges, two libraries, two college access centers, and one reservation!
For location information:
Visit www.Collegegoalwi.Org
Or call 1-866-578-4625
COLLEGE GOAL WISCONSIN 2016!
• Scholarship drawings for attendees!
• Survey shows - 98.1% of families felt it was worth attending
• Sponsored by WASFAA along with several other partners.
• Your help is essential in promoting our event! Download promotional materials on the website.
• Volunteer at a site near you!
QUESTIONS?PLEASE MAKE SURE TO COMPLETE YOUR EVALUATION!