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Financial Aid Basics

◦ What is:

Financial Aid

Cost of Attendance (COA)

Expected Family Contribution (EFC)

Financial Need

◦ Categories, types, and sources of financial aid

◦ Federal Aid Programs

◦ Eligibility

◦ The FAFSA

◦ Apply

◦ Signing the FAFSA

◦ Data Retrieval Tool

◦ Errors / Verification / Corrections

◦ Special Circumstances / Professional Judgment

◦ Undocumented Student / Parent

Kansas State Programs

College Goal Sunday

Filling out the FAFSA

Watch for Super Hero Moments!

And the hyperlinks that give you superpowers

Government Resources◦ www.studentaid.gov◦ http://www.edpubs.gov/

Order publications for Free!!◦ www.FAFSA.gov

You Tube FAFSA4caster

Miscellaneous organizations resources◦ www.finaid.org◦ https://www.salliemae.com/plan-for-college/◦ www.collegeup.org

State Resources◦ www.kansasregents.org

◦ www.kasfaa.org What can we do to make this site user friendly!!

Watch for th

ese →

Hyperlinks to

Resources!!

Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

Includes

Tuition & Fees

Room & Board

Books, supplies, transportation, and misc. personal expenses

Sometimes can include Loan fees

Study abroad costs

Dependent care expenses

Varies widely from college to college

Amount family can reasonably be expected to contribute

Stays the same regardless of college Two components

◦ Parent contribution◦ Student contribution

Calculated using data from the FAFSA and a federal formula

Cost of Attendance

– Expected Family Contribution

= Financial Need

Need Varies Based on Cost

Scholarships

Grants

Loans

Employment

Need-based aid Non-need-based aid Help destroy the Myth! There is some type of

aid out there for almost everyone!

Gift Aid

Self-Help Aid

• Scholarship:

• Awarded on the basis of merit, skill, financial need or

unique characteristic

• Money that (usually) does not have to be paid back

• Grants:

• Usually awarded on the basis of financial need

• Money that (usually) does not have to be paid back

‣Loans

‣ Money students and parents borrow to help pay college expenses

‣ Repayment usually begins after education is finished

‣ Look at loans as an investment in the future

‣Employment

‣ Allows student to earn money to help pay educational costs

‣ A paycheck; or

‣ Nonmonetary compensation, such as room and board

‣ Hours and duties will vary from position to position and college to college

Federal government◦ Largest source of financial aid

States◦ Residency requirements usually apply

◦ Use info from FAFSA and/or state application

Colleges and universities Other:

◦ Private sources/civic organizations/churches

Requires some research and searches

◦ Employers

Scholarships or education benefits for children and/or employees

FYI: How the average American family pays for college based on 2013-2014

VA benefits may be available for veterans and/or their dependents.

Parent benefits may be transferrable to students

Several different programs

Contact VA representative to determine eligibility.

Colleges have VA liaisons who certify student enrollment.

Federal Pell Grant Federal Supplemental Educational Opportunity

Grant (FSEOG) Teacher Education Assistance for College and

Higher Education (TEACH) Grant Federal Work-Study (FWS) Federal Perkins Loan Subsidized and Unsubsidized Federal Direct

Student Loans (Direct Loans) PLUS Loans

• Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.)

• Generally awarded to undergraduate students only, few exceptions

• Maximum award for 2014-2015 = $5,730

Annual award amounts vary between school from $100 to $4,000 a year

Students with the lowest EFC’s must be awarded first

Priority goes to Federal Pell Grant recipients Not all Schools award FSEOG

The amount of Federal Pell Grant funds a student may receive over their lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.◦ Each full time year equals 100%◦ 6 years would be 600%

Lifetime Eligibility Used (LEU): ED keeps track of LEU by adding together the percentages of Pell Grant awards received for each award year.◦ If a student did not receive 100% during the year, the actual

amount received would be used to determine the percent actually used. (e.g., ½ time student used 50%)

◦ Once a student reaches 600% they are no longer eligible for Pell

More important than ever to finish what you start in a timely manner! (or talk to F/A!)

U.S. citizen Be enrolled in course work that is necessary to

begin a career in teaching or plan to complete such course work.

Meet certain academic achievement requirements Sign a TEACH Grant Agreement to Serve Teach full time as a highly qualified teacher at a

low income school in a high need field for 4 years after degree completion.

If the required teaching service obligation is not completed, TEACH grant funds received will be converted to a Federal Direct Unsubsidized Loan that must be repayed, with interest charged from the date of each TEACH Grant disbursement.

Provides part-time employment while students are enrolled

Employment may be on or off campus Even if the student does not qualify for FWS

they may still be able to have an on campus job!

Students should Inquire about jobs at the college’s Student Employment Office

Not all schools participate

• Priority to students who show exceptional need

• Interest rate: 5% fixed• Nine month grace period, repayment may be

up to 10 years• Deferment and cancellation provisions

available for qualifying employment• Not all schools participate• Maximum annual award

– $5,500 for undergraduate students– $8,000 for graduate students

Subsidized ◦ must demonstrate need◦ U.S. Department of Education will pay (subsidize) the

interest that accrues while in school Unsubsidized

◦ not based on need◦ most everyone can qualify

The current interest rate on 2014-2015:◦ Undergraduate Direct Loans(subsidized and unsubsidized)

first disbursed on or after July 1, 2014 is 4.66%.◦ Graduate Direct loans (unsubsidized) first disbursed on or

after July 1, 2014 is 6.21%. ◦ Each year the interest rate will change based on the market. Rates are determined for the next aid year around

the first of June.

• Repayment begins after 6 month grace period

• Maximum repayment period between 10 and 30 years

• Annual Loan Limits (combined subsidized and unsubsidized)

Classification Dependent Independent–Freshman $5,500 $9,500–Sophomore $6,500 $10,500–Junior & Senior $7,500 $12,500–Graduate/Professional N/A $20,500

– Unsubsidized only

Applies to first-time borrowers as of July 1, 2013◦ Never borrowed or starting with $0 balance

Borrower loses eligibility for additional Direct Subsidized Loans when borrower has received Direct Subsidized Loans for 150% of their current academic program.

Could also lose interest subsidy for current loans if they did not complete program and enroll ½ time in the same program or a program of same or lesser length.

If eligibility is lost, borrower still eligible for Direct Unsubsidized Loans. More important than ever to finish what

you start! (or talk to F/A!)

Parents of dependent undergraduate students◦ Repayment begins immediately but can be deferred

upon request Graduate/Professional students

◦ Repayment same as Direct Student Loan. 2014-15 Direct interest rate: 7.21% (will

change annually based on the market) If a parent is unable to borrow (denied) a

parent PLUS loan, a student may be eligible for additional unsubsidized loan

Qualitative Standard ◦ Grade Point Average◦ C Average (unless the school offers escalating GPA)

Quantitative Standard ◦ Progression or pace through program

Student must maintain a 67% completion rate (unless the school offers graduated completion rate)

Completion rate = Completed Hours ÷ Attempted Hours◦ Maximum Time Frame

Must complete within 150% of the published length of the program

Doing well and staying on task is truly important!◦ Concurrent classes can effect eligibility

◦ Talk before you drop! Check with F/A

A standard form that collects demographic and financial information about the student and family to figure EFC.

Colleges use EFC to award financial aid

May be filed electronically or using paper form

◦ Available in English and Spanish

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

• 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

• Federal Student Aid Hotline (1-800-433-3243)

Peak FAFSA Season Hours: Monday-Friday 7 am till 11 pm

Saturday 8 am till 7 pm Sunday 12 pm till 6 pm• Federal Student Aid Website:

http://studentaid.ed.gov/fafsa/filling-out

• Your college’s Financial Aid Office

• College Goal Sunday—February 22, 2015 2-4 pm

Website: www.pin.ed.gov

Sign FAFSA electronically

Not required, but speeds processing

May be used by students and parents throughout aid process, including subsequent school years

FSA is adopting the best practice of using a username and password instead of personal information

The FSA ID◦ Requires users to enter less info (2 fields instead of 4)◦ Provides more secure access to user’s information◦ Links to PIN information during registration◦ Offers self – service capability (name change)

The FSA ID (username and password) will replace PIN for students, parents and borrowers accessing FSA systems starting on

4/25/15.4/25/15.

What happens for new user?◦ Registration requests same required information as PIN◦ New users will be directed to the registration page to

create an FSA ID (username and password) similar to today’s PIN creation page

What happens if I have a PIN already?◦ During account creation, user will be asked for their PIN.◦ As long as the PIN information matches their other

information, the account will be linked to the FSA ID account

Will the changes affect a user’s ability to access previous FAFSA submissions?

◦ If the user links their PIN, they will have access to previous FAFSA submissions

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 FOTW Available early February 2015 for 2015–16

processing cycle Participation is voluntary

Reduces documents requested by financial aid office

◦ Important! Don’t change IRS transferred data

◦ Changing the transferred information disallows the DRT to be used for verification purposes

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

Social Security Numbers Divorced/remarried parental

information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in

college Real estate and investment net worth

Avoid being charged a fee to file the FREE Application for Federal Student Aid

Completion and processing of the FAFSA are FREE

Make sure you are using the correct web address

www.fafsa.gov

Just verifies info put on the FAFSA ◦ (Not something to fear!)

Required if selected Applied differently school to school Common requests: (but not limited to these)

◦ Internal forms◦ W-2◦ IRS Tax Transcript instead of Tax Return

DRT eliminates the requirement for transcript DRT reduces the chance of conflicts DRT preferred by most schools but not required

IRS allows tax filers to print transcript off IRS website Most IRS offices will print copies of transcripts

Phone or form request is still an option

Central Processing System (CPS) notifies student of FAFSA processing results by:

• Mail - paper Student Aid Report (SAR) if student’s e-mail address was not provided on FAFSA

•Email - notification containing a direct link to student’s online SAR if student’s email was provided on FAFSA

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

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted

–Many schools won’t begin processing aid for 2015-16 until late March or April. –Check with the individual school for their

schedule–Many private schools will begin much

earlier than public schools

• College reviews ISIR– May request additional documentation (Verification)

If necessary, corrections to FAFSA data may be made by: •Using FAFSA on the Web (www.fafsa.gov) if student has a PIN;•Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or•Submitting documentation to college’s financial aid office

Cannot be documented using FAFSA

Contact the college to find out how to submit information concerning special circumstances

Some situations call for FAFSA corrections and some will fall under Professional Judgment

College will review and request additional information if necessary

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

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

Parent enrolled in college

Some examples:

Passed in 2004 – Allows students without lawful immigration

status to pay in-state tuition at Kansas institutions

To qualify they must:

◦ Attended a Kansas high school for three years AND

◦ Graduate from a Kansas high school OR equivalent AND

◦ File an affidavit with the post-secondary institution

Deferred Action for Childhood Arrival - June 15, 2012◦ Provides eligibility for work authorization◦ Defers removal action for 2 years, subject to renewal◦ Does not provide lawful status - NOT ELIGIBLE for FAFSA

To Apply for DACA Must have entered the U.S. illegally as children Under the age of 31 as of 6/15/2012 Came to the U.S. before 16th birthday—at least 15 years old to apply Continuously resided in the U.S. since 6/15/2007 to the present time No lawful status on 6/15/2012• Currently in school, HS grad, certificate of completion or GED- or –

Honorably discharged veteran of the Coast Guard or Armed Forces of the U.S. -----AND-----

• Not convicted of a felony, significant misdemeanor, or three or more misdemeanors and do not otherwise pose a threat to national security or public safety

Student can still get Federal Aid if they are:◦ A U.S. citizen or◦ Eligible noncitizen such as:

Permanent U.S. resident with I-551or Conditional permanent resident with I-551C or Other options listed on FAFSA

Parent section of the FAFSA still needs filled out◦ Parent will use 000-00-0000 for SS#

Parent may get error message (most common when entering income information)

Click submit 3 times to move past Cannot get PIN to sign electronically – must sign and mail

signature page◦ Entering income

Cannot do DRT even if parent filed a U.S. Tax Return Must manually input income and financial information

Kansas Comprehensive Grant

Available to public & independent 4-yr schools Need-based; full-time enrollment required Only FAFSA application required for

consideration – no state application required $3,500 max./$200 min. – Independent

Institutions $1,500 max./$100 min. – Public Institutions

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Kansas State Scholarship

Available to public, independent 4-yr institutions & community colleges

Need & merit-based; full-time enrollment required

Kansas Scholars Curriculum (KSC) Completion required

Must file FAFSA and state application $1,000 maximum award

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Kansas Ethnic Minority Scholarship

Available to public, independent 4-yr institutions & community colleges

Need & merit-based; full-time enrollment required

Must file FAFSA & state application $1,850 maximum award

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Career Technical Workforce Grant (formerly the Kansas Vocational Scholarship)

Available to technical schools & colleges, community colleges and state universities w/technical programs

Awarded to students enrolled in high demand/critical industry programs of study. Priority to given to those with financial need. There is no longer a test given.

New award amount: $1,000

Available to part-time and full-time students; award amount pro-rated based on enrollment hours

Must file FAFSA and state application

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Kansas Career Work Study Program

Available to public 4-yr institutions

Need-based; FAFSA required; students may be enrolled either part-time or full-time; application process takes place at the institution

Students work in career-related occupations off-campus

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Military Service Scholarship (FY 08) Available to 4-yr public institutions, community

colleges, & technical colleges. Tuition assistance for those who have served in

international waters or on foreign soil in support of military operations for at least 90 days. Must provide documentation (i.e. DD-214 or active duty orders) that they have been in a military operation for which they received hostile fire pay.

Maximum award amount – tuition & required fees, subject to appropriations.

Need-based; must file FAFSA & state application; may be enrolled either part-time or full-time.

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Fee Waiver Programs Dependents & Spouses of Deceased Public Safety

Officers: Available to students who have lost a parent or spouse in the line of duty (includes law enforcement officers, firefighters, & emergency medical services attendants)

Dependents & Spouses of Deceased Military Personnel: Available to students who have lost a parent or spouse on or after 9/11/01 while in active duty military service

Former Prisoners of War: Available to former prisoners of war – includes individuals who, while serving in the U.S. Armed Forces, were declared a POW by the U.S. Secretary of Defense after January 1, 1960• Available at state regents 4-yr institutions, community colleges,

technical schools & colleges & Washburn University• Students may be enrolled either part-time or full-time• Maximum amount of award up to required tuition & fees, not to

exceed 10 semesters of undergraduate instruction

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ROTC Tuition Waiver Available to participating public 4-yr institutions Recipients are selected at the institution

(separate application required) Students must be enrolled full-time Maximum award up to 70% cost of attendance Service obligation – after completion of degree

student must become commissioned as a Second Lieutenant and serve for not less than 4 yrs. as a commissioned officer with the Kansas Army National Guard

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Kansas Teacher Service Scholarship Available to public, independent 4-yr institutions &

community colleges Merit-based/competitive State application required Students may be enrolled either part-time or full-time;

enrolled in coursework leading to a bachelor’s or master’s degree in a hard-to-fill teaching discipline

Upper class undergraduate students & current teachers given priority

Must plan to work in hard-to-fill discipline or underserved geographic area of the state

Service obligation – 1 yr of service for 1 yr of scholarship $5,514 maximum award for AY 2014-15 (award increased

each year based on CPI). Award amount prorated based on the number of hours enrolled

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Kansas Nursing Service Scholarship

Available to public, independent 4-yr institutions, community college & technical schools/colleges

Need-based; full-time enrollment required

Students must acquire a sponsor

State application required

Service obligation – 1 yr of service for 1 yr of scholarship

$3,500 for RN/$2,500 for LPN maximum awards

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National Guard Educational Assistance Program

Available to public & independent 4-yr institutions, community colleges, & technical colleges

Students must be enrolled full-time

Must file state application

Service obligation – student agrees to complete their current military service obligation, plus three months service for each semester of assistance received

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February 22, 20152:00 – 4:00 pm

Visit www.CollegeGoal.org for more information

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• Getting students to complete the FAFSA is an important nationwide initiative, especially for underserved populations (low income, minorities, first-generation).

• The Kansas College Goal Sunday program is not serving these populations as well as we would like.

• The current program appears to be outdated, and is time-consuming, labor-intensive and will soon become cost-ineffective for KASFAA.

• How can we reach your underserved populations to explore/explain financial aid and complete the FAFSA?

• You know your students. We NEED your ideas!!

What is the best method to reach your target population students?

Would face to face instruction in the schools (at FA Nights, during school hours) work better?

Is one on one help even necessary? How about:1. Video instruction/FAFSA on the Web Tip Guide on

KASFAA website2. Phone help line/online chat manned by KASFAA

Financial Aid professionals3. FAFSA Training for counselors at KASFAA Counselor

Training

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Funding for this workshop has been made available through the federal College Access Challenge Grant (CACG). The Kansas Board of Regents is the administrator of the grant.

During the 2014-15 AY, the grant enabled:

-Over 300 Kansas middle school, high school, and TRIO counselors to receive financial aid training;

-Over 2,900 high school seniors received assistance with completion of the FAFSA;

-Over 34,000 Kansas students received either direct or indirect assistance about career exploration, financial aid, financial literacy and postsecondary education options.