Financial aid back to basics
Download
1 / 43

Financial Aid: Back to Basics - PowerPoint PPT Presentation


  • 325 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 school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

  • 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 school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined! Financial Aid?

To be considered for financial aid, you must:

APPLY FOR IT!


Potential applications
Potential Applications school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

  • 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 school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined! 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? school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

  • Student

  • Parents

    • Natural/adoptive

    • Single: divorced, separated, widowed

    • Remarried: Natural and step (who you live with)

AND


Application suggestions
Application Suggestions school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

  • 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 school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

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 school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined! 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? school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined! 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


Where does your information go? school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

FAFSA

Web or paper

Federal Government

(data entry, analysis, matches)

SAR

$ $ $

State

(grant award)

Student

Colleges

$ $ $ $ $


Verification
Verification school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

  • 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 postsecondary education and are expected to contribute to the extent they are able.

    • Federal government

    • State government

    • Postsecondary institutions

    • Private agencies


    Philosophies of meeting need
    Philosophies of Meeting Need postsecondary education and are expected to contribute to the extent they are able.

    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 postsecondary education and are expected to contribute to the extent they are able.

    • Direct Costs

      • Tuition

      • Fees

      • Room

      • Board

    • Indirect Costs

      • Books & Supplies

      • Transportation

      • Personal Expenses


    Financial aid eligibility
    Financial Aid Eligibility postsecondary education and are expected to contribute to the extent they are able.

    Cost of Education

    - Expected Family Contribution

    Student’s Financial Need


    Parent Contribution postsecondary education and are expected to contribute to the extent they are able.

    + Student Contribution

    Expected Family Contribution


    Efc determining factors
    EFC Determining Factors postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.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 postsecondary education and are expected to contribute to the extent they are able.

    • Gift Aid

      • Scholarships

      • Grants

    • Self-Help

      • Employment

      • Loans


    Factors which may influence the financial aid package
    Factors Which May Influence the Financial Aid Package postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    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 postsecondary education and are expected to contribute to the extent they are able.

    • 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) postsecondary education and are expected to contribute to the extent they are able.

    • Spending money

    • Time management

    • Focused academics

    • Support group

    • Job references

    (Recommended schedule: 6-10 hours a week)


    Types of employment
    Types of Employment postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.Scholarships

    • Must be reported

    • Individual institutions will handle scholarships differently

      • Check policy of each institution


    Other options for payment
    Other Options postsecondary education and are expected to contribute to the extent they are able.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 postsecondary education and are expected to contribute to the extent they are able.

    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 postsecondary education and are expected to contribute to the extent they are able.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? postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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 postsecondary education and are expected to contribute to the extent they are able.

    • 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! postsecondary education and are expected to contribute to the extent they are able.

    Elizabethtown College

    Financial Aid Office

    717-361-1404


    ad