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Financial Aid
• Money used to help pay college expenses
• Grants, work-study, student loans, scholarships
• Almost every student is eligible for some type of financial aid
• Students must apply every year
Apply for Financial Aid
FAFSA
• Free Application for Federal Student Aid
• Complete as soon as possible after October 1
• One application for most types of federal and state financial aid
FAFSA.gov
• Always use FAFSA.gov
• Never pay to file the
FAFSA
• Use FAFSA4caster to estimate eligibility
FSA ID
• Visit FAFSA.gov
• Create your FSA IDs before beginning FAFSA
• Allow 7 – 10 minutes to set up each FSA ID
FSA ID
• Federal Student Aid ID
• Username and password
• Student and parent must each create their own
• Use your FSA ID each time you: • Electronically sign a FAFSA • Complete student loan paperwork • Login to U.S. Department of Education
websites
• Parents with no SSN cannot create an FSA ID
Creating an FSA ID
• Choose an e-mail account you can access easily
• Don’t use a school issued e-mail account
• If username is already taken, choose another
• Don’t use your name or date of birth in password
• Select Show Text to see what you’re typing
Creating an FSA ID
• E-mail account provided must be verified
• Receive e-mail with a secure code • Subject line:
Important: Your FSA ID E-mail Validation – Action Required
• Enter the secure code on this screen
Creating an FSA ID
• Phone number must be verified
• Receive text message with a secure code
• Enter the secure code on this screen
FAFSA Sections
School Selection
Login
Parent Demographics
Student Demographics
Confirmation
Dependency Status
Sign & Submit
Financial
Information
Student Demographics
• List name exactly as it is on Social Security card
• Marital status as of the day you submit FAFSA
• Help and Hints box provides additional information
Selective Service
• 18 year old males must register to receive financial aid
• Students may register through the FAFSA
Update Screenshot
School years
High School Name
Search by name or city
and state
If you have a high school diploma,
you must list high school
School Comparison
Compare
• Location
• Tuition and fees
• Graduation rates
• College websites
Update Screenshot
New rates
Dependency Status
• Dependent students must provide parental information
• Independent students aren’t required to provide parental information
Update Screenshot
years
Special Circumstances
Dependent students unable
to provide parent info
due to special circumstances
may choose I am unable to provide
parental information
Special Circumstances
Students that do not have a special circumstance but
are unable to provide parental
information typically qualify for
only an unsubsidized student loan
Not living with parents or not being claimed by them on tax forms does not make you an independent student
for purposes of applying for federal student aid.
Special Circumstances
• Talk to financial aid if you feel you should be considered an independent student
• Examples of more severe circumstances are: • Abuse, abandonment or neglect • Parents are incarcerated • You’ve lost touch with your parents and
don’t know how to contact them
Special Circumstances
• Change in income
• Change in employment status
• Unusual medical expenses not covered by insurance
• Changes in parent marital status
• Unusual dependent care expenses
Who is the Parent?
Legal parent
• Biological parent
• Adoptive parent
• Person the state has determined to be a student’s parent
Not a legal parent
• Grandparent
• Foster parent
• Legal guardian
• Older sibling
• Aunt or uncle
Which Parent?
• If parents are legally separated or divorced • List parent you lived with most during last 12 months • Lived with both parents equally: List parent who
provided most financial support in last 12 months
• If parent you lived with has remarried • List parent and step-parent
• If legal parents are unmarried, but living
together • List information for both parents
Parent Demographics
• Parent first initial and last name as shown on Social Security card
• Name and date of birth will be verified with Social Security Administration
Update Screenshot
years
Parent Income
• Use 2016 tax information
• Select tax filing status • Already
completed • Will file • Not going to
file
• If Already completed, enter tax figures manually or Link to IRS
Update Screenshot
Tax years
IRS Data Retrieval Tool • IRS sends tax data directly to FAFSA
• Voluntary, but strongly recommended
• Reduces documents requested by financial aid office and speeds up awarding process
• Due to increased security measures, transferred data will not show on screen
• Financial aid office must make any changes to transferred data
Enter the following information as it appears on your 2016 Federal Income Tax Return.
Update Screenshot
New DRT
Parent Income
• Education credits
• Child support received
• Combat pay
• Untaxed income • Child support received • Housing, food, living
allowances • Tax exempt interest • Payments to tax-deferred
pension and retirement savings plans
• Veterans non-education benefits
Update Screenshot
Tax year
Sign & Submit
• Review answers
• Make changes before submitting
• Student and parent enter FSA IDs to electronically sign
• Click Submit My FAFSA Now
Confirmation Page
• Estimated Family Contribution (EFC) is provided
• See early estimate of financial aid eligibility
Update Screenshot
2018-19 dates
2018-2019 Confirmation Page
2018-2019
10/01/2016 10/10/2016
Student Aid Report (SAR)
• Summarizes FAFSA information
• Available after FAFSA is processed
• Review for accuracy
• School(s) on FAFSA also receive a summary
Update Screenshot
Tax info won’t show?
Making Corrections
Corrections to the FAFSA may be made by
• Accessing your FAFSA online at FAFSA.gov
• Updating items on paper SAR and mailing to Federal Student Aid (FSA)
• Submitting documentation to the college’s financial aid office; they’ll need your DRN
• Corrections to income information must be made through a financial aid office
Cost of Attendance (COA)
• Estimate of total
educational expenses for a specific enrollment period
• May be different at each school
• Includes average • Tuition • Fees • Books and supplies • Room and board • Transportation • Miscellaneous
expenses
Expected Family Contribution (EFC)
• Calculated from information provided on your FAFSA
• Same amount at every college
Financial Need
OCAP University’s Cost of Attendance: $20,000
Student’s Expected Family Contribution: $5,000
$20,000 (COA) – $5,000 (EFC)
$15,000 (Need)
Award Letter
• Sent electronically or through mail
• Outlines financial aid eligibility
• Read carefully!
• Accept or decline aid by specified deadlines
Oklahoma College Costs
2017-18 Estimated Costs for Full-Time Resident Undergraduate Students at Oklahoma Public Colleges and Universities
Expenses Research
Universities Regional
Universities Community
Colleges Technical Branches
Tuition $4,989 $5,255 $3,154 $3,553
Mandatory Fees $3,911 $1,434 $1,057 $991
Academic Services Fees
$1,427 $557 $315 $262
Room and Board $9,083 $5,685 $5,971 $5,572
Books and Supplies
$958 $1,265 $1,327 $1,450
TOTAL $20,368 $14,196 $11,824 $11,828
As of 08/18/2017
Federal Financial Aid
• Federal Pell Grant • $5,920 annual maximum for 2018-2019
• Federal Supplemental Educational Opportunity Grant (FSEOG) • Up to $4,000 annual maximum
• Teacher Education Assistance for College & Higher Education Grant (TEACH) • Up to $4,000 annual maximum
• Iraq & Afghanistan Service Grant • Amounts vary
Federal Financial Aid
• Federal Work-Study (FWS)
• Allows student to earn money to help pay for school
• On-campus or community employment opportunities
• Gain work experience while in college
Federal Financial Aid
• Federal Subsidized Student Loan • Based on financial need • $3,500 per year maximum for freshmen • Government pays interest while student is enrolled at
least half-time • 4.45% fixed interest rate during 2017-2018
• Federal Unsubsidized Student Loan • Additional loans available to students who qualify • Interest begins to accrue after first disbursement • 4.45% fixed interest rate during 2017-2018
Federal Financial Aid
• Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to accrue after first
disbursement • 7% fixed interest rate during 2017-2018
State Financial Aid
• Oklahoma Tuition Aid Grant (OTAG) • FAFSA is application for OTAG • Complete FAFSA as soon as possible after
October 1 • FAFSA filing deadline is typically December 1 • $1,000 per year
• Oklahoma’s Promise • Must complete FAFSA every year • Pays tuition at Oklahoma schools for students
who meet high school requirements
Scholarships
• Money that does not have to be paid back
• Seniors: apply for 2-3 per week
• Juniors: apply for 1-2 per week
• Awarded based on merit, need, skill, hobbies, family history, athletics, writing ability
• Find scholarships
• UCanGo2.org
• UCanGo2 on Facebook
• OKcollegestart.org
• College websites
• Books
• Local organizations
• Churches
• Family employers
Institutional Scholarships
• Specific to the college
• Application may or may not be included in admissions application
• Find scholarship page on college’s website
• Watch carefully for scholarship deadline
• Institutional scholarships exist for returning students also, not just freshmen
Search by Deadline or Category
• Organize scholarships by monthly deadline
• Detailed description of ten scholarships
• Additional scholarships with monthly deadline
• Ongoing scholarships awarded monthly, quarterly, etc.
OKcollegestart.org
Financial Aid Planning
• Financial Aid 101
• Financial Aid Calculators
• Scholarships
• Financial Fitness
OKcollegestart.org
Find Scholarships
• Create profile
• Find matching scholarships
• Save scholarships
• Receive reminders
Contact Us
Oklahoma State Regents for Higher Education Oklahoma College Assistance Program
Outreach Department
405.234.4239 866.443.7420 (toll free)