High School Counselor Workshop for Financial Aid

2008-09

Presented by Indiana Student Financial Aid Association (ISFAA)

andState Student Assistance

Commission of Indiana (SSACI)

Adapted from material provided by the National Association of Student Financial Aid Administrators (NASFAA)

Agenda

• Introductions

• Information in Packets

• Financial Aid Basics

• State Student Assistance Commission of Indiana (SSACI) Programs

• 2008-09 Free Application for Federal Student Aid

• Questions and Answers

What is Cost of Attendance (COA)

• Direct Costs (Fees / Room & Board)

• Indirect Costs (Books & Supplies/Travel / Miscellaneous & Personal Expenses)

• Direct/Indirect Costs are combined into Total Cost of Attendance

• Varies from college to college

What is the Expected Family Contribution (EFC)

• Amount family can reasonably be expected to contribute

• Calculated using FAFSA data and a federal formula

• Stays the same regardless of college

• Two Components– Parent Contribution– Student Contribution

What is “Financial Need”

• Cost of Attendance

• Less Expected Family Contribution

• Equals Financial Need

Categories of Financial Aid

• Need-Based (demonstrating financial need is a requirement)

• Non Need-Based (awarded on ‘merit’ or talent, or other criteria)

Types of Financial Aid

• Scholarships – Do not have to be re-paid– Awarded on the basis of merit, skill, or a unique characteristic

• Grants– Do not have to be re-paid– Usually awarded on the basis of financial need

• Loans– Students borrow loans to help pay educational expenses– Repayment usually begins after education is finished– Only borrow what is needed– Look at loans as an investment in the future

Employment

• Allows student to earn money to help pay educational costs

• Obtain a paycheck or

• May earn non-monetary compensation, such as room/board

• Funds earned during summer can help offset costs during the academic year

Sources of Financial Aid

• Federal Government

• States

• Institutions

• Private Sources

Federal Government

• Largest source of financial aid

• Aid awarded primarily on the basis of financial need

• Must apply every year using the FAFSA

General Eligibility Requirements

• Enrolled in an eligible program of study • Degree seeking (or eligible certificate or other recognized credential

program)• U.S. Citizen or eligible non-citizen (ACG/Smart Grant recipients

must be a U.S. Citizen)• If male, must be registered with Selective Service (can register on-

line, if needed, at: www.sss.gov)• Must not have had eligibility suspended or terminated due to a drug-

related conviction while receiving financial aid• Must have a valid social security number • May not be in default of a student loan or owe repayment of a

federal grant• Must meet Satisfactory Academic Progress as defined by college

Federal Title IV Programs Grants/Scholarships Pell Grant (maximum for 2008-09 is $4800) Academic Competitiveness Grant SMART Grant Supplemental Educational Opportunity Grant

Self Help Federal Work Study Program Federal Perkins Loan Stafford or Direct Loan Parent Loan for Undergraduate Students (PLUS)

States

• Residency requirements

• Award aid based on both merit and financial need

• States use information from the FAFSA

• Deadlines vary by state

• State Student Assistance Commission of Indiana (SSACI) administers Indiana’s programs (add’l information later)

Private Sources

• Foundations, business, charitable organizations, churches, employers

• Deadlines and application procedures vary widely

• Research private aid sources early!– FastWeb.com– Small scholarships add up!

NEW!Academic Competitiveness Grant (ACG)

• Must be Pell Grant Recipient• Eligibility $750 first academic year• $1300 second academic year• Must have a GPA of > 3.0 at end of first academic year• US Citizenship required• Must be enrolled full-time• Must have completed a rigorous course of study (defined) @

http://www.ed.gov/admins/finaid/about/ac-smart/state-programs06.html

Indiana colleges may identify Core40 / Academic Honors students on SSACI data base; final awards dependent on verification using final high school transcript. Indiana students without Core40/Academic Honors can check with enrolling college for other “rigorous courses of study”.

Further Information about ACG

• SSACI database (CHIPS) is an accessible source for colleges to determine preliminary eligibility for ACG grant

• Definition of Academic Year is very specific for ACG and can vary between colleges.

• Students limited to one ACG for each of their 1st and 2nd academic year

NEW!National Science and Mathematics Access

to Retain Talent (SMART) Grant

Must be a Pell Grant RecipientMaximum award $4,000 (3rd and 4th year)US Citizenship requiredMust maintain 3.0 GPABachelor’s Degree ProgramEnrolled Full-timeStatutory requirement to major in one of the

physical, life, or computer sciences, math, technology, engineering, or a critical foreign language

Questions? The college financial aid office can provide information

Campus-based Programs

• Supplemental Educational Opportunity Grant, Work Study, Perkins Loan

• Colleges determine recipients and award amounts (rather than Department of Education. Some college do not participate.

• Some colleges choose not to participate in the campus-based aid programs.

                                            

                              

Federal Supplemental Education Opportunity Grant (FSEOG)

• Students pursuing first bachelor’s or professional degree• Awarded first to students with exceptional “need”• Can be awarded to students attending below full time enrollment• Annual award Maximums: $4,000

Federal Workstudy

• Allows student to earn a set amount of dollars for their education• Eligible employers may be on/off campus (federal, state, or local

public agency)• Student usually awarded funding to work 15-20 hours per week.

Studies indicate workload does not negatively impact student’s grades

• Schools must use a portion of funding offered for community service

Federal Perkins Loan

• Priority to students who show exceptional need

• $4,000 annual maximum undergraduates

• $20,000 annual maximum graduates

• Revolving loan fund – amount college has to lend depends upon repayments received

• Interest rate: 5%

• Repayment period may be up to 10 years

• Deferment and cancellation provisions available

Federal Stafford Loans

• Available under: Federal Family Education Loan Program (FFEL

Program) with funds provided by lender (e.g., bank or credit union)

William D. Ford Federal Direct Loan Program (Direct Loan Program) with funds provided directly by the federal government

• College determines in which program it participates • College determines loan eligibility and delivers loan

proceeds to the student

Federal Stafford Loans (Subsidized and Unsubsidized)

Subsidized Stafford: Must demonstrate need Cost of Attendance – EFC – other aid = Stafford Loan

Unsubsidized Stafford: “Need” is not a consideration so most student can qualify

Annual Loan Limits$3500* for 1st year undergrad $4,500* for 2nd year undergrad $5,500 for each remaining undergraduate year $8,500 for each year of graduate/professional study

Undergraduate Aggregate Loan Limits$23,000 dependent student$46,000 independent student

Additional Unsubsidized Stafford Loan

Dependent students whose Parents are denied access to the Parent Loan for Undergraduates Students (PLUS) program may be eligible for Additional unsubsidized loan eligibility ($4,000 Freshmen/Sophomore and $5,000 for Junior/Senior). Independent students are also eligible. Graduate/Professional students can borrow $12,000/year.

Federal PLUS Loans Borrowers are PARENTS of dependent undergraduate

students or GRADUATE/PROFESSIONAL students Annual loan limit: cost of attendance minus other aid

Federal PLUS Loans(Cont’d)

Repayment begins 60 days after loan is fully disbursed - i.e. after second semester disbursement

Deferment provisions; only principal is deferred; interest accrues

Credit check required – if not passed, undergraduate student may be able to borrow additional unsubsidized Stafford loan funds

Other Government Resources

Veterans benefits ROTC scholarships and/or stipends Bureau of Indian Affairs (BIA) grants Health and Human Services loan and

scholarship programs State Divisions of Vocational Rehabilitation State grants, scholarships, loans, and work

programs (i.e. SSACI)

Other Misc. Sources of Funds Institutions may offer other financial assistance based on

financial need and/or merit (academic/athletic/other talent or attributes)

Private organizations offer scholarships

Alternative education loans

Tax Credits:

IRS federal tax income credits (dollar-for-dollar reduction in tax liability) for educational expenses

Hope Tax Credit (first and second year up to $1500 per student)

Lifetime Learning Tax Credit (tax benefit to 20% of tuition expenses up to $10,000)

Scholarships/awards which are not federal, state, or college funded must be reported to the Financial Aid Office at the college so that they may be included in the student’s financial aid package

Free Application for Federal Student Aid (FAFSA)

• A standard form that collects demographic and financial information about the student and family and is used to calculate the Expected Family Contribution

• The amount of money a student and his/her family may reasonably be expected to contribute toward the cost of the student’s education for an academic year

• Colleges use the EFC to award financial aid • File no earlier than January 1, 2008 and meet State deadlines (and

colleges may set funding deadlines as well)• Carefully read about assets that are (or are not) to be reported.

FAFSA Database Matches After Submission To The Federal Processor

• Social Security Administration (SSN)• Immigration and Naturalization Services (Citizenship)• Selective Service System• National Student Loan Data System (previous aid)• If FAFSA does not pass a database match, it will cause

delays in processing and a need to verify data

FAFSA Processing Results

• Student will be notified of processing results by – (Paper) Student Aid Report if paper FAFSA filed and

student’s e-mail address was not provided– SAR Acknowledgement if FAFSA on the Web filed

and student’s e-mail address was not provided; – (Electronic) e-mail notification with direct link to

student’s on-line SAR if student’s e-mail was provided on FAFSA

– Student with PIN may view SAR on-line at www.fafsa.ed.gov

– Review data for accuracy! Update estimated tax filing information when actual figures are available.

FAFSA Processing Results

• Colleges/States receive Institutional Student Information Record (ISIR)10-14 days after FAFSA submitted

• Colleges/States review ISIR and may request additional documentation (such as tax returns)

• Students/Parents must meet deadlines for submission of additional documentation (and both the state and the college ask for the information separately).

FAFSA Corrections

If a correction to FAFSA data is needed, Quickest Way: On-line www.fafsa.ed.gov using a

PIN (Personal Identification Number)If dependent student, then BOTH parent

and student need to have a PIN number to electronically sign for changes to the FAFSA

Paper SAR: correct, sign, and return to federal processor (student and parents must sign)

College: Many colleges correct; some do not.

What is an Independent Student?Must be able to answer “yes” to at least one of the following:

Age: 24 years old by December 31st Is a Graduate or professional student; Married at the time FAFSA is filed; Provides greater than ½ support for a legal dependent

(other than a spouse) Is an Orphan or ward of the court; Veteran of the U.S. Armed Forces Student currently serving on active duty in the U.S. Armed

Forces for purposes other than training

Special Circumstances

Special Circumstances (information not reported on the FAFSA) can exist. Regulatory authority is provided by the federal government to financial aid administrators to exercise discretion (Professional Judgment) in specific areas of student aid administration on a case by case basis

Dependency Status (from dependent to independent) Can make changes to data elements that affect the calculation of

the Parent/Student Contribution (drastic changes in income due to death, disability, disasters, divorce or total unemployment)

Cost of Attendance or Budget Satisfactory Academic Progress Denial or reduction of student loan eligibility

Student should contact the financial aid administrator at the college they plan to attend

Verification The effectiveness of the federal student financial aid programs depends on

the accuracy of data students report on the FAFSA.

The student may be selected by the Central Processing System (CPS) to verify information or to otherwise resolve conflicting information which may include (but is not limited to) the following:

• Number in household • Number enrolled in college (can not include parents in college)• Adjusted Gross Income (AGI)• US income tax paid• Certain untaxed income and benefits

• Documents Required Can Include: Signed copies of student/parent federal tax return Verification Worksheet (provided by College) Other financial documents and/or child support documentation

requested by the college

Construction of the Financial Aid Package

• Generally speaking, a college will construct a financial aid package in this order: 1st: gift aid from the federal and state programs

for which a student is eligible 2nd: college and/or private donor gift aid (can

include non-need based aid) 3rd: self-help programs (loan and work)Many colleges also include PLUS loans (that can

meet any remaining financial need and ‘replace’ the Estimated Family Contribution)

The First Award Letter May Not Be the Student’s Final One!

• New freshmen (or transferring students) may be applying to several colleges in which they are interested. The schools will send a student a preliminary award letter so that decisions may be made, housing contract deadlines met, and time given to the student/parents to decide on whether additional financing decisions should be made (i.e. student loans)

Later, the following reasons could cause a REVISION to an initial award letter: • Additional resources are added (An outside award was added or the school

awards a scholarship. Typically, ‘self help’ aid (work/loans) is reduced to make room for the scholarship(s)

• Student is chosen for verification which can result in a revised Estimated Family Contribution

• Student/Parents changed FAFSA data• College housing changes (on/off campus, live at home)• Student changed enrollment status or major which can result in a change in

fees and/or other costs of education• (Returning Students) Satisfactory academic progress was not met

State Student Assistance Commission of Indiana (SSACI)

317.232.23501-888-528-4719

www.ssaci.in.gov

SSACI OVERVIEW

• SSACI Programs • Information Resources for guidance counselors• Information Resources for general public • Student state grant account access• FAFSA Questions for SSACI Purposes• SSACI Edit Corrections, Notification, and

deadlines• How to Calculate SSACI state grant• CHIPS• Timeline

SSACI Programshttp://www.in.gov/ssaci/programs

Frank O’Bannon Grant -Higher Education Award (HEA) -Freedom of Choice Grant (FOC)-Academic Honors and Core 40 Diploma Enhancements

Supplemental Grants to the Frank O’Bannon Grant-Twenty-first Century Scholars Scholarship -National Guard Supplemental Grant

Part Time GrantChild of Veteran/Public Safety Officer Supplemental GrantSpecial Programs

-Hoosier Scholar Award-Robert C. Byrd Honors Scholarship Program-Minority Teacher and Special Education Services Scholarship-Nursing Scholarship Program-State Work-Study Program

Frank O’Bannon Grant

• The full-time grant is targeted to cover tuition and regularly assessed fees, is “need-based” and does not require repayment

• The Frank O’Bannon Grant includes both the Higher Education Award (HEA) and Freedom of Choice Grant (FOC)

• Must be enrolled full-time at the end of the 4 week SSACI refund period or college refund period, whichever is shorter

SSACI Programswww.in.gov/ssaci/programs

• Frank O’Bannon Grant and Supplemental Grant funds are awarded for a total of four years (eight semesters or equivalent) and must be used within a ten year timeframe beginning from the time when the grant funds are first used

• Funds for most SSACI programs go towards tuition and regularly assessed fees only (exception e.g.: Hoosier Scholar) in appropriations, the number of filers, and the “need” of the filer base, the dollar value of state grants might vary from year to year

Twenty-first Century Scholars Scholarship

• With the pledge of good citizenship to the state students are guaranteed 100% tuition and regularly assessed fees at four year public colleges tuition at any participating public college in Indiana for up to 30 credit hours per fall/spring. Amount of family income is a criteria for eligibility. If the student attends a private institution, the state will award an amount comparable to that of a public institution. If the student attends a participating proprietary school, the state will award a tuition scholarship equal to that of Ivy Tech State College.

• Opportunity to participate in early intervention program to help more students to continue their education, reduce the high school drop out rate, prepare students for the workforce, reduce the use of drugs and alcohol between the middle and high school students, and improve the individual economic productivity and quality of life for Indiana residents

• Enroll in 7th , or 8th grade *• Graduate from IDOE accredited high school with 2.00 GPA on a 4.00 scale, not use illegal drugs or

alcohol, or commit a crime, apply for admission to an eligible Indiana college, university or proprietary school as a high school senior, and apply on time for state and federal financial aid.

• Affirmation Pledge completed in 12th grade received by March 10, 2008 • 7th semester GPA reported (via SEAS database) by March 21, 2008• 8th semester GPA reported (via SEAS database) by June 27, 2008• Exit Interview with Twenty-first Century Scholar program staff • FAFSA received by March 10th and resolve FAFSA error corrections received with the federal processor

on or before June 10, 2008• Enroll in college no later than 2 years after high school graduation. If entrance to school is postponed, in

order to remain eligible, the student must still file the FAFSA those two years by March 10th, and FAFSA edit resolution with the federal processor by the state June deadline

• More Information will be forthcoming on the process for 6 th graders including date of first applications, applications, and application process beginning July 1, 2008

www.ssaci.in.gov

SSACI Website

www.ssaci.in.gov “Counselor Information” Section

• “Counselor Information” provides up to date:ADVISORIES on state grant resources available for

your reference in mentoring studentsNEWS/UPDATES on SSACI state award programs,

and SSACI annual projects that high school counselors are involved with (e.g. CHIPS and Hoosier Scholar)

SSACI Website Counselor Information Section

www.ssaci.in.gov/ssaci/counselorinformation/

SSACI Websitewww.ssaci.in.gov

• As a resource for students/parents and interested parties that describes the programs SSACI administersCriteriaDeadlines * (See slide #48)Appropriate applications

STATE STUDENT ASSISTANCE COMMISSION OF INDIANA

(SSACI)

• THERE ARE TWO IMPORTANT DEADLINES FOR STATE SCHOLARSHIPS AND GRANTSMARCH 10TH: FAFSA must be received by

the federal processor JUNE 10TH: FAFSA discrepancies must be

resolved with the federal processor

June 10, 2008SSACI Edit Correction Receipt Date Deadline

at federal processor

• In April SSACI provides edit notification to students indicating which FAFSA edits apply to them, how to fix them, and the receipt date deadline (June 10, 2008) where all discrepancies must be resolved with the federal processor in order to remain in the state grant applicant pool.

• It is ultimately the student’s responsibility to review the SSACI website and correct edits created at any time with the federal processor.

• In addition students may need to make updates to the original data submitted on the FAFSA (i.e. make sure the correct college is the first choice on their FAFSA AND the first college choice on eStudent for an accurate state grant to be made)

Edits are posted on eStudent after March 10 www.ssaci.in.gov/estudent/

Use eStudent to view SSACI edit issues, change address, first college choice change, reprint SSACI state grant award notification, view state grant history for student

www.ssaci.in.gov

Why is “eStudent” on SSACI’s website such a critical “Go To” area for

students?

http://www.ssaci.in.gov/estudent/ • eStudent SSACI’s on-line secure student account

access. It is the student’s responsibility to monitor and make any warranted changes noted below:

View and resolve SSACI FAFSA edit issues with the federal processor on or before the SSACI edit correction deadline of June 10, 2008

Students may also make certain changes on-line (change of address, first college choice change so that state grant award may be made for the college student is attending, reprint SSACI state grant award notification, and view student’s state grant usage)

SSACI eStudent Register/Log-In

More…SSACI eStudent

How To Calculate SSACI Awards!

Frank O’Bannon Grant =Subsidy Rate X

Tuition and Fees Minus

Family’s Calculated Ability To Pay: Calculated Parent Contribution if considered a Dependent Student or Student Contribution if

considered an Independent Student for financial aid purposes:

Three Factors Needed to Calculate a Frank O’Bannon Grant …

• Tuition and regularly assessed fees not beyond CAP at the school student is attending

• Subsidy rate tied to high school diploma earned - if graduated 1997 or after:

100% - Academic Honors Diploma with 3.00/4.00 scale

90% - Core 40 Diploma with 2.00/4.00 scale

80% - For all others, including GED students, students

who graduated from non-Indiana high schools

• Expected Parent Contribution (PC) or Family Contribution (EFC) if Independent for financial aid purposes, calculated from FAFSA information

A change to any one of the factors above may have an impact on the amount of the state grant award.

Frank O’Bannon Grant Program 2006-2007 “Givens”

• Tuition Cap (Tuition and Regularly Assessed Fees Criteria)$10,992 Independent (private) ( Freedom of Choice -

FOC & Higher Education - HEA)$ 6,096 Public (Higher Education - HEA Award) $ 2,712 Ivy Tech/Proprietary College (Higher

Education - HEA Award)• Frank O’Bannon Grant is based on enrollment in 15

credit hours per term (30 per year) If college charges by the credit hour and student is enrolled in 12

- 14 hours per term, grant amount will be recalculated (lowered) by college and reported back to SSACI as the school claims the funds on the student’s behalf

If college charges a flat fee for full time enrollment per term (12 - 18 hours for example) then award amount does not need to be adjusted

SSACI Said……………………IDOE Said…..

• Core 40 - Student must complete IDOE prescribed Core 40 curriculum, no minimum grade point average required

• AHD - Student must complete IDOE prescribed AHD curriculum with “B” average, no class less than a “C”. Each school corporation sets the scale for what equals “B”

• Core 40 - Student must be approved by IDOE for the Core 40 Diploma designation AND have a cumulative GPA of 2.0/4.0 scale

• AHD - Student must be approved by IDOE for the Academic Honors Diploma designation AND have a cumulative GPA of 3.0/4.0 scale

THEREFORE…..

• It is possible to be awarded a Core 40 Diploma or Academic Honors Diploma by the high school for IDOE purposes, but not meet SSACI’s GPA requirements for Academic Honors Diploma or Core 40 Diploma. Therefore, it is critical when entering students into the CHIPS database that you are using SSACI’s requirement. It may also become increasingly important as colleges use this data to consider students for the Academic Competitiveness Grant.

Frank O’Bannon Grant Examples 2008-2009

80% X 2,712 = $2,169*******************************80% X 2,712 – 4,972 =$0

80% X $ 10,992 = $ 8,793*******************************80% X 10,992 – 4,972 =$ 3,821 ($1,376 HEA and$2,445 FOC)

80% x $ 6,096 = $4,876______________________80% x $ 6,096 = $ 4,972 =$0

Regular80% subsidy

90% X $ 2,712 = $2,440******************************90% x $ 2,712 – 4,972 = $0

90% X $ 10,992 = $9,892********************************90% X 10,992 – 4,972 =$4,920 ($1,771 = HEA$3,149 = FOC)

90% X $ 6,096 = $5,486******************************90% X $ 6,096 – 4972 =$ 514

Core 4090% subsidy

100% X $ 2712 = $2,712100% X $10,992 = $10,992******************************100% X 10,992 – 4,972 =$6,020 ($2,167 = HEA $3,853 = FOC)

100% X $ 6,096 = $6,096_______________________

100% X $6,096 – 4,972 =$1,124

AHD100% subsidy

IVY TECH/PROPRIETARY

PC/EFC = $ 0******************************PC/EFC = $ 4,972

PRIVATE

PC/EFC = $ 0*******************************PC/EFC = $ 4,972

PUBLIC

PC/EFC = $ 0*******************************PC/EFC = $ 4,972

Core 40 and Honors Internet Update System (CHIPS)

CHIPS - Core 40 and Honors Internet uPdate System - is a Web-based application that allows high school counselors at over 400 IDOE accredited high schools to report qualifying diploma graduating seniors for possible increased funding of tuition and regularly assessed fees included for inclusion into a student’s financial aid package. The award increase could mean over $8,000 of increased grant over eight semesters.

Academic Honors Diploma (minimum GPA of 3.0 on a 4.0 scale) Core 40 Diploma (minimum GPA of a 2.0 on a 4.0 scale)

“CHIPS” SSACI Website Access

“CHIPS” Sections:Instructions, Certification & Verification

Forms, Database Entry, Frequently Asked Questions

CHIPS PROCESS

• Once high school receives notice in January that CHIPS is live, CHIPS Instructions have been reviewed, GPA evaluation has been employed, you may then enter the data elements below into CHIPS database:– Social Security Number (Verification Form may be used to

obtain release for information)

– Last name

– First Name

– Date of Birth

– Program (AH or Core 40)

CHIPS Reporting • The “marriage of information” between CHIPS and

FAFSA takes place only during senior year of high school.– Students must file a FAFSA during their senior year for a

“marriage of information” to occur, therefore encourage all students to file even if student is delaying entry into college

• Accuracy of data entry into CHIPS is extremely important - otherwise, CHIPS data will not match FAFSA data and additional state grant eligibility (AHD or Core 40 grant enhancement dollars and/or 21st Century Scholarship AND receipt of the ACG Grant) may be in jeopardy

• Initial data entry based on 7th semester grades will be due Friday, March 21, 2008

• Corrections to a student’s status in the CHIPS database may be made by the high school until Friday, June 27, 2008. Thereafter, you must contact SSACI to manually correct the student’s CHIPS data issue.

“CHIPS” Data Entry Section

“CHIPS” Status Code Column

CHIPS ReportingStatus Code Column- Issues Must

Be Resolved!• Once SSACI matches CHIPS data with a student’s

FAFSA data or the lack thereof (INITIAL REPORTING DEADLINE for high school counselors to enter qualifying students is Friday, March 21, 2008) the status code for each student will appear in the status code column in CHIPS data reported back to the high school counselor.

• Counselors need to review the codes and correct the student’s information if possible by the FINAL REPORTING DEADLINE OF Friday, JUNE 27, 2008 for the 2008-2009 academic year in order for the Core 40/Academic Honors state award dollar enhancement consideration to award those students state grants at the higher subsidy rate which increases their dollar state grant award for which they are entitled.

SSACI Grant Application Timeline • Student - Files the FAFSA by the March 10th receipt date deadline• High School Guidance Counselor - Reports Core 40 and Academic

Honor Students to SSACI (CHIPS) • Twenty-first Century Scholars Program – SSACI updates database to

reflect the student’s Core 40/Academic Honors status• SSACI – Incorporates CHIPS, 21st Century Scholars information and

FAFSA information available for state grant estimated awards to be calculated and shared with colleges. Therefore the CHIPS reporting by high school guidance counselors ( deadline for submission into CHIPS is Friday March 21, 2008) is crucial for the next step

• Colleges – Make financial aid preliminary award letter offers to students more accurate if CHIPS data is accurate too.

• High School Guidance Counselor – makes needed corrections, and addition and deletion of students to the CHIPS database by deadline of Friday June 27, 2008

• SSACI - Sends Edit Notification to students(one time in mid-April) with FAFSA problems discovered that must be resolved with the federal processor prior to the June 10th deadline for 2008-2009 in order for the student to still be in the applicant pool for the state grant eligibility determination in July

• SSACI – Incorporates CHIPS, Twenty-first Century Scholars info, and FAFSA info Into GRADS

• SSACI - Sends Grant Notification to students in mid July• Colleges - Reconcile for funds to SSACI on student’s behalf starts in

September

FREE APPLICATION FOR FEDERAL STUDENT AID

2008-2009

FAFSAThe Color of the FAFSA is ORANGE this year!

Step 1

Student Biographical Information Collection of personal identification information. Match social security card for name on FAFSA, use address where all information no matter what time of year is accessible, an email address provided on FAFSA will provide quicker application status info. to student

Step 2

Student Financial Information All students must provide financial information for the EFC calculation, which is determined by a formula specified by law to help determine whether the family has discretionary income to put towards the student’s college expenses

Step 3

Determination of Student’s Dependency Status

For financial aid calculation of EFC must determine if the student is dependent/independent. If all questions are “no” then student is dependent, Must have at least one answered “yes” for independent status.

Step 4

Parental Data if Student is Dependent; Skip if Student is Independent

If answers to questions (48-55) are “no” then student is dependent and parental information in Step 4 needs to be provided for EFC calculation. Along with

Questions for qualifying individuals federal benefits in 2006 from any programs listed in Questions 71,72,73,74 or 75 will help determine type of methodology used to calculate EFC. Worksheets A, B, C will provide addition or reduction in income used in calculating EFC.

Step 5

Additional Information if Student is Independent

Questions involving anyone included in Question #90 that receive federal benefits in 2006 from any of the programs in questions 92,93,94,or 96 will help determine methodology used to calculate a EFC

Step 6

College Information Student, and parent (if dependent) signature (electronic or by paper) and date FAFSA is completed certifies that all info is correct and that documents of proof will be willingly provided and that aid received will apply to educational costs only, student is not in default or overpayment on Pell or student loan, and Pell Grant Payment will only be at one school per term

Step 7

Certifications / Signatures Student Signature (and Parent if dependent), if on-line signatures could be sent on-line, or print page and mail to processor, if paper FAFSA signatures on FAFSA itself

STEP 1

STEP 2

STEP 3

STEP 4

WORKSHEET A

WORKSHEET B

WORKSHEET C

STEP 5

STEP 6

STEP 7

We Need YOU!• College Goal Sunday will be on

Sunday, February 17, 2008!• Volunteer Call Out – CGS is an event held

throughout the U.S. to help college-bound students in the financial aid process. Your valued expertise is needed!

• If you would like to volunteer: An announcement is forthcoming in the form of an email through CounselorTalk that will indicate where the 38 event sites will be located throughout the state, and how to register to volunteer or you may go directly to the Indiana website at: http://www.collegegoalsunday.org

Good Luck!