financial aid night wylie high school content used by permission of nasfaa national association of...
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Financial Aid NightWYLIE HIGH SCHOOL
CONTENT USED BY PERMISSION OF NASFAA
NATIONAL ASSOCIATION OF STUDENT FINANCIAL AID ADMINISTRATORS
PRESENTATION PROVIDED BY ABILENE CHRISTIAN UNIVERSITY
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What You Need to Know About Financial Aid
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Topics We Will Discuss Tonight
What is financial aid?
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
Special Circumstances
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What is Financial Aid?Financial aid consists of funds
provided to students and families to help pay for
postsecondary educational expenses.
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What is Cost of Attendance
Direct costs
Indirect costs
Varies widely from college to college
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What is Expected Family Contribution (EFC)?
Calculated using data from a federal application form and a federal formula
Amount family can reasonable be expected to contribute Stays the same regardless of college Two components
Parent contribution Student contribution
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What is Financial Need?
Cost of Attendance
- Expected Family Contribution
__________________________________________________
= Financial Need
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Categories of Financial Aid
Need-based aid Awarded on the basis of financial need, as calculated using a form
such as the FAFSA
Non need-based aid Awarded on the basis of a student’s ability, talent or unique characteristics,
such as academic achievements, athletic ability, musical talent, or ethnic heritage
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Types of Financial Aid
Gift Aid Scholarships
Grants
Self-Help Aid Loans
Employment
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Gift Aid: Scholarships
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic
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Gift Aid: Grants
Money that does not have to be paid back
Usually awarded on the basis of financial need
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Self-Help Aid: 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
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Self-Help Aid: Work-Study Employment
Allows student to earn money to help pay educational costs Paycheck; or
Nonmonetary compensation, such as room and board
Student may opt whether or not to work or number of hours to work
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Sources of Financial Aid
Federal government States Colleges and universities Private sources Civic organizations and churches Employers
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Federal Government
Largest sources of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA
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Federal Student Aid Program
Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work Study
Subsidized and Unsubsidized Federal Direct Student Loans
PLUS Loans
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States
Residency requirements usually apply Award aid on the basis of both merit and need Deadlines vary by state
Texas collegeforalltexans.com everychanceeverytexan.org www.tgslc.org/tfaic
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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
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Private Sources
Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
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Civic Organizations and Churches
Research what is available in community
To what organizations and churches to student and family belong?
Application process usually occurs during spring of senior year
Small scholarships add up!
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Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees
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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
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FAFSA
Information used to calculate the expected family contribution (EFC) Federal methodology formula used to compute EFC. Same formula
applied to everyone
Amount of money a student and his or her family may reasonable be expected to contribute towards the cost of the student’s education for an academic year
Colleges and universities use EFC to award financial aid
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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 2016-17 academic year, the FAFSA may be filed beginning January 1, 2016
Most colleges set FAFSA filing deadlines
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FAFSA on the Web
Website is www.fafsa.gov 2016-17 FAFSA on the Web available on January 1,
2016 FAFSA on the Web Worksheet:
“Pre-application” worksheet is available Questions follow order of FAFSA on the Web
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FAFSA on the Web
Good reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student and/or parent to
skip unnecessary questions Option to use Internal Revenue Service (IRS)
Data Retrieval Tool to import tax data
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FAFSA on the Web
Good reasons to file electronically: 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
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IRS Data Retrieval Tool
While completing FAFSA on the web, applicant may submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to
applicant in new browser window Applicant chooses whether or not to transfer data to
FAFSA
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IRS Data Retrieval Tool
Available early February 2016 for 2016-17 processing cycle
Participation is voluntary Reduces documents requested by financial aid office
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IRS Data Retrieval Tool
Some will be unable to use IRS DRT Examples Include:
Filed an amended tax return No social security number was entered Student or parent married but filed separately
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FSA ID
Used to sign FAFSA electronically
Not required but speeds processing
May be used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID
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General Student Information
Social Security Number Citizenship status Marital status Drug convictions Selective Service registration Level of parents’ school completion
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Student Dependency Status
FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes:
If all “No” responses, student is dependent
If “Yes” to any question, student is independent
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Information About Parents of Dependent Students
Tax, income, and other financial information
Dislocated worker status
Assets
Untaxed income
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Signatures
Required Student
One parent (for dependent student)
Format for submitting signatures Electronic using FSA ID
Signature page
Paper FAFSA
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Frequent FAFSA Errors
Social security numbers
Divorced/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxed paid
Household size
Number of household members in college
Real estate and investment net worth
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FAFSA Processing Results
Central Processing System notifies student of FAFSA results
Student with an FSA ID may view the Student Aid Report online at www.fafsa.gov
Institutional Student Information Record is sent to college listed on FAFSA approximately 10-14 days after FAFSA is submitted. Electronic submission can reduce this time period to as little as 48 hours.
College reviews this record and may request additional documentation if needed
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Special Circumstances
Cannot be documented using FAFSA Send written explanation and documentation to financial
aid office at each college College will review and request additional information if
necessary Changes are made on a case by case basis Decisions are final and cannot be appealed to U.S.
Department of Education
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Special Circumstances
Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information
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Myth #1
The published cost represents the true cost of a college or university
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Larger Story
What really matters to the student is the amount the student will pay for college, known as the “net price.”
Net price is the published direct cost minus financial aid offered
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Myth #2
Students borrow over $100,000
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Larger Story
Only 4% of individuals with outstanding student debt owe $100,000 or more
Most had pursued advanced degrees!
Trends in Student Aid, 2013
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Myth #3
Only low-income families qualify for financial aid
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Truth
The Estimated Family Contribution (EFC) should be less than the cost of attendance for a student to qualify for need-based aid.
Even though the EFC will remain the same at any institution, the difference between a Cost of Attendance figure and the EFC will vary greatly between schools.
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Myth #4
Saving for college hurts the chances of getting aid
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Truth
If you save, you won’t need to borrow or borrow as much!
The EFC includes only 5.64% of the net worth of assets (after allowances for retirement and emergencies are removed).
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Myth #5
The FAFSA is too complex and takes too long to complete
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Truth
For most first-time filers, the FAFSA takes less than 30 minutes to complete
Repeat filers spend less than 20 minutes completing the FAFSA
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Myth #6
There is less aid available
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Truth
In 2014-15, over $184,000,000,000 was awarded in financial aid to undergraduates.
Grants represented 57% of the total resources awarded to the student
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Financial Aid Best Practices
Get your FSA ID’s as soon as possible
Complete applications before the earliest deadline and know all deadlines
Know requirements to complete awarding and disbursing
When in doubt, ask a local financial aid or admission counselor
Keep all tax records up to date
When possible, use the Data Retrieval Tool
Compare awards
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Financial Aid Best Practices
1. Never rule out a college because of cost alone.
2. Compare costs before applying Net price calculators should be available on every college’s website and can help to provide an estimate of financial aid eligibility and remaining college costs.
3. Remember to apply
4. Get advice
5. Compare awards
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Contact info:
Admissions and Financial Aid Helpline1-800-460-6228
Website: www.acu.edu/admissions
Presenter: Ann [email protected]