Financial Aid: Filing the FAFSA and Indiana Financial...

1

Financial Aid: Filing the FAFSA and Indiana Financial Aid Programs

Sara Griewank

Internal Operations Coordinator State Student Assistance Commission of Indiana

January 18, 2012

Free Application for Federal Student Aid (FAFSA)

• What is the FAFSA? – The FAFSA is a standard form that collects

demographic and financial information about the student and family that is used to calculate the Expected Family Contribution (EFC).

• Who creates the FAFSA every year? – The FAFSA is a federal document.

• When is the FAFSA due? – The FAFSA must be received by the Federal Processor

on or before the college deadline or SSACI’s March 10 deadline – whichever is first.

2


• How to file the FAFSA – FAFSA on the Web at www.fafsa.gov; – Through your college (if they provide this as an

option); or – Paper FAFSA submitted by mail

• Order at 1-800-4-FED-AID (1-800-433-3243) • www.edpubs.gov • Download the PDF at www.fafsa.gov

• The quickest and easiest way to file the FAFSA is online.

3


• Why file the FAFSA online? – Built-in edits to prevent costly errors – Skip-logic allows the student and/or parent to skip

unnecessary questions – More timely submission of original application and

any necessary corrections – More detailed instructions and “help” for common

questions – Ability to check application status on-line – Ability to import data directly from the IRS

4


• What does the FAFSA ask for? – Student biographical information – Student financial information – Determination of student’s dependency status – Parental data if student is dependent; skip if

student is independent – Additional information if student is independent – College information – Certification/Signatures

• Register for a PIN now at www.pin.ed.gov 5


• Frequent FAFSA Errors – Incorrect 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 – Real estate and investment net worth – Order of first name and last name 6


• Making corrections to the FAFSA – The edit correction deadline for SSACI is May 15,

2012. – The fastest way to make corrections is to submit

them online. – May add corrections to the paper Student Aid

Report (SAR) and mail to the Federal Processor. – Correct your FAFSA instead of filing a new one. – Remember to SIGN and SUBMIT.

7

State Student Assistance Commission of Indiana (SSACI) Programs

• General SSACI Eligibility Requirements – Indiana resident as of 12/31/2011

• Must maintain Indiana residency throughout the academic year

– Satisfactory Academic Progress – Eligible for Title IV financial aid – Exhibit financial need – Meet all deadlines:

• File the FAFSA by March 10, 2012 • Correct all FAFSA edits by May 15, 2012

8


• The Frank O’Bannon Grant – Includes both the Higher Education Award (HEA)

and the Freedom of Choice Grant (FOC) – For full-time students – Need-based – Applies only to tuition and regularly assessed fees – Awarded for a total of four academic years (eight

semesters or the equivalent)* – Core 40 with Academic Honors and Core 40 with

Technical Honors Diploma bonuses

* Students receiving other aid from SSACI may not exceed a total of the equivalent of four academic years for all SSACI programs combined 9


• Supplements to the Frank O’Bannon Grant – Twenty-first Century Scholarship – National Guard Supplemental Grant

10


• Twenty-first Century Scholarship – Up to 100% tuition and fees at all Indiana public colleges

for up to 30 credit hours per academic year • At private institutions, the award amount is comparable

to that of a public institution • At proprietary schools, the scholarship is equal to Ivy

Tech Community College’s maximum award amount – Students enroll in either the 7th or 8th grade – Students must graduate from an Indiana Department of

Education accredited high school – Students must complete an Affirmation Pledge in their

senior year of high school as well as complete an exit interview

– Students must annually file the FAFSA by Indiana’s March 10 deadline

11


• National Guard Supplemental Grant (NGSG) – Up to 100% tuition costs at all Indiana public colleges for

members of the Indiana Air and Army National Guard – May be used for full or part-time study – Students must be in an active drilling status and reported

by their unit commander each semester they intend to use the NGSG

• National Guard Extension Scholarship (NGES) – A limited scholarship for former members who left the

Guard under honorable discharge conditions – Students must have used the NGSG in the past – Students must have served on active duty overseas since

September 10, 2001 12


• Other SSACI Programs – Mitch Daniels Early Graduation Scholarship – Child of Certain Veterans and Public Safety

Officer Supplemental Grant Program (CVO) – Part-Time Grant – Summer State Work-Study Program – Minority Teacher Special Services Scholarship – Nursing Scholarship

13


• Mitch Daniels Early Graduation Scholarship – A one time $4,000 scholarship to students graduating

from a public high school at least one year early with a minimum of a Core 40 high school diploma

– Students must meet at least the minimum requirements for graduation by the end of grade 11 and may not be enrolled in a publicly supported high school for any part of the fourth year (grade 12)

– Students must become a student in good standing taking classes at a SSACI approved college within five months of graduating from high school • Student must be in a program leading to a postsecondary degree

or credential – Application requirements: File the 2012/2013 FAFSA and

submit the application • http://www.in.gov/ssaci/2504.htm

14


• Child of Certain Veterans and Public Safety Officer Supplemental Grant Program (CVO)

– Children of a Deceased or Disabled Veteran – Children of Purple Heart Recipients – Children of POW/MIA from Vietnam War – Former students and/or graduates of Morton Memorial High School – Former Residents of the Indiana Soldiers’ and Sailors’ Children’s

Home – Children or Spouse of Indiana National Guard member who suffered

a service connected death while serving on state active duty – Children or Spouse of a Public Safety Officer killed in the line of duty – Children or Spouse of an Indiana State Police trooper permanently

and totally disabled in the line of duty – Indiana Purple Heart Recipient Veteran

15


• Part-Time Grant – Designed for students taking a minimum of 2 (but

no more than 11) credit hours per term at a participating school

– Eligibility is determined by the school • Summer State Work-Study

– Program runs May 1 to September 15 each year – Students must have received and used a SSACI

grant or scholarship during the academic year prior to the summer of work

– Student also must plan to enroll as an undergraduate in the fall following the summer of work

16


• Minority Teacher Special Services Scholarship – Available to minority students seeking a teaching

certification or any student pursuing a Special Education teaching certification or Occupational or Physical Therapy certification

• Nursing Scholarship – Must be admitted into a nursing program pursuing either

an LPN or RN

• Application – Apply directly to the financial aid office via SSACI’s online

application system – Eligible recipients are selected by the school

17


• Summer Aid – A grant or reduction in tuition or fees may

include up to the equivalent of two (2) regular semesters of courses taken during a summer semester (IC 21-12-13-4).

– Begins with the 2012 summer session – More information will be posted to the SSACI

website as it becomes available • www.in.gov/ssaci

18


• eStudent – a secure online web portal for students to

view their Indiana financial aid information – www.ssaci.in.gov/estudent

• To ensure maximum consideration for Federal, State and college aid, check with each college to determine if they require additional documentation

• If the student is dependent for financial aid purposes, BOTH the student AND parent PINs are required when submitting the FAFSA and all changes

• Provide a valid e-mail address on the FAFSA and check your e-mail often

19

Federal Student Aid Programs

• Federal Pell Grant – Based on financial need

• Teacher Education Assistance for College and Higher Education (TEACH) Grant – Must agree to teach full time for four years within eight

years of graduation at a Title I school – Grant becomes a Direct Unsubsidized Stafford Loan if

student does not fulfill the teaching requirement • Federal Supplemental Educational

Opportunity Grant (FSEOG) – Usually eligible for a Federal Pell Grant

20

Federal Student Aid Programs

• Federal Perkins Loan – Low interest loan with repayment usually beginning after

students graduate • Subsidized and Unsubsidized Loans

– Loans for students that do not require a cosigner or good credit

– Amount varies by academic standing – Repayment usually begins after students graduate

• Plus Loans – Loans for graduate or professional students and the

parents of dependent undergraduate students – Amount based on cost of attendance and other aid – Repayment usually begins after the loan is fully disbursed

21

Other Sources of Financial Aid

• Federal Work Study (FWS) – Allows students to work on or off campus – Earnings do not count against future Title IV eligibility

• Private Sources – Foundations, businesses, and charitable organizations

• Civic Organizations and Churches • Employers

– Employers may have scholarships available for employees’ children

– Employers may have education benefits for their employees

22

College Goal Sunday

• Receive free help from financial aid experts in completing the FAFSA

• Sunday, February 12, 2012 at 2:00pm • The event is for high school seniors and other Indiana

students who qualify for undergraduate admission to a college or technical school in 2012

• Students 23 years or younger are encouraged to attend with their parent/guardian(s)

• What to bring: – Completed 2011 IRS 1040 tax return, W-2 form(s) or other 2011

income – Asset and benefits information – Students who worked last year should also bring their earnings

information – Federal PIN

• www.collegegoalsunday.org

23

Contact the Commission

• Sara Griewank • Telephone: 317.232.2355 • Fax: 317.232.3260 • E-mail: [email protected]

• Web site: www.in.gov/ssaci

24

Financial Aid: Filing the FAFSA and Indiana Financial...

Documents

Transcript of Financial Aid: Filing the FAFSA and Indiana Financial...