rhode island association of student financial aid administrators

Rhode Island Association of Student Financial Aid

Administrators

Rhode Island Association of Student Financial Aid Administrators

Financial Aid: Who is eligible? How to apply? What is financial aid? Where does financial aid come from? What types of aid are available?


Administrators

Agenda

Must be enrolled or accepted for enrollment in an eligible program of study

Must be pursuing a degree, certificate or other recognized credential

Must be a U.S citizen or eligible non-citizen

Must be registered with selective service (if male and required to be)

Visit the selective service web site at http://www.sss.gov to register


Administrators

General Eligibility Requirements

Eligibility may be suspended due to a drug-related conviction

Must have a valid Social Security Number

Must be making satisfactory academic progress as defined by the school (important for future years)


Administrators

General Eligibility Requirements

Submit the Free Application for Federal Student Aid (FAFSA)

After January 1, 2013 Before your school’s deadline By March 1, 2013 to be considered for the

Rhode Island State Grant

Check information from each school to determine

Required application materials (besides FAFSA)

Application deadlinesRhode Island Association of Student Financial Aid

Administrators

Application Process

Application for federal, state & institutional aid

Collects the family’s personal and financial information used to calculate the Expected Family Contribution (EFC)

File the FAFSA Electronically:

www.FAFSA.ed.govRhode Island Association of Student Financial Aid

Administrators

Free Application for Federal Student Aid (FAFSA)

http://www.fafsa.ed.gov

File on or after January 1, 2013 Benefits to filing electronically:

More timely submission of original application and any necessary corrections

Built-in edits help prevent costly errors Skip-logic allows student and/or parent to skip

unnecessary questions More detailed instructions and “help” for common

questions Ability to check application status on-line Simplified renewal application processRhode Island Association

of Student Financial Aid Administrators

FAFSA – Filing Electronically


Administratorswww.fafsa.ed.gov

Updated Web Design

Start Here for all options –

Initial FAFSA Entry Renewal

Application Entry FAFSA Corrections Providing

Signatures Continuing a

Saved FAFSA Viewing

Transaction History


Administrators

FAFSA – General Student Information

• Social Security Number• Name• Driver’s license & state• Citizenship• Alien Registration Number (if applicable)• Marital status and date of marital status• State & date of legal residence (important for state grant eligibility)

FOTW Section One…

Selective Service (register at www.sss.gov)

Degree type Grade level Enrollment status Self-help preferences (Interest in work-

study and loans) First bachelor’s degree?


Administrators


Parent(s) name, DOB, and SSN Drug conviction while receiving federal

student aid?

DO NOT LEAVE THIS BLANK

Note: Conviction of possessing or selling illegal drugs could affect eligibility for aid


Administrators


At least 24 years old by December 31st of the award year covered by the FAFSA (born before January 1, 1990)

Graduate or professional student Married Has children or other dependents that receive more than

half of their support from you Both parents are deceased; has a legal guardian; or is a

Ward of the court Currently serving on active duty in the U.S. Armed Forces

for purposes other than training Veteran of the U.S Armed Forces Determined to be independent by the financial aid

administrator


Administrators

FAFSA – Student Dependency Status

Marital Status Note: students with divorced/separate

parents should include the information of the parent whom they live with. If that parent is remarried, include step-parent information.

Father/Stepfather’s Social Security # Father/Stepfather’s last name Father/Stepfather’s date of birth Mother/Stepmother’s Social Security # Mother/Stepmother’s last name Mother/Stepmother’s date of birth Parents’ State of Legal Residence


Administrators

FAFSA – Parental Information


Administrators

Financial Information

The IRS Data Retrieval continues in 2013-2014.

Also available in Corrections

Electronically filed tax return information will be available from the IRS in 1-2 weeks, data from paper tax returns will be available in 6-8 weeks.

Type of 2012 tax form parents completed-1040-1040A

-1040EZ-Foreign tax return-Puerto Rico, U.S. Territory, etc.

Estimate if taxes incomplete to file by deadlines!

Parents Adjusted Gross Income (AGI) Parents wages (money earned from

working) Income TaxRhode Island Association



Federal Benefits: Did anyone in the parents’ household receive benefits from any of the federal programs listed?

-Supplemental Security Income-Food Stamps-Free or Reduced Price School Lunch-Temporary Assistance for Needy Families (TANF)-Special Supplemental Nutrition Program for Women,

Infants, and Children (WIC)

Parents exemptions on tax form Household Size (list all members, including yourself) Number in household in college (excluding parents)

at least half-time in degree or certificate program


Administrators


Parents’ amount from FAFSA Untaxed Income

Parents’ amount from FAFSA Additional Financial Information


Administrators


Asset Information Balance in parents’ cash, savings, checking

accounts (as of today’s date) Net worth of parents’ investments, including real

estate (as of today’s date) 529 Plans Do not include the home you live in (primary

residence) Do not include retirement – IRAs and 401k Net worth of parent’s current business and/or

investment farms (as of today’s date) – DO NOT include value of small business that has fewer than 100 full-time or full time equivalent employees Rhode Island Association



Ability to list up to 10 on the FAFSA

Must list the school’s six-digit code

For each school code, indicate housing plan


Administrators

Parent &/or student 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 Real estate and investment net worth 529 Plan reporting of asset - If the parent is the owner

of the program, the value is reported on the FAFSA as a parent asset. Note that you should report the value of all programs or plans, not just the one for the student applying for aid. For plans established by someone other than the student's parent, the value of the account is not reported on the FAFSA.Rhode Island Association


FAFSA – Frequent Errors

BEWARE! Reminder : The process of completing

and processing the FAFSA is FREE Be sure to go directly to

http://www.fafsa.ed.gov Read the instructions and complete

carefully. Contact guidance office, financial aid

office, or the College Planning Center for help with completing the FAFSA or with any questions


Administrators

FAFSA

The Expected Family Contribution (EFC) is calculated from the data reported on your FAFSA.

The EFC is the amount of money that the family is expected to be able to contribute to the student's education. (NOTE: This is NOT the amount you will pay!)

This formula, termed as Federal Methodology need analysis formula, is approved by Congress. Rhode Island Association


FAFSA – Expected Family Contribution (EFC)

Determine financial aid eligibility using federal formula

“Package” aid based on availability of funds

Send award notification to student


Administrators

Role of the Financial Aid Office

Assist students in paying for college by:

Evaluating family’s ability to pay for educational costs (based on FAFSA data and other collected information)

Distributing limited resources in an equitable manner

Providing balance of “gift aid” and “self-help” aid


Administrators

Financial Aid Goals


Administrators

GrantsGrants ScholarshipsScholarships

WorkWork LoansLoans

State Government in Rhode Island offers a scholarship/grant program RI State Grant (www.riheaa.org)

Residents complete FAFSA by March 1 Fully portable $250-$700 Academic Year (based on EFC and

Financial Need)


Administrators

Questions to ask: What do I need to do to retain my

scholarship (minimum GPA) How is my award affected by outside

scholarship(s) Will my award remain the same for four

years Satisfactory academic progress requirements


Administrators

Self-help aid – The student must repay or earn the funds of self-help aid Student Loans

Federal and private student loan options Work-Study

Typically earned and not used for use in paying your bill

Best used to cover student’s normal personal expenses


Administrators


Administrators

Student Loans

Subsidized

Unsubsidized Annualloanlimits


Administrators

Student Loans

Questions to ask:

Work-Study/Student Employment Is a job guaranteed Does the school assign jobs or do I have to find

one What types of positions are available Do I have the option to use this money towards my

billStudent Loans

What are the terms of the loan, what are my rights and responsibilities

What additionally is required to attain the loanRhode Island Association of Student Financial Aid

Administrators

Consider your out of pocket expenses including Remainder of college invoice for tuition, room,

board and fees Books Travel

Financing options Out of pocket Student Private Loans Parent private/federal loans Other loan optionsRhode Island Association



Administrators

Research and review all admission and financial aid materials from each school which you are applying

Meet all application deadlines! Complete all financial aid applications

FAFSA CSS Profile Individual school applications

Investigate other sources of aid


Administrators

What happens next?

Report directly to each school any circumstances that cannot be reported via the FAFSA

Change in employment status Medical expenses not covered by

insurance Change in parent/student marital status Unusual dependent care expenses


Administrators

State grants, scholarships, loans, & work programs

School need-based & non-need-based programs – be aware of any special deadlines

Private business scholarships Civic organization scholarships Parent’s employers


Administrators

Other sources…

Corporation for National and Community Services (AmeriCorps) – http://www.americorps.gov

Veteran’s benefits – http://www.gibill.va.gov

ROTC scholarships Bureau of Indian Affairs (BIA) Grants Web Searches


Administrators

Other sources…

Better Business Bureau – http://www.bbb.com

US Department of Education – http://studentaid.ed.gov/students/publications/lsa.index.html

Federal Trade Commission – http://www.ftc.gov


Administrators

Avoid being scammed

Research and know the deadlines of each school

Check web sites

Keep a calendar Apply early and apply on-line Ask questions Get the student involved!


Administrators

Helpful Tips

Bring your 2012 Taxes (if you’ve already filed) and Complete Your FAFSA at any one of these locations:

Newport: Rogers High School – January 16, 6 – 8pm Providence: The Juanita Sanchez Complex – January 22, 6 – 8pm

Wakefield: South Kingston High School – January 23, 6 – 8pm East Providence: E. Providence High School – January 30, 6 – 8pm

Pawtucket: William E Tolman Senior High School – February 5, 6:30 – 8:30pm

West Warwick: West Warwick High School – February 6, 6 – 8pm Additional location to be announced (check website)

Plan to arrive at least 15 minutes early!

Preregister at www.collegegoalri.org

FAFSA is free! FAFSA.ed.gov

College Goal Rhode Island: http://www.collegegoalri.org/

Other Free Resources•High School Guidance Office•College Planning Center

www.cpcri.org•College/University Financial

Services Department

Rhode Island Deadline March 1


Administrators

Questions?

Sources for Presentation

NASFAA FA Night Presentation http://www.pin.ed.gov http://www.fafsa.ed.gov http://www.nasfaa.ed.gov

Presentation created for RIASFAA by Wynette Richardson Zuppardi

Last Updated 11/08/2012 by Kenneth Ferus


Administrators

rhode island association of student financial aid administrators

Documents

types of aid

financial information

state institutional

application status

student andor parent

required application

selective service register

applicable marital status