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2008 Counselor Workshop

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  1. 2008 Counselor Workshop

  2. Presenters

  3. OASFAA Disclaimer • The Ohio Association of Student Financial Aid Administrators (OASFAA) is a non-profit organization and provides the following information as a free service to access staff and high school counselors. Access staff and high school counselors have permission to copy and distribute these materials to their students and families. Charges may not be assessed for the material or for the information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the OASFAA web site or e-mail: outreach@oasfaa.org

  4. Agenda • Financial Aid Basics • Applying for Financial Aid • Changes to FAFSA and Need Analysis • Federal Aid Programs • State Aid Programs • Resources

  5. Financial Aid Money from a source other than the family to assist with the cost of attending college

  6. Cost of Attendance • Direct costs • Indirect costs • COA varies widely from college to college

  7. Expected Family Contribution (EFC) • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using FAFSA data and a formula specified in law

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

  9. Need Comparison The Federal EFC is the same at each institution.

  10. Categories of Aid • Need-based aid • Non need-based aid

  11. Types of Aid • Grants • Scholarships • Loans • Employment

  12. Sources of Aid • Federal government • States • Colleges • Private sources

  13. FAFSA4caster • What is the FAFSA4caster? • Provides an estimated Expected Family Contribution (EFC) • Calculate eligibility for federal aid, including grants • Reduce time to complete the Free Application for Federal Student Aid(FAFSA) • Access FAFSA4caster at www.FederalStudentAid.ed.gov

  14. Who should use the FAFSA4caster? Students who want to get an early start on the application process • Any student considering their financial options to help pay for a postsecondary education • High school juniors • Parents of younger students • Non-traditional students (adult learners)

  15. Applying for Financial Aid

  16. FAFSA Completion Resources • www.fafsa.ed.gov • FAFSA Tips Brochure • FAFSA on the Web Tips Card • College Goal Sunday • 1-800-4 Fed Aid • 1-877-I ATTAIN

  17. FAFSA • Is produced by the U.S. Department of Education • Collects family’s personal and financial information used to calculate student’s EFC • Available in English and Spanish • Available in three formats: • Electronic (FAFSA on the Web or FOTW) • PDF (available at www.federalstudentaid.ed.gov) • Paper

  18. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2009-10 FAFSA on the Web available on January 1, 2009 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

  19. FAFSA on the Web • Built-in edits to help prevent costly errors • Skip-logic allows student and/or parent to skip unnecessary questions • More timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified renewal application process

  20. PIN Registration • Web site: www.pin.ed.gov • Can request PIN before January 1, 2009 • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

  21. 2009-10 FAFSA • 2009-10 FAFSA on the Web Worksheet • Instructions • 8 pages • 93 questions in 5 sections • 2009-10 Paper FAFSA • Instructions – 4 pages • Application – 6 pages • Pantone Colors • Parents: Purple Pantone 263 • Students: Green Pantone 390C

  22. 2009-10 FAFSA Changes Worksheets A, B, and C Effective for 2009-10 • Excludes the following from Worksheet A and B • Earned Income Credit • Additional Child Tax credits • Welfare payments • Untaxed Social Security Benefits • Special Fuel Tax Credit • Excluded foreign income

  23. 2009-10 FAFSA Changes Worksheets A, B, and C Effective for 2009-10 • Eliminates foreign income exclusions and credit for federal tax on special fuels from Worksheet B • Worksheet questions will become individual data elements and each data element will be listed on the ISIR

  24. 2009-10 FAFSA Changes • Worksheet A deleted • Worksheet B now titled “Untaxed Income”– Q 46 for student and Q 94 for parent • Worksheet C now titled “Additional Financial Information” – Q47 for student and Q95 for parent

  25. 2009-10 FAFSA Changes • Veterans Benefits Effective for 2009-10 • Provides educational assistance to individuals who have served on active duty on or after 9/11/2001 • Veterans questions have been changed to determine the type of veterans education benefits a student receives

  26. 2009-10 FAFSA Changes • Changes to Dependency Status Criteria Effective for 2009-10 • Adds to Independent Student Definition • Emancipated Minors • Legal Guardianship • Adds question for emancipated minors and a question for individuals under legal guardianship • Both require a determination from a court in the student’s state of legal residence

  27. 2009-10 FAFSA Changes • Changes to Dependency Status Criteria (cont.) Effective for 2009-10 • Adds to Independent Student Definition • Individuals in foster care after the age of 13 • Changes criteria for dependents/wards of the court to be considered independent. Must now be age 13 or older. • Question about orphans and dependents/ward of the court updated to include foster care • Added criteria for age 13 or older

  28. 2009-10 FAFSA Changes • Changes to Dependency Status Criteria (cont.) Effective for 2009-10 • Adds to Independent Student Definition • Homeless Unaccompanied Youths • Youths at Risk of Homelessness

  29. 2009-10 FAFSA Changes • Changes to Dependency Status Criteria (cont.) Effective for 2009-10 • Adds questions for students that meet the homeless unaccompanied youth criteria established in the McKinney-Vento Homelessness Act and the Runaway and Homeless Youth Act • Students should have a determination from a homeless liaison, HUD emergency shelter, runaway or homeless center, or transitional living program

  30. 2009-10 FAFSA Changes Effective for 2008-09 • Created the Teacher Education Assistance for College and Higher Education (TEACH) Grant • New question added to provide colleges with information on students that are interested in the TEACH Grant • Students who indicate an interest in the TEACH Grant receive a detailed FACT sheet with their Student Aid Report

  31. 2009-10 FAFSA Changes • Qualified Education Benefits (529 Plans) Effective for 2009-10 • Qualified Education Benefit (529 Plan) owned by the student is an asset of the parent • Distributions from 529 Plans are excluded from other financial assistance

  32. 2009-10 FAFSA Changes Federal Means Tested Benefits Effective for 2009-10 • Increases time for federal means tested benefits to 24 months • Impacts Simplified Needs Test and auto-zero EFC • Questions for independent student and parents updated to account for two years instead of one

  33. 2009-10 FAFSA Changes • Dislocated Worker Effective for 2009-10 • Adds Dislocated Worker in addition to type of tax return and federal means tested benefits test for SNT/Auto Zero EFC • Questions for independent student and parents added

  34. Need Analysis Changes • 2009-10 CCRAA Changes - • Updates Income Protection Allowances • Increases Automatic Zero EFC income parameter to $30,000 • Dislocated worker becomes an eligibility criteria for Simplified Needs Test (SNT) and Automatic Zero EFC • Applicant qualifies for SNT or Automatic Zero EFC, as appropriate, if parent of a dependent student, or an independent student - • Answers “Yes” to Dislocated Worker question, and • Meets SNT and/or Auto Zero income thresholds

  35. Frequent FAFSA Errors • Parent and student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

  36. FAFSAProcessingResults Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided • SAR Acknowledgement if filed electronically via FAFSA on the Web and student’s e-mail address was not provided

  37. FAFSAProcessingResults • CPS notifies student of FAFSA processing results by: • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Student with PIN can view SAR on-line at www.fafsa.ed.gov

  38. Making Corrections If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN; • Updating paper SAR (SAR Acknowledgement cannot be used to make corrections); or • Submitting documentation to school’s financial aid office

  39. Verification • Selected by the Central Processing System (CPS) or the Institution • Keep copies of 2008 Tax documents • If selected, completion is required before aid can be disbursed • Verification materials are sent to the financial aid office, not federal processor

  40. Special Circumstances • Can’t include on FAFSA • Contact each college student has applied to • Each college will: • Request documentation • Review situation on case by case basis • Decisions final and cannot be appealed to U.S. Department of Education

  41. Special Circumstances • Examples Reported to the Financial Aid Office • Parent loss of income • Marital Status changing from married/remarried to one parent • Medical not covered by insurance • Property loss not covered by insurance • Unusual debt or one-time income • Tuition expenses at an elementary or secondary school • Parent in college

  42. Special Circumstances • Dependent students having difficulty obtaining parental information • May submit incomplete FOTW • FOTW provides examples of acceptable and unacceptable special circumstances • Students should contact financial aid office at their college • Students must document their special circumstance

  43. FSApubs • FSAPubs is the one-stop source for ordering all of Federal Student Aid’s free publications. • www.fsapubs.org • 1-800-394-7084

  44. FSApubs • Paper FAFSAs will not be available for order in bulk. • The FAFSA on the Web Worksheet will still be available for bulk order by schools. • Students will be able to obtain up to 3 paper FAFSAs by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org.

  45. Federal Financial Aid Programs

  46. Federal Financial Aid Programs • Federal Pell Grant • need-based as determined by the Free Application for Federal Student Aid (FAFSA) • EFC less than 4042 • Maximum award for 2008-09 is $4731, • Maximum award for 2009-10 has not yet been finalized

  47. Academic Competitiveness Grant (ACG) • $750 to first year students ($1,300 to second year students) • Federal Pell Grant recipient for same award year • First or second year student in: • A two or four year degree program; or • A one or two year certificate program offered at a two or four-year degree-granting institution

  48. ACG Rigorous Program Options • Completion of a rigorous secondary school program • Coursework designated by the Secretary • Ohio Honors Diploma • Successful completion of any secondary school program for a student who completes at least two courses with a minimum passing test score on the exams in those courses

  49. How Students Apply for ACG: • Submit FAFSA on the web • Submit Paper FAFSA • Self identify to financial aid office at college