Basic College Process

(1)

FINANCIAL AID OVERVIEW

Basic College Process

• Student has taken ACT/SAT tests

• Student has applied for and been accepted at the institutions they are looking at

• Student completes FAFSA

(2)

Basic College Process

• School matches admissions record with financial aid application and determines eligibility

• School sends award letter (February – May)

• Student determines what school they are attending and submits enrollment deposit

• Student registers for classes and enrolls

3

West Virginia Higher Education Policy Commission

Financial Aid Applications

• FAFSA – (Free Application for Federal

Student Aid) – www.fafsa.ed.gov

• Promise Application –

www.cfwv.com

• Institutional Applications

(3)

WWW.FAFSA.GOV

• Available January 1, 2015

• Promise deadline March 1, 2015

• WV State Grant deadline April 15, 2015 • Do NOT use fafsa.com – charges a fee

5

The FAFSA

Section 1 - - Student Information

Section 2 –- Student Dependency Status

Section 3 –- Parental Information

Section 4 –- Student Finances

(4)

The FAFSA – 2 step process

• If 2014 taxes are not completed, then families

should estimate their income and complete

and submit their FAFSA by the appropriate

deadlines

• Once taxes are completed, families should go

back to

www.fafsa.gov

and update their FAFSA

with their final tax information

7

Basic Equation of Need

Cost of Attendance (COA)

− Expected Family Contribution (EFC)

(5)

Cost of Attendance

(varies from school to school)

• Tuition and fees • Room and board • Books and supplies • Transportation

• Miscellaneous personal expenses

• Loan fees, study abroad costs, dependent or elder care

expenses.

9

Determining the Expected Family

Contribution (EFC)

• Income

• Asset Equity (excluding home equity)

• Family Size

• Number of Family Members in College (excludes parent

enrolled in college)

(6)

Federal Pell Grant Program

• Eligible students

– Undergraduates pursuing first baccalaureate or professional degree

– Aid administrator determines actual award amount based on enrollment status, and EFC (currently under 5,157 for 14-15)

• Award amounts

– Up to $5,850 maximum (estimated for 2015-2016)

11

Federal Supplemental Educational

Opportunity Grant (FSEOG)

• Eligible students

– Undergraduates pursuing first baccalaureate or professional degree

– Awarded first to students with exceptional financial need (i.e., students with the lowest EFCs at that school)

– Priority to Federal Pell Grant recipients

• Annual award amounts

(7)

West Virginia

Higher Education Grant

• Must be WV resident

• Awards range from $2,600 to $2,200 depending on the EFC for 14-15.

• The student must enroll full-time at an approved institution, demonstrate need, and file the FAFSA by April 15, 2015.

• Students must have a 2.0 high school gpa to be eligible

• Students must maintain 2.0 gpa and complete 24 semester hours to renew it.

13

Higher Education Adult Part-Time Student

(HEAPS) Grant

•Need-based grant

• Decentralized administration – Contact Institutional Aid Office for more details and to apply

•Traditional part-time enrollment

(8)

HEAPS Workforce Grant

•Application becomes available on July 1;

•Contact the school for application

•Student must complete FAFSA and have financial

need

•Can receive up to $2,000 or tuition and fees

•For Certificate or short-term training programs

like certified medical training, mining, gaming,

etc.

Requirements for the PROMISE Scholarship

Core Requirements

• English – 4 credits

• Mathematics – 4 credits

• Social Sciences – 4 credits

• Natural Sciences – 3 credits

–The core grade point average includes all core

(9)

Requirements for the PROMISE Scholarship

Eligibility Requirements

• 3.0 GPA in the core and overall coursework

• 22 on the ACT (minimum of a 20 in each of the

subject areas) or

• 1020 on the SAT (490 verbal, 480 Math)

– Writing sections NOT included • June 6, 2015 last SAT date

• June 13, 2015 last ACT date

17

2015 Eligibility Criteria and Deadlines

For the PROMISE Scholarship

• PROMISE application deadline is March 1, 2015;

• Ensure student uses correct SSN

• Submit the FAFSA by March 1, 2015

(10)

PROMISE Scholarship

• Tuition and mandatory fees at any West Virginia public or private non-profit college up to $4,750 • PROMISE is renewable (for up to 8 semesters for a 4

year degree or 4 semesters for a 2 year degree) as long as the student maintains a 3.0 in college and completes 30 credit hours in a 12 month period. • Student may request consideration for deferment if

going out of state for up to a year or if other circumstances, please contact our office

19

PROMISE Scholarship

• Students go to

www.cfwv.com

• Create an account with username and

password

• Allows you to go back and make any

corrections to your PROMISE application

(11)

21

(12)

Federal Work-Study

• Employment during school • Job may be on or off campus

• Income is taxable (state and federal)

• Excluded from student’s total income reported on

next year’s FAFSA

(13)

Teach Grant

• Students can receive up to $4,000 a year;

• Cannot exceed $16,000 for undergraduates or $8,000 for graduates;

• Student must have 3.25 gpa;

• Commit to teach full-time for 4 years within their first 8 years out of school or it becomes a loan;

• Must teach either math, science, special education, foreign language, reading specialist, or field

designated by a state as high-need at at at aTitle I school.

25

Teach Grant

• If student does not fulfill commitment:

– The grant becomes like an unsubsidized loan – Interest from the time grant was disbursed is

(14)

Technology Scholarship

• Merit-based scholarship/forgivable loan • March 1 application deadline

• 3.0 overall GPA

• Enrolled or accepted for enrollment full-time in an

engineering, science or technology program (4-yr, 2-yr or certificate)

• Maximum annual award amount is $3,000 • Application at www.cfwv.com

• Merit-based scholarship/forgivable loan • March 1 application deadline

• Must be enrolled as a full-time student in a course

leading to a certification as a teacher at the pre-k, elementary, middle or secondary level

• Must have a 3.25 GPA after completing 2 years of

course work (due to limited funding, high school applicants are not eligible)

(15)

Federal Perkins Loan ***

• Eligible students (priority to those with exceptional

need)

• Annual and aggregate loan limits

– $5,500 annually for undergraduates – $8,000 annually for graduates

– $27,500 aggregate for undergraduates – $60,000 aggregate for graduates

• Interest rate: 5%

• Nine-month grace period

• Deferment and cancellation provisions available

***Subject to change

29

Federal Stafford Loan

(Subsidized and Unsubsidized)

• Annual loan limits

• Subsidized Stafford: must demonstrate “need” and up to 150%

of the program

• Unsubsidized Stafford: “need” is not a consideration

• Repayment does not begin until 6 months after student drops

below 6 credit hours.

• Loan Fee of 1.073%

• Interest Rate (variable-fixed) 4.66% until July 1, 2015 for

(16)

Federal PLUS Loan

• Parent borrows on behalf of dependent undergrad • Approval subject to credit check

• Loan limits

– Annual limit: cost of attendance less other aid – Aggregate limit: none

• Interest rate variable-fixed at 7.21% until July 1, 2015 • Loan fee of 4.292%

• Repayment begins 60 days after final disbursement or 6 months

after student drop below half-time;

• Graduate Students are eligible to apply for a PLUS loan

31

Institutional Aid

• Academic Scholarships

• Performance Scholarships

• Entitlement Scholarships

• Merit and Need-based Scholarships and

Grant

(17)

Private Aid

• Community Organizations

• Churches

• Employers and Labor Unions

• Professional Associations

• Corporations / Foundations

33

Upromise

www.upromise.com

• Save for college as you spend, or

• Repay your student loans

• Rebate from products and services you

purchase will automatically be entered into

your account.

(18)

Additional Financial Resources

• Inquire about tuition installment plans

– Spreads tuition payments over several months – Low sign-up fees, low to no interest charged

• Consider alternative loan programs

– Federal non-need based educational loans

– Private educational loans

– Home equity or line-of-credit loans

• Using Smart529 Plan

– WWW.SMART529.COM

35

Additional Financial Resources

• Check into tax benefits for education

– American Opportunity Tax Credit – Lifetime Learning Credit

– Educational IRAs

(19)

Consumer Protection

• As a general rule, never pay money to get

scholarships or apply for financial aid.

• You do not have to pay to complete the

FAFSA – do NOT use www.fafsa.com

• HEPC and colleges provide free financial aid

counseling and assistance

37

Sources of General FA Information

• Websites

–www.cfwv.com

– Financial Aid Information Page (www.finaid.org) – U.S. Department of Education

(www.studentaid.ed.gov) – www.fastweb.com

(20)

39

February 15, 2015

(21)

41

CFWV:

Shared Statewide Calendar

To view: cfwv.com > click “calendar” (toward the bottom of the page)

Customer Service

ANY PROBLEMS:

Call customer service for Federal Financial Aid:

1-800-433-3243

Call customer service for State Financial Aid:

(22)