Welcome parents and students!

1. Welcome parents and students!

2. financial aid staff Ben Soman Sr. Assistant Director of Financial Aid (920) 923-7614

3. financing your education • What is the goal of financial aid? • How is financial need determined? • How do I apply? • What aid is available? • How to compare costs and aid offers. • Frequently asked questions.

4. goal of financial aid • To assist students in paying for college. • To provide opportunity and access to higher education.

5. basic principles of financial aid To bridge the gap between what the family can pay and the cost of the education..

6. principles of needs analysis • Government’s Assumption: • Parents and students have a certain level of financial responsibility for education. • The Government has established an equitable formula to evaluate present financial situation. • Special Circumstances – The government authorizes Financial Aid Offices to make professional judgment decisions.

7. financial aid regulations: • Determined by federal and state statutes and legislators • Establish the eligibility for most types of aid • Each aid program has unique eligibility requirements • Apply to all schools

8. what are the costs? Tuition and Fees + Room and Board + Transportation + Books & Supplies + Miscellaneous Living Expenses = Cost of Attendance (COA)

9. expected family contribution (efc)(Federal Methodology established by U.S. Congress) Determined by filing the FAFSA www.FAFSA.gov main components of the efc • Income • Assets • Family size • Number in college • Age of the older parent Adjustments to EFC may be made due to Verification and/or Special Circumstances that limit ability to pay

10. expected family contribution (efc) The sum of these 4 calculations

11. financial need defined Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

12. financial need varies by school cost

13. what do I need to do?

14. timelines • FAFSA • October 1, 2019 • School deadlines • Apply early • Reapply each year • Taxes • Use your 2018 tax returns this year.

15. what is a FSA ID?fsaid.ed.gov

16. FSA ID uses and tips fsaid.ed.gov • Sign the FAFSA • Corrections • Gain access to your filed FAFSA • Complete Entrance Counseling and Master Promissory Note • Apply for Parent Plus Loan The student and at least one parent (if dependent) must each have their own FSA ID. Make sure to use separate email addresses!

17. File the FAFSA electronically at www.fafsa.gov

18. Section 1 – Student Demographics

19. Section 2 – School Selection

20. Section 3 – Dependency Status

21. Sections 4 –Parent Demographics

22. Some additional self-reporting items

23. Section 5 – Parent Financial Info Signature Page Sign with your FSA ID Print a Signature Page Submit Without Signatures Note: The IRS Data Retrieval Tool is faster and eliminates the chance of error! Sign with your FSA ID Print a Signature Page Submit Without Signatures

24. Section 5 – Parent Financial Info Signature Page

25. Section 5 – Parent Financial Info Signature Page Sign with your FSA ID Print a Signature Page Submit Without Signatures Sign with your FSA ID Print a Signature Page Submit Without Signatures If the IRS DTR is not used, each piece of information must be entered individually by copying the information listed on the 1040 Tax Form.

26. Section 5 – Student Financial Info Signature Page Sign with your FSA ID Print a Signature Page Submit Without Signatures Sign with your FSA ID Print a Signature Page Submit Without Signatures

27. Section 6 – Signing the FAFSA Signature Page Sign with your FSA ID Print a Signature Page Submit Without Signatures Sign with your FSA ID Print a Signature Page Submit Without Signatures

28. Student Aid Report (SAR)

29. FAFSA Now Available in Mobil App https://play.google.com/store/apps/details?id=com.fsa.mystudentaid • https://itunes.apple.com/us/app/mystudentaid/id1414539145

30. Reviewing and Changing your FAFSA info A Student Aid Report (SAR) will be sent to you for review. If you need to make a correction: • www.fafsa.govand click on “Login” OR • Submit requested documentation to college’s financial aid office. • If IRS Data Retrieval Items are altered, you will have to do the Data Retrieval again or you may have to provide a tax transcript to the school.

31. College Goal Wisconsin 2019October and November www.CollegeGoalWI.org

32. College Goal WisconsinFour Locations Near You!!!

33. types of financial aid

34. three primary sources of funding: College or University

35. Gift Aid (FREE $$$) Grants & Scholarships • Federal • - Federal Pell Grant • - Federal Supplemental Educational • Opportunity Grant (SEOG) • State • Wisconsin Grant • TIP Grant • Institutional • Outside Scholarships

36. self-help aid

37. Q: Why should I get a Federal Direct Student Loan? A: • You don’t 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 • Application starts with the FAFSA

38. Studentloans.gov

39. THE website for students and parents to borrow directly from the government. • Used to complete: • Direct Loan Entrance Counseling • Direct Loan Master Promissory Note (MPN) • Direct Parent PLUS Application and Parent PLUS MPN

40. self-help aid • Federal Work Study or campus work plans • Great way to get involved on the campus • Build time-management skills • Make extra money • Get work experience

41. how to compare college financial aid offers Tuition and Fees + Room and Board - Grant/Scholarships & Loans = Net Cost Do not subtract Federal Work Study

42. other financing options • School payment plans (spread over several months) • Private loans through lenders • EdVest or 529 Plan withdrawals • Veterans educational benefits • Home equity loans (longer repayment, tax deductible)

43. government resources • Veterans’ benefits and tuition waivers • ROTC scholarships and/or stipends • Bureau of Indian Affairs (BIA) Grants • State Division of Vocational Rehabilitation (DVR) • Health and Human Services Loan and Scholarship Programs • Corporation for National and Community Service • Department of Children and Families

44. other sources of funds • Parental affiliations • - Employers and labor unions • - Religious and community organizations • - Clubs and civic groups • Civic organization scholarships • - High school • - Local public library • Private business scholarships

45. FREE scholarship services

46. Campbellsport High School’s Scholarship Site https://www.csd.k12.wi.us/o/high-school/page/scholarship-opportunities--8 **The CHS Scholarship link won’t be active until the end of September. Updates occur monthly and are listed in the daily announcements as well as the link above. Hard copies are also available in the Counseling Office. **

47. role of the financial aid office • Verifies applicant data • Determines aid eligibility using • government formulas • Assists families with Special Circumstances • Helps to make sure career limits in aid programs are not exceeded • 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 student’s award

48. role of the business office • Sometimes called Bursar’s Office • Sends billing statements • Credits financial aid to the student’s account • Sets up payment plans, if available • Processes student refund checks • Collects payments for charges on student’s account • Sends out 1098T for tax purposes

49. www.studentaid.gov

50. frequently asked questions • Will I have to update my FAFSA with my 2019 taxes? • NO!!! • Whose information do you use if your parents are divorced? • Include parent where the student is living on the FAFSA • Step-parents must be included • Does not matter who claims who on taxes • Impending divorce? Talk to financial aid office • Are your biological parents living together but not married? • Both parents information needs to be on the FAFSA (even if they didn’t file jointly)