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Counselor Training for College and Career Planning 2013 High School Counselor Workshops. Financial Aid Overview. AGENDA KASFAA Financial Aid Overview Aid Programs FAFSA Filing the FAFSA Dependency status Special Circumstances Processing the FAFSA V erification

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counselor training for college and career planning 2013 high school counselor workshops

Counselor Training for College and Career Planning 2013 High School Counselor Workshops

Financial Aid Overview

slide2

AGENDA

KASFAA

Financial Aid Overview

Aid Programs

FAFSA

Filing the FAFSA

Dependency status

Special Circumstances

Processing the FAFSA

Verification

Resources for Counselors and Students

kentucky association of student financial aid administrators
Kentucky Association of Student Financial Aid Administrators

Our missionis to pledge support to professional activities and communications in all areas concerned with the administration of student educational financing programs

  • Upcoming Events
    • High School Workshop, 10 sites
    • College Goal Kentucky, various dates/sites statewide
college goal kentucky
College Goal Kentucky

Various Sites throughout the state.

www.kasfaa.com/collegegoalky

  • Postcards with Financial Aid timeline (Kim Dolan can provide more as needed kdolan@kheslc.com)
financial aid overview
Financial Aid Overview

2013 High School Counselor Workshops

financial aid includes
Financial Aid Includes
  • Scholarships
  • Grants
  • Work-Study
  • Loans
sources of financial aid
Sources of Financial Aid
  • Federal government
  • State government
  • Institutional
  • Private sources
federal aid programs
Federal Aid Programs

2013 High School Counselor Workshops

federal aid programs1
Federal Aid Programs
  • Aid awarded primarily on the basis of financial need
  • Students must apply every year using the Free Application for Federal Student Aid (FAFSA)
federal pell grant
Federal Pell Grant
  • Need-based grant
  • Available to undergraduate students who have not received a bachelor’s or first professional degree (exception for teacher certification students)
teach grant
TEACH Grant
  • Teacher Education Assistance for College and Higher Education Grant
    • For undergraduate, post-baccalaureate, or graduate students who are/will be taking course work necessary to become elementary or secondary teachers
    • Must attend a participating college and meet certain academic achievement requirements
    • Must agree to serve, for a minimum of four years (within eight years of completing academic program), as a full-time teacher in a high-need field in a school that serves low-income students or TEACH Grant reverts to student loan
campus based aid
Campus-Based Aid
    • Federal Supplemental Educational Opportunity Grant (SEOG)
    • Federal Work-Study
    • Federal Perkins Loan
  • Awarded by schools on a “first come, first served” basis within guidelines for each program
federal work study
Federal Work-study
  • Undergraduate and graduate students
  • Need-based, part-time employment
  • No minimum or maximum award
  • May look at willingness to work
  • Must pay at least federal minimum wage
  • The program encourages community service work and work related to the recipient's course of study.
federal direct stafford student loans
Federal Direct Stafford Student Loans
  • Loan application is the FAFSA
  • Student borrows from and repays to federal government
  • School facilitates loan process
  • Annual and aggregate borrowing limits
  • Amounts increase for subsequent years of study, with higher amounts for graduate students.
federal direct stafford student loans1
Federal Direct Stafford Student Loans
  • In-school deferment
  • Six month post-enrollment grace period
  • Low, fixed interest rates
  • Various repayment options available to students entering repayment
federal direct plus loans
Federal Direct PLUS Loans
  • Parents of dependent undergraduate students may apply for the Parent PLUS loan
  • Graduate or professional students may apply for the Graduate PLUS loan
  • PLUS loans require approval based on credit.
veterans benefits
Veterans Benefits

2013 High School Counselor Workshops

veterans benefits post 9 11 gi bill
Veterans BenefitsPost-9/11 GI Bill

http://www.gibill.va.gov

1-888-GIBILL-1

(1-888-442-4551)

veterans benefits post 9 11 gi bill1
Veterans BenefitsPost-9/11 GI Bill
  • Individuals who serve at least 90 days of aggregate service after 9/10/01 are eligible at varying percentages for length of service.
  • Benefits may include:
    • Tuition and fees (paid directly to school)
    • Monthly housing allowance (paid to student)
    • Books and supplies stipend (paid to student)
  • Benefits are payable only for approved training and education programs offered by a college or university.
veterans benefits post 9 11 gi bill transferability
Veterans BenefitsPost-9/11 GI Bill -Transferability
  • Allows career service members (6 years + of service) the opportunity to share their education benefits with immediate family.
  • Immediate family includes:
  • - The individual’s spouse
  • - The individual’s children (under 26 years of age)
  • - Any combination of spouse and children
yellow ribbon program
Yellow Ribbon Program
  • Allows colleges and universities to enter a voluntarily agreement with VA to fund tuition expenses that exceed the highest public in-state undergraduate rate for individuals eligible for the GI Bill 100% payment tier.
  • http://www.gibill.va.gov/benefits/post_911_gibill/yellow_ribbon_program.html
state aid programs kentucky
State aid programsKentucky

2013 High School Counselor Workshops

state aid programs
State Aid Programs
  • Residency requirements for eligibility
  • Merit and need-based aid types
  • May use information from the FAFSA to determine eligibility
  • Grant program eligibility determined upon when the FAFSA is completed
kentucky aid programs
Kentucky Aid Programs
  • Administered by the Kentucky Higher Education Assistance Authority (KHEAA)
  • Information and applications for Kentucky grant and scholarship programs at www.kheaa.com
kheaa programs
KHEAA Programs

Below are a few popular state programs most relevant to high school students and parents:

  • College Access Program (CAP) Grant
  • Kentucky Tuition Grant (KTG)
  • Kentucky Educational Excellence Scholarship (KEES)
  • Go Higher Grant
  • Kentucky Education Savings Plan Trust
  • Kentucky's Affordable Prepaid Tuition
institutional aid p rograms
Institutional Aid Programs

2013 High School Counselor Workshops

institutional aid
Institutional Aid
  • Differs from one college to another
  • Contact colleges directly when applying
  • Apply early
  • Submit polished applications
  • Respond promptly to offers
private aid sources
Private Aid Sources

2013 High School Counselor Workshops

private sources
Private Sources
  • Foundations and professional organizations in the student’s field of study
  • Local businesses and employers
  • Community organizations and civic groups
  • Religious groups
  • Ethnicity-based groups
free online scholarship search engines
FREE Online Scholarship Search Engines
  • www.kheaa.com
  • www.finaid.org
  • www.collegeboard.com
  • www.fastweb.com
  • www.studentaid.ed.gov
fafsa on the web
FAFSA on the Web
  • Website: www.fafsa.gov
  • 2014-15 FAFSA on the Web available on January 1, 2014
fafsa demo for counselors
FAFSA Demo for Counselors
  • Allows counselors to increase their own understanding of FAFSA on the Web and to show it to students and parents before they apply

http://fafsademo.test.ed.gov

  • When you visit the site, you will be prompted for a user name and password
  • User name: eddemo
  • Password: fafsatest
application process
Application Process
  • Student completes FAFSA
  • FAFSA results are transmitted to the school(s) listed on the FAFSA
  • School uses the EFC amount to determine eligibility for financial aid
  • School communicates eligibility to the student through an award “package”
expected family contribution efc
Expected Family Contribution (EFC)
  • Amount a family can reasonably be expected to contribute to college
  • EFC is calculated using data provided on the FAFSA
  • EFC remains the same from college to college
fafsa filing deadlines
FAFSA Filing Deadlines
  • Encourage families to file early:
    • Families encouraged to file as soon as possible after January 1st
    • Some types of aid are “first come, first served” and funding is limited
    • Likely to receive more timely award information from schools for students to make college decisions/plans
documents needed to complete the fafsa
Documents needed to complete the FAFSA

The following information and documents are necessary for completing the FAFSA:

Social Security number

Parents’ Social Security number

Driver’s license number

Alien Registration Number if not a U.S. citizen

documents needed to complete the fafsa1
Documents needed to complete the FAFSA

The following information and documents are necessary for completing the FAFSA:

Federal tax information or tax returns, including IRS W-2 information, for the year prior to the academic year for which you are applying

Income tax information for yourself and spouse, if you are married, and for your parents if you must provide parent information

Estimated tax information if tax return not yet completed

Records of untaxed income, such as child support and interest income

using estimated tax information on the fafsa
Using Estimated Tax Information on the FAFSA

Students and/or parents who have not completed their 2013 tax returns may submit a FAFSA using estimates

Filing FAFSA with estimated numbers allows students to file early to meet priority deadlines

Resources to assist with estimating tax data may be obtained through the IRS website www.irs.gov/formspubs/index.html

After tax returns are completed, income or tax information should be submitted on the FAFSA

irs data retrieval
IRS Data Retrieval

Families are STRONGLY encouraged to use IRS Data Retrieval process to import tax information directly from the IRS database into the FAFSA

Prompts in the tax information section of the FAFSA on the Web will guide student/parent through IRS data retrieval option

irs data retrieval1
IRS Data Retrieval

If using estimated tax information to file the FAFSA early, as recommended, later corrections to submit completed tax information should be made using IRS data retrieval

federal student aid pin
Federal Student Aid PIN
  • Students and parents of dependent students must have PIN to complete FAFSA on the Web
  • Students and parents may apply for a PIN early and do not have to wait until the FAFSA is available January 1, 2014
filing the fafsa dependency status
FILING THE FAFSA Dependency Status

2013 High School Counselor Workshops

dependency status criteria for independent students
Dependency Status:Criteria for Independent Students

At least 24 years of age on or before December 31st of the award year

Graduate or professional student

Married

Has children or dependents other than a spouse for whom the student provides more than half support

Serving on active duty in the U.S. Armed Forces for other than training purposes

Veteran of the U.S. Armed Forces

dependency status criteria for independent students1
Dependency Status:Criteria for Independent Students

Orphan (i.e. both parents are deceased) or is a ward/dependent of the court, or was a ward/dependent of the court until age 18

Emancipated minors or in legal guardianship as determined by a court of competent jurisdiction in the applicant's state of legal residence

Unaccompanied youth who is homeless or at risk of homelessness and is self-supporting

dependency override for special circumstances
Dependency Override forSpecial Circumstances
  • If the student has no contact with a parent and is unable to provide parental data on the FAFSA, a review of special circumstance may be done
  • Examples of special circumstances for professional judgment may include, but are not limited to:
    • Parent(s) are incarcerated
    • Whereabouts of parents unknown
    • Student left home due to an abusive situation
  • Financial aid office requires documentation for such situation
dependency override for special circumstances1
Dependency Override for Special Circumstances
  • FAFSA on the Web filers: Answer questions regarding special circumstance and remaining student questions and sign and submit for processing
  • Students should contact schools listed on FAFSA for further assistance to complete their FAFSA
definition of parent for parental data on fafsa
Definition of “parent” for parental data on FAFSA

If parents are living and in same household, answer the questions about both.

If parent is widowed or single, answer questions about that parent. If widowed parent is remarried as of the day you sign the FAFSA, answer questions about that parent and the person whom the parent married (stepparent).

definition of parent for parental data on fafsa1
Definition of “parent” for parental data on FAFSA

If parents are divorced or separated, answer the questions about the parent with whom student lived more during the past 12 months.

If student lived exactly six months with each parent, give answers about the parent who provided more financial support during the past 12 months OR during the most recent year that student received support from a parent.

If this parent is remarried, answer the questions on the FAFSA about that parent and the person whom the parent married (stepparent).

definition of parent for parental data on fafsa2
Definition of “parent” for parental data on FAFSA
  • The following people are not parents and should not provide FAFSA data except in cases of adoption:
    • grandparents
    • foster parents
    • legal guardians
    • older brothers or sisters
    • uncles or aunts
filing the fafsa special circumstances and professional judgment
FILING THE FAFSASpecial Circumstances and Professional Judgment

2013 High School Counselor Workshops

special circumstances
Special Circumstances

Students should contact the school with special circumstances such as:

Dislocated Worker

Change in employment status

Medical expenses not covered by insurance

Change in parent marital status

Unusual dependent care expenses

Student cannot obtain parent information

The school may use professional judgment to review extenuating circumstances for possible adjustments to FAFSA data.

filing the fafsa processing of the application
FILING THE FAFSAProcessing of the Application

2013 High School Counselor Workshops

fafsa processing results
FAFSA Processing Results
  • Student will receive a Student Aid Report (SAR)
  • Student should review and make any necessary changes
verification
Verification

Verification is a process in which schools must collect information to verify accuracy of data entered on the FAFSA

Reasons for verification:

  • Chosen randomly
  • FAFSA contains estimated information
  • Data provided on the FAFSA is inconsistent
verification1
Verification

For verification of information on FAFSA, student/parent may be asked to provide the school with :

  • 2013 Federal tax return transcript
    • Transcript may be obtained by contacting IRS online at www.irs.gov or by phone 1-800-908-9946
verification2
Verification

Student/parents may also be asked to provide documentation which may include, but is not limited to:

Copies of W-2 forms

Verification worksheet provided by school

Record of untaxed income such as child support, untaxed pensions, etc.

Record of child support paid, if reported on FAFSA

verification3
Verification

HELPFUL HINT:

To limit documentation required for verification purposes, families are encouraged to utilize the IRS Data Retrieval Process when completing or correcting tax information on the FAFSA.

verification4
Verification

Eligibility for aid cannot be determined by the school until the verification process is completed

Students should provide requested verification documentation promptly to ensure timely processing for aid determination purposes

filing the fafsa errors and myths
FILING THE FAFSA Errors and Myths

2013 High School Counselor Workshops

frequent fafsa errors
Frequent FAFSA Errors

Social Security Numbers incorrect

Divorced/remarried parental information improperly reported

Income earned by stepparent not included

Untaxed income not included

U.S. income taxes paid misreported

frequent fafsa errors1
Frequent FAFSA Errors

Household size discrepancies

Number of household members in college

Asset information unreported

Wrong “degree seeking” type

Parent/student has not signed with PIN

fafsa myths
FAFSA Myths

“I won’t file the FAFSA since my family makes too much money so I won’t qualify for aid.”

  • Reality:
    • No income cut-off to qualify for federal student aid
    • Many factors besides income—from the size of your family to the age of your older parent—are taken into account.
    • FAFSA may also be the application for funds from your state, and possibly from your school as well
    • Don’t assume! File the FAFSA and find out.
fafsa myths1
FAFSA Myths

“Only students with good grades and high ACT scores get financial aid.”

  • Reality:
    • Most federal student aid programs do not take a student’s grades into consideration
    • As long as a student maintains satisfactory academic progress, federal student aid can help a student with an average academic record
fafsa myths2
FAFSA Myths

“You have to be a minority to get financial aid.”

  • Reality:
    • Funds from federal student aid programs are awarded on the basis of financial need, not on the basis of race.
    • The FAFSA doesn’t even collect this kind of information about an applicant.
fafsa myths3
FAFSA Myths

“The FAFSA is too hard to fill out.”

  • Reality:
    • Detailed instructions provided for every question, and the form walks you through step by step
    • Help available through online real-time chat and by phone
    • Assistance available through school financial aid offices
    • Free advice and Free to file!
student aid resources
Student Aid Resources

2013 High School Counselor Workshops

net price calculator
Net Price Calculator
  • All colleges are required to provide online net price calculators
  • Benefits of net price calculators:
    • Provide estimate of college costs
    • Provide estimated financial aid packages
    • Students can compare estimated financial aid and expenses at multiple schools
fafsa4caster https fafsa ed gov fafsa app f4cform execution e1s1
FAFSA4casterhttps://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1FAFSA4casterhttps://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
  • Early start on the financial aid process
  • Provides early estimate of eligibility for federal aid based on current laws and student information
  • Helps families begin the financial planning process for college
  • Reduce time to file FAFSA as information will pre-populate from FAFSA4caster when filing FAFSA on the Web
federal student aid contact info
Federal Student Aid Contact Info

Federal Student Aid Information Center (FSAIC)

• Toll-free number for questions about federal student aid 1-800-4-FED-AID (1-800-433-3243)

• TTY (for the hearing impaired) 1-800-730-8913

• E-mail: fsa.customer.support@ed.gov

federal resource for students
Federal Resource for Students

http://StudentAid.gov/

  • Student Aid on the Web—planning for college, paying for college, and repaying student loans
  • Funding Your Education: The Guild to Federal Student Aid
  • How to Qualify for Financial Aid
  • Types of Financial Aid
  • How to Apply for Financial aid
  • Looking for Student Aid Without Getting Scammed
  • Fact sheets on various topics
fsa for counselors resources to help you help your students
FSA for Counselors—resources to help you help yourstudents

www.fsa4counselors.ed.gov

  • Online training and information about live training
  • Financial Aid Night PowerPoint presentation and script

www.fsapubs.gov/

  • Federal Student Aid Publications Ordering System
2013 high school counselor workshops1

2013 High School Counselor Workshops

Kentucky Association of Student Financial Aid Administrators (KASFAA)

Kentucky Higher Education Assistance Authority (KHEAA)

ACT, Inc.

Thanks to our workshop sponsors!

2013 high school counselor workshops2

2013 High School Counselor Workshops

Thank you for attending!