Applying for Financial Aid 2014-2015 Academic Year Elaine Solinga Financial Aid Services Telephone:...
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![Page 1: Applying for Financial Aid 2014-2015 Academic Year Elaine Solinga Financial Aid Services Telephone: 860-439-2058 E-Mail: finaid@conncoll.edu.](https://reader036.fdocuments.us/reader036/viewer/2022062620/551b29c8550346d41a8b4a67/html5/thumbnails/1.jpg)
Applying for Financial Aid2014-2015 Academic Year
Elaine SolingaFinancial Aid Services
Telephone: 860-439-2058E-Mail: [email protected]
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What you will learn:
• What financial aid is
• Sources of financial aid
• When and how to apply
• How to pay the bill
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Helpful Advice
• Learn the college’s financial aid application requirements and deadline date.
• Use the Net Price Calculator available on each college’s web site.
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More Advice www.finaid.com
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Studentaid.gov
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How Much Financial Aid Will Be Offered?
• Dependent on a family’s ability to pay • Dependent on the funding available
from the federal and state governments and the college.
• Were the financial aid applications and supporting documentation submitted by the deadline date?
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Definition of Financial NeedCost of Attendance
Expected family contribution (EFC)
Other financial assistance
Financial need
LESS
LESS
EQUALS
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Comparison of Need by Cost(Assumes full-time enrollment)
4 Year Private 4 Year Public 2 Year Public
Cost of Education $60,000 $25,000 $ 7,000
Expected Family Contribution (EFC) $10,000 $10,000 $10,000
Need $50,000 $15,000 0
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Meeting the Full Need and Gapping
College A B
Cost of Education $60,000 $60,000
Expected Family Contribution (EFC)
$ 10,000 $ 10,000
Need $50,000 $50,000
Aid Awarded $50,000 $35,000
Unmet Need 0 $15,000
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Cost of AttendanceTuition and FeesRoom and BoardBooks and SuppliesTransportationMiscellaneous and Personal Expenses
(purchase of a computer)
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Family Contribution Components
Parent(s)’ 2013 income Student’s 2013 income Value of parent’s assets Value of student’s assets Number of household members Number of dependents attending college at least
half-time
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Eligibility Assessed Using Federal Methodology
Based on information reported on the FAFSA (Free Application for Federal Student Aid, 2014-2015)
Formula determined by Congress that is used to determine eligibility for federal and most state funds
No information required from the non-custodial parentCustodial parent and stepparent financial information is
included If student’s parents live together, regardless of marital
status or gender, financial information must be reported.
Home value and debt and value of retirement accounts are excluded
Parent contribution divided by the # of dependents attending college at least half-time
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Eligibility Assessed Using Institutional Methodology
Based on information provided on the CSS Profile or a custom institutional applicationUsed by schools to award their own fundsHome equity might be added inInformation from the non-custodial parent is requiredTax losses may be added backDepreciation associated with a business or investment property may be added backParent contribution might not be divided equally No allowance for sibling enrolled in graduate schoolMinimum student contribution
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Student Eligibility Requirements
• U.S. Citizen or eligible non-citizen• If male and age 18 must register for Selective
Service;• Have a valid social security number;• Must be enrolled as a regular student in an
eligible degree or certificate program;• Must have a high school diploma or an
equivalent;• While enrolled in college, must make
satisfactory academic progress.• Must have resolved any drug conviction issue.
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Forms RequiredCollege A B C State of CT
GOV Sch.
FAFSA X X X XCSS Profile X XCollege Form
X
Tax Returns & W2 Statements
X
Non-Custodial Parent’s Statement
X
Due Date 03/15 02/01 03/01 02/15
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FAFSA on the Web Homepagewww.fafsa.gov
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FAFSAFree Application for Federal Student Aid,
2014-2015
• Can’t file prior to 01/01/2014• Required by all schools• Used to determine eligibility for
federal/state need based aid• Student and one parent should apply
for a pin # now to sign the FAFSA electronically
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Federal Student Aid Personal Identification Number (FSA
PIN)• 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
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Helpful Tips When Completing the FAFSA
Print out the FAFSA on the Web Worksheet (available January 1, 2014)
Have your 2013 federal tax return and W2 statements in front of you or prepare a draft 2013 federal tax return.
You can also use your 2012 federal tax return if income will be similar to 2013.
It is okay to estimate in order to meet early deadline dates required by colleges.
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Helpful Tips When Completing the FAFSA
• Must report as income:
–Adjusted Gross Income as listed on your tax return–Wages as listed on your W2 or business income applicable to each parent.–Taxes paid according to the tax table, not what was withheld.
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Helpful Tips When Completing the FAFSA
• Assets not to report:– Value of your home– Principal value of retirement plans
(pension funds, annuities, non-education IRAS, Keogh plans)
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Review of Tax Return
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Review of Tax Return
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Helpful Tips When Completing the FAFSA
• When reporting assets, report the value as of the date the FAFSA is completed.Cash, savings, checkingInvestment property (market value less debt)Stocks, bonds, money market fundsCD’s, mutual funds, stock options, trustsCoverdell savings accounts, college savings
plansBusiness (market value less debt)Investment farm value (market value less
debt)
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What is the Federal Definition of a Parent?
• If parents are divorced or separated, answer the questions about the parent the student lived with more during the past 12 months.
• If the student did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months.
• If parents live together, regardless of the marital status or gender, financial information must be reported for both parents
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What is the Federal Definition of a Parent?
• If the student’s parent has remarried, information about the stepparent must be included.
• If the student’s parent is widowed or single, answer the questions about that parent.
• The following people are not the student’s parents unless they have adopted the student: grandparents, foster parents, legal guardians, older brothers or sisters, and uncles or aunts.
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What if parent information is not available?
– Student has no contact with the parent(s) and does not know where they are (and the student has not been adopted by someone else); or
– Student has left home due to an abusive situation.
• Must gather third party documentation to verify your living situation: attorney, court officer, social worker
• Submit that third party documentation to the college that you will most likely attend.
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How to Sign the FAFSA
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Making Corrections to the FAFSA
• Corrections can be made after the FAFSA has been submitted and processed.
• Can add a college• If you have submitted your IRS tax
return, you can provide a PIN to link the IRS data to the FAFSA. Highly recommended!!!!!
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FAFSA Processing Results
• CPS notifies student of FAFSA processing results by:
– Email notification containing a direct link to student’s online SAR if student’s email was provided on paper or electronic FAFSA
• Student with PIN may view SAR online at www.fafsa.gov
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FAFSA Processing Results
• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted
• College reviews ISIR– May request additional documentation
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IRS Data Retrieval Tool
• Available early February 2014 for 2014–15 processing cycle
• Participation is voluntary
• Reduces documents requested by financial aid office
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IRS Data Retrieval Tool
• While completing FOTW, applicant may submit 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
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IRS Data Retrieval Tool• 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
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IRS Data Retrieval Tool
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IRS Transcript
• If you are unable to successfully retrieve the IRS data into the FAFSA, then you might be required to provide an official IRS transcript. You can request one from here: www.irs.gov– Available two weeks after an electronic
submission– Available 6-8 weeks after a paper
submission
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http://student.collegeboard.org/css-financial-aid-profile
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CSS/Financial Aid Profilehttps://profileonline.collegeboard.com/Not required by all schools$25 for the initial application and $16
for each additional collegeNon-Custodial Parent’s Form = $25Forms used to determine eligibility
for need-based institutional grants.
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CSS Profile Tips
In addition to the assets reported on the FAFSA, you will be required to report:– Value of your home, purchase price,
purchase date and current debt– Value of your retirement accounts
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CSS Profile Tips• Once the Profile has been submitted, you
will not be able to make corrections. You will need to print out a hard copy, make the corrections, send a copy to each school that requires the Profile.
• Many colleges participate in IDOC which is a document imaging service offered by the College Board. You send your tax return to them and they will scan it and make it available electronically to the colleges.
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Remember! Grants/Scholarships do not have to be
repaid (unless a student withdraws during a term). Grants are typically awarded based on need and scholarships are typically awarded based on merit or athletic ability.
Student loans must be repaid Federal Work Study provides
income, which does not have to be repaid, from a part-time job
Grants/Scholarships do not have to be repaid (unless a student withdraws during a term). Grants are typically awarded based on need and scholarships are typically awarded based on merit or athletic ability.
Student loans must be repaid Federal Work Study provides
income, which does not have to be repaid, from a part-time job
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Sources of Need Based Aid Federal Grants
(Funding for 2014-2015 has not yet been determined)
Federal Pell Grant – $5,645Federal SEOG Grant – up to $4,000Federal TEACH Grant – up to $4,000
Studentaid.gov for detailed information about these programs.
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Sources of Need Based State Grant Aid
ctdhe.orgState grants for CT residents attending a college in CT
Governor’s Scholarship Program- a student can only receive funding from one of these funding sources:
1. Need/merit basedFAFSA requiredDeadline date- February 15Award amount = $3,500-$4,500 based on
expected family contribution less than $11,000Class rank 20% or betterSAT of 1800 or ACT of 27
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Sources of Need Based State Grant Aidctdhe.org
• Governor’s Scholarship Program2. Need based
FAFSA requiredDeadline date set by the collegeAward range = $2,000 to $3,000 based on an
expected family contribution less than $11,000
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Sources of Need Based Aid – Federal Loans studentaid.gov
Federal Perkin Loans – up to $5,500 Interest rate is 5% fixed Cancellation and deferment benefits
Federal Direct Loan – 1st year = up to $5,500 ($3,500 subsidized) 2nd year = up to $6,500 ($4,500 subsidized) 3rd-5th year = up to $7,500 ($5,500 subsidized) Current interest rates (2013-2014)
3.86% for subsidized loans 3.86% for unsubsidized loans
Fee = 1.051% (2013-2014) Cancellation and deferment benefits
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Sources of Need Based Aid –
Student EmploymentFederal Work Study -
no limit but average range is $1,200 to $2,000 Students work approximately 8 – 10 hours per week Most paychecks are issued via direct deposit Employment can be on or off campus Student must provide proof of eligible citizenship
status to the college Unexpired passport (original) Social Security Card (original) Photo ID (driver’s license or college issued identity card)
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Sources of Institutional Grants and Outside Resources
Institutional Grants/Scholarships are provided by the college either from tuition revenue and/or endowed funds and annual gifts.
Outside Resources – Employee Tuition BenefitNational Merit, Rotary, Garden Club, etc.
High school guidance officewww.finaid.org
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Tuition & Fees $45,000Room & Board 13,000Books & Supplies 1,000Miscellaneous 500Transportation 500Total Cost $60,000
Federal Pell Grant $ 2,500Federal Supplemental Educational Opp. Grant $ 2,500State of CT Governor’s Sch. Program $ 2,500College Grant $42,600
Total Grants $50,100
Net Price (Cost less grants) $ 9,900Options to pay Net Price:
Federal Direct Subsidized Student Loan $ 3,500Federal Perkins Loan $ 1,000Federal Direct Unsubsidized Student Loan $ 2,000
Remaining balance $ 3,400Other options:
Federal Work Study $1,400 Parent Payment PlanParent PLUS loanPrivate alternative loan
Shopping Sheet(Helpful when trying to compare awards)
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How Aid is Applied to the Bill
Tuition & Fees = $45,000 Room & Board = 13,000 Total Charges = $58,000
Less aid:
Grants $50,100 Loans (subsidized) $ 4,500Total Aid Applied to the Bill $54,600Balance Due $ 3,400Balance with unsubsidized loan $ 2,000 $1, 400Usually paid in two installments: One-half of balance due on or about August 1 One half of balance due on or about January 1
Federal Work Study is not applied to the bill.
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What if my family contribution seems unreasonable?
Compare aid awards from similar colleges. If the family contribution is significantly different:
• Ask how the contribution was determinedIs there a contribution expected from the non-
custodial parent? Were losses reported on the tax return added
back?What is the minimum student contribution?How were family members in college treated?Was home equity included in the analysis?
• Has there been a change in family dynamics since the FAFSA was filed?
• Request procedures for an “Appeal” or “Review”
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How do I pay the bill?
Prepare monthly income/expense flow Put surplus monthly income to work for you with a
payment plan. Each college arranges with a third party provider to participate in one or more plans.
Use savings but keep enough to cover surprises! Investigate home equity loan, or other private
parent loans. Factors to consider: age, job market, other children to educate, income/debt ratio, credit rating
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Federal PLUS Loan
Borrowers are parents of dependent undergraduate students
Annual loan limit: cost of attendance minus other aid
Fixed interest rate – 6.41% (2013-2014)Loan fees - 4.204% (2013-2014)Repayment begins 60 days after the loan is
fully disbursed.Can defer payments (interest will accrue)
while student is enrolled at least half-time.
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Aid Award in Subsequent YearsLoan amounts increase as the student
advances to the next grade levelIf parent income/assets increase, the parent
contribution will most likely increase.If student assets decrease, the student
contribution will decreaseIf the number of dependents enrolled in
college changes, the parent contribution will change.
Federal, state and institutional funding levels change from year to year
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Thank you for your attention. What questions can I answer
for you?