jennifer chandler 1 iupuc. financial aid: funds provided to student/families to help pay for...
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Financial AidIUPUC - ISFAA
Jennifer Chandler
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 throughout aid process including subsequent school years
Parents (if applicable) will use same PIN if a student themselves, or another child completing FAFSA
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FAFSA submitted each year. 21st Century
MUST complete every year even if not
attending! Include accurate email address.
Processor receives FASFA
Student receives Student Aid Report (SAR) from 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
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IMPORTANT DATES
January 1st
FAFSA available (submit every year) www.fafsa.gov March 1st
IU priority deadline (important for institutional funds)▪ check date with the University student will attend
March 10th
State aid deadline (federal aid still available after this date)
May 15th
ALL edits must be made to FAFSA for state aid consideration ▪ including electronic signatures
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DATA BASE MATCHES
Confirms applicant meets certain eligibility criteria
Social Security Administration
Selective Service
National Student Loan Data System (NSLDS)
If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds
IUPUC
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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 – Do not need repaid Criteria: merit, skill or unique characteristic
Grants – Do not need repaid Usually awarded on the basis of financial need
Loans – Borrowed money All FAFSA applicants offered Stafford loans
Employment Students earn money to help pay educational costs▪ Paycheck▪ Non-monetary compensation, such as room & board
IUPUC
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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 ▪ MUST have FAFSA on file and a remission of fees form with the
university
Contact Financial Aid before making any schedule changes! IUPUC - ISFAA
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LOANS FOR UNDERGRADUATES
Stafford Loans (every FAFSA applicant offered) Repayment starts 6 months after enrollment below ½
time Subsidized loans▪ 3.86% interest▪ government pays interest until enrollment below half-
time▪ determined by financial need
Unsubsidized loans▪ 3.86% interest; starts accruing as soon as disbursed
Perkins Loans (awarded through University) 5%▪ 9 month grace period
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LOANS
Private Loans Varies upon credit (might need co-signer) Flexible repayment
Parent PLUS loans (for dependent students) Denial allows student additional unsubsidized
loans 7.9%▪ Repayment starts 60 days after final disbursement ▪ parent can request deferment through lender IUPUC - ISFAA
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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)
General student information Name & SSN exactly as it appears on SS Card Must meet citizenship/eligible noncitizen
criteria, does not verify status of parents. Parents of dependent students
Does not include grandparents, foster parents & legal guardians (unless a legal adoption has occurred)
If parents divorced use parent that contributes more than 51% of care (if parent is remarried step-parent will also be included) IUPUC
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FOTW
Students dependency status If all “NO’ responses, student is dependent If “Yes” to any question, student is
independent
Can list up to 10 school codes
Signatures (with PIN) 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 Participation is voluntary Could reduce documents requested by school
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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
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SPECIAL CIRCUMSTANCES
Appeal that 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
Ask financial aid office for Special Circumstances Appeal form to report this information IUPUC - ISFAA
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TIMELINE
Complete FAFSA - Receive Student Aid Report (SAR)
3-5 days school receives information - if student is admitted
4-6 weeks for FAFSA to process
Award Letter will be mailed/emailed to student
Check with University how aid will post/award
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Make sure there is a date and time by the confirmation.
DRN is important if university is having issues finding the FAFSA in the computer system
Estimated awards will be listed
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Resources
Filing FAFSA early: www.FAFSA4caster.ed.gov
Financial Awareness Counseling Tool (FACT): studentloans.gov
Help filing FAFSA: College Goal Sunday; February 23, 2014 www.collegegoalsunday.org. Columbus Learning Center
Track Stafford Loans: www.nslds.ed.gov
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THANK YOU
IUPUCOffice of Financial Aid and Scholarships
Jennifer ChandlerFinancial Aid @ IUPUC: 812-348-7231
IUPUC - ISFAA