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Presenter: Stan WerneVincennes University

Director of Financial Aid And

Indiana State Financial Aid Association

Welcome to Financial Aid

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Federal Financial Aid Programs

•Pell Grant

•SEOG Grant (limited funds)

•Work-Study (limited funds)

•Stafford Loan – Subsidized

•Stafford Loan – Unsubsidized

•Perkins Loan (limited funds)

•Parent PLUS Loan

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State of Indiana GrantsCommission of Higher Education: Div. of Student

Financial Aid

Grant Programs

- Frank O’Bannon & Academic Honors Grants

Supplemental Grants

- 21st Century Scholars

- National Guard

- Associate Degree “bump”

Scholarships

-Minority Teacher Scholarship

-Special Education Teacher Scholarship

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State Grants Credit Completion

Requirements 30-60-90 for full renewal For 2nd year complete at least 30 credits

by end of 1st year. For 3rd year complete at least 60 credits

by end of 2nd year. For 4th year complete at least 90 credits

by end of 3rd year. 21st Century Scholars must meet these

targets to remain Scholars. 24-48-72 for reduced non-Scholar award

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SFA Tuition RemissionChild of Veteran & Public Safety Officer (CVO)

Tuition remission for students at public colleges who are children

of :

-Disabled Veterans

-Purple Heart Recipients

-POW/MIA’s

-State police officers/fire fighters killed in line of duty

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What to look for How to apply

Federal & State Awards = FAFSA Special state programs = directions at

www.in.gov/sfa College/university aid = Ask at

admissions or financial aid offices. (VU priority deadline is Jan. 15, 2014.)

Private scholarships = Employers’ programs Community foundation Web sites like www.fastweb.com

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Your key to financial aid: FAFSA

Free Application for Federal Student Aid

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Why Free Application for Federal Student Aid (FAFSA) is key:

•Family’s personal and financial information required to calculate

expected family contribution (EFC).

Why needed?

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Financial Aid Need Calculation

U.S. Department of Education Definition of Financial Aid Need

Cost of Attendance (COA) Varies from school to school

Minus

Expected Family Contribution (EFC) Same for all schools--results of your FAFSA

Equals

Financial Aid Need

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Part of Financial Need Calculation

Cost of Attendance (VU/VUJC 2013-2014)• Tuition & fees ($5030 – 30

credits/year)

• Room & board ($8478/$2244)

• Books & supplies ($1148)

• Transportation ($2046)

• Miscellaneous ($1050)

• Program expenses (varies)

Total: $17,812/$11,578

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Sample Aid Packages 1 & 2

Suppose dependent student living with parents or relative: #1 #2

COA $11,578 $11,578EFC - 2,500 - 0FA need $9,078 $11,578Pell grant - 3,195 - 5,645

$5,883 $5,933Subsidized loan- 3,500 - 1,000 (FSEOG)

$2,383 $4,933Unsubsidized loan - 2,000 - 3,500 (Sub

loan)$ 383 $ 1,433

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Suppose student on/off campus:

#3 #4

COA $17,812 $17,812

EFC - 7,812 - 0

FA need $10,000 $17,812

Pell grant - 0 - 5,645$10,000 $12,167

SEOG - 0 - 1,000

$10,000 $11,167

Subsidized loan - 3,500 - 3,500$ 6,500 $ 7,667

Unsubsidized loan - 2,000 - 2,000

$ 4,500 $ 5,667

PLUS/unsub loan - 4,000 - 4,000

Sample Aid Packages 3&4

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Application ProcessSubmit FAFSA prior to the college or state deadline, whichever is first.

State SFA receipt date: March 10, 2014.

State SFA correction date: May 15, 2014.

To ensure maximum aid, check information from each school to determine:

► Required application materials ► Application deadlines

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www.fafsa.gov 2014-15 FAFSA on the

Web available Jan. 1. 2013-14 still available for current academic year. (Some use for summer 2014.)

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PIN Registration

www.pin.ed.gov Can request PIN now or as you fill out the FAFSA. Each student and a parent needs separate PIN. Use same PIN throughout financial aid processes. Parent uses same PIN for other children.

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FAFSAStep 1: Student information

and plans: SSN, DOB, marital status, e-mail (for state notifications), Selective Service, school level 2014-15?

Step 2: School choices: Up to 10 schools (codes online). Housing plans: on/off campus or

with parents?

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FAFSAStep 3: Student must submit

parent data if answers = “No.” Born before Jan. 1, 1991? Grad student, active duty military, or veteran? Provide more than half support for child or

other dependent? Since age 13, in foster care, ward of court, or

parents deceased? Emancipated minor or in guardianship (before

turning 18)? Homeless or unaccompanied youth?

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FAFSAStep 4: Parental information: SSN, DOB, marital status, residency, # in

household, # in college? Marital status question about legal parents

(biological or adoptive) regardless of gender: Never married Unmarried & both parents living together Married or remarried Divorced or separated (if not living together,

custodial or which parent student lived with most during 2013)

Widowed

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FAFSAStep 5: Financial informationParents: 2013 federal tax info or earnings,

checking, savings, investments? NOT retirement accounts, home you live in,

farm you work, or business with 100 or fewer full-time employees.

Use the IRS Data Retrieval process if you can.

Parents: Additional info, e.g., child support paid. Untaxed income. Dislocated worker, recipient of federal benefits?

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FAFSAStep 5: Continued:Student: 2013 federal tax info or

earnings, checking, savings, investments? Untaxed income?Recipient of federal benefits?

Use the IRS Data Retrieval process if you can.

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FAFSAStep 6: E-sign with PINs

and submit: Both student & parent e-sign. Be sure to click SUBMIT button,

then print confirmation page. If submitting corrections, be sure

both e-sign and submit. Print confirmation page.

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Then what?One of three results:

EFC without verification OR FAFSA reject/no EFC: major error FAFSA processing center identifies

student for verification. Return to FAFSA to use IRS

transmittal system to verify income and tax information

Submit other documentation as required

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But my tax return is misleading because…What can I do?

Submit a form that requests consideration of special circumstances.

Submit verification and other supporting documentation.

Financial aid officers can make professional judgments.

Maybe grant or subsidized loan eligibility can result.

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CAUTION! Don’t pay a fee to file the Free Application for Federal

Student Aid or search for scholarships.

Filing & processing of the FAFSA are FREE. If filing via FAFSA on the Web, be sure to go

directly to www.fafsa.gov. Avoid www.fafsa.com. (Google lists this first.) Contact financial aid office for help completing the

FAFSA or attend College Goal Sunday, Feb. 23, 2014, 2:00, local time.

No one can guarantee finding scholarships.

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CAUTION!

For student or parent loans: Ignore for the time being mailings from

lenders. Maybe file away and save for later if needed.

Highly recommend you wait for award notification from financial aid offices.

Federal student and parent PLUS loans generally a better deal than private/alternative education loans.

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Review: What & How Federal & State Aid: FAFSA Special State programs: Directions & forms

at www.in.gov/ssaci College/university scholarships: Ask at

admissions or financial aid Employee programs: Ask at work Community foundations: High school

guidance office or chamber of commerce National sources: Web sites like

www.fastweb.com

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Good Luck!