February 2015

FAFSA Workshop2015-16 Aid Year

What is your dream job/career? Does it require a college degree/diploma?

Introductions

Activity: True or False?• The FAFSA is free for everyone who wants to apply.

• TRUE, The FAFSA is a free application. If a site is attempting to charge you, it is fake!

• The FAFSA takes an hour to complete. • FALSE, the new FAFSA application takes under 21 minutes to

complete.

• Students with a GED/HSE are not eligible for grants. • FALSE, students with a GED/HSE are eligible for grants,

scholarships, and loans.

• You must complete a FAFSA if you want federal aid for college. • TRUE, any student seeking federal aid must complete a FAFSA.

• Financial aid is only available if you go to a two- or four-year college.• FALSE, financial aid is available at many trade and vocational

schools.

Before We Get Started…

Vocabulary Words• Sometimes, the language used to talk about financial aid can be wordy and difficult. Don’t fret! Whenever you see one of these words, refer to your FAFSA cheat sheet:

• FAFSA-Free Application for Federal Student Aid• COA-Cost of Attendance• EFC-Expected Family Contribution• Grant• Loan• Full-time or Part-time• Independent • Dependent • PIN- Personal Identification Number

What is Financial Aid? Financial aid consists of funds provided to students and families to pay for postsecondary educational expenses.

To receive financial aid, students and/or parents must complete the FAFSA.

Financial aid is need-based, meaning it is available to students who cannot afford to pay out of pocket. FAFSA uses two tools to determine how aid is distributed.

COA & EFCCOA=Cost of Attendance, is an estimate of how much a student would spend to attend college. This includes tuition and fees, room and board (if applicable), books, supplies, transportation, and sometimes even child care. The amount will vary from college to college.

EFC=Expected Family Contribution, is the amount of money a family can reasonably be expected to contribute to cost of attendance. This includes student and parent contributions. Your EFC ranges from 00000-99999.

If your yearly income is less than $23,000 and/or you or parent receive benefits such as SSI, SNAP, and/or WIC, your automatic EFC is 00000.

Figuring out your financial need is as simple as 1,2,3! It just takes a little math…

To find out your financial need, subtract the COA from the EFC:

Cost of Attendance

- Expected Family Contribution

____________________________

= Financial Need

Let’s work out some examples:

Tanya wants to attend Delgado Community College for Nursing. The cost of attendance is $12,500 a year. Tanya has an EFC of 00900. What’s her financial need?

Answer: $11,600.

Damian and Damon are twin brothers, but they want to attend different colleges. Damian’s college costs total $35,000 and Damon’s costs total $28,500. Their EFC is 45000. Which brother needs financial aid?

Answer: Neither

Dependency StatusWhen applying for financial aid, it is important to know your dependency status.

Students can be considered either independent or dependent.

Anyone over the age of 24 is considered independent by federal aid guidelines. You will not need to provide parental information to receive aid.

Anyone under the age of 24 is considered dependent by federal aid guidelines. You will need to provide parental information to receive aid.

Special CircumstancesThere are special circumstances where a student under 24 can be considered independent: • If a student has child(ren) or other dependents who

receive more than half of their support. • If a student, since turning 13, has lost their parents,

was in foster care, or was a ward of the state. • If a student is a legally emancipated minor or in a legal

guardianship. • If a student is married.• If a student is or has been homeless within the previous

aid year.

ActivityJanice wanted to attend college in the Fall. She is 23 years old and lives on her own with her 2 month-old son. When filing her FAFSA, Janice will be considered as a __________ student.

Answer: Independent

Lyle is filling out his FAFSA for the first time. Lyle is 18, but does not live with his mother; he lives with an aunt who provides for him. Lyle will be considered as a __________ student.

Answer: Dependent

Filling Out the FAFSA

Federal aid years don’t work the same as a calendar year, meaning it doesn’t start in January and end in December.

Federal aid years are based on the academic calendar, meaning it begins in the Fall semester (August/September) and ends in the Spring semester (May/June). Since Summer semesters are shorter, they are not covered in the aid year.

The current aid year is 2015-16, which is the Fall 2015 semester and the Spring 2016 semester.

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Independent Student

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My FAFSA Pages

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• The My FAFSA page is a navigation tool for the student when accessing the FAFSA on the Web site.

• This page will provide the following options and dynamic messaging based on the status of the students FAFSA:• Start 2014-2015 FAFSA• File a FAFSA Renewal• Make FAFSA Corrections • View the Student Aid Report • View Correction History• Provide Missing Signatures

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Additional Resources

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Questions?