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Financing Your Future. An Introduction to Financial Aid. Agenda. What does college cost? What types of aid are available? How do I apply for financial aid? Where can I get more information?. What Does College Cost? (Annual Tuition & Fees for WI Colleges).

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Financing your future

Financing Your Future

An Introduction to Financial Aid


Agenda
Agenda

What does college cost?

What types of aid are available?

How do I apply for financial aid?

Where can I get more information?


What does college cost annual tuition fees for wi colleges
What Does College Cost?(Annual Tuition & Fees for WI Colleges)

Private Colleges: $24,273 (average Freshman package includes $13,960 in grants)

UW-Madison: $9,664

State Universities: $6,930 - $8,676

Community Colleges: $4,774 - $5,154

Technical Colleges: $3,355 - $4,500


Cost of attendance coa
Cost of Attendance (COA)

The cost of attending an institution includes more than just tuition and fees. Also included are:

Room and Board Books and Supplies

Transportation Personal Expenses


How will i pay for it
How Will I Pay For It?

  • Family Support

    • Parents: talk to your accountant, tax preparer, bank, and employer about planning for and financing college

  • Savings

    • You may want to look into “EdVest”

      • Wisconsin’s official 529 Savings Plan

      • Similar to a 401K – contribute and earn through investments and receive tax benefits

  • Financial Aid


Where does financial aid come from
Where Does Financial Aid Come From?

Federal Government

State Government

Colleges and Universities

Private and Public Sources


What is financial aid
What is Financial Aid?

  • Grants

  • Loans

  • Employment Opportunities (Work Study)

  • Merit-based aid (Scholarships)

    • From within the college/university

    • From private/public sources outside the college/university


National grants
National Grants

  • Federal Pell Grant

    • Need based; annual award range for a full-time student is $976-$5,350

  • Federal SEOG Grant

    • Limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000

  • Academic Competitiveness Grant

    • Completed rigorous secondary curriculum; GPA requirement; freshman/sophomore award range is $750 - $1,300


State grants
State Grants

  • WI Higher Education Grant

    • Need based; annual award range for a full-time student is $250-$3,000

  • Talent Incentive Program (TIP) Grant

    • Need based; $600 to $1,800 for initial awards

  • Indian Student Assistance Grant

  • Minority Undergraduate Retention Grant

  • Hearing and Visually Handicapped Student Grant

  • http://heab.state.wi.us/programs.html


Types of loans
Types of Loans

There are also WI state loans for Teachers and Nurses.

See http://heab.state.wi.us/programs.html for details.


Work study
Work Study

Part-time student employment

Earnings paid to student

Work-Study earnings are not included when determining EFC on next year’s FAFSA


Scholarships
Scholarships

  • Local and Non-Local available in the Guidance Office

    • Lists handed out to seniors periodically

    • Most local scholarships come out between December and March

  • Community, church, civic, and business organizations

  • Employers

  • Colleges and Universities

  • On the Internet

  • Avoid scams – never pay a fee to apply or get info.


How do i apply for financial aid
How Do I Apply for Financial Aid?

Complete a FAFSA worksheet in December or January

Get a Federal PIN so you can sign your FAFSA electronically (parents and students need one)

Fill out the Free Application for Federal Student Aid (FAFSA) after January 1st of your senior year

Apply for scholarships during your junior and senior year, as well as each year of college

Contact your financial aid administrator if you have special circumstances


Pin registration
PIN Registration

www.PIN.ed.gov


Fafsa on the web
FAFSA on the Web

www.fafsa.ed.gov


Fafsa on the web1
FAFSA on the Web

www.fafsa.ed.gov

  • Completing and processing the FAFSA are free!

  • Never pay a fee to file the FAFSA.

  • You can fill out the FAFSA before doing your taxes, but it’s easier to wait until your taxes are done.

    • If you do the FAFSA before your taxes are done, you put in estimated amounts and then amend them later after you’ve done your taxes.

  • The deadline for priority consideration is March 1st

  • Contact your school’s financial aid office if you need help.


New this year
New This Year…

FAFSA on the Web will now allow applicants to access their IRS tax information and have it automatically inserted into the FAFSA.

The 2012 FAFSA will include a brief series of questions to determine whether you are eligible for IRS data retrieval.

This system begins February 1, 2012.


Be careful
Be Careful…

www.fafsa.ed.gov

Put your name and SSN on the FAFSA exactly how it appears on your social security card

Refer to completed federal income tax return and consult instructions for proper line reference

If entry is zero or none, enter O – don’t leave blank

Enter school code(s) to send to


Be careful1
Be Careful…

www.fafsa.ed.gov

Student and one parent must both sign (with PIN) on dependent student’s FAFSA

When asked about parent’s education level on the FAFSA, “college” is referring to a 4 year completed degree.


What makes a student independent
What Makes a Student “Independent”?

At least 24 years old by December 31st of the award year covered by the FAFSA

Graduate or Professional Student

Married

Has legal dependents other than a spouse who receive more than one half their support from the student

Is an orphan, in foster care, or ward of the court

Emancipated minor or in legal guardianship as determined by a court

Has been determined to be homeless by an authorized official


Expected family contribution efc
Expected Family Contribution (EFC)

The EFC is calculated from the information you provide on the FAFSA according to a formula established by law.

You can get an estimate of your EFC using the FAFSA 4-caster tool at www.fafsa.ed.gov


Fafsa data that tends to have the most impact on efc calculation
FAFSA Data that Tends to Have the Most Impact on EFC Calculation

Dependent Student

Independent Student

Parents’ income and assets

Household size

Number of dependents attending college

Students’ income and assets

Student’s (and spouse’s) income and assets

Household size

Number in household attending college



Wi college goal sunday www wicollegegoalsunday org
WI College Goal Sunday Calculation www.wicollegegoalsunday.org

Get free help completing the FAFSA.

Get entered to win a $1,000 scholarship!

Chippewa Valley Technical College

Sunday, February, 19th at 2:00 p.m.

620 Clairemont Ave Business Education Center Eau Claire, WI 54701

Entrance by Parking Lot P1 at the front of the building, or P9 on the west side.


After completing the fafsa
After completing the FAFSA… Calculation

A Student Aid Report (SAR) will be generated and used by each college/university you entered on your FAFSA to generate an award letter for each school

Review your SAR for accuracy

The award letter states what the student qualifies for at each school

Once you decide what school you’re going to, you must notify that school’s financial aid office of your intent to use those funds, and for what amount


Reciprocity programs for wi residents
Reciprocity Programs for WI Residents Calculation

  • Minnesota:

    • All public institutions

  • Illinois:

    • College of Lake County, Grayslake, ILMcHenry County College, Crystal Lake, ILRock Valley College, Rockford, IL

  • Iowa:

    • Northeast Iowa Community College, Calmar and Peosta, IA

  • Michigan:

    • Bay de Noc Community College, Escanaba, MIGogebic Community College, Iron Mountain, MI


Other resources
Other Resources Calculation

  • Federal Tax Benefits for Higher Education

    • Deduction for Qualified Education Expenses

    • Employer Paid Tuition Assistance

    • Hope and Lifetime Learning Tax Credits

    • Student Loan Interest Deduction

  • Other Government Programs

    • Americorps Program

    • Bureau of Indian Affairs Grants

    • Dislocated Worker Programs

    • ROTC Scholarships and/or Stipends

    • Veterans Benefits

    • Vocational Rehabilitation Programs



Helpful websites
Helpful Websites Calculation

  • www.pin.ed.gov

  • www.fafsa.ed.gov

  • http://heab.state.wi.us

    • Provides links to Wisconsin grants, scholarships and loans


Questions

Questions? Calculation

Paula Haugle

School Counselor

School District of Elmwood

213 s. Scott Street

Elmwood, WI 54740

715-639-2721

(fax) 715-639-3110

[email protected]


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