Financial Aid

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2. Welcome!. . Today's Presenter:Benjamin P. DobnerWaukesha County Technical [email protected] 3. www.WiCollegeGoalSunday.org. College Goal Sunday February 10, 2008 2:00

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Financial Aid

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1. 1 Financial Aid

2. 2 Welcome! Todayís Presenter: Benjamin P. Dobner Waukesha County Technical College [email protected] 262.691.5436

3. 3 College Goal Sunday February 10, 2008 2:00 Ė 4:00 p.m. College Goal Sunday is a statewide event that will offer free assistance to families in completing the Free Application for Federal Student Aid (FAFSA) Volunteer forms, marketing materials and additional information can be found on the website Scheduled at 20 sites throughout Wisconsin

4. 4 College Goal Sunday Coming to a Location Near You!!!

5. 5 FINANCIAL AID FUNDAMENTALS

6. 6 Financing Your Education What is the goal of financial aid? How is financial need determined? How do I apply? What aid is available? What is the role of the financial aid office?

7. 7 Goal of Financial Aid To assist students in paying for college. To provide opportunity and access to higher education.

8. 8 Basic Principles of Financial Aid The family has primary responsibility for financing postsecondary education.

9. 9 Principles of Needs Analysis To the extent they are able, parents have primary responsibility to pay for their dependent childrenís education. Students also have a responsibility to contribute to their educational costs. Families should be evaluated in their present financial condition. A familyís ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect a familyís ability to pay.

10. 10 Financial Aid Regulations Are determined by federal and state statutes and legislators Establish your eligibility for most types of aid Apply to all schools

11. 11 What Are the Costs? Tuition and Fees + Room and Board + Transportation + Books & Supplies + Miscellaneous Living Expenses = Cost of Attendance (COA)

12. 12 Expected Family Contribution (EFC) (Federal Methodology established by U.S. Congress) Determined by filing the FAFSA www.FAFSA.ed.gov

13. 13 Main Determinants of the EFC Income Assets Family size Number in College Age of the older parent

14. 14 Expected Family Contribution (EFC) Is the sum of four separate calculations: Contribution from Parental Income Contribution from Parental Assets Contribution from Student Income Contribution from Student Assets

15. 15 Financial Need Defined Cost of Attendance (COA) Ė Expected Family Contribution (EFC) = Financial Need

16. 16 Middle Income Student Family Size 4 Number in college 1 Parent AGI $ 68,400 Parent Untaxed Income $ 3,500 Parentís Assets $ 45,000 Studentís AGI $ 4,500 Studentís Assets $ 3,000 Parentís Contribution $ 8,895 (Parentís Contribution from Assets = $0) +Studentís Contribution $ 978 (Student Income Contribution $378) (Student Contribution from Assets $600) =Expected Family Contribution: $ 9,873 (Note: 2007-2008 FM formula used)

17. 17 Financial Need Varies By School Cost

18. 18 You may be eligible for aid, butÖ.. YOU MUST APPLY TO FIND OUT! And itís free! File the FAFSA each year. www.FAFSA.ed.gov

19. 19 Application Process Apply for PIN through Department of Education Submit the Free Application for Federal Student Aid (FAFSA) prior to your schoolís deadline (paper or electronic) Submit any institutional application materials (if required by your school) Attain admission status

20. 20 Free Application For Federal Student Aid FAFSA on the Web (FAFSA.ED.GOV) Paper FAFSA (must called 1-800-4-FED-AID)

21. 21 What is a PIN? www.pin.ed.gov Personal Identification Number Students and parents can get PINs Electronic signature for FAFSA on the Web PIN delivery Real time online By regular mail in 7-10 days Can also be used for: Renewal on the Web Corrections on the Web National Student Loan Database Signing promissory notes for student/ parent loans (Perkins, Stafford, PLUS)

22. 22 Timelines The earliest a student can file the FAFSA for the 2008-2009 academic year - January 1, 2008. Check with the colleges at which the student plans to apply for institutional deadlines and requirements. Failure to apply early may result in less aid even if eligible. Students must re-apply for aid every year.

23. 23 FAFSA on the Webís Homepage

24. 24 Before Beginning a FAFSA Overview

25. 25 The First Page

26. 26 The Dependency Worksheet

27. 27 Entering Income Information

28. 28 Entering Income Information

29. 29 Searching for College Codes

30. 30 Signature Process

31. 31 Confirmation Page

32. 32 What is Financial Aid? Scholarships Grants Loans Employment opportunities

33. 33 Three primary sources of funding: US Department of Education The federal agency that provides college funding in the form of grants, scholarships and loans. State Most states have agencies that administer state scholarship and grant programs, college savings and prepaid tuition programs, and loans. The Higher Educational Aids Board (HEAB) manages state aid in Wisconsin. Colleges & Universities Schools may offer their own scholarship, grant, work-study and loan programs, with each college setting its requirements.

34. 34 Gift Aid (FREE $$$) Grants & Scholarships Federal (Administered by schools) Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Academic Competitiveness Grant (ACG) National SMART Grant State (Administered by HEAB, DPI-WEOP & Schools) Institutional (Endowment funds from Schools) Private (Various outside organizations)

35. 35 Self-Help Aid Employment (must be earned as wages) Federal Work-Study Institutional Work-Study Programs Off Campus employment Loans (must be repaid with interest) Federal Perkins Loan Federal Stafford Loans (school determines the loan program) Federal Family Education Loan (FFEL) Program William D. Ford Federal Direct Loan Program Federal PLUS Loan (Parents) State Loans Institutional Loans Private-Alternative Loans

36. 36 Why Get A Federal Student Loan? You donít have to repay until you leave school Lower interest rates than private loans or credit cards Credit record is not needed Cosigner is not required

37. 37 Loan Comparison Chart

38. 38 PLUS vs. Private Alternative Loan

39. 39 How to Evaluate and Choose a Lender Interest rates and terms: some lenders offer better terms or discounts Front End Benefits Ė awarded on or before repayment Origination Fee waivers Default Fee waivers Back End Benefits Ė awarded after the loan is in repayment Electronic debiting incentives Interest rate reductions Loan principal reductions Borrower benefits may have specific eligibility requirements Loan application processes: Can you apply online? Is instant approval offered? Repayment plans Customer service: Toll free numbers during convenient hours Website Ability of lender to service all of your loans Carefully evaluate terms and conditions of loan options available via the Financial Aid Office, from direct mail, etc.

40. 40 How to Compare College Financial Aid Offers Start with tuition, fees, room and board Subtract grant and scholarship offers only The difference is your ďnet costĒ Always compare net cost Do not subtract Federal Work Study as a lump sum disbursement as students are paid for hours worked

41. 41 Other Financing Options School Payment Plans (spread over several months) Home Equity Loans (longer repayment, tax deductible) Life Insurance Policy Loans Pension Plan Loans 529 Plan withdrawals Wisconsin Tuition Remission for Vets

42. 42 Government Resources Corporation for National and Community Service Veteranís benefits and tuition waivers ROTC Scholarships and/or stipends Bureau of Indian Affairs (BIA) Grants State Divisions of Vocational Rehabilitation (DVR) Health and Human Services Loan and Scholarship Programs

43. 43 Other Sources of Funds Parental Affiliations Employers & Labor Unions Religious and Community Organizations Clubs and Civic groups Civic organization scholarships High School Local Public Library Private business scholarships

44. 44 FREE Scholarship Services

45. 45 Role of the Financial Aid Office Answers your questions FERPA restrictions Determines financial need eligibility for various types of financial aid Verifies applicant data when required Develops policy and procedures to distribute aid Packages aid from all available sources Sends award notification letters/e-mails with information on: Costs Amount awarded from each aid program How and when aid will be disbursed Terms and conditions of studentís award

46. 46 Role of the Business Office Calculates tuition, meals and other fees Sends billing statements Credits financial aid to the studentís account Sets up payment plans, if available Processes student checks Returns financial aid funds that are unearned Collects payments for charges on studentís account Sends out 1098T for tax purposes

47. 47 Sample Questions for the Financial Aid Office 1) What is the average cost for the first year? Estimates for future years? 2) Does applying for aid affect the admission decision? 3) What type of aid does the school have? Need-based or Merit? 4) What applications, besides the FAFSA, are needed to apply for aid? 5) What is the priority deadline date for all types of financial aid? 6) When will I be notified about a financial aid award? 7) How does the aid package normally change from year to year? 8) What are the conditions of the aid package? 9) Is there an opportunity to appeal if the package isnít enough? 10) How does the college bill for tuition, fees, etc.?

48. 48 Return on Educational Investments

49. 49 Questions?????

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