financial aid &
FAFSA workshop
education
continues to be
an investment with
Arizona university system 2014-2015
financial aid distribution
financial aid dollars provided to students
ASU
$
1,220,380,124
55.5%
NAU
$
335,965,052
15.2%
UA
$
643,543,792
29.3%
what is
financial aid:
any
money
from outside of the
family that helps cover
college costs
examples: scholarships, grants, outside sources, loans, and federal work- study
{
categories of aid
{
gift aid
federal grants
institutional grants
scholarships
self-help aid
student employment
federal student loans
private loans
institutional
leadershipneed based
academic major private involvementmerit based
servicecommunity
gift aid:
grants
federal or institutional
usually awarded based on financial need
may vary by institution
gift aid:
federal pell grant
amount of grant awarded is determined by:
expected family contribution (EFC)
enrollment status (full or part-time)
attendance status (full academic year or less)
maximum award per academic year
2015-2016 = $5,775
gift aid:
FSEOG &
university grants
federal supplemental education opportunity
grant (FSEOG) & university grants (UG) are
need based awards
campus based – apply early, limited funds
(not all colleges participate)
gift aid:
teach grant
available for students who intend to teach in a
public or private school that serves students from
low-income families
not all institutions participate
agreement to serve – if not met, grant converts to
unsubsidized loan
self-help aid:
student employment
hourly jobs federal work-study
earn money to pay
educational costs
ü
ü
pay check
ü
ü
does not count as
{
loans
federal or private
available for
students and
parents
pay back with
interest
federal
student loans
subsidized (sub) unsubsidized (unsub) interest rate 4.29% 4.29%
interest accrual
does not accrue interest while in school
does accrue interest while in school
need based yes no
loan
repayment
graduated
fixed
income
driven
OR OR
gradual increases in loan payments
fixed loan payment payments based on income
perkins
loans
{
program has
ended
perkins loans are
no longer being
offered by any
institution
parent
plus loan
{
subject to credit
approval
current interest rate
is 6.84%
payments begin 60
days after the loan
is fully disbursed
private
student
loan
{
offered by private financial institutions
likely require co-signer, if student is applying
interest rates vary
repayment options differ may have additional
how financial aid
cost of attendance
every college or university has an
estimated cost of attendance (COA)
tuition & fees
housing & meals
books & supplies
transportation
personal expenses
{
direct
cost
e
xpected
f
amily
c
ontribution
{
federal formula is used
to calculate
index score not actual
dollar amount
determines financial
aid eligibility
how aid is
calculated
COA – EFC = need
{
how much need based aid
a student can be awarded
grants federal work study subsidized loans
let’s look at an
estimated cost of attendance
2015-2016 example
tuition and fees (in-state)
$ 10,000
housing & meals (on-campus)
$ 10,000
books and supplies
$ 1,000
personal
$ 1,000
transportation
$ 1,000
cost of attendance:
$ 23,000*
calculation of
financial need
cost of attendance
$23,000*
(-) expected family contribution
5,000
financial need
$18,000
financial aid
awarding
cost of attendance $ 23,000*
financial need $ 18,000
sample awards (gift & need based)
scholarship $6,000 pell grant $1,000 university grant $2,000 federal work-study $2,500 subsidized loan $3,500 $15,000 *remaining need $3,000
financial aid
awarding
remaining financial need $3,000
sample awards
unsubsidized loan - $2,000
parent plus loans - $6,000
total aid offered: $23,000 (cost of attendance)
*not actual dollar amounts
{
$17,000financial aid
awarding
cost of attendance $ 23,000*
financial need $ 18,000
sample awards (gift aid)
scholarship $6,000 pell grant $1,000 university grant $2,000 federal work-study $2,500 subsidized loan $3,500 unsubsidized loan $2,000 parent plus loan $6,000
let’s take a
completing the
FAFSA
U.S. citizen or eligible non-citizen register with selective service (male applicants only, if required) attend a participating college enroll in a degree or certificate program. maintain satisfactory academic progress.
who is
eligible?
all student applicants have data checked by DHS data baseall student applicants have data checked by
department of homeland security database
U.S. citizen eligible non-citizen not eligible
U.S. birth certificate certificate of
naturalization
U.S. permanent
resident with an alien registration number
refugee
student visas DACA students
DACA and undocumented
students are
not eligible for
federal, state, or institutional aid
at Arizona institutions
DACA
students
{
eligible for in-state tuition rates in Arizona
must work with the residency classification (or designated office) to complete
classification process
students will need to submit a completed Domicile Affidavit, provide a copy of their
Employment Authorization Document, and copy of their photo ID
DACA
students
{
if DACA students have a SSN, they can complete the FAFSA; however, they are not eligible for federal aid
when completing the FAFSA, answer the question, “are you a U.S. citizen?” with, “No, I am not a citizen or eligible
resources for
undocumented students
College Success Arizona
collegesuccessarizona.org
Aspira Association, Inc.
aspira.org/resources/college-information
Mexican American Legal Defense Fund (MALDEF)
www.maldef.org/leadership/scholarships
National Society for Hispanic Professionals
Salvadoran-American Leadership & Educational Fund (SALEF)
salef.org
Latino College Dollars Scholarships for America's Latinos
latinocollegedollars.org
Isak Amaya Foundation
isacamayafoundation.org
10000 Degrees
10000degrees.org
Scholarships A-Z
scholarshipsaz.org
Educators for Fair
FAFSA
application to apply for federal financial aid
collects family’s personal and financial information
available in English and Spanish
FAFSA
online
faster, easier, smarter
built in edits to help prevent errors
skip-logic = skip unnecessary questions
immediate submission
easy help
options with
the online
helpful hints
and tips
throughout the
FAFSA
information
needed
{
social security number prior year federal tax
information (for fall 2016) taxable income
untaxed income bank account info
asset and investment info
taxes do not have to be completed to file the FAFSA,
FSA ID
{
replaces the student aid PIN
username and password used by parents, students, and
borrowers
used to login to U.S. Dept. of Ed. websites & to sign
electronic documents such as the FAFSA
FSA ID
student and parent must have
different
FSA ID’s
student and parent should each use their
own e-mail addresses when creating an
FSA ID –
cannot share or use the same
email address
creating an
go to
StudentAid.gov/fsaid
click the “create an FSA ID now” button
or when logging into a
federal education website or when completing the FAFSA – click on “create an FSA ID now” button
You can select “Show Text” to see what you’re typing
creating an
FSA ID
begin with creating a
username and
password
username – do not
include personal info
such as date of birth
of name
creating an
FSA ID
enter personal identification information
make sure SSN, DOB, and name match what is on social security card
creating an
FSA ID
challenge questions & answers
combination of both
pre-determined questions and student created
You can select “Show Text” to see what you’re typing
FSA ID
is created
following the review of terms & conditions and verifying email, the FSA ID is created –
students receive email confirmation
students can log into fafsa.gov and complete, sign, and submit FAFSA
info will be sent to Social Security Administration for confirmation
getting
started
choose the
academic year the
student will be
attending school
select the correct
FAFSA
create a
FAFSA
sections
{
student demographics
dependency status
financial information
school selection
part I:
student
demographics
student
demographics
use
correct
student social
security number
include applicant’s full
legal name:
no nicknames
student
eligibility
select citizenship status
selective service
student
eligibility
high school completion status when beginning 2016-2017 academic year –
ex. high school diploma
2016-2017 grade level
what degree or certificate will student be working on in 2016-2017 academic year
student
eligibility
foster youth question federal work study
a student who answers
“yes” to the foster care
question will receive
additional info on their
confirmation page related
to benefits for which they
may be eligible
student
eligibility
provide the student’s high
school name
drop down list of high
school names based on
location
student can manually enter
the name of high school if
not found
section II:
school
selection
students can list up to
10
institutions at one time to
send FAFSA information to
*new this year – list of
colleges that student
selects will NOT be sent to
the colleges
school
selection summary
select housing plans
for each college
section III:
dependency
determination
FAFSA dependency questions are the key!
students who cannot answer
“yes” to any of the questions are
dependent and must provide parent and student financial information
if a student has unusual
circumstances, the student can contact the financial aid office at their institution
students who
answer yes to any of the questions may be required to
submit supporting documentation to their college
dependency
status results
if students are considered
independent they will be asked if they are able to provide parent information
unable to
provide parent information
when a student is unable
to provide parental
information, select “I am unable to provide
parental information”
not all situations are
considered special circumstances
special
circumstances
examples of special circumstances as determined by the federal government option is again given to provide parental information
unable to
provide parent information
if a parent refuses to provide their information on the
FAFSA and refuses to provide any financial support:
student can submit FAFSA, but is eligible to receive an
unsubsidized stafford loan only
dependency
part IV:
parent
demographics
if parents are married
• include both parents’ information
if parent is single, never married but living with other legal parent
• include both parents’ information
if divorced and remarried
• include parent and stepparent information
if parent is single/divorced, not remarried and not living with the other legal parent
• include single/divorced parent information
parent demographics:
the following people are not considered parents
unless they have adopted the student:
grandparents
foster parents
legal guardians
older brothers or sisters
uncles or aunts
parent demographics:
parent of record
table to help
students determine
which parent’s info
they need to
provide
parent
demographics
determination
provide parent marital status list correct SSN
parents without a SSN must list 000-00-0000
parent
demographics continued
reporting household size
include all people who are supported more than 50%
reporting number in college include all students from
household who are attending college at least ½ time
do not include parents
section V:
student &
parent income
parent
tax information
parent tax filing status –already completed, will file, will not file
individuals who meet IRS tax filing standards are required to file taxes
married filing jointly
married filing separately head of household
single
determine eligibility to use the data retrieval tool (DRT)
enter FSA ID and link to IRS
parent
tax information
student is
transferred to
the IRS
website to
access tax
information
these fields are
pre-filled based
on FAFSA
in situations where the
they will be asked to enter financial
information, income, assets, etc.
parent
tax information
confirm correct type of filed return dislocated worker
parent
tax information
students
will also be asked to
provide their tax & financial
student
tax information
student tax / income information
side banner change of color information requested is
similar to parent
students who meet IRS filing standards are
section VI:
sign and
submit
sign
and submit
student and parent must sign
FSA ID:
fastest option, processed within 3-5 days
or
print and mail signature page parents without a SSN parents
sign
and submit
submit
check application status processed
rejected
what happens next option to view
common
errors
{
student & parent signatures
blank fields
no college code
divorced / remarried parental info
incorrect SSN or driver’s license number
household size
number of household in college
real estate &
what to do if a
family’s
situation has changed
reviews
{
parent loss of income
student loss of income
cost of attendance
increase
unusual circumstance
financial aid
steps
student submits FAFSA
student receives SAR
institutions receives EFC
verification process
school calculates financial need
student receives award letter
s
tudent
a
id
r
eport
{
by email or mail depending on info student provides
summary of info entered on FAFSA
review carefully to make sure it’s correct and complete
sample
financial aid
notification
financial aid
shopping sheet
tool designed to simplify information
standardized form
easily compare institutions to make informed
compare costs
& financial aid
compare
costs
resident vs non-resident tuition pay per credit hour or flat amount
compare
financial aid
1 year vs 4 years
renewal and eligibility criteria
net price
sticker price – gift aid
award letter
comparison
worksheet
example by NASFAA – national association of financial aid administratorscompare aid offers & costs from
student
accepts
their
financial aid
awards!
Arizona State
University:
financial aid
& scholarships
86%
of
ASU
grads looking
for a job received an offer
within
90 days
ASU direct costs
2015-2016
tuition and fees (in-state)
one-time, temporary surcharge $
housing & meals (on-campus)
books and supplies
total direct costs
$23,856
$ 10,158
320
$ 12,078
$ 1,300
More than
80%
of
all ASU students
receive some form of
financial assistance
New
American
University
scholarships
{
academic merit awards amounts range from
$1,500 - $10,000 / year
no separate application required
awarded based on G.P.A., class rank, test score
renewable for 8
students can use the scholarship estimator to check potential merit award eligibility *enter unweighted core GPA
ASU institutional
scholarship renewal
ASU scholarship maintenance plan
criteria:
3.0 ASU GPA and 30+ ASU credit hours = 100% award value
2.5-2.99 ASU GPA and/or 24-29 ASU credits hours = 80% award value (after 1st year)
= 70% award value (after 2nd year)
= 60% award value (after 3rd year)
if student meets the full renewal requirements after one academic year, 100% award value will be renewed
additional
special
programs
college attainment
grant
incoming freshman
completed application for admission & FAFSA on file by July 1 Pell eligible
Barack Obama
Scholars Program
incoming freshman only
completed application for admission & FAFSA on file by march 1 meet assured admissions
total family income less than $42,400
direct cost
tuition and fees
room and board
books
ASU
financial aid
timeline
(students entering fall 2016)
{
oct – aug incoming freshman merit awards january 1 FAFSA available february 1 scholarship portal deadline
march 1 financial aid (FAFSA) priority date
march 1
incoming freshman awarding begins
may 1
tools &
financial aid toolkit
financial
aid toolkit
financialaidtoolkit.ed.gov
access tools and
resources such as
handouts, videos,
infographics
link to FAFSA demo
track FAFSA
completion at
your high
school
financial
aid toolkit
search for high school by state
financial
aid toolkit
data is released
bi-weekly beginning the last monday in january
