financial aid back to basics
Download
Skip this Video
Download Presentation
Financial Aid: Back to Basics

Loading in 2 Seconds...

play fullscreen
1 / 43

Financial Aid: Back to Basics - PowerPoint PPT Presentation


  • 335 Views
  • Uploaded on

Financial Aid: Back to Basics. Andrea M. DeLuca, Assistant Director. Elizabethtown College Financial Aid Office. Presentation Objectives. Familiarize with terminology Outline application process Describe aid sources List resources available Reduce your anxiety. Getting Started.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Financial Aid: Back to Basics' - dorie


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
financial aid back to basics

Financial Aid:Back to Basics

Andrea M. DeLuca, Assistant Director

Elizabethtown College

Financial Aid Office

presentation objectives
Presentation Objectives
  • Familiarize with terminology
  • Outline application process
  • Describe aid sources
  • List resources available
  • Reduce your anxiety
getting started
Getting Started
  • Campus visits
  • Personal interviews with admissions and financial aid
  • Create college spreadsheet
  • Complete admissions application by December of senior year
  • Note financial aid deadlines
  • Complete federal taxes early
a word of advice

When beginning your college search, DO NOT rule out any school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

A word of advice:

role of the financial aid office
Role of the Financial Aid Office
  • Resource for family
  • Responsible to federal government
  • Administer state funding
  • Steward of college funds
  • Student advocate
do you qualify for financial aid
Do You Qualify for Financial Aid?

To be considered for financial aid, you must:

APPLY FOR IT!

potential applications
Potential Applications
  • Free Application for Federal Student Aid (FAFSA)
  • Institutional application
  • CSS PROFILE Form
  • Civic, religious, service scholarship applications
when do you apply for financial aid
When Do You Apply For Financial Aid?
  • The earliest that you may submit the FAFSA is January 1st of the senior year.
  • May 1st is the deadline to apply for a PHEAA State Grant (PA Residents Only).
  • Check with each institution to determine their own financial aid deadline.
  • Review private sources for their deadlines.
who completes the application
Who Completes the Application?
  • Student
  • Parents
    • Natural/adoptive
    • Single: divorced, separated, widowed
    • Remarried: Natural and step (who you live with)

AND

application suggestions
Application Suggestions
  • Schedule time to do it together.
    • Be aware of application deadlines.
    • Complete federal tax return & schedules as early as possible.
    • Complete all items – don’t leave any blank spaces
privacy matters
Privacy Matters

Under the Family Educational Rights and Privacy Act (FERPA), all information submitted on applications is protected. The data is treated as strictly confidential, maintained in a secure area, and only released to a third party upon obtaining student’s signature.

fafsa on the web fotw
FAFSA on the Web (FOTW)
  • www.fafsa.gov
    • Be sure to use the “.gov” and not “.com”
    • www.pin.ed.gov
    • Obtain a PIN to sign the FAFSA
why get a federal pin personal identification number
Why get a federal PIN?Personal Identification Number
  • Improves speed of application process
  • Used as “signature” on current and future FAFSA and loan applications
  • Used to make corrections to the FAFSA
  • Student/parent(s) should apply for their individual PIN – only one parent will need a PIN.

www.pin.ed.gov

slide14

Where does your information go?

FAFSA

Web or paper

Federal Government

(data entry, analysis, matches)

SAR

$ $ $

State

(grant award)

Student

Colleges

$ $ $ $ $

verification
Verification
  • FAFSA data checked against source

of data for accuracy

  • Common documents requested include:
      • 2013 Federal Tax Data
      • W-2 Forms
      • Verification Worksheets
  • Review performed by the Financial Aid Office
basic premise

Students and parents are the primary source of funds for postsecondary education and are expected to contribute to the extent they are able.

Basic Premise

aid sources
Aid Sources
  • Federal government
  • State government
  • Postsecondary institutions
  • Private agencies
philosophies of meeting need
Philosophies of Meeting Need

Dependent upon:

  • Funds available to meet applicants’ need
  • Specific goals of enrollment
  • Amount of federal campus-based funds
  • Special circumstances
cost of education
Cost of Education
  • Direct Costs
    • Tuition
    • Fees
    • Room
    • Board
  • Indirect Costs
    • Books & Supplies
    • Transportation
    • Personal Expenses
financial aid eligibility
Financial Aid Eligibility

Cost of Education

- Expected Family Contribution

Student’s Financial Need

slide21

Parent Contribution

+ Student Contribution

Expected Family Contribution

efc determining factors
EFC Determining Factors
  • Parental Income (Taxed and Untaxed)
  • Parental Assets (Excluding Primary Home & Tax-Sheltered Retirement Plans)
  • Student Income (amounts over $6,000)
  • Student Assets
  • Family Size/Number in College
  • Age of the Older Parent
items not included in the federal formula
Items Not Included in the Federal Formula
  • Consumer Debt
  • Prior Educational Debt
  • Auto Expenses

Permitted With Professional Judgment

  • Parent in College Expenses
  • Elementary/Secondary Tuition for Siblings
  • Medical & Dental Expenses
types of financial aid
Types of Financial Aid
  • Gift Aid
    • Scholarships
    • Grants
  • Self-Help
    • Employment
    • Loans
factors which may influence the financial aid package
Factors Which May Influence the Financial Aid Package
  • Academics
  • SAT’s
  • Class Rank
  • H.S. Attended
  • AP Courses
  • Predicted G.P.A.
  • Academic Track in High School
  • Diversity- Gender/Ethnicity
  • Athletic Ability
  • Talent- Theater, Art
  • Activities- Yearbook, Government
  • Geographic Diversity
  • Legacies
how gift aid is awarded
How Gift Aid is Awarded
  • Merit-based aid (Scholarships)
    • Academic ability
    • Special talent/achievement
    • Program of study
  • Need-based aid (Grants)
    • Financial need
    • Largest source of gift aid funds
federal grants
Federal Grants

PELL

  • “Floor” of Financial Aid Package
  • Maximum Award: $5,645
  • EFC determines eligibility ($5,081 or less)
  • Limited to 6 years of full-time eligibility

SEOG

  • “Priority to Pell Grant recipients
  • Award Range $100 to $4000 based on school’s funding
  • Determined by Financial Aid Office
pheaa state grant
PHEAA State Grant
  • Initial application = FAFSA
  • PHEAA online application notice sent
  • Must be a PA resident
  • Award value up to $4,362
    • Correlates to cost of college
employment self help
Employment (Self Help)
  • Spending money
  • Time management
  • Focused academics
  • Support group
  • Job references

(Recommended schedule: 6-10 hours a week)

types of employment
Types of Employment
  • Federal Work Study (FWS)
    • Part-time employment on or off campus
    • Partially subsidized by federal government
  • Institutional Employment
    • Part-time employment on campus
    • Fully subsidized by college
student loans
Student Loans
  • Borrowed money to be paid back with interest.
  • An investment of students in themselves.
  • Available to all undergraduate students
federal student loan
Federal Student Loan
  • For 2013-2014, loans have a fixed interest rate of 3.86 %

(set annually with an 8.25% cap)

  • Annual eligibility based on student’s grade level
federal student loan1
Federal Student Loan
  • Loan fees of 1.072% (increased from 1.051%) are charged.
  • Principal deferred while enrolled at least half-time (minimum of 6 credits).
  • Six-month grace period after last date of attendance.
  • Standard 10-year repayment term (other options available).
federal perkins loan
Federal Perkins Loan
  • Students with exceptional need
  • Loan amount determined by Financial Aid Office
  • Interest rate: 5%
  • Loan maximums: $5,500 per year
  • 9-month grace period
  • Deferment/cancellation provisions
private scholarship searches
Private Scholarship Searches
  • Always FREE
  • Never provide personal information such as your SSN
  • Seek help finding scholarships through:
    • High School Guidance Office
    • Financial Aid Office
    • World Wide Web Sites

http://www.finaid.com

http://www.fastweb.com

http://www.collegeboard.org

outside scholarships
Outside Scholarships
  • Must be reported
  • Individual institutions will handle scholarships differently
    • Check policy of each institution
other options for payment
Other Options for payment
  • 10-month interest-free payment plans
  • Assortment of bank plans
  • Institutional plans
  • Federal PLUS loans

(6.41%, with a 10.50% cap)

  • Home equity loans

(Pursue these options after college choice is made.)

professional judgment
Professional Judgment

The law provides the Financial Aid Office the flexibility to deal with special circumstances and conditions which are applied on a case-by-case basis after the original application has been filed.

types of professional judgment
Types of Professional Judgment
  • Separation or divorce
  • Death of one parent
  • Loss of employment income
  • Loss of non-taxable income
  • Unusual medical expenses
  • Other unusual circumstances
must i reapply
Must I Reapply?
  • Yes! Annually
    • Every year a new financial “snapshot”
    • Family circumstances may change
      • Income
      • Assets
      • Number in college
      • Number in household
      • Special circumstances
foundation base year income
Foundation: Base-Year Income
  • 2013 Federal

Tax Return

  • 2014 Federal

Tax Return

  • 2015 Federal

Tax Return

  • 2016 Federal Tax Return

2014-2015 Academic Year

2015-2016 Academic Year

2016-2017 Academic Year

2017-2018 Academic Year

best sources for help
Best Sources for Help
  • College financial aid office
  • PHEAA regional office
  • Local lenders
  • Local civic, religious, service organizations
  • High school guidance counselor
good luck and best wishes
Good Luck and Best Wishes!

Elizabethtown College

Financial Aid Office

717-361-1404

ad