OHIO WESLEYAN UNIVERSITY Hayes High School December 12, 2013. Contact Us for Help. Your best source for FREE financial aid information and assistance Assist students with the application process. Determine eligibility for financial aid. Provide a balance of free aid, employment
OHIO WESLEYAN UNIVERSITYHayes High SchoolDecember 12, 2013
Contact Us for Help
Your best source for FREE financial aid
information and assistance
Assist students with the application process.
Determine eligibility for financial aid.
Provide a balance of free aid, employment
and student loans.
Notify students of their awards.
Develop a working relationship with students
and their families.
The Financial Aid Process
Most colleges use the Free Application for Federal
Student Aid (FAFSA) as an application for most
financial aid programs.
The FASFA can be completed after January 1st
To receive full consideration for all institutional
and federal financial aid programs at most colleges,
the FAFSA should be submitted in February and
March each year.
Many colleges also require an institutional aid
application or the CSS/Financial Aid PROFILE.
FAFSA on the Webfafsa.ed.gov
Built-in edits to prevent costly errors
Skip logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) data retrieval
More detailed instructions and “help” for common questions
Ability to check application status on-line
Apply Early: Estimate your 2013 income (use your 2012 taxes or 2013 W2’s).
Complete All Items: Indicate (0) zero for items that do not pertain to you.
Divorced Parents: Use parent with whom the student lived most in during the
previous year. If remarried, household income includes the step parent.
Untaxed Income: For Pre-taxed 401K and IRA withholdings, report only the
amount saved in 2013.
Investment Income: Report current value minus debt only.
Sign the FAFSA Electronically: Use your federal PIN.
Sign FAFSA electronically
Sign student loan promissory
Have your PIN automatically
created or chose your own.
Each student has a PIN and
one parent has a PIN.
Useful guide to help prepare and then complete the FAFSA
Available to download at http://www.fafsa.ed.gov/fotw1314/pdf/fafsaws13c.pdf
How Eligibility for Financial
Aid is Determined
Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). This measurement of the family’s financial strength is comprised from many components including number of family members in household and college, age of oldest parent, and income and assets. Colleges use the EFC and other factors to determine need for aid.
Determination of Need:
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Many times students and parents can appeal to have their EFC
decreased, COA increased, or for additional institutional aid if
they have valid, documentedcircumstances.
- Job loss or reduction in pay
- Excessive medical expenses paid
- One time rollover or capital gain
- Private elementary or high school costs paid
- Loss of income sources
- Many others…
Please note that consumer related expensesdo not apply
Rewarding academic and talent-based achievement with non-need-based scholarship programs.
- Usually based on need but may be offered to lower need students.
- Priority FAFSA date is usually required.
State Financial Aid
- Usually based on need and may require the FAFSA.
- Pell Grant
- Supplemental Educational Opportunity Grant (SEOG)
Federal Work-Study (FWS) provides part-time jobs for students demonstrating financial need. This program allows students to earn money to help pay education expenses. The FAFSA is required for this program. Institutional Student Employment is usually available for students who do not qualify for the federal work study program. This program is usually earned and used in the same way as federal program.Colleges must use portion of FWS funds for community service activities.Students generally use money earned to help pay for their personal expenses.
FEDERAL STUDENT LOANS
Federal student loans are low-interest aid programs for students and parents. The FAFSA is required for these loans.Perkins Loans are need-based loans made through the financial aid office. Amounts generally range between $1,000 - $5,000.Subsidized Stafford Loans are need-based loans. The annual amount for first-time freshmen is $3,500.Unsubsidized Stafford Loans are non-need-based loans. The annual amount for first-time freshmen is $2,000. PLUS loans are borrowed by parents of dependent undergraduate students. Complete the application MPN after June 1, 2014.
Private Grants and Scholarships are offered by various
organizations, businesses and foundations:
- Students must apply separately for each program
- Students compete locally, regionally and nationally
- Apply, Apply, Apply!
Private student loans from commercial lenders:
- Variable application process and procedures
- Various criteria and requirements
- Various terms and conditions
- Usually requires a co-signer (e.g. parent)
Net Price Calculator
All Title IV institutions enrolling full-time, first-time degree or certificate seeking undergraduate students are required to have an NPC posted on their website.
Using both student-entered and institution-provided data, the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula: Cost of attendance minus financial aid
Net Price Calculator
Inclusion of direct and indirect costs in “price of attendance” component can significantly inflate the price tag.
Institution’s flexibility to customize template could make college costs comparisons an extremely complex process.
Designed to provide accurate and timely information about the net price of a college.
Can assist families in comparing colleges based on net price and financial aid.
College Goal Sunday
February 9, 2014
Receive assistance with completing the
2013-2014 FAFSA form from financial aid
Various locations throughout Ohio
Register on line: