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2010 High School Counselor Drive-In Workshop

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2010 High School Counselor Drive-In Workshop

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    1. 2010 High School Counselor Drive-In Workshop

    2. Today’s Presenters FA professional name here FA professional name here CACG advisor name here HEAB name here DPI name here Your School Name Here

    3. Workshop Coordinated By:

    4. Today’s Agenda 8:00 Begins at 8:30 Concludes at 12:00 Registration Welcome & Review of Agenda and Packet Materials Financial Aid Overview -updates from HEAB & DPI Break Applying for Aid FAFSA Topics Q&A Restrooms Refreshments Review packet materials Break should be planned for approximately 10am, whenever a natural break occursRestrooms Refreshments Review packet materials Break should be planned for approximately 10am, whenever a natural break occurs

    5. Financial Aid Overview Needs Analysis Cost of Attendance Estimated Family Contribution Financial Need Types of Aid Available

    6. Goal of Financial Aid To assist students in paying for school To provide opportunity and access to higher education To help narrow the gap between what the family can pay and the cost of education

    7. Financial Aid Regulations Are determined by federal and state statutes and legislators Establish applicant’s eligibility for most types of aid Each financial aid program has it’s own unique eligibility requirements Are applicable to all schools

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

    9. What Are the Costs? Tuition and Fees + Room and Board + Transportation + Books & Supplies + Miscellaneous Living Expenses = Cost of Attendance (COA) **COA varies widely from institution to institution Direct costs vs. Indirect Costs Direct costs vs. Indirect Costs

    10. Expected Family Contribution (EFC) (Federal Methodology established by U.S. Congress) Determined by filing the Free Application for Federal Student Aid (FAFSA) www.fafsa.gov An index used to calculate eligibility for aid Stays the same regardless of college Two components Parent contribution Student contribution

    11. Main Determinants of the EFC Income of both student and parents Assets of both student and parents Family size Number in College Age of the older parent Parents of a dependent student cannot be included in number in college.Parents of a dependent student cannot be included in number in college.

    12. EFC Calculation Example Family Size 4 Number in college 1 Parent AGI (IRS 1040A) $ 52,000 Parent Untaxed Income $ 3,500 Parent’s Assets $ 45,000 Student’s AGI $ 4,500 Student’s Assets $ 500 Parent’s Contribution $ 3,728 (Parent’s Contribution from Assets = $0) +Student’s Contribution $ 100 (Student Income Contribution $0) (Student Contribution from Assets $100) =Expected Family Contribution: $ 3,828 **EFC is based on the Calculation Notes: Parents ages = 42 and 45 Father’s earned income = $40,000 Mother’s earned income = $12,000 AGI 52000-11400 (standard deduction)=40600- 14600 (4 exemptions)= 26000 taxable income. 2009 tax tables = $3069 tax liability**EFC is based on the Calculation Notes: Parents ages = 42 and 45 Father’s earned income = $40,000 Mother’s earned income = $12,000 AGI 52000-11400 (standard deduction)=40600- 14600 (4 exemptions)= 26000 taxable income. 2009 tax tables = $3069 tax liability

    13. Financial Need Defined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

    14. Financial Need Varies by School Cost EFC remains constantEFC remains constant

    15. Almost EVERYONE is eligible for some type of financial aid, but….. YOU MUST APPLY TO FIND OUT! And it’s free! NEVER pay to file the FAFSA! File the FAFSA each year. www.fafsa.gov Remind them not to go to www.fafsa.com. Remind them not to go to www.fafsa.com.

    16. What is Financial Aid? Grants Scholarships Work Study Employment Loans

    17. Three primary sources of funding: US Department of Education The federal agency that provides funding in the form of grants, work study, 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 setting its own requirements

    18. Gift Aid (FREE $$$) Grants Federal Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) TEACH Grant State Institutional **speaker should then introduce HEAB staff to discuss state aid** TEACH Grant notes ** not all schools participate in the TEACH grant program The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Conditions In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education (ED). You will be charged interest from the date the grant was disbursed. For TEACH grant fact sheet, http://www.studentaid.ed.gov/students/attachments/siteresources/TEACHGrant10-11.pdf **speaker should then introduce HEAB staff to discuss state aid** TEACH Grant notes ** not all schools participate in the TEACH grant program The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Conditions In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education (ED). You will be charged interest from the date the grant was disbursed. For TEACH grant fact sheet, http://www.studentaid.ed.gov/students/attachments/siteresources/TEACHGrant10-11.pdf

    19. State of wisconsin higher educational aids board

    20. Who may receive state aid? State financial aid is available to Wisconsin residents enrolled at non-profit colleges and universities based in Wisconsin: University of Wisconsin System Wisconsin Technical Colleges Independent Colleges & Universities Tribal Colleges

    21. Who may not receive state aid? State statutes prohibit students from receiving state financial aid who are: Not registered with Selective Service (males) Listed on the Dept. of Workforce Development’s Statewide Child Support Lien Docket. (Students on the Lien Docket may still receive state loans.)

    22. Applying for State Aid Free Application for Federal Student Aid HEAB receives FAFSA data for all Wisconsin residents HEAB recommends that ALL students file the FAFSA, regardless of income – students should file as soon after January 1 as possible Please encourage veterans to the file FAFSA – they may be eligible for aid even if they are getting tuition remissions The FAFSA is the only application for Wisconsin's 2 major grant programs: Wisconsin Higher Education Grant (UW, Technical Colleges, Tribal Colleges) Wisconsin Tuition Grant (Independent Colleges & Universities)

    23. Receiving State Aid HEAB notifies the college or university financial aid offices of each student’s eligibility for state financial aid. The financial aid offices include all state aid in the student’s financial aid package.

    24. State Financial Aid Programs Programs for Students with Financial Need Free Application for Federal Student Aid (FAFSA) Wisconsin Higher Education Grant Wisconsin Tuition Grant Programs for Students with Financial Need who must also meet Additional Requirements FAFSA and additional Application or Nomination Hearing & Visually Handicapped Student Grant Indian Student Assistance Grant Minority Undergraduate Retention Grant Nursing Student Loan Talent Incentive Program Grant Programs Not Based on Financial Need Application or Nomination: FAFSA recommended but not required Academic Excellence Scholarship Minnesota-Wisconsin Tuition Reciprocity Program Minority Teacher Loan Teacher of the Visually Impaired Loan

    25. Academic Excellence Scholarship (AES) Awarded to Wisconsin’s top high school seniors who are Wisconsin residents and are US citizens or permanent US residents Earned by the high school senior(s) with the highest cumulative grade point average in the class at the end of the fall semester of senior year If you have an un-weighted, or traditional, grading system, alternates are reported in order by the next highest GPA but not lower than a 3.8 If you have a weighted grading system, alternates are reported in order by the next highest GPAs Scholarship s are worth up to $2250 per year, for up to four years, toward tuition at participating Wisconsin colleges or universities HEAB notifies the college of the student’s AES award

    26. Academic Excellence Scholarship (AES) The number of Academic Excellence Scholarships that may be awarded per school is based on student enrollment HEAB determines the number of scholarships for each school based on Department of Public Instruction fall enrollment reports. Contact HEAB if you believe your number of scholarships is inaccurate.

    27. Tips for Counselors The cumulative GPA for each student should be reported exactly as it is shown on your official high school transcript Student name should be written exactly as the student wishes it to appear on the certificate Schools should inform all recipients and alternates of their AES status as early as possible Please encourage recipients to return their paperwork to HEAB as soon as possible If an AES recipient has special circumstances that prevent college enrollment by the fall, the student should contact HEAB immediately School Districts are required to have Board Policies identifying An AES tie-breaking strategy for identical GPAs The required number of semesters of enrollment in that district for a student to be eligible for the AES

    28. AES High School Timeline JANUARY - HEAB mails instructions, forms, notification of number of scholarships available for the school (based on enrollment), and a copy of the AES State of Wisconsin Statutes and Rules to schools FEBRUARY 15 - By February 15th the school board shall designate the Academic Excellence Scholar(s). These designations are final. MARCH 1 - No later than March 1, high school counselors must submit nomination forms, with the names of the recipients and alternates, to HEAB. MARCH - AES recipients are contacted by HEAB asking them to verify their intent to accept the scholarship, and asking which participating school they plan to attend. HEAB begins the alternate selection process. MAY - HEAB sends AES certificates to high schools for presentation to the scholars. Alternates do not receive certificates. Contact Nancy Wilkison, HEAB Grant Specialist, for any questions about AES. Email: nancy.wilkison@wisconsin.gov Phone: (608) 267-2213

    29. Contacting HEAB State of Wisconsin Higher Educational Aids Board P.O. Box 7885 Madison, WI 53707-7885 (608) 267-2206 Fax: (608) 267-2808 E-Mail: HEABmail@wisconsin.gov Web Page: heab.wi.gov

    30. Fund for Wisconsin Scholars (FFWS) The FFWS is a private charitable foundation that has been funded with a $175 million founding gift. It will provide grants to talented, lower-income graduates of Wisconsin public high schools attending a public college, university or technical school in Wisconsin. Grants are gifts and do not need to be repaid. Recipients are selected randomly out of those students that meet basic eligibility criteria. **speaker should here introduce DPI staff to discuss other state programs** Questions and Answers 2. Why are you doing this? We want to help make college more accessible and affordable for Wisconsin students. The data are compelling: In 2005-2006, the average cost for attending a UW System school was $13,642, while the average need-based grant aid was $4,151 – creating a nearly $9,500 gap. In 2000-2001, the average cost was $9,666 and average aid was $3,424 – a $6,200 gap. The growing affordability gap means that many able students simply cannot afford college. Many others who do attend accrue overwhelming debt. The purpose of the FFWS is to reduce financial barriers to college and to lighten the debt that most Wisconsin students incur during their college years. 3. Is the fund accepting additional contributions? Yes. The initial gift to the fund is intended to be a catalyst for future growth. Information on how to make tax-deductible donations to the FFWS may be directed to Mary Gulbrandsen, the Executive Director of the Fund at 608.238.2400. 4. Is this only for students attending public institutions? Yes. These grants are for recent graduates of Wisconsin public high schools who are attending a public post-secondary school. Because of the cost difference between public institutions and private schools, the grants will have a greater impact in the public schools. In the future, the FFWS may look at expanding to include Wisconsin’s independent colleges. 5. What is ‘lower-income’? Eligibility will be determined through the FAFSA process. The grants will be based on financial need.  It is our hope to provide grants to more than just low-income students as the fund grows. It is becoming apparent that many middle income families struggle with the cost of college.   6. When will you make the first grant awards? Approximately 2,000 grants worth $5,000,000 will be awarded for the 2008-2009 school year. Thereafter, we estimate that 3,000 grants per year will be awarded through the colleges to eligible students. 7. What is the amount of the grants? The grants will range from $1,000 to $5,000 per student, per year, depending on need and costs of particular institutions. 8. Can eligible students receive grants during each of their college years? Yes. Students who continue to have a need and meet academic performance criteria may apply each year, for additional grants. Students may be eligible for grants for a maximum of 10 semesters. 9. How will students apply for these grants? Students will apply by the same channels through which they apply for financial aid. They will fill out the FAFSA to request financial aid, including FFWS grants, from an eligible college. The grants will be awarded to students as part of a financial aid package provided by each institution’s financial aid office. These grants will be in addition to the state and federal grants that many students are already receiving. The grants will be awarded through the University of Wisconsin System two and four year colleges and the Wisconsin Technical College System schools to eligible students. 10. Will the FFWS have any direct contact with grant recipients? Yes. After grants are awarded, the institutions will provide the FFWS with the names of each recipient. We hope to build a relationship with each scholar, and based on experience, ultimately play a mentor role. 11. How will the FFWS invest its money? The Board of Trustees will manage the foundation’s investments with advice from outside money managers. As a 501(c)(3), we will follow the appropriate tax laws.  12. Do you expect that the state will reduce its financial aid to post-secondary schools as a result of these grants? No. We believe the state will continue to fulfill its commitment to students by increasing grants for post-secondary education. The people of Wisconsin know that maintaining a strong educational system is critical to growing Wisconsin’s economy. 13. How many Wisconsin residents currently have college degrees? About 23 percent of Wisconsin residents over age 25 hold a college degree. We hope that the FFWS will help to increase that number. 14. Is this part of Governor Jim Doyle’s Covenant program? This is complimentary to the Governor’s Covenant program. This is not a state-run program, although it is designed to complement the Covenant, which guarantees a spot at a state college or university to every Wisconsin student who maintains good grades and stays out of trouble.  **speaker should here introduce DPI staff to discuss other state programs** Questions and Answers 2. Why are you doing this?We want to help make college more accessible and affordable for Wisconsin students. The data are compelling: In 2005-2006, the average cost for attending a UW System school was $13,642, while the average need-based grant aid was $4,151 – creating a nearly $9,500 gap. In 2000-2001, the average cost was $9,666 and average aid was $3,424 – a $6,200 gap. The growing affordability gap means that many able students simply cannot afford college. Many others who do attend accrue overwhelming debt. The purpose of the FFWS is to reduce financial barriers to college and to lighten the debt that most Wisconsin students incur during their college years.

    31. Wisconsin Department of Public Instruction Wisconsin Educational Opportunity Programs

    32. What is WEOP? WEOP is a component of the Department of Public Instruction. Our purpose is to help educationally and economically disadvantaged students continue their education through select statewide programs.

    33. WEOP Programs State Talent Search Program Talent Incentive Program (TIP) Precollege Scholarship Program Early Identification Program (EIP) Federal GEAR UP Program Federal Talent Search Program (Ashland, Eau Claire, Green Bay, and Wausau offices only) Federal Upward Bound Program (Wausau Office only)

    34. State Talent Search Program Individual financial aid, admissions, scholarship and career advising Assist with the college and financial aid application process Identify and recommend students for the TIP Grant Recommend students for the GEAR UP scholarship Assist students in identifying scholarship sources Make financial aid presentations to parents, students, and community groups

    35. Talent Incentive Program (TIP) TIP Grant Purpose: Assist disadvantaged, low-income students with limited financial resources Benefits of the TIP Grant Grant ranges from $800-$1800 per year Automatically renewable if student applies for financial aid and is continuously enrolled Available for 10 consecutive semesters

    36. TIP Guidelines Must be a WI resident Attend a HEAB approved post-secondary institution (WI technical, public or private college/university) Be a first time college freshman (A student who has been enrolled in a post-secondary institution for less than two semesters at half time or greater status since attending high school.)

    37. TIP Criteria A student must meet one criteria from Group A and one from Group B Group A is based on financial need Group B is based on other factors The criteria is based on dependent or independent status for financial aid purposes as determined by the FAFSA

    38. Group A Dependent Student Parent contribution at or below $200 Family receives TANF benefits Parents unemployed and have no current income from employment and are ineligible for unemployment compensation Independent Student A student contribution at or below $200 A student receives TANF benefits A student and spouse, if married, is unemployed and receives no income from employment, and is/are ineligible for unemployment compensation

    39. Group B A student must meet one of these criteria: Is enrolled in a special academic support program at college Is first generation (neither parent graduated from a 4-year college) Is disabled according to DHSF, DVR, or a special needs office at the college campus Is currently or formerly incarcerated The student’s environmental and academic background are such that it deters the pursuit of his/her educational plans. New for 11-12: “Is a member of a minority group as listed” This criteria is no longer a qualifier for group BNew for 11-12: “Is a member of a minority group as listed” This criteria is no longer a qualifier for group B

    40. Documentation that may be Requested to Complete the TIP Application Process College Letter of Acceptance or Class Schedule Student Aid Report (SAR) Prior Year Tax Forms Verification of untaxed income Financial Aid Award Letter Documents required to complete the application process may vary at each WEOP office

    41. GEAR UP Scholarship Eligible participants: Are a GEAR UP, EIP or Federal TRIO student who is a Wisconsin resident Must be nominated by a WEOP Counselor Must attend a public, private, or technical college in Wisconsin Must be eligible for a Pell Grant and a WHEG or WTG grant Can receive this renewable scholarship for 10 consecutive semesters of attendance To be eligible for a GEAR-UP scholarship a student must ….To be eligible for a GEAR-UP scholarship a student must ….

    42. Precollege Scholarship Program Available to Wisconsin students in grades 6-12 who are eligible for free or reduced price school meals. Must be attending a pre-authorized Wisconsin academic Pre-college program. Covers tuition, books, supplies, room and board. A student can receive three scholarships per calendar year from July 1 – June 30. Application must be signed by guidance counselor, teacher, principal or WEOP counselor and a parent or legal guardian. Pre-College Scholarships are also available to Majority students at some colleges or to majority students in our in GEAR-UP program, who cannot obtain a DPI Minority Scholarship.Pre-College Scholarships are also available to Majority students at some colleges or to majority students in our in GEAR-UP program, who cannot obtain a DPI Minority Scholarship.

    43. How to apply? Contact your nearest WEOP office Download the applications at: www.dpi.wi.gov/weop/index.html

    44. OTHER WEOP PROGRAMS GEAR UP, EIP, Federal Talent Search, and Upward Bound Grades 6-12 Programs are provided to: Targeted School Districts Students who meet pre-determined income guidelines Programs emphasize: Academic Achievement Tutoring Mentoring Parent Involvement College Visits Workshops

    46. WEOP Offices www.dpi.wi.gov Madison: 125 South Webster Street, Room 309 Madison, WI 53707 (608) 267-1058 Racine: 2113 N. Wisconsin Racine, WI 53402 (262) 638-7370 Wausau: 133 River Drive Wausau, WI 54403 (715) 842-0871 Ashland: 620 Beaser Avenue Ashland, WI 54806 (715) 682-7975 Eau Claire: 204 E. Grand Avenue, 5th Floor Eau Claire, WI 54701 (715) 836-3171 Green Bay: 2140 Holmgren Way Green Bay, WI 54304 (920) 492-5745 Milwaukee: 101 W. Pleasant Street, Suite 110 Milwaukee, WI 53212 (414) 227-4466 **DPI staff should introduce next speaker to continue discussion of other types of funding****DPI staff should introduce next speaker to continue discussion of other types of funding**

    47. Wisconsin Covenant 2010/11 School Year Welcome and IntroductionsWelcome and Introductions

    48. The Wisconsin Covenant: The Goal The goal of the Wisconsin Covenant is for 8th grade students to aspire to and prepare for higher education. Every Wisconsin student should know that if they are willing to work hard in high school, stay out of trouble and contribute to their community, college IS possible For more information: www.wisconsincovenant.wi.gov

    49. Confirmation Process Refer to copy awarding process and timelineRefer to copy awarding process and timeline

    50. Important dates to remember for seniors to be confirmed:

    51. Gift Aid (FREE $$$) Scholarships Civic organization scholarships High School Local Public Library Private business scholarships Online scholarship search engines Other sources of funding Parental Affiliations Employers & Labor Unions Religious and Community Organizations Clubs and Civic groups Other sources may provide tuition reimbursementOther sources may provide tuition reimbursement

    52. Additional Government Resources Corporation for National and Community Service Veteran’s 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 Student should contact the agency that provides the benefit directly to begin the application process.Student should contact the agency that provides the benefit directly to begin the application process.

    53. Self-Help Aid Employment (must be earned as wages) Federal Work-Study Institutional Work Programs Off Campus employment Loans (must be repaid with interest) Federal Perkins Loan Federal Stafford Loans William D. Ford Federal Direct Loan Program Subsidized Must exhibit financial need to qualify Unsubsidized Federal PLUS Loan (parent) State Loans Institutional Loans Private-Alternative Loans

    54. Federal Student Loans Every family should file a FAFSA. Regardless of income, every student qualifies for a Federal Stafford loan, if they meet the basic eligibility requirements. Benefits of a federal student loan: You don’t have to repay until you leave school Lower interest rates than credit cards Credit record is not needed Co-signer is not required Subsidized rate for undergrad loans in 2011-2012 is 3.4% Unsubsidized is 6.8% Borrowing limits for dependent undergraduate student: Freshmen $5500 (no more than $3500 in sub) Sophomore $6500 (no more than $4500 in sub) Junior/Senior $7500 (no more than $5500 in sub) Aggregate borrowing limits: $31000, no more than $23000 of which may be sub Subsidized rate for undergrad loans in 2011-2012 is 3.4% Unsubsidized is 6.8% Borrowing limits for dependent undergraduate student: Freshmen $5500 (no more than $3500 in sub) Sophomore $6500 (no more than $4500 in sub) Junior/Senior $7500 (no more than $5500 in sub) Aggregate borrowing limits: $31000, no more than $23000 of which may be sub

    55. PLUS vs. Private/Alternative Loan PLUS or alt loan should come after Stafford loans.PLUS or alt loan should come after Stafford loans.

    56. Borrowing Tips! Refer students to financial aid offices first, prior to seeking alternative loans. Refer students to financial aid offices first, prior to seeking alternative loans.

    57. Other Financing Options School Payment Plans (spread over several months) Home Equity Loans (longer repayment, tax deductible) Life Insurance Policy Loans Retirement Plan Loans 529 Plan withdrawals

    58. Applying for Aid Resources available Application process What happens after you file a FAFSA Financial Aid fraud Comparing school offers

    59. What is College Access Advising?

    60. College Access Advising To take advantage to the free resources available through the College Access Challenge Grant, contact us at: 888-648-5733 E-mail: CollegeAccessAdvising@glhec.org

    61. Get Help College Goal Wisconsin Free program to help families complete the FAFSA February 19-20, 2011 Scholarship drawing at each site Provided by WASFAA and CACG 30 sites throughout Wisconsin Sponsored by WASFAA, along with several other partners For location information: visit www.wicollegegoalsunday.org or call 1-866-578-4625 You can get help when it comes time to fill out the FAFSA. Every year, College Goal Sunday is held around the nation with several locations in most states. Students and their families can attend these free programs to get information and assistance with filling out the FAFSA from financial aid administrators and knowledgeable volunteers so you can be sure you’re completing it correctly. College Goal Sunday is usually held in February every year. To find a location near you, visit CollegeGoalSundayUSA.org You can get help when it comes time to fill out the FAFSA. Every year, College Goal Sunday is held around the nation with several locations in most states. Students and their families can attend these free programs to get information and assistance with filling out the FAFSA from financial aid administrators and knowledgeable volunteers so you can be sure you’re completing it correctly. College Goal Sunday is usually held in February every year. To find a location near you, visit CollegeGoalSundayUSA.org

    65. Application Process Apply for PIN through Department of Education www.pin.ed.gov Submit the Free Application for Federal Student Aid (FAFSA) prior to your school’s deadline www.fafsa.gov, NOT fafsa.com!! Submit any institutional application materials (if required by your school) Finalize school admission Make sure to meet all required deadlines!

    66. FAFSA Steps General student info Student’s financial data Dependency questions Parent data (dependent students) Household size (independent students) Schools and school codes Signature(s)

    67. What is a PIN? www.pin.ed.gov Personal Identification Number Student and one parent must get their own PIN Used to electronically sign the FAFSA PIN delivery Instantly view online By e-mail immediately, with a link to retrieve your PIN By postal 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)

    68. College Scholarship Service /PROFILE (used by some private schools) Collects additional data Targets non-federal funds Supports Institutional Methodology (IM) as well as Federal Methodology (FM) Supports early estimates/early admission Out of state schools may utilize this service; the school will let you know if you need to provide this additional data. There is a fee associated with the CSS profile. From CollegeBoard website (as of September 2010): You are charged an application fee of $9, plus $16 for each college or scholarship program to which you want information sent. A limited number of fee waivers are granted automatically to first-year, first-time citizen — or eligible non-citizen applicants — from low-income families, based on the financial information provided on the PROFILE.Out of state schools may utilize this service; the school will let you know if you need to provide this additional data. There is a fee associated with the CSS profile. From CollegeBoard website (as of September 2010): You are charged an application fee of $9, plus $16 for each college or scholarship program to which you want information sent. A limited number of fee waivers are granted automatically to first-year, first-time citizen — or eligible non-citizen applicants — from low-income families, based on the financial information provided on the PROFILE.

    69. Timelines A PIN may be obtained at any time prior to filing the FAFSA. The earliest a student can file the FAFSA for the 2011-2012 academic year is January 1, 2011. Check with schools for institutional deadlines and requirements. Failure to apply early may result in less aid, even if otherwise eligible. Students must renew the FAFSA every year. Renewal notification is sent to students in early January 2011. Students with a valid e-mail address will receive e-mail reminders. Others will receive a paper reminder.

    70. After you file the FAFSA Results are sent electronically to the school(s) the student selected. Students & Parents will receive the results of their FAFSA by e-mail (or regular mail) - Student Aid Report (SAR). If FAFSA corrections are necessary, go to www.fafsa.gov and “make corrections to a processed FAFSA.” If FAFSA is rejected, follow the instructions to correct it! Students may be required to verify the information submitted on the FAFSA (submit tax forms). After the student is admitted to a school, a financial aid package will be prepared. Contact the school with any Special Circumstances.

    71. FAFSA Processing Flowchart Data Matches: Social Security Department of Homeland Security National Student Loan Data System Department of Defense Department of Justice Selective Service Veterans AffairsData Matches: Social Security Department of Homeland Security National Student Loan Data System Department of Defense Department of Justice Selective Service Veterans Affairs

    72. Don’t Get Scammed on Your Way to College Consumer complaints are mainly about business practices: College prep/financial aid advice services FAFSA for a fee Be aware of tactics used to convince students to buy services: “If you use our services, you’re guaranteed to get at least $2000 in student aid for college, or we’ll give you your money back.” “Applying for aid is complicated. We’re the only ones who can help you through the process and find all the aid for which you’re eligible.” “I’d like to offer you a scholarship (or grant). All I need is your bank account information so the money can be deposited and a processing fee charged.” Contact your nearest college financial aid office if you have questions regarding the legitimacy of any questionable offer Note: Some of these programs are targeted to students as early as their freshman year (9th grade)Note: Some of these programs are targeted to students as early as their freshman year (9th grade)

    73. Proceed with Caution! Never pay a fee to file the FAFSA When filing a FAFSA, make sure you go directly to: www.fafsa.gov (not www.fafsa.com) Contact the financial aid office if you need help in completing the FAFSA Never pay for financial aid assistance! Financial aid nights Campus tours Scholarship searches For high school counselors planning a financial aid night, when in doubt, contact a financial aid director. Ask questions! For high school counselors planning a financial aid night, when in doubt, contact a financial aid director. Ask questions!

    74. How to Compare Financial Aid Offers Start with tuition, fees, room and board Subtract grant and scholarship offers only The difference is your “net cost” Always compare net cost Do not subtract Federal Work Study as a lump sum disbursement because students are paid for hours worked Note award package comparison & COA comparison worksheets as resources under NASFAA on “helpful info on the web” in packetNote award package comparison & COA comparison worksheets as resources under NASFAA on “helpful info on the web” in packet

    75. FAFSA Topics Frequent FAFSA errors How to report assets Student dependency criteria Who is a parent? Professional Judgment Student Responsibility Recent changes

    76. Frequent FAFSA Errors Missing Signatures/PIN Wrong Social Security Number Divorced/remarried parent information Income earned by parents/stepparents Untaxed income Incorrect reporting of U.S. income taxes paid Household size Number in postsecondary education (cannot include parent) Real estate and investment net worth/small business net worth Not using name listed on Social Security card Wrong state of residence; info will not go to HEAB Reporting parent data in student section NOT APPLYING AT ALL

    77. Assets – FAFSA Questions Student (and Spouse) As of today, what is your (and spouse’s) total current balance of cash, savings and checking accounts? Do not include student financial aid. As of today, what is the net worth of your (and spouse’s) investments, including real estate? Don’t include the home you live in. Net worth means current value minus debt. As of today, what is the net worth of your (and spouse’s) current businesses and/or investment farms? Don’t include a family farm or family business with 100 or fewer full-time or full-time equivalent employees. Parents Same questions, if dependent student Net worth means current value minus debt. Investments include real estate (do not include the home you live in), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc. Investments also include qualified educational benefits or education savings accounts such as Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans. For a student who does not report parental information, the accounts owned by the student (and the student’s spouse) are reported as student investments. For a student who must report parental information, the accounts are reported as parental investments, including all accounts owned by the student and all accounts owned by the parents for any member of the household. Investments do not include the home you live in, the value of life insurance, retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) or cash, savings and checking accounts already reported in 40 and 88. Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments. Investments also do not include UGMA and UTMA accounts for which you are the custodian, but not the owner. Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral. Business value does not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. For small business value, your family includes (1) persons directly related to you, such as a parent, sister or cousin, or (2) persons who are or were related to you by marriage, such as a spouse, stepparent or sister-in-law. Investment farm value does not include the value of a family farm that you (your spouse and/or your parents) live on and operate. Net worth means current value minus debt. Investments include real estate (do not include the home you live in), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc. Investments also include qualified educational benefits or education savings accounts such as Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans. For a student who does not report parental information, the accounts owned by the student (and the student’s spouse) are reported as student investments. For a student who must report parental information, the accounts are reported as parental investments, including all accounts owned by the student and all accounts owned by the parents for any member of the household. Investments do not include the home you live in, the value of life insurance, retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) or cash, savings and checking accounts already reported in 40 and 88. Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments. Investments also do not include UGMA and UTMA accounts for which you are the custodian, but not the owner. Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral. Business value does not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. For small business value, your family includes (1) persons directly related to you, such as a parent, sister or cousin, or (2) persons who are or were related to you by marriage, such as a spouse, stepparent or sister-in-law. Investment farm value does not include the value of a family farm that you (your spouse and/or your parents) live on and operate.

    78. Dependency Status Questions Were you born before January 1, 1988? As of today, are you married? At the beginning of the 2011–2012 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, graduate certificate, etc.)? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than half of their support from you between July 1, 2011 and June 30, 2012? Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012? At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? As determined by a court in your state of legal residence, are you or were you an emancipated minor? As determined by a court in your state of legal residence, are you or were you in legal guardianship?

    79. Dependency Status Questions At any time on or after July 1, 2010, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2010, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless? At any time on or after July 1, 2010, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? Determined to be independent by the financial aid administrator via Professional Judgment (Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status) Waiver to independency as part of Professional Judgment is not commonly done. Waiver to independency as part of Professional Judgment is not commonly done.

    80. For Federal Methodology, Who is a Parent? Two biological parents married to each other Divorced or separated parents Stepparent Widowed parent Legal adoptive parent

    81. Divorced/Separated Issues FAFSA is to be completed using parent with whom the student lived with more in the past 12 months. If student did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that the student actually received support from a parent. If this parent has remarried, stepparent information must be included on the FAFSA.

    82. Special Circumstances? Contact the Financial Aid Office Divorce/Separation after the FAFSA has been filed Loss of income or benefits One-time income Death or Disability of student or parent Medical/Dental expenses not covered by insurance Elementary or secondary school tuition Dependency override (Note: Professional Judgment is at the sole discretion of each institution.) Under very limited circumstances (for example, your parents are incarcerated; you have left home due to an abusive family environment; or you do not know where your parents are and are unable to contact them), you may be able to submit your FAFSA without parental information. If you are unable to provide parental information on the FAFSA, skip Steps Four and Five, and go to Step Six. Once you submit your FAFSA without parental data, you must follow up with the financial aid office at the college you plan to attend, in order to complete your FAFSA. Under very limited circumstances (for example, your parents are incarcerated; you have left home due to an abusive family environment; or you do not know where your parents are and are unable to contact them), you may be able to submit your FAFSA without parental information. If you are unable to provide parental information on the FAFSA, skip Steps Four and Five, and go to Step Six. Once you submit your FAFSA without parental data, you must follow up with the financial aid office at the college you plan to attend, in order to complete your FAFSA.

    83. Professional Judgment by Financial Aid Administrators Adjustments are determined by each institution on a case by case basis. Another institution may or may not automatically accept a professional judgment made by another institution. The decision must recognize the unique situation of the student and must be documented. Each institution must be contacted regarding special circumstances.Each institution must be contacted regarding special circumstances.

    84. Unsubsidized Loan Only An applicant who is dependent but whose parents do not provide financial support and refuse to provide parental data on the FAFSA will have the option to submit the FAFSA for an unsubsidized loan only FAFSA on the Web will present a path that allows the applicant to indicate that he or she will not provide parental data on the form and will allow the applicant to submit the FAFSA The FAFSA will be processed as a “rejected dependent student” and no EFC will be calculated. The applicant will need to follow up with their school financial aid office for continued processing.

    85. Student Responsibility FERPA (Federal Educational Right to Privacy Act)FERPA (Federal Educational Right to Privacy Act)

    86. Application & Policy Changes Enhancements (January 2010) FOTW redesign Enhanced security (Virtual Keyboard, SSN no longer displayed) Department of Defense Database Match (Iraq/Afghanistan Service Grant) Mid-year Enhancements (since March 2010) All federal student loans (Stafford, PLUS, and Grad PLUS) will be made via the Direct Loan program as of July 1, 2010 Two Pell grants in a year IRS Data Retrieval Gender question relocated Signature enhancements School code search added ability to search by state Expanded the school data shown to students FOTW redesign, enhanced security, DOD match, Direct Loan, 2 Pells, and IRS data retrieval are discussed in upcoming slides. Other enhancements are not and should just be referenced here: gender question relocation is so applicants are less likely to leave the question blank, signature enhancements (can get pin right from the signature page), school code search expansion, and school data – includes ability to compare one school with another.FOTW redesign, enhanced security, DOD match, Direct Loan, 2 Pells, and IRS data retrieval are discussed in upcoming slides. Other enhancements are not and should just be referenced here: gender question relocation is so applicants are less likely to leave the question blank, signature enhancements (can get pin right from the signature page), school code search expansion, and school data – includes ability to compare one school with another.

    87. FAFSA On The Web Reduces the number of pages and length of the application Streamlined help text and instructions Redesign of the 2010-2011 online navigation

    88. FOTW redesign examples Note the color differences and indication of parent/student pages.Note the color differences and indication of parent/student pages.

    89. Enhanced Security: Virtual Keyboard & Protecting SSN Implemented within FOTW and PIN sites Protecting SSN Full SSN will no longer appear on the SAR SSN will no longer be used on confirmation page A new random number will be assigned as the confirmation number Screen shot shows virtual keyboardScreen shot shows virtual keyboard

    90. Database Match with Department of Defense (DOD) Under certain conditions, an otherwise eligible student whose parent or guardian died as a result of U.S. military service in Iraq or Afghanistan after 9/11/01, may receive increased amounts of aid: For 10-11, if Pell-eligible, student may receive: Maximum Pell grant Zero EFC for all other federal student aid If Pell-ineligible, student may receive: Iraq/Afghanistan Service Grant in an amount equal to maximum Pell grant All other aid must be awarded based on calculated EFC Student are eligible for increased aid under these provisions if the student was 23 years of age or younger when the parent or guardian died or, if the student was over age 23, he or she was enrolled at an institution of higher education at the time of the parent or guardian’s death.Student are eligible for increased aid under these provisions if the student was 23 years of age or younger when the parent or guardian died or, if the student was over age 23, he or she was enrolled at an institution of higher education at the time of the parent or guardian’s death.

    91. Federal Direct Student Loans Legislation: Health Care and Education Reconciliation Act of 2010 100% Direct Loans July 1, 2010 and forward Stafford, PLUS and Grad PLUS Most things are the same for borrowers: Regulations Origination/Certification Loan Types/Interest Rates/Repayment Counseling Promissory Notes Notes: Lender is federal government and not banks and credit unions Interest is 7.9% for PLUS vs. 8.5% in FFELP Income Contingent Repayment is only available in DL Notes: Lender is federal government and not banks and credit unions Interest is 7.9% for PLUS vs. 8.5% in FFELP Income Contingent Repayment is only available in DL

    92. Two Pell Grants in One Award Year A student may receive up to two scheduled Pell grants (200%) in one award year. First scheduled award: Enrolled at any enrollment status Second scheduled award: Enrolled at least ½ time Received 100% of first scheduled award Beginning with 2010-2011 award year, student must demonstrate academic year acceleration All amounts received count toward life-time aggregate limit, if applicable Acceleration – academic year progression: at least one credit in the payment period must be attributable to the student’s next academic year. Life-time aggregate limit – equivalent to 18 semestersAcceleration – academic year progression: at least one credit in the payment period must be attributable to the student’s next academic year. Life-time aggregate limit – equivalent to 18 semesters

    93. IRS Data Retrieval Tool FSA and the IRS developed a collaborative solution that simplifies FAFSA completion. The new process allows FAFSA on the Web applicants to request and retrieve their income tax data from the IRS. Once retrieved, it can be automatically transferred to FOTW. Pilot testing began in January 2010, with full implementation in summer of 2010. Participation is voluntary. Federal Student Aid and the IRS are developing a collaborative solution that simplifies FAFSA completion. This is a Web only solution and…. FSA will not use prior-prior year IRS income data and prior year data will not be available immediately, therefore this new process will not be made available to 2011-12 applicants on January 1, 2011. However, it will be rolled over to the 2011-12 FOTW application in late January 2011, within a couple of weeks of electronic tax filing and within several weeks of paper tax filing, when 2010 IRS tax data is available. FSA and the IRS developed a collaborative solution that simplifies FAFSA completion. The new process allows FAFSA on the Web applicants to request and retrieve their income tax data from the IRS. Once retrieved, it can be automatically transferred to FOTW. Pilot testing began in January 2010, with full implementation in summer of 2010. Participation is voluntary. Federal Student Aid and the IRS are developing a collaborative solution that simplifies FAFSA completion. This is a Web only solution and…. FSA will not use prior-prior year IRS income data and prior year data will not be available immediately, therefore this new process will not be made available to 2011-12 applicants on January 1, 2011. However, it will be rolled over to the 2011-12 FOTW application in late January 2011, within a couple of weeks of electronic tax filing and within several weeks of paper tax filing, when 2010 IRS tax data is available.

    94. Application & Policy Changes 2011-2012 Proposed Changes Redesign FOTW home page Redesign Corrections on the Web Simplification of the FAFSA4Caster Ask for name of high school and state Asset threshold question to allow students and parents to skip asset questions (on FOTW only) Loan/work study question to only ask if applicant is interested in work-study Delete questions related to enrollment status and Teach Grant 2011-2012 Changes Student’s must file a FAFSA to receive the Parent PLUS Loan (98% already file) Data base matches performed to ensure eligibility ACG/SMART grants programs are no longer funded Some proposed changes are explained in further detail, some are not.Some proposed changes are explained in further detail, some are not.

    95. FAFSA Simplification Objectives Develop intuitive web experience Seamless FAFSA on the Web Integrate application functionality Corrections Redesign Continue to provide access to IRS tax information IRS Data Retrieval tool Decrease redundancies in the application experience Data Element Changes Seamless FAFSA: use applicant’s past history with FSA to personalize how information is displayed and/or requested (e.g., new applicant vs. returning applicant) Corrections on the Web redesign to align it with the look and feel of the initial application Seamless FAFSA: use applicant’s past history with FSA to personalize how information is displayed and/or requested (e.g., new applicant vs. returning applicant) Corrections on the Web redesign to align it with the look and feel of the initial application

    96. Seamless – One Log In

    97. New Applicants

    98. Returning Applicants

    99. Customized Status Options

    100. Customized Status Options

    101. Customized Status Options

    102. Provide Signatures

    103. Confirmation Page

    104. Transactions History

    105. FAFSA4Caster Less Questions More Assumptions Calculating EFC to provide Pell Estimate but EFC will not be displayed Students will be able to add non-federal source of aid to calculate aid estimates Students will not be able to transfer 4Caster data into FOTW Student must file a FAFSA to receive financial aid Proposed Simplification

    106. Data Element Changes New Question Students who indicate they received a high school diploma will be asked to provide the name of the high school they attended (Regulatory mandate) Revised Question Revision to work-study and student loan question Only asked to indicate their interest in work-study Deleted Questions Enrollment status question will be deleted TEACH grant question will be deleted Asset Threshold Changes Parents and independent students would be able to skip asset questions (on FOTW only) Auto Zero EFC Income threshold increases from $30,000 to $31,000 Asset Threshold Changes Parents and independent students would be able to skip asset questions if they indicate that the net worth of their assets is below the applicable asset protection allowance. Auto Zero EFC In addition to the income threshold, other qualifications must also be met for dependent students: The following must ALSO be true: Anyone included in the parents’ household size received benefits during 2009 or 2010 from any of the designated means-tested Federal benefit programs: SSI, Food Stamps, Free and Reduced price school lunch, TANF, WIC; OR The student’s parents filed or are eligible to file a 2010 IRS form 1040a or EZ, or not required to file at all; OR The student’s parent is a dislocated worker. Asset Threshold Changes Parents and independent students would be able to skip asset questions if they indicate that the net worth of their assets is below the applicable asset protection allowance. Auto Zero EFC In addition to the income threshold, other qualifications must also be met for dependent students: The following must ALSO be true: Anyone included in the parents’ household size received benefits during 2009 or 2010 from any of the designated means-tested Federal benefit programs: SSI, Food Stamps, Free and Reduced price school lunch, TANF, WIC; OR The student’s parents filed or are eligible to file a 2010 IRS form 1040a or EZ, or not required to file at all; OR The student’s parent is a dislocated worker.

    107. Questions? Comments? How can we help you? What challenges do you have? Do you need assistance with your Financial Aid Night?

    108. THANK YOU ALL FOR ATTENDING!!! Please complete the evaluation

    109. WASFAA Pre-Collegiate School Relations Committee

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