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Presentation Overview

Presentation Overview. Philosophy Resources Application Process Awarding Process Determination of Need Types of Financial Aid Timeline Review Upcoming Events. Philosophy. Financial aid is available to all families regardless of family income or college costs

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Presentation Overview

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  1. Presentation Overview • Philosophy • Resources • Application Process • Awarding Process • Determination of Need • Types of Financial Aid • Timeline • Review • Upcoming Events

  2. Philosophy • Financial aid is available to all families regardless of family income or college costs • It is the primary responsibility of the family to pay the educational costs to the extent they are able.

  3. Resources • High school guidance offices • Websites • College financial aid brochures and college websites

  4. APPLICATION PROCESS

  5. U.S. Department of Education PIN • Personal Identification Number (PIN) • You must apply for PIN • Both parent and student need to apply for a PIN to sign the FAFSA • PIN allows for electronic signature of Master Promissory Notes • Using the PIN allows you to submit online correction records (this year) and a FAFSA renewal (next year)

  6. How to Request Your PIN www.pin.ed.gov

  7. How to Request Your PIN www.pin.ed.gov DO NOT CREATE YOUR OWN PIN.Allow PIN to be generated automatically.

  8. How to Request Your PIN www.pin.ed.gov

  9. Completing the FAFSA FreeApplication for Federal Student Aid www.FAFSA.gov

  10. FAFSA on the Web www.FAFSA.gov

  11. Records You Will Need • 2012 U.S. income tax returns • 2012 W-2 forms • Student’s Social Security number • Parents’ Social Security numbers and dates of birth • Sources of untaxed income • Bank statements • Stocks, bonds, etc. • Business and farm records • - OR -

  12. Completing the FAFSA IRS Data Retrieval Tool

  13. Completing the FAFSA • IRS Data Retrieval Tool • 2 weeks after filing electronic tax return • 8 weeks after filing a paper tax return • Cannot use if married filing separately • Will transfer information only from an original tax return, not an amended income tax return • Home address listed on the FAFSA must match the home address on the tax return

  14. Completing the FAFSA IRS Data Retrieval Tool

  15. Completing the FAFSA • Submit the FAFSA as soon as possible after January 1 • Be aware of your school’s priority processing deadline to ensure maximum consideration for institutional aid

  16. Change of Circumstances • If you experience a loss of income due to: • Unemployment • Separation, divorce or death of spouse/parent • Loss of untaxed income (i.e. child support) • If you have expenses related to: • Parent in college • Excessive medical or dental expenses • Elementary or secondary tuition expenses for children other than the student who is attending college • Contact your college or university to discuss your • situation.

  17. AWARDING PROCESS

  18. FAFSA Processing Results • Online Filing • Student will be able to view their electronic Student Aid Report (eSAR) Student AidReport

  19. Awarding Process U.S. Department of Education FAFSA Processing Financial Aid Office College runs information through awarding program. College receives electronic version of the Student Aid Report (SAR). College mails or emails award letter; subsequent changes notified via email.

  20. DETERMINATION OF NEED

  21. Defining Financial Need • Cost of Attendance (COA) • Tuition and Fees • Books • Room and Board • Transportation • Personal Expenses • Expected Family Contribution (EFC) • A measure of the family’s capacity over time to absorb the educational costs.

  22. EFC PARENTS’ CONTRIBUTION STUDENT’S CONTRIBUTION AVAILABLE INCOME ASSETS AVAILABLE INCOME ASSETS Expected Family Contribution

  23. Need Varies Based on Cost Private Private $ $ Public Public $ $ Community College Community College $ $ EFC EFC Expected Family Contribution Need - Cost of Attendance = (variable) (constant) (variable)

  24. TYPES OF FINANCIAL AID

  25. Defining Financial Aid • Scholarships • Grants • Loans • Student Employment

  26. Types of Financial Aid • Gift Aid • Grants and Scholarships • Self-Help Aid • Loans and Work-Study

  27. Federal Grant Programs • Federal Pell Grant • Awarded to undergraduate students pursuing first bachelor’s degree • EFC between 0 - 4995 • Award amount based on EFC and enrollment status • Maximum award for 2012-2013 year: $5,550

  28. Federal Grant Programs • Federal Supplemental Educational • Opportunity Grant (SEOG) • Amount varies • Based on need and availability of funds • Campus-based aid - apply early!

  29. Federal Grant Programs • Federal Education Assistance for College • & Education Grant Program (TEACH) • Minimum GPA of 3.25 on a 4.0 scale • Award up to $4,000 per year - must declare an education major • Must teach in a high-need field in a school serving low-income students • Must teach for four academic years within eight calendar years of completing program • Failure to complete program causes grant to convert to an unsubsidized Stafford Loan

  30. State Grant Programs • Ohio College Opportunity Grant (OCOG) • Eligibility based on EFC from FAFSA • Deadline is Oct. 1 each year • Award amount based on enrollment status • Award amount varieswww.regents.ohio.gov

  31. Scholarships • Community Scholarships • Business, industry and civic organizations • Parents’ employers • Faith-based organizations • Online scholarship searches Start searching early!Timing is everything!

  32. Scholarships • University or College Scholarships • Admissions Office • Financial Aid Office • Academic Departments • Online Scholarship Searches • www.fastweb.com • www.collegeboard.org

  33. Scholarship Scams • Warning Signs • The scholarship’s guaranteed or your money back • You can’t get this information anywhere else • I just need your credit card or bank account number to hold this scholarship • We’ll do all the work • The scholarship will cost some money • You’ve been selected by a ‘national foundation’ to receive a scholarship or ‘You’re a finalist’ in a contest you never entered • To file a complaint, call 1-877-FTC-HELP or • visit www.ftc.gov/scholarshipscam.

  34. Student Loans • Federal William D. Ford Direct Stafford Loan • Subsidized or Unsubsidized • Repayment begins 6 months after graduation or if student drops below half-time enrollment

  35. Student Loans • Subsidized Student Loan- must demonstrate need • - fixed interest rate 3.4% (2012-2013) • Unsubsidized Student Loan- financial need is not a consideration • - fixed interest rate 6.8% • $5,500 – freshman • $6,500 – sophomore • $7,500 – junior • $7,500 – senior

  36. Student Loans • Federal Perkins Loan • Federal Nursing Loan • 5% fixed interest rate • Repayment begins 9 months after graduation • Some repayment/cancellation incentives • Campus-based aid – apply early!

  37. Parent Loans • Federal William D. Ford Direct PLUS Loan • Loan in parent’s name • Credit approval required • Fixed interest rate- Current rate is 7.9% • Borrowed amounts vary (COA minus other aid) • Parent can request deferment while student is enrolled at least half time • If denied for credit reasons, student is eligible for limited unsubsidized funds

  38. Private Loans • Canton Student Loan Foundation • Available to graduates of Stark County high schools • 330-493-0020www.cantonstudentloan.org

  39. Alternative Loans • Student applies for loan from a private lender • May need co-signer • Interest rate is variable • Repayment generally begins 6 months after graduation • Maximum amount is COA minus all other aid

  40. Federal Work-Study • Work-Study Student Employment • Eligibility determined by FAFSA • Not applied directly to student’s bill • Limited funding source – apply early! • Campus-based aid • University Funded Student Employment • Available to all students

  41. Financial Aid Timeline File FAFSAJanuary - February Review award letters and emailsMarch - April Comply with information requestsApril - June Comply with tuition deadlines!July - August

  42. Review • Request PINs (both student and parent) • Complete the FAFSA • Review your Student Aid Report (eSAR) for accuracy • Contact your institution about the awarding process • Check for award changes throughout the year • Review your costs and how financial need is calculated • Determine how you are going to cover any costs not covered by financial aid

  43. Upcoming Events Financial Aid Information Session& Online FAFSA Filing WorkshopSaturday, Feb. 9 at 9 a.m.Kent State Stark College Goal Sunday Sunday, Feb. 10 at 2 p.m. at various locations throughout Ohio Campus Preview Saturday, March 9 at 10 a.m. Kent State Stark Stark County Spring College Fair Tuesday, March 12 at 6 p.m. Kent State Stark

  44. Financial Aid Staff Gail Pukys gpukys@kent.edu Kurt Drotleff kdrotlef@kent.edu Monica Conley mconley@kent.edu Anne Fritz afritz2@kent.edu 330-244-3251 Walk-In Hours Monday - Thursday8 a.m. - 6:30 p.m. Friday8 a.m. - 4:30 p.m. www.stark.kent.edu/admissions/cost/financialaid

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