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The Financial Aid Process 2011-2012. Presented by: Patty Taylor Director of Financial Aid Lakeland College. Financial Aid Topics for tonight. Types and Sources of Financial Aid Federal , State , Miscellaneous How is Financial Aid Determined? Budget, EFC, Financial Need

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the financial aid process 2011 2012

The Financial Aid Process2011-2012

Presented by: Patty Taylor

Director of Financial Aid

Lakeland College

financial aid topics for tonight
Financial Aid Topics for tonight
  • Types and Sources of Financial Aid
    • Federal, State, Miscellaneous
  • How is Financial Aid Determined?
    • Budget, EFC, Financial Need
  • How to Apply for Financial Aid
    • FAFSA, other forms and documentation
  • Award Letter
  • Extras
    • Timetable
    • Special Circumstances
    • Tax Benefits
    • Contact Information
what is financial aid
What is Financial Aid?
  • Financial aid is money a student receives to help the student and family pay for educational expenses.
types of financial aid
Types of Financial Aid
  • Grants—Money not paid back
  • Scholarships—Money not paid back
  • Loans—Money a student or parent borrows and pays back to a lender
  • Work Program—Job on-campus
federal sources



Teach Grant/Loan

Work Study






Federal Sources
work study
Work Study
  • Two Kinds
    • Federal Work Study -- partially funded by government money
    • Regular Employment -- 100% funded by the college
  • May be required to apply for a job
  • Jobs may not always be guaranteed
  • Check is issued to the student
student loans
Student Loans
  • Loan Limits for the Subsidized/Unsubsidized per academic year for dependent students.
    • $5500 Freshman
    • $6500 Sophomore
    • $7500 Junior
    • $7500 Senior
  • Career Maximum to borrow is $31,000
student loans cont
Student Loans Cont.
  • Federal Subsidized
    • Interest rate of 3.4%
    • 6 months grace after college before repayment begins
    • 0%-0.5% origination fee deducted by the federal government from the gross amount of the loan
    • government pays the interest while the student is in college
    • 1% federal default fee
student loans cont1
Student Loans Cont.
  • Federal Unsubsidized
    • Interest rate is 6.8%
    • 6 month grace period after college before repayment begins
    • 0%-0.5% origination fee deducted by the federal government from the gross amount of the loan
    • The student is responsible for the interest on the loan while in college
    • 1% federal default fee
plus loans
PLUS Loans
  • Federal Parent Loan for Undergraduate Students (PLUS)
    • Loan for Parents
    • Interest rate 7.90%
    • 3% origination fee deducted from the gross amount of the loan
plus loans cont
PLUS Loans Cont.
  • 1% federal default fee
  • Credit check is performed—if denied, an endorser can be obtained
  • Payments begin 60 days after the latest disbursement
    • Parents can request to postpone payments while the student is enrolled at least half-time.
state sources
State Sources
  • Grants
    • Wisconsin State Tuition Grant (Private)
    • Wisconsin Higher Education Grant (UW’s / Tech)
    • Wisconsin Covenant
    • Wisconsin Indian Grant
    • Talent Incentive Program (TIP)—Wisconsin Education Opportunity Programs (WEOP)
    • Minority Grant

wisconsin covenant new for 2011 12
Wisconsin Covenant New for 2011-12
  • Students MUST:
    • 1. Complete FAFSA by April 1
    • 2. Complete confirmation form by April 1
    • 3. By July determine which college student will attend.
    • There are not exceptions to these deadlines.
    • Appeal process—military, serious accident with severe medical issues.

***There is no guarantee that this program will be available beyond the 2011-12 year.

miscellaneous sources
Miscellaneous Sources
  • College
  • Community, Foundations, Companies, Unions
  • DVR
  • Tribal Indian Grants
  • Workforce Development
  • Financial Institutions—Private Loans
  • Outside Scholarships
    • Must report scholarship(s) to financial aid offices
    • Ask colleges if the scholarship affects the students financial aid award
    • loan or work-study can be affected
    • National searches:
scholarships cont
Scholarships Cont.
  • When applying for Scholarships:

1. Type applications

2. Follow directions

3. Dress Up for Interviews

4. 20 hours completing applications and if awarded $1000 equates to $50 per hour.

alternative loans
Alternative Loans
  • Banks have been developing their own loan programs for student.
  • list of available lenders.
  • Schools can’t always recommend a lender
how financial aid is determined
How Financial Aid is Determined

Budget …

  • Expected Family

Contribution (EFC)…

= Financial Need…

  • Tuition and Fees—Direct Cost
  • Room and Board—May be direct or indirect Cost
  • Books—Indirect cost
  • Transportation—Indirect cost
  • Personal—Indirect cost
  • Loan Fees—Indirect cost
expected family contribution efc
Expected Family Contribution (EFC)
  • Government Calculation
    • student income and assets
    • parent income and assets
    • number of people in the family
    • number of people in college

Two Components:

1. Parent Contribution

2. Student Contribution

how to apply for financial aid
How to Apply for Financial Aid
  • Complete the Free application for Federal Student Aid (FAFSA)
  • FAFSA on the Web (FOTW) worksheets
  • Paper FAFSA’s can be obtained by calling

1-800-4-fed-aid (1-800-433-3243)

  • Complete any other forms the financial aid office may require
pin registration
PIN Registration
  • Web site:
  • For student and parent
  • Not required,

but speeds processing

  • May be used

throughout financial

aid process

documents needed to complete fafsa
Documents Needed to complete FAFSA
  • 2010 Federal Taxes—with 2 weeks after electronic submission of taxes, on the FAFSA you should be able to pull the data in.
  • W’2’s
  • Untaxed Income information
  • Bank Statement
  • Asset Values
  • Driver’s License
  • Social Security Number
frequent fafsa errors
Frequent FAFSA Errors
  • Parent & 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 & investment net worth
the 2011 2012 corrections on the web
The 2011-2012 Corrections on the Web
  • Talk with a financial aid office regarding corrections. Some corrections are required to be made while others may not be.
  • If you marked “will file” for taxes you will be required to submit corrections.
what happens after the fafsa is submitted
What Happens After the FAFSA is Submitted?
  • Student receives an e-mail that the FAFSA is processed within 3-5 days if PIN’s are used.
  • All colleges listed on the FAFSA should receive an electronic copy
  • A paper Student Aid Report is generated only if the FAFSA was completed on paper and an e-mail address was not entered.
additional forms
Additional Forms
  • Additional forms (these may not be required for everyone)
    • Financial aid application
    • Signed copies of 2010 federal tax returns
      • Parent(s), Student
    • W-2’s
    • Verification worksheet
    • Social security card
    • Selective service card (
  • File should be complete for an award to be determined
the award letter
The Award Letter
  • Lists each source of assistance
  • Gives you the right to accept or decline any type of aid
  • May need to be signed and returned to the Financial Aid Office
  • Many colleges have the award letter available on-line.
award letter is accepted what s next
Award Letter is Accepted. What’s Next?
  • If the student accepted a loan, the necessary promissory notes need to be completed.
  • Students borrowing for the first time through the federal programs must complete Entrance Counseling.
  • Students should keep copies of the loan application, award letters, and disclosure statements
  • Be there to help you son/daughters. Many have never borrowed money and need guidance determining which loan program is best for them.
  • 10 days prior to the term, we are allowed to disburse financial aid funds to a students account.
  • This is very important. Be very aware of deadlines. Some colleges have cut off dates for different institutional grants or scholarships.
special circumstances
Special Circumstances
  • Involuntary loss of employment
  • Unusual and excessive paid medical expenses
  • Divorce/Separation
  • Death of parent or spouse
  • Others
tax benefits
Tax Benefits
  • There are federal tax credits available while students are in college. This is a good time to talk with a tax advisor about these benefits and how they may impact your tax filing in the future.
college goal weekend
College Goal Weekend
  • When: February 20, 2011
  • Time: 2:00 p.m.
  • Location: UWC—Sheboygan
  • What For: Help with completing the FAFSA
good luck
Good Luck!

Patty Taylor


[email protected]