financial aid night presentation youngstown state university office of financial aid and...

FINANCIAL AID NIGHT PRESENTATION

Youngstown State UniversityOffice of Financial Aid and Scholarships

Topics We Will Discuss Tonight• What is financial aid?• Cost of attendance (COA)• Expected Family Contribution (EFC)• What is financial need?• Categories, types, and sources of financial

aid• Free Application for Federal Student Aid

(FAFSA)• Special circumstances

What is Financial Aid?•Financial aid consists of funds provided to

students and families to help pay for postsecondary educational expenses.

What is Cost of Attendance (COA)?Direct costs + Indirect costs = COACosts include• Tuition and fees• Room and board• Transportation• Miscellaneous personal expenses• Expenses related to a disability• Dependent care expenses

*Remember! Costs vary widely from school to school.

What is Expected Family Contribution?

•Amount family can reasonably be expected to contribute based on a formula passed by congress• Stays the same regardless of college•Calculated using data from a federal

application form and a federal formula•Two components

Parent contribution Student contribution

What is Financial Need?

Cost of Attendance - Expected Family Contribution

= Financial Need

Categories of Financial Aid

•Need-based

•Non need-based

Types of Financial Aid

• Scholarships•Grants•Loans•Employment

Gift Aid

Self-Help Options

Scholarships

•Money that does not have to be paid back

•Awarded on the basis of merit, skill, or unique characteristic

YSU Scholarships for Excellence• First Opportunity $1000.00 (3.0 GPA, 20 ACT* or 900 SAT**)

• Red and White $2000.00 (3.0 GPA, 22 ACT* or 1030 SAT**)

• Deans’ $3000.00 (Upper 15% of class, 25 ACT or 1140 SAT)

• President’s $4000.00 (Upper 10% of class, 27 ACT or 1220 SAT)

• Trustees’ $5000.00 (High School Valedictorian)

• University Scholars (Full cost scholarship, separate application required, early deadlines)

*ACT use Composite Score**SAT use combined Math and Verbal Score

www.ysu.edu/finaid

Scholarship Info

Online Tools

Grants

•Money that does not have to be paid back

•Usually awarded on the basis of financial need

Loans

•Money students and parents borrow to help pay college expenses•Repayment usually begins after education is

finished•Only borrow what is really needed• Look at loans as an investment in the future

Federal College Work Study•Allows student to earn money to help pay

educational costs• Federal Work-Study is need-based employment on

a part-time, hourly basis•Rate of pay for such jobs is regulated by the federal

minimum wage law•To qualify for Federal Work-Study, you must be

enrolled, be in good academic standing, and have a demonstrated financial need. •Early deadlines. Must complete the FAFSA

Sources of Financial Aid

• Federal government• States•Colleges and universities•Private sources•Civic organizations and churches•Employers

Federal Government

• Largest source of financial aid•Aid awarded primarily on the basis of financial

need•Must apply every year using the Free Application

for Federal Student Aid (FAFSA)

Common Federal Aid Programs• Federal Pell Grant• Federal Supplemental Educational Opportunity

Grant• Federal Perkins Loan• Federal Work-Study• Subsidized and Unsubsidized Federal Student

Loans (Direct Loans)•PLUS Loans

States

•Residency requirements•Award aid on the basis of both merit and need•Use information from the FAFSA•Deadlines vary by state (check FAFSA on the Web)

Ohio College Opportunity Grant• State of Ohio need-based grant (OCOG)• 2013-2014 maximum awards (full-time enrollment)• $920 for students at most public university main campuses• $2080 for students at private, non-profit schools• $664 for students at private, for-profit schools

• Students are limited to 10 semesters or 15 quarters of state, need-based grant aid (including combination of OCOG and OIG)

Colleges and Universities• Award aid on the basis of both merit and need• Aid may be gift aid or self-help aid• Use information from the FAFSA and/or

institutional applications• Deadlines and application requirements vary by

institution• Check with each college or university

Private Sources

• Foundations, businesses, charitable organizations• Deadlines and application procedures vary widely• Begin researching private aid sources early

Civic Organizations and Churches• Research what is available in your community• To what organizations and churches does student

and family belong?• Application process usually occurs during spring of

senior year• Small scholarships add up!

Employers

• Companies may have scholarships available to the children of employees• Companies may have educational benefits for their

employees

Free Application for Federal Student Aid (FAFSA)

• A standard form that collects demographic and financial information about the student and family• May be filed electronically or using paper form

(Available in English and Spanish)

FAFSA• Information used to calculate the Expected Family

Contribution or EFC

-The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year

• Colleges use EFC to award financial aid!!!

FAFSA•May be filed at any time during an academic year,

but no earlier than the January 1st prior to the academic year for which the student requests aid• For the 2014-15 academic year, the FAFSA may be

filed beginning January 1, 2014•Most colleges set FAFSA filing deadlines

YSU’s Priority Filing Date is Feb. 15th

Federal Student Aid Personal Identification Number (FSA PIN)• Web site: • www.pin.ed.gov• Sign FAFSA electronically• Can request PIN before

January 1, 2014• Not required, but speeds

processing• May be used by students

and parents throughout aid process, including subsequent school years

FAFSA on the Web• Web site: www.fafsa.gov• 2014-15 FAFSA on the Web available on January 1,2014• FAFSA on the Web Worksheet:• Used as “pre-application” worksheet• Questions follow order of FAFSA on the Web

FAFSA on the Web• Good reasons to file electronically:

• Internal Revenue Service (IRS) data retrieval tool• Built-in edits to 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 online

• Simplified application process in the future

IRS Data Retrieval Tool•While completing FOTW, applicant may submit

real-time requests to IRS for tax data• IRS will authenticate taxpayer’s identity• If match found, IRS sends real-time results to

applicant in a new browser window•Applicant chooses whether or not to transfer data

to FOTW

IRS Data Retrieval Tool•Available early February 2014 for 2014-2015

processing cycle•Participation is strongly encouraged!•Could greatly reduce documents requested by

financial aid office

IRS Data Retrieval Tool• Some will be unable to use IRS DRT• Examples include:• Filed an amended tax return• No SSN was entered• Student or parent married but filed separately

Importance of Early Tax Return Submission•Especially if you are looking to compare financial

aid award packages from various schools before determining what college to attend. •Early filing could greatly reduce processing time in

case student’s fafsa is selected for verification. • If selected for verification schools can no longer

accept a copy of the federal tax return. Schools will need a copy of the Tax Return Transcript from the IRS.

Federal Verification• Verification is a process used to check the accuracy of the

information that a student has given when applying for federal financial aid. • Verification is used to ensure that the student is providing

accurate information about their need for financial aid, since inaccurate information may result in the student receiving less (or more) money than he/she should. • Students selected for verification are notified on the Student

Aid Report (SAR) or by the Financial Aid office.

Even if the student is not selected by the government for review the school can request additional documentation to verify the accuracy of the FAFSA

Federal Verification• Students will be instructed to send in specific

materials to verify their status, income, asset information or other relevant documentation. •Until all verification requirements are completed no

federal funds will be disbursed to the student.

Helpful Tip!Secure copies of all personal and financial records (including but not limited to) IRS Tax Return Transcripts, untaxed statements, bank records, and marital documentation

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 Information Acknowledgement

cannot be used to make corrections)• Submitting documentation to college’s financial aid office

FAFSA on the Web Worksheet• 2014-15 FAFSA on the

Web Worksheet is a 4-page booklet containing• Instructions• 4 sections• Student Information • Student Dependency

Status• Parent Financial Info• Student Financial Info

FOTW Worksheet: Section 1

FOTW Worksheet: Section 1

FOTW Worksheet: Section 2

FOTW Worksheet: Section 3

FOTW Worksheet: Section 3

FOTW Worksheet: Section 3

FOTW Worksheet: Section 4

FOTW Worksheet: Section 4

Additional Information

• College and housing information

Signatures•Required• Student• One parent (dependent students)

• Format• Electronic using PIN• Signature page• Paper FAFSA

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

FAFSA Processing ResultsCentral 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 FAFSA on the Web and

student’s e-mail address was not provided• E-mail notification containing a direct link to student’s

online SAR if student’s email was provided on paper or electronic FAFSA

Student with PIN may view SAR online at www.fafsa.gov

FAFSA Processing Results

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted•College reviews ISIR• May request additional documentation, such as copies of federal tax

return transcripts

Student Aid Report•Review data for accuracy and correct any errors

•Update estimated information when actual figures become available

Special Circumstances• Situations that cannot be reported on FAFSA• Change in employment status• Medical expenses not covered by insurance• Change in parent marital status• Unusual dependent care expenses• Student cannot obtain parent information

• Special Circumstances must be done through a scheduled appointment with a financial aid counselor.• Verification must be completed prior to filing a

special circumstance

Special Circumstances

•College reviews special circumstances

•Request additional documentation if necessary

Decisions are final and cannot be appealed to the U.S. Department of Education

Questions????

Office InformationCounselor Appointments Walk-in HoursAvailable Monday through FridayCall 330-941-3506 to schedule

Monday through Friday10:00am to 12:00pm and 2:00pm to 4:00pm

Main Line 330-941-3505 Mailing AddressFax Number 330-941-1659 Youngstown State University

Office of Financial Aid and ScholarshipsOne University PlazaYoungstown, OH 44555

Office Website www.ysu.edu/finaid

Office Email ysufinaid@ysu.edu

Building: Meshel Hall (Room 203)

Federal School Code: 003145