What You Need to Know About Financial Aid. Office of Financial Aid

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What You Need to Know About Financial Aid

Office of Financial Aid

Tonight’s Topics

What is Financial Aid

Cost of Attendance (COA)

Expected Family Contribution (EFC) Financial Need

Types & Sources of Financial Aid How to Apply for Financial Aid

Know Your Financial Aid

Options

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What College Expenses Might I Have?

TUITION & FEES ROOM & BOARD

BOOKS &

SUPPLIES OTHER EDUCATIONAL

EXPENSES

TRANSPORTATION CLOTHING

LAUNDRY CELL PHONE

MEDICAL

How Can I Pay for College?

OUT-OF-POCKET

LOANS GRANTS

SCHOLARSHIPS

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What is Financial Aid?

• College can be expensive, but it can still be affordable

– One Option is Financial Aid: ^Money

awarded or loaned to students and families to help pay for educational expenses when their own resources are not sufficient

How MUCH Might College Cost Per Year?

Community College 2 Yr Public

$2,460

$5,150

$1,000

$1,800

$10,410

In-State University

4 Yr Public

$5,995

$6,560

$975

$3,450

$16,980

Private University 4 Yr Private

$22,238

$6,390

$1,079

$5,392

$35,099

Tuition & fees Room & board Books & supplies Other expenses

Total

Out-of-State University

4 Yr Public

$16,630

$8,000

$1,030

$4,480

$30,140

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Expected Family Contribution [EFC]

• Amount the family can “reasonably” be expected to contribute toward the student’s education

• Stays the same regardless of college choice

• Calculated using FAFSA data and a federal formula

– Includes parent contribution and student contribution

What is Financial Need?

COA

Cost of Attendance for

My College

EFC

My Expected Family Contribution

(determined by the FAFSA)

NEED

My Financial Need for My College

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4

BIG

Scholarships

Gift Aid

Merit-Based

Grants

Gift Aid

Need-Based

Work-Study

Self-Help Aid

Must Earn

Loans

Self-Help Aid

Need-Based

Non-Need-Based

Common Federal Aid Programs

• Federal Pell Grant

• Teacher Education Assistance for College & Higher Education Grant (TEACH)

• Federal Supplemental Educational Opportunity Grant (SEOG)

• Federal Perkins Loan

• Federal Work-Study

• Stafford Loans

• Parent/Graduate PLUS Loans

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Federal Financial Aid: Pell Grant

• Recipients:

– Demonstrate “financial need” via FAFSA calculations – Undergraduates pursuing 1^st bachelor’s degree

• About Me:

– Does not have to be repaid

• Award:

– Up to $5730 (2014-2015 school year)

Federal Financial Aid: Stafford Loans

Subsidized Loans

Recipients:

– Demonstrate “financial need”

About Me:

– Must be repaid – Fixed interest rate

– “Interest free” in school – 6 month grace period

Unsubsidized Loans

Recipients:

– Not based on “financial need”

About Me:

– Must be repaid – Fixed interest rate

– Interest accrues in school – 6 month grace period

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Federal Financial Aid: Work Study

• Recipients:

– Demonstrate “financial need” via FAFSA calculations – Must obtain on-campus job

• About Me:

– Earned money through a bi-weekly paycheck

• Benefits:

– On-campus jobs are flexible with student schedule – Great resume builder

Federal Financial Aid: Parent PLUS Loans

• About Me:

– Low interest loan borrowed by the parent

– Payments typically begin 60 days after final disbursement

• May be deferred until the student graduates or drops below half time (additional paperwork)

– Credit-based

• If parent is denied, the student may receive the additional unsubsidized $4000-$5000

– Check with your student’s institution for specific instructions on how to apply

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Alternative/Private Loans

• About Me:

– Applied for through private banks and companies

• Credit & income-based

• Student may need a co-signer

– Potentially high interest rates & fees

• Terms and conditions vary

• R E A D T H E F I N E P R I N T !

– Allows a student to borrow unmet need

WHAT

• FREE APPLICATION F^OR F^EDERAL S^TUDENT A^ID

• 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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HOW

• Information used to calculate the Expected Family Contribution (EFC)

– EFC is the amount of money a student and family may reasonably be expected to contribute toward the cost of the student’s education for an academic year

• Colleges use EFC to award various forms of financial aid

WHEN

File your FAFSA as soon as possible after Jan. 1^st. Most colleges have FAFSA filing priority dates^.

Some aid programs are first-come, first-served and

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WHERE

www.fafsa.gov

• While completing FAFSA on the Web, applicant may submit a real-time request to the IRS for tax data

• IRS sends real-time results to applicant in new browser window

• Applicant chooses whether or not to transfer data to the FAFSA

IRS Data Retrieval Tool

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• Website: www.pin.ed.gov

• Sign FAFSA electronically

• Not required, but speeds processing

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

Federal Student Aid PIN

• 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

Student Dependency Status

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• If your parents are living together, include their combined financial information (regardless of their marital status) NEW!!

• If your parents are divorced or separated, include the financial information for the parent you lived with more during the past 12 months. If that parent is remarried, you must include your

stepparent’s financial information.

Who is Considered Your

Parent

Grandparents, foster parents, and legal guardians are NOT considered parents unless they have

legally adopted you.

• Tax, income, and other financial information

• Dislocated worker status

• Receipt of federal means-tested benefits

• Assets

• Untaxed income

Info About

PARENTS

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• Colleges

– List up to 10 colleges to receive your FAFSA data

– Add each school’s Federal School Code

• Housing Options

– Choose your housing plans for each college

• On-Campus

• With Parent

• Off-Campus

School Information

• 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

Frequent FAFSA Errors

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• If necessary, corrections can be made by:

– Using FAFSA on the Web if student has PIN

• www.fafsa.gov

– Updating paper Student Aid Report

– Submitting documentation to college’s financial aid office

Making Corrections

• FAFSA Processor sends student notification that FAFSA has been processed

– Students with PIN may view Student Aid Report (SAR) online at www.fafsa.gov – Students without PIN will receive paper copy of SAR

• Review SAR for accuracy

– Update estimated information when actual figures are available

I Submitted My FAFSA, Now What?

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• Schools will contact you if additional information is required

– Students should provide the requested documentation as soon as possible – 1 out of 3 students must complete VERIFICATION

• Verification “verifies” the information submitted on the FAFSA

- - - -

• Schools will notify you of your award offer

• Students should evaluate award offers and decide which awards to decline/accept

I Submitted My FAFSA, Now What?

• 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

Special Circumstances

LIFE

HAPPENS

SOMETIMES

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Scholarship Essays

vs

It’s All About How You Portray Yourself

Personality ● Passion ● Purpose

Building an Impressive Application

• Build a RESUMÉ containing the following information:

– Education & Scholastic Achievements – Life Experience, Training, Employment – Honors, Awards, Memberships

– Leadership and Community Service – Career Ambitions: Statement of Goals – References and/or Reference Letters

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WHERE

• Schools

• Parent’s Employer

• Local Businesses

– Banks, Car Dealerships, TV Stations

• Community Organizations

– Churches, Lion’s Club, NAACP, American Legion

• www.wichita.edu/outsidescholarships [National, Regional, Local]

• www.fastweb.com [National]

• www.scholarships.com [National]

Where Do You Find

MORE

• National Competitions

 Gates Millennium Scholarship

 Hispanic Scholarship Fund

 Jackie Robinson Foundation

 Coca-Cola, Dell, Best Buy, Kohl’s Cares, Target

• Institutional Awards come from the university

 Some schools have automatics; others are competitive

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State of Kansas Programs

• KCG – Kansas Comprehensive Grant

• KS Ethnic Minority Scholarship

• KS State Scholarship

• KS Teacher Service Scholarship

• KS Nursing Service Scholarship

• National Guard Tuition Assistance Program

• Military Service Scholarship

• Application & Details at www.kansasregents.org

WSU’s

FRESHMEN MERIT

• Must be fully admitted to WSU

• $1000 to $3000 per year

• Renewable for three additional years

• Awards offers based on:

 High School GPA

 High School Class Rank

 National Test Score (ACT/SAT)

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Contact Us

Office^: 203 Jardine Hall

Phone: 316-978-3430

Email: finaid@wichita.edu

Web: www.wichita.edu/financialaid

Walk-in and Appointment Hours:

Mondays-Tuesdays: 8am-6pm Wednesdays-Fridays: 8am-5pm