Financial Aid

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Financial Aid

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1. Financial Aid

2. 2 Financing Your Education What is the goal of financial aid? How is financial need determined? How do I apply? What aid is available?

3. 3 Goal of Financial Aid To assist students in paying for school. To provide opportunity and access to higher education. To help “bridge” the gap between what the family can pay and the cost of education.

4. 4 Principles of Financial Aid To the extent they are able, parents have primary responsibility to pay for their dependent children’s education. Students also have a responsibility to contribute to their educational costs. Families should be evaluated in their present financial condition. A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect a family’s ability to pay.

5. 5 Financial Aid Regulations Are determined by federal and state statutes and legislators Establish applicant’s eligibility for most types of aid Are applicable to all schools

6. 6 Expected Family Contribution (EFC) (Federal Methodology established by U.S. Congress) Determined by filing the FAFSA www.FAFSA.ed.gov

7. 7 Main Determinants of the EFC Income of both student and parents Assets of both student and parents Family size Number in College Age of the older parent Parents of a dependent student cannot be included in number in college.Parents of a dependent student cannot be included in number in college.

8. 8 Dependency Status At least 24 years old; Graduate or professional student; Married; Has child for whom student provides more than half support; Has dependent other than child or spouse who lives with student and for whom provides more than half support; Orphan; In foster care or a ward of the court, at any time when the individual is 13 years of age or older; Is an emancipated minor or is in legal guardianship; Has been verified as an unaccompanied youth who is homeless or at risk of homelessness and is self-supporting; Veteran of the U.S. Armed Forces or currently serving active duty for other than training purposes in the U.S. Armed forces; or Determined to be independent by the financial aid administrator via Professional Judgment (Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

9. 9 Divorced/Separated Issues FAFSA is to be completed using parent with whom the student lived with more in the past 12 months. If student did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that the student actually received support from a parent. If this parent has remarried, stepparent information must be included on the FAFSA.

10. 10 You may be eligible for aid, but….. YOU MUST APPLY TO FIND OUT! And it’s free! NEVER pay to file the FAFSA! File the FAFSA each year. www.FAFSA.ed.gov Remind them not to go to www.fafsa.com. Remind them not to go to www.fafsa.com.

11. 11 Application Process Apply for PIN through Department of Education Submit the Free Application for Federal Student Aid (FAFSA) prior to your school’s deadline Submit any institutional application materials (if required by your school) Finalize school admission Make sure to meet all required deadlines!

12. 12 What is a PIN? www.pin.ed.gov Personal Identification Number Student and one parent must get their own PIN Used to electronically sign the FAFSA PIN delivery Real time online (immediate) By e-mail, with a link to retrieve your PIN By regular mail in 7-10 days Can also be used for: Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student/parent loans (Perkins, Stafford, PLUS)

13. 13 FAFSA Processing Flowchart Database Matches: Social Security Administration (SSA) Department of Veterans Affairs (VA) Selective Service System (SSS) Department of Homeland Security National Student Loans Data System (NSLDS) Department of Justice (DOJ) Database Matches: Social Security Administration (SSA) Department of Veterans Affairs (VA) Selective Service System (SSS) Department of Homeland Security National Student Loans Data System (NSLDS) Department of Justice (DOJ)

14. 14 Timelines A PIN may be obtained at any time prior to filing the FAFSA. The earliest a student can file the FAFSA for the 2011-2012 academic year - January 1, 2011. Check with schools for institutional deadlines and requirements. Failure to apply early may result in less aid, even if eligible. Students must renew the FAFSA every year. Renewal notification is sent to students towards the end of each calendar year.

15. 15 What is Financial Aid? Scholarships Grants Work Study Employment Loans

16. 16 Gift Aid (FREE $$$) Grants & Scholarships Federal Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Academic Competitiveness Grant (ACG) National SMART Grant TEACH Grant State Institutional Private/outside scholarships

17. 17 Academic Competitiveness Grant (ACG) First year grant is $750 For students who will be new freshman in 2009-10 the following criteria are required: U.S. Citizen AND Enrolled in a 2 or 4-year program AND Pell eligible AND Full Time AND Graduated from high school after 1/1/2006 AND Completed a rigorous high school curriculum as defined by the state Second year grant is $1300 Same criteria as above AND Must have a minimum 3.0 GPA AND Graduated from high school after 1/1/2005 Refer to handout in folder for additional information. FOTW will determine if you are eligible to answer the ACG questions

18. 18 National Science and Mathematics Access to Retain Talent (SMART) Grant Up to $4000 in 3rd and 4th years of undergraduate study Eligibility requires include: U.S. Citizen Pell Eligible Full Time 3.0 Cumulative G.P.A. Enrolled in an eligible program of study Computer Science, Engineering, Critical Foreign Languages, Life Sciences, Mathematics, Physical Sciences, Technology, or Multidisciplinary Studies

19. 19 Self-Help Aid Employment (must be earned as wages) Federal Work-Study Institutional Work Programs Off Campus employment Loans (must be repaid with interest) Federal Perkins Loan Federal Stafford Loans (school determines the loan program) Federal Family Education Loan (FFEL) Program William D. Ford Federal Direct Loan Program Federal PLUS Loan (parent) State Loans Institutional Loans Private-Alternative Loans

20. 20 Federal Student Loans Every family should file a FAFSA. Regardless of income, every student qualifies for a Federal Stafford loan, if they meet the basic eligibility requirements. Benefits of a federal student loan: You don’t have to repay until you leave school Lower interest rates than private loans or credit cards Credit record is not needed Co-signer is not required

21. Stafford/Direct Loans Base annual loan limits Dependent Students (combined subsidized and unsubsidized) $5,500 for 1st year undergraduates $6,500 for 2nd year undergraduates $7,500 for 3rd & 4th year undergraduate and above Career Maximum Dependent student $31,000 21

22. Stafford/Direct Loans Base annual loan limits Independent Students (combined subsidized and unsubsidized) $9,500 for 1st year undergraduates $10,500 for 2nd year undergraduates $12,500 for 3rd & 4th year undergraduate and above Career Maximum Dependent student $51,500 22

23. Stafford/Direct Loans Interest rate: 4.5% Subsidized 2010-2011 6.8% Unsubsidized 6-month grace period Repayment period may be up to10 years (25 year repayment period for certain circumstances) Deferment and cancellation provisions available 23

24. PLUS Loans Borrowers are parents of dependent undergraduate students Annual loan limit: cost of attendance minus other aid Fixed interest rate Direct Loan rate 7.9% Loan fees based on principal amount of each loan: Direct Loan Program: 4% loan fee Repayment begins 60 days after loan is fully disbursed unless parent requests deferment. Only principal may be deferred; interest may be capitalized If Parents are denied PLUS loan student is eligible for additional unsubsidized loan. 24

25. 25 How to Compare Financial Aid Offers Start with tuition, fees, room and board Subtract grant and scholarship offers only The difference is your “net cost” Always compare net cost Do not subtract Federal Work Study as a lump sum disbursement because students are paid for hours worked

26. 26 Other Financing Options School Payment Plans (spread over several months) Home Equity Loans (longer repayment, tax deductible) Life Insurance Policy Loans Pension Plan Loans 529 Plan withdrawals

27. 27 Government Resources Corporation for National and Community Service Veteran’s benefits and tuition waivers ROTC Scholarships and/or stipends Bureau of Indian Affairs (BIA) Grants State Divisions of Vocational Rehabilitation (DVR) Health and Human Services Loan and Scholarship Programs

28. 28 Other Sources of Funds Parental Affiliations Employers & Labor Unions Religious and Community Organizations Clubs and Civic groups Civic organization scholarships High School Local Public Library Private business scholarships

29. 29 www.fafsa4caster.ed.gov Note each section on the home page provides you with important information. (CLICK) Section A - Getting Started provides important information about what financial aid is, but it also provides you information about what you need before you start filling out the FAFSA4caster (CLICK) Section B - Using the FAFSA4caster provides information on the benefits of using this tool and access to the FAFSA4caster tool (CLICK) Section C - What’s Next. Now that you’ve submitted the FAFSA4caster, Section C will provide information about what to expect next and help you to transition from FAFSA4caster to FAFSA on the Web. Also, provides information about other non-federal aid, links to scholarship searches, and more……. (CLICK) Now, let click Begin Now to see the FAFSA4caster tool! Note each section on the home page provides you with important information. (CLICK) Section A - Getting Started provides important information about what financial aid is, but it also provides you information about what you need before you start filling out the FAFSA4caster (CLICK) Section B - Using the FAFSA4caster provides information on the benefits of using this tool and access to the FAFSA4caster tool (CLICK) Section C - What’s Next. Now that you’ve submitted the FAFSA4caster, Section C will provide information about what to expect next and help you to transition from FAFSA4caster to FAFSA on the Web. Also, provides information about other non-federal aid, links to scholarship searches, and more……. (CLICK) Now, let click Begin Now to see the FAFSA4caster tool!

30. Get Help College Goal Wisconsin Free program to help families complete the FAFSA February 19-20, 2011 Scholarship drawing at each site 30 sites throughout Wisconsin For location information: visit www.wicollegegoalsunday.org or call 1-866-578-4625 You can get help when it comes time to fill out the FAFSA. Every year, College Goal Sunday is held around the nation with several locations in most states. Students and their families can attend these free programs to get information and assistance with filling out the FAFSA from financial aid administrators and knowledgeable volunteers so you can be sure you’re completing it correctly. College Goal Sunday is usually held in February every year. To find a location near you, visit CollegeGoalSundayUSA.org You can get help when it comes time to fill out the FAFSA. Every year, College Goal Sunday is held around the nation with several locations in most states. Students and their families can attend these free programs to get information and assistance with filling out the FAFSA from financial aid administrators and knowledgeable volunteers so you can be sure you’re completing it correctly. College Goal Sunday is usually held in February every year. To find a location near you, visit CollegeGoalSundayUSA.org

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34. 34 Questions? Kylene Radmer Waukesha County Technical College [email protected] 262.691.5436 www.wctc.edu/finaidforms

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