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Understanding Financial Aid

Understanding Financial Aid. “Education is when you read the fine print. Experience is what you get if you don’t!” Pete Seeger. Idaho Go On FAFSA Day. First Saturday in February February 2, 2013 Computer lab locations throughout Idaho http://findyourpath.idaho.gov. Goals for Tonight.

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Understanding Financial Aid

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  1. Understanding Financial Aid “Education is when you read the fine print. Experience is what you get if you don’t!” Pete Seeger

  2. Idaho Go On FAFSA Day First Saturday in February February 2, 2013 Computer lab locations throughout Idaho http://findyourpath.idaho.gov

  3. Goals for Tonight • Reduce financial aid anxiety • Help you complete the FAFSA in an accurate and timely manner • Explain the types of financial aid • Evaluate financial aid offers • Respond to your unique situations

  4. What is Financial Aid? • Grants • Scholarships • Employment Opportunities • Loans

  5. Scholarship Considerations • High school counselor is your best resource • School need-based and non-need based programs • Local businesses, civic organizations, and professional associations • Parents’ places of employment • Web sites • www.collegeboard.org • www.fastweb.com

  6. Will I be eligible for aid? • Yes --if non-income eligibilityitems are met • Selective Service, citizen/permanent resident • Admitted as “degree-seeking • Valid Social Security Number • Income used to determine type of financial aid and amounts • New student eligible for minimum of $5,500 federal loan • Federal Parent PLUS Loans when extra is needed

  7. Financial Aid Lingo

  8. The PIN • Personal Identification Numbers – you may choose a number • Issued online by the U.S. Dept. of Education • Used as your (student AND parent) electronic signature and view account info • sign online FAFSA • sign electronic promissory note • make corrections to FAFSA • Apply for a federal Parent PLUS Loan • view loan balances and manage account business

  9. www.fafsa.gov The FAFSA • Online application preferred • Use 2013-2014 application if starting Fall 2013 • Used by nearly all post-secondary schools • One application does nearly everything • grants • loans • work study • Other: Information for need-based scholarships • Contact 1.800.4FED AID or the financial aid office if you need help

  10. The IRS Data Retrieval Tool • Electronically transfers 2012 data from your federal tax return into the electronic FAFSA • Very particular. • Official U.S. Postal Address • No Punctuation O’Malley = O Malley • Use a space where you would have punctuation • Date taxes filed and method of filing = availability • SIGN and SUBMIT the FAFSA transaction • We offer a Timely Tip on the Boise State web site

  11. The Student Aid Report (SAR) • Provides confirmation of application information • Is sent to email addresses provided • Also available on www.FAFSA.gov • Alerts you to “Reject” status • Inconsistent information • Signatures needed • Provides your Expected Family Contribution (EFC)

  12. Expected Family Contribution (EFC)for a Dependent Student • Student Income • Parent Income • Untaxed Income • Assets • Family Size • Number Attending College Your EFC is Universal

  13. Cost of Attendance (COA) Compare Similar College Costs! • Tuition and Fees • Room and Board • Books and Supplies • Transportation • Personal Expenses • Clothes • Entertainment • Toiletries • Other

  14. Need Varies Based on Cost

  15. Completing the FAFSA

  16. Sends all student information electronically to schools Contacts student for verification documents,to resolve problems or send aid award notice FAFSA Processor Sends Student Aid Report (SAR) to student. Contains EFC & comments.

  17. Starting Application Process • Include all of the colleges you could possibly attend, even if you are waiting to apply for admission • Submit the FAFSA before school’s deadline • 2013-2014 FAFSA available January 1, 2013 • Check instructions from each school to ensure maximum consideration for aid • Estimate 2012 income to meet deadline

  18. FAFSA on the Web: www.fafsa.gov

  19. Dependent or Independent? • Born before January 1, 1990 • Married • Active military in U.S. Armed Forces • Veteran of the U.S. Armed Forces • Supporting a dependent child more than 50% • Orphan, Foster Care, Homeless • Legal guardian OTHER than a parent!

  20. FAFSA Tips • Income Information • Never miss a deadline! • Use estimated income if tax return is not completed • Use federal tax data from tax return, if completed • Correct estimated income and data on the FAFSA after taxes are completed • Use the online IRS Data Retrieval Tool whenever possible • Income protections • Retirement funds are excluded from the FAFSA • Value of home or farm w/your home excluded • Consideration for number in household

  21. FAFSA Tips Who is considered a parent? • Parents must provide information on FAFSA • Grandparents, foster parents, and legal guardians are not parents • If parents are both living and married to each other – both parents provide information • If parent is single – that parent provides information • If single/divorced parent has remarried, both parent and step-parent provide information (regardless of any prenuptial agreement)

  22. FAFSA Tips Who is considered a parent? • If parents are divorced or legally separated - identify parent in the following order: • Parent you have lived with more over the past 12 months. • Parent who provided more financial support over the past 12 months. • Parent who provided more financial support during the most recent year you received financial support.

  23. FAFSA Tips • Determining Household Size • Student • The FAFSA Parents • Include parents’ other children if: • Parents will provide more than half of their support between July 1, 2013 & June 30, 2014 OR • Children would answer “no” to dependency status questions • Include others living in the household IF parents provide more than half of their support

  24. Most Common Mistakes • Incorrect Social Security Number or legal name • Incorrect parent’s income or portion of income from tax form • Incorrect amounts given for untaxed income and taxes paid • Missing signatures • Incomplete form • Completing the wrong year’s FAFSA

  25. Role of the Financial Aid Office • Determines eligibility for financial aid • Awards financial aid • Provides an award notification explaining the programs and amount of aid • Assists student and family when special circumstances occur

  26. Comparing Aid Offers

  27. Comparing College Offers * Work? Renewable Scholarships? Savings? Parent Loans? Private Loans?

  28. Comparing Aid Offers • Are the scholarships renewable? If so, what arethe criteria for renewal? • What is the balance of grants/scholarships, student loans, and work? • Is aid available that is not listed on the offer? • Parent PLUS loans • Work-study • Perkins Loans • Alternative Student Loans • How will the offered aid change if outside scholarships are received? • What factors may cause the aid package to change?

  29. Let's Do Questions! financialaid.boisestate.edu studentaid.ed.gov

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