Lower Dauphin High SchoolFinancial Aid Night

Elizabethtown CollegeFinancial Aid Office

Presentation ObjectivesIntroduce Terminology

Outline Application Process

Describe Aid Applications

Resources Available

Word Of Advice!In the beginning of your student’s college

search, DO NOT rule out any school based solely on the cost. The elimination of a college occurs at the end of the process once eligibility of financial aid is known and affordability is determined!

First Steps Campus Visits Personal Interviews with Admissions and

Financial Aid Complete Admissions Application by December

of Senior Year Note Financial Aid Deadlines Complete Federal Taxes Early

Financial Aid

If you want to be considered for financial aid you must APPLY FOR IT – on time!

Who Can We Talk With?

ALL information submitted on these financial aid forms is protected under the Family Educational Rights and Privacy Act (FERPA). The data is treated as strictly confidential, maintained in a secure area, and only released to a third party upon obtaining student’s signature.

Application Possibilities

Free Application for Federal Student Aid (FAFSA)

Institutional Application CSS PROFILE Form Civic, Religious, Service

Scholarship Applications

When Do You Apply ForFinancial Aid?

The earliest that you may submit the FAFSA is January 1st of the senior year.

Beginning 2017-2018 and thereafter, the FAFSA can be completed as early as October 1st of the senior year.

May 1st is the deadline to apply for a PHEAA State Grant.

Check with each institution to determine their own financial aid deadline.

Review private sources for their deadlines.

Who Completes the Application?

Student Parents

Natural/adoptiveSingle: divorced,

separated, widowed

Remarried: Natural and step (who you live with)

Unmarried and Living Together

Application Suggestions Schedule time to do it together! Read materials for deadlines. Complete federal tax return & schedules ASAP! May also complete “draft” copy. If owe money,

don’t send it until tax deadline. Complete all items - DON’T LEAVE BLANK

ITEMS.

FAFSA on the Web

• Obtain an FSA User ID at fsaid.ed.gov

• Complete FAFSA on

the Web at www.fafsa.ed.gov• Paper version is

available if needed

The Application ProcessFAFSA(Web)

Federal Governme

nt(data entry,

analysis, matches)

StudentColleges

State(grant award)

$$$$

SAR

$$$

Expected Family Contribution(EFC)

Parent ContributionStudent Contribution

Expected Famil

y Contributio

n

EFC Determining Factors Parental Income (Taxed and Untaxed) Parental Assets (Excluding Primary Home & Tax-

Sheltered Retirement Plans) Student Income Student Assets Family Size/Number in College Age of the Older Parent

Allowances Not Permitted In Federal Formula

Consumer Debt Prior Educational Debt Auto Expenses Permitted With Professional Judgment Parent in College Expenses Elementary/Secondary Tuition for Siblings Medical & Dental Expenses

Direct Costs

• Tuition• Fees• Room• Meals

Indirect Costs

• Books & Supplies

• Transportation• Personal

Expenses

Cost of Education

Financial Aid Eligibility

COA(Cost of Attenda

nce)

EFC(Expect

ed Family

Contribution)

Need

Verification FAFSA data checked

against source of data for accuracy

Use of IRS Data Retrieval Recommended

Common documents requested include:

2015 Federal Tax Data

W-2 FormsVerification

Worksheets Review performed by the

Financial Aid Officer

Professional Judgment

The law provides the Financial Aid Officer the flexibility to deal with special circumstances and conditions which are applied on a case-by-case basis after the original application has been filed.

Types of Professional Judgment

Separation or divorce Death of one parent Loss of employment income Loss of non-taxable income Unusual medical expenses Other unusual circumstances

Types of Financial Aid

Gift AidScholarshipsGrants

Self-HelpEmploymentLoans

Primary Sources

Federal Government

State Government

Postsecondary Institutions

Private Agencies

How Gift Aid is Awarded Merit-based aid (Scholarships)

Academic abilitySpecial talent/achievementProgram of study

Need-based aid (Grants)Financial needLargest source of gift aid funds

Federal GrantsPELL

Maximum Award : $5,775 for 2015-2016EFC determines eligibility Limited to 6 years of full-time eligibility

SEOGPriority to Pell Grant recipientsAward range $100 to $4000 based on school’s

fundingDetermined by Financial Aid Office

PHEAA State Grant

Initial Application = FAFSAPHEAA Online Application

Notice SentMust Be a PA ResidentAward Value up to $4,340

for 2015-2016 Correlates to cost of

college Out of state award

significantly less

Types of Employment Federal Work Study (FWS)

Part-time employment on or off campusPartially subsidized by federal government

Institutional EmploymentPart-time employment on campusFully subsidized by college

Money Earned as Payment for a Part-time Job (6-10 hours a week)

Employment

Spending money - minimum wage or higher

Time management Better grades Support group Job references

Student Loans

Borrowed money to be paid back with interest.

An investment of students in themselves.

Federal Direct Stafford LoanFor 2015-2016,

loans have a fixed interest rate of 4.29% (rates are set annually with an 8.25% cap)

Annual eligibility based on student’s grade level

Federal Direct Stafford Loan1.072% of amount borrowed is charged in fees. Principal deferred while enrolled at least half-

time. Six-month grace period followed by 10-year

repayment term. Other repayment plan options available.

Student’s Possible Resources

Grants

Work

Loans

Federal State Institutional•Pell•SEOG

•FWS

•PHEAA•OVR/OVH

•Summer FWS

•Merit Scholarship •Need Grants

•Direct Stafford •Short-

term

•Self-help employment

Factors Which May Influence the Financial Aid Package

AcademicsSAT’sClass RankH.S. AttendedAP CoursesPredicted G.P.A.Academic Track in

High School

Diversity- Gender/Ethnicity

Athletic AbilityTalent- Theater, ArtActivities- Yearbook,

GovernmentGeographic DiversityLegacies

Private Scholarship Searches You don’t have to pay!

Guidance OfficeFinancial Aid OfficeWeb Sites

http://www.finaid.comhttp://www.fastweb.comhttp://www.collegeboard.org

Treatment of Outside Scholarships

Must be reported Individual institutions treat differently

100% reduction of work/loans50% reduction of grants and 50% reduction of

work/loans100% reduction of grantsCheck policy of each institution

Other Options to Families with Financial Aid Package

Monthly interest-free payment plans Private student loans Institutional loans Federal PLUS loans

(6.84%, with a 10.50% cap) Personal Savings 529 Savings & Prepaid Tuition Plans Veteran Benefits/ Military Tuition Waivers Home equity loans

Must I Reapply? Yes! Annually

Every year a new financial “snapshot”Family circumstances may change

IncomeAssetsNumber in collegeNumber in householdSpecial circumstances

Best Sources of Help College Financial Aid Officers PHEAA Regional Office Local Lenders Local Civic, Religious, Service Organizations High School Guidance Counselor

Good Luck and Best Wishes!

Elizabethtown CollegeFinancial Aid Office

717-361-1404