Post on 28-Dec-2015
UNDERSTANDING THE BASICS
JOAN HENNINGGONZAGA UNIVERSITYASSISTANT DIRECTOR
FINANCIAL AID
Financial Aid 101
What is Financial Aid?
Primary goal is to assist students in paying for college and is achieved by:
Evaluating families’ ability to pay educational costs
Distributing limited resources in an equitable manner
Providing balance of gift aid and self-help aid
Types of Financial Aid
Need-based
Merit-based (or non-need)
Gift aid: Grants and scholarships
Self-help aid: Loans and employment
Application Process – Some
Institutional Aid Application Free
CSS/Financial Aid PROFILE Determines eligibility for institutional/nonfederal funding at
approx. 250 colleges and universities
Collects additional information not reported on FAFSA
$25 to file for one school, $16 per additional school
Warning! Admission Application Process is Separate, and
financial aid processes varies by school – check with each
college.
FAFSA Application Process - All
Free Application for Federal Student Aid (FAFSA) Required for federal and state aid Sometimes for institutional aid
Deadline varies by schoolFAFSA on the web
Available on Jan 1st www.fafsa.gov
FAFSA paper filing
CAUTION!
Avoid being charged a fee to file the - Free Application for Federal Student Aid (FAFSA)
Completion & processing of the FAFSA are FREE
Be sure to go directly to www.fafsa.gov Contact financial aid office for help completing
the FAFSA
Independent Student Definition
● At least 24 years old;● Married;● Graduate or professional student;● Active duty or Veteran in US Armed Forces;● Supporting a child or other dependent;● In foster care, orphan, or ward/dependent of the
court;● Emancipated Minor;● In a legal guardianship;● Homeless youth
Other unusual circumstances contact the school’s aid office
FAFSA Application - Getting Ready
Gather records you will need Driver’s license and Social Security card W-2 forms and other records of money earned in ‘14 2013 federal income tax returns (for estimates) Records of any untaxed income Current bank statements Business and farm records Records of stocks, bonds and other investments
Make it a family affair
PIN – Electronic Signature
●www.pin.ed.gov
●Confidential
●Request PIN in
real time●Process could
change in May 2016
Frequent FAFSA Errors
Social Security Numbers
Divorced/remarried parent information
Income earned by parents/stepparents/partner
Untaxed income
U.S. income taxes paid
Household size/in college
Asset net worth
Updating the FAFSA
Tax Transfer available 2-3 weeks filing online or 4-6 weeks if paper taxes submitted.
Determining Aid
Cost of Attendance (COA) established and varies by school
Expected Family Contribution (EFC) determined by FAFSA and same for all
schools
Financial Aid Formula COA – EFC = “need”
Special Circumstances
Loss of Job
Loss of Benefits
Natural Disaster
Separation/Divorce
Death in Family
OtherContact the school(s) financial aid office.
Varies by School
Financial Aid Timeline
Apply for Aid (January-February 2015)
Receive Award Letter (April-May)
Comply with Information Requests (April-May)
National School Decision Deadline - May 1
Verification and Aid Coordination (Summer)
Re-apply for Aid (January-February 2016)
Where Do I Go From Here?
Check each school’s website for Admission & Financial Aid requirements
Meet all application deadlines
Investigate other sources of aid
Additional Financial Resources
Western Undergraduate Exchange (WUE)Gates Millennium FoundationCollege Success FoundationAct 6Guaranteed Education Tuition (GET)Private ScholarshipsInquire about tuition installment plansConsider alternative loan programs
Avoid Being Scammed“Billions of Dollars Unclaimed . . .” “Money Back Guarantee”
Warning signs of a possible scam: Guaranteed winnings ‘Free seminars’ 1-900 numbers
Check agency legitimacy with: U.S. Department of Education Federal Trade Commission Better Business Bureau
CAUTION: As a general rule, if you must pay money to get money, it might be a scam.
Free FAFSA Help
High School Check with your counselor
Online Help/Tutorials www.studentaid.ed.gov www.fafsa.ed.gov
College Goal Washington Mid - January Community Event www.wsac.wa.gov