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Add Your School name or logo Here. Presents:. And. Making Sense of the Financial Aid Process and Getting S tarted. What is Financial Aid?. Financial Assistance to help families pay for the cost of attending college that exceeds their ability to pay. Includes: Gift Aid (free monies)

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Presents

Add Your School name or logo Here

Presents:

And

Making Sense of the

Financial Aid Process and Getting Started


What is financial aid

What is Financial Aid?

  • Financial Assistance to help families pay for the cost of attending college that exceeds their ability to pay. Includes:

  • Gift Aid (free monies)

    -- Scholarships

    -- Grants

  • Self Help

    -- Student Loans (to be repaid)

    -- Student Employment (to be earned)


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Who is Eligible?

All U.S. citizens or non-citizens with permanent resident status applying for federal student aid for the first time qualify for some forms of financial assistance.

Undocumented students may be eligible for some limited non-federal aid.

(Males required to register for selective service must do so in order to receive federal student aid.)


Who provides financial aid

Who Provides Financial Aid?

U.S. Department of Education(www.studentaid.ed.gov)

-- Pell Grant (Up to $5,645 per year)

-- Supplemental Education Opportunity Grant-SEOG (Up to $4,000 per year-generally less because of availability of funds at the school)

-- TEACH Grant (Up to $4,000 per year)

-- Perkins Loan (Up to $4,000 per year, but usually less because of availability of funds at the school)

FEDERAL GOVERNMENT


U s department of education continued

U.S. Department of Education(continued)

-- Direct Student Loans (Up to $5,500 for freshman, $6,500 for sophomores, and $7,500 for juniors & seniors, $20,500 for grad students)

-- Parent PLUS Loan (Up to full cost of attendance minus student’s financial aid. Requires credit worthy applicant.)

-- Work Study (Award amounts vary by hourly wage and number of hours worked, campus policy)

(Notice of eligibility and award amounts for U.S. Dept of Education programs are made by the financial aid offices at the schools to which you apply.)


Washington state www wsac wa gov

WASHINGTON STATE (www.wsac.wa.gov)

-- Washington State Need Grant (awarded by school)

-- State Work Study Program (awarded by school)

-- Tuition & Fee Waivers (awarded at WA public colleges)

-- Washington Scholars

-- Washington Award for Vocational Excellence

-- Washington Health Professions Programs

-- College Bound Scholarship

-- Opportunity Grants

-- WICHE


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WASHINGTON STATE (continued)

-- American Indian Endowed Scholarships

-- Future Teachers Conditional Scholarship and Loan Repayment

-- GET Ready for Math and Science Conditional Scholarship

-- John R. Justice Loan Repayment Program

-- Passport for Foster Youth Promise Program

*Many state programs have been suspended due to budget cuts made during the recession.


Colleges universities

COLLEGES & UNIVERSITIES

-- Academic Merit Scholarships

-- Talent Scholarships

-- Need Based Grants/Scholarships

-- Endowed or Restricted Scholarships

-- Institutional loan or work programs

(Availability of programs and funds, as well as definition of “merit” or “talent” varies by school)


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Other Federal Agencies Offer Financial Assistance

U.S. Department of Veterans Affairs (http://www.gibill.va.gov/post-911/)

(Application is made with Dept of Veterans Affairs)

U.S Department of Health and Human Services(http://www.hrsa.gov/loanscholarships/

(Application usually made with Dept of Health Resources and Services Administration) Many programs are for graduate studies.


Community awards

COMMUNITY AWARDS

-- High School scholarships

-- Community scholarships (e.g. Sumner-Bonney Lake Educational Foundation/Dollars For Scholars, Rotary, Elks, etc.)

-- Foundation Scholarships

-- Business Scholarships

-- Employer Scholarships (employee tuition assistance, dependent scholarships)

-- Church Scholarships


How do i apply

How Do I Apply?

  • Apply for admission to the schools you are interested in attending.

  • Apply for a Personal Identification Number (PIN), which will serve as your electronic signature on the on-line FAFSA (www.pin.ed.gov).

  • Complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.gov). Application can be made beginning Jan. 1, 2014. Apply as early as you can, using estimated 2013 income information, if necessary.

  • Complete any supplemental application required by individual schools.


Your on line fafsa should look like this

Your on-line FAFSA should look like this . . .

And NOT these $80 .com site!


How do schools award aid continued

How Do Schools Award Aid? (continued)

1.On Financial Need

Requires filing the FAFSA to determine financial need. Includes:

-- scholarships

-- grants

-- work

-- student loans

  • Merit (academic, artistic or athletic talent)

  • Conditional (demographic, academic interest profile, etc.)


How is financial need determined

How is Financial Need Determined?

“Financial Need” is the difference between the cost of the school and the amount the family is expected to contribute toward that cost.

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

=Financial Need


Cost of attendance budget

Cost of Attendance (Budget)

Includes:

Tuition and fees

Room and meals

Books and supplies

Transportation

Day care costs

Personal and miscellaneous

(may also include uniforms and computer at school’s discretion/policy)


Cost of attendance will vary

Cost of Attendance will Vary


But expected family contribution efc remains the same

But Expected Family Contribution (EFC), remains the same


How is the efc calculated

How is the EFC Calculated?

Federal Methodology of Need Analysis

  • Determines student’s dependency status

  • Total Income (taxed and some untaxed incomes) for 2013

  • Household size

  • Number of family members attending college (excludes parents, running start)

  • Value of assets (Excludes home, retirement accounts, insurance policies)

  • Age of older parent


Irs to fafsa data transfer

IRS to FAFSA data transfer

  • You have the option to authorize the IRS to transfer your income tax information directly to your FAFSA, beginning Feb. 3, 2014.

  • Must electronically file your tax return at least two weeks before filing your FAFSA or

  • If filing via postal, your hard-copy tax return must be mailed at least six weeks before filing your FAFSA.

  • If you file your FAFSA before completing your tax return, you must return to the FAFSA and re-authorize the data transfer.


Who is an independent student

Who is an Independent Student?

  • Student is 24 years old by Dec 31, 2014

  • Married at time of FAFSA filing

  • Has dependent child(ren) they are supporting

  • Is serving on active duty or a veteran of the U.S. Armed forces

  • Is enrolled in graduate school

  • Both parents deceased

  • Documented homeless, emancipated minor, foster youth, had court appointed legal guardian


So who s the parent

So who’s the Parent?

  • Excludes grandparent , aunts or uncles (unless legally adopted)

  • If parents divorced, the parent the student lives with the most over the last 12 months

  • If equal, then the parent providing the most support over the past 12 months

  • Always includes step-parent if parent has remarried

  • Includes both parents if living together (regardless of marital status or gender)


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So What happens next?

  • After your school(s) receive your FAFSA and you are admitted, you will receive an offer of financial aid from each school, outlining what aid programs and dollar amounts they are making available to you. You need to:

  • Decide on the school you will attend, accept their award and complete the “paperwork” to process your aid. (May include a tuition deposit)

  • Notify the other schools of your decision.


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When can we expect to see this happen?

  • Assuming you’ve been admitted and filed the FAFSA, generally aid offers are sent beginning:

  • Mid to late February from private colleges & universities.

  • March & April from public four year colleges & universities.

  • April, May and June from two year community colleges.


Things to remember

Things to Remember

  • Must re-apply (FAFSA) each year

  • Only looks at previous year’s income

  • Doesn’t take into consideration unusual circumstances or changes. Contact the school if you have unusual circumstances.

  • Better to file early with estimated information than be accurate but late

  • Don’t assume you can’t afford a school – get their financial aid award offer before deciding

  • Renewal requires making Satisfactory Academic Progress


Fafsa4caster

FAFSA4caster

  • Get an estimate of what the FAFSA might generate as your Expected Family Contribution (EFC) by completing the FAFSA4caster at:

  • www.fafsa.ed.gov and click on the link under

    “Thinking About College?”

  • A shortened version of the FAFSA that can be used anytime prior to actually applying for aid.


Net price calculator

Net Price Calculator

  • All schools offering federal student aid MUST have a “net price calculator” (NPC) on their website.

  • The school’s NPC provides:

  • Their cost of attendance

  • Dollar amount of scholarship and grants student could expect to receive

  • Net price – the difference between the two.

  • Some schools will also prove an estimate of the student’s total financial aid award


Finally

Finally . . .

  • Keep all your school options open until your financial aid award confirms its affordability.

  • Don’t pay anyone or any website to do your scholarship search or help with the FAFSA.

  • Find FAFSA priority deadlines for WA schools at www.wfaa.org under “OUTREACH”, then “Counselors”.

  • Find answers to frequently asked financial aid questions at www.wfaa.org under “OUTREACH”

  • Check out the video clips on financial aid at the www.wfaa.orgwebsite.


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Find scholarship matches on the Washington only website: www.thewashboard.org


Questions

Questions?

If the FAQ’s on the WFAA.org website don’t answer all your questions, talk to the financial aid administrator at your local college or university, or at the school the student is interested in attending.


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