2011 High School Financial aid Night

Tammie Blaney, PresenterEducation Specialist

Department of Public Instruction

Wisconsin Educational Opportunity Programs

Green Bay

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AGENDA

■ What is the goal of financial aid?■ How is financial need determined?■ What aid is available?■ How do I apply?

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Goal of Financial Aid

■ To assist students in paying for school.■ To provide opportunity and access to higher

education.■ To help “bridge” the gap between what the

family can pay and the cost of education.

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What Are the Costs?

Tuition and Fees

+ Room and Board

+ Transportation

+ Books & Supplies

+ Miscellaneous Living Expenses

= Cost of Attendance (COA)

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Expected Family Contribution (EFC)

Determined by filing the FAFSA

www.FAFSA.gov

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Formula for the EFC

■ Income of both student and parents■ Assets of both student and parents■ Family size■ Number in College■ Age of the older parent

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Financial Need Defined

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

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Financial Need Varies by School Cost

School 1 School 2 School 3

Cost of Attendance

$ 39,028 $ 19,388 $ 14,285

Less EFC $ 3,823 $ 3,823 $ 3,828

Need $ 35,200 $ 15,559 $ 10,457

Cost of Attendance Source: College Board Trends in College Pricing 2008 - Average Estimated Undergraduate Budgets 2008-2009

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What is Financial Aid?

■ Scholarships■ Grants■ Work Study Employment■ Loans

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Where does financial aid come from?

■ Federal-US Department of Education■ State- the Higher Educational Aids Board (HEAB) manages

state aid in Wisconsin.■ Local-Colleges & Universities

Schools may offer their own scholarship, grant, work-study and loan programs, with each setting its own requirements.

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Federal Grants

Federal Pell Grant Federal Supplemental Educational Opportunity Grant

(SEOG) TEACH Grant

State Grants

■ Wisconsin Higher Education Grant (WHEG)■ Wisconsin Tuition Grant (WTG)■ Wisconsin Covenant

www.wisconsincovenant@wi.gov■ Hearing and Visually Handicapped Student Grant

www.http://heab.wi.gov■ Minnesota-Wisconsin Reciprocity Agreement

www.http://heab.wi.gov■ Talent Incentive Program (TIP) Grant

www.dpi.wi.gov/weop/index.html

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Fund for Wisconsin Scholars (FFWS)

■ The FFWS is a private charitable foundation that has been funded with a $175 million founding gift. It will provide grants to talented, lower-income graduates of Wisconsin public high schools attending a public college, university or technical school in Wisconsin. Recipients are selected randomly out of those students that meet basic eligibility criteria.

For More Information:

www.ffws.org

Contact:Mary Gulbrandsen, Executive DirectorP.O. Box 5506Madison, WI 53705-0506Ph: 608.238.2400mgulbrandsen@ffws.org

 

The Wisconsin Covenant

■ The goal of the Wisconsin Covenant is for 8th grade students to aspire to and prepare for higher education.

■ Every Wisconsin student should know that if they are willing to work hard in high school, stay out of trouble and contribute to their community, college IS possible

For more information: www.wisconsincovenant.wi.gov

2010-11Academic Year

The Confirmation Process

Students must verify that they met the pledge requirements to be recognized as a Wisconsin Covenant Scholar and

to receive the Wisconsin Covenant Scholars Grant

A complete confirmation checklist:

■ Student and/or family mails into Wisconsin Covenant Office: Confirmation form, signed by:

Student Parent Primary Contact

A record of service form Two letters of recommendation, if necessary

Important dates to remember for seniors to be confirmed:

November/December: Lists of Wisconsin Covenant students will be provided to Primary Contacts

December 1: Confirmation form will become available online and will be mailed to seniors

January 1: Confirmation process begins

April 1: Confirmation/FAFSA deadline

April 5: Deadline for Primary Contacts to send list of confirmed/not confirmed Wisconsin Covenant students

July 1: Deadline for Primary Contacts to send list of students that were confirmed, but did not graduate

ESTIMATED Covenant Funding based on Full-Time Enrollment (12 credits or more per term)

EFCWI Covenant

Foundation GrantWI Covenant

Scholars GrantTotal

$0 $1,500 $1,000 $2,500

$1 - $3,499 $0 $1,500 $1,500

$3,500 - $11,999 $0 $1,000 $1,000

$12,000 - $999,999 $0 $250 $250

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Employment and Scholarships

■ Federal Work-Study■ Institutional Work Programs■ Off Campus employment■ Scholarships

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Federal Student Loans

Every family should file a FAFSA. Regardless of income, every student qualifies for a Direct Student Loan, if they meet the basic eligibility requirements.

Benefits of a federal student loan: You don’t have to repay until you leave school Lower interest rates than private loans or credit cards Credit record is not needed Co-signer is not required

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2010-2011 Loan Comparison Chart

Federal Perkins Loan

Direct Student Loan (subsidized & unsubsidized)

Federal PLUS Loan Private Alternative Loan

Borrower Student Student Parent Student

Cosigner None None Only if poor credit Probable

Credit check No No Yes Yes

FAFSA required Yes Yes Recommended Recommended

Interest Rate 5% Fixed 4.5% Fixed subsidized6.8% Fixed unsubsidized

7.9% (Direct) Fixed Variable

Fees None Origination Fee & Default Fee Origination and Default Fees

Vary by loan program and credit

rating

Loan Limits Determined by school based on need and

available funds

1st year - $5500 (up to $3500 sub)2nd year - $6500 (up to $4500 sub)

3,4,5 years - $7500 (up to $5500 sub)Graduate - $20500 (up to $8500 sub)

Unsubsidized available to all

Cost of Attendance less Aid

Cost of Attendance less Aid

Repayment 9 months after leaving school or dropping

below ½ time

6 months after leaving school or dropping below ½ time

60 days after fully disbursed (Upon request, may delay payments until after student graduates)

Check with lender

Borrower Benefits Not Applicable Check with lender Check with lender Check with lender

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Other Financing Options

■ School Payment Plans (spread over several months)

■ Home Equity Loans (longer repayment, tax deductible)

■ Life Insurance Policy Loans■ Retirement Plan Loans■ 529 Plan withdrawals

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Government Resources

■ Corporation for National and Community Service

■ Hope and Lifetime Learning Credit■ The American Opportunity Credit■ Veteran’s benefits and tuition waivers■ Bureau of Indian Affairs (BIA) Grants■ State Divisions of Vocational Rehabilitation

(DVR)

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Other Sources of Funds

■ Parental Affiliations Employers & Labor Unions Religious and Community Organizations Clubs and Civic groups

■ Civic organization scholarships High School Local Public Library

■ Private business scholarships■ Internet

FREE RESOURCES

http://www.fastweb.com http://www.finaid.org/scholarships/other.phtml http://www.brokescholar.com http://www.collegeboard.com www.KnowHow2GO.org www.heab.wi.gov www.dpi.wi.gov www.wasfaa.net www.wicollegegoalsunday.org http://www.sudents.gov http://mappingyourfuture.org http://www.americorps.gov CollegeAccessAdvising@glhec.org (email address)

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Proceed with Caution!

■ Complete the FAFSA online if possible■ Never pay a fee to file the FAFSA

When filing a FAFSA, make sure you go directly to: www.fafsa.gov (not www.fafsa.com)

Contact the financial aid office if you need help in completing the FAFSA

■ Never pay for financial aid assistance!

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Don’t Get Scammed on Your Way to CollegeBe aware of tactics used to convince students to buy

services:■ “If you use our services, you’re guaranteed to get at least

$2000 in student aid for college, or we’ll give you your money back.”

■ “Applying for aid is complicated. We’re the only ones who can help you through the process and find all the aid for which you’re eligible.”

■ “I’d like to offer you a scholarship (or grant). All I need is your bank account information so the money can be deposited and a processing fee charged.”

Questions about a legitimate organization:

Call 1-866-653-4261 (Federal Trade Commission)

Call 1-800-647-8733 (US Department of Education Office of Inspector General)

Or call your College Financial Aid office

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WANT A PAPER FORM?

Call 1-800-433-3243Download online at:

www.fafsa.gov

FAFSA on the Web Worksheet (FOTW)Paper FAFSA

Get HelpCollege Goal Wisconsin

Free program to help families complete the FAFSA

February 19-20, 2011 Scholarship drawing at each site 30 sites throughout Wisconsin Sponsored by WASFAA, along with several other

partners

For location information:

visit www.wicollegegoalsunday.orgor call 1-866-578-4625

College Goal WisconsinSaturday Sites

February 19, 2011

AppletonFox Valley Technical

College1825 N Bluemound

(Entrance 1, Room A105)

KenoshaGateway Technical College

3520 30th AvenueThe Center for Bioscience

MadisonMadison Area Technical

College3550 Anderson Street

(Use Redsten Gym Entrance)

OshkoshUW Oshkosh

800 Algoma Blvd

WausauNorthcentral Technical

College1000 Campus Drive

(Main Entrance Rooms, E101 and E102)

BeloitBeloit Memorial High

School1225 4th Street

KeshenaCollege of Menominee

NationN172 State Hwy 47/55

MarinetteUW Marinette

750 W Bay Shore Street(Enter Main Building)

PlattevillePlatteville High School710 E Madison Street

Commons Area

Wisconsin RapidsMid State Technical

College500 32nd Street,

Building A

ElkhornGateway

Technical College400 County Road

HAtrium – 200

Building

Lac du FlambeauLake of the

TorchesHwy 47 N,

Convention Center

(Questions, contact the

Education Dept.)

MilwaukeeAlverno College

3400 S 43rd Street(Free parking in

ramp. Enter rotunda.)

Rice LakeUW Barron

County1800 College

DriveRitzinger Hall

JanesvilleHedberg Public Library

316 S Main Street

MadisonEdgewood College

1000 Edgewood College Avenue

(Use Main Entrance)

MilwaukeeCuster High School

5075 N Sherman Blvd (Park on south side of school. Use Sherman

Blvd entrance)

WaukeshaUW Waukesha

1500 N University DriveCommons Building

College Goal WisconsinSunday Sites

February 20, 2011

Eau ClaireChippewa Valley Technical

College620 W Clairemont Avenue

Business Education Center(Entrance by Parking Lot P1 at the front of the building or

P9 on the west side)

DeForest (Madison Area)DeForest High School815 Jefferson Street

RacineGateway Technical College

1001 S Main StreetRacine Conference Center

(Parking in Lake Level Parking Lots. Lake Side Entrance.)

Fond du LacMarian University

45 S National AvenueStayer Center

Corner of 4th and National

KenoshaUW Parkside

900 Wood RoadStudent Center

RhinelanderRhinelander High

School665 Coolidge Avenue

(Entrance 1)

Green BayEast High School

1415 E Walnut Street(Use Front Entrance off of Walnut Street)

MilwaukeeRiverside High School1615 E Locust Street(Main Entrance off of

Locust)

SheboyganUW Sheboygan

One University Drive (Use West Entrance)

LaCrosseUW LaCrosse

1705 State StreetWing Technology

Center

MilwaukeePulaski High School2500 W Oklahoma

Avenue(Use Main Entrance at 25th & Oklahoma)

SuperiorSuperior High School2600 Catlin AvenueLibrary Computer

Lab

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Frequent FAFSA Errors

■ Check if the college has a financial aid priority date ■ Wrong Social Security Number■ Divorced/remarried parent information■ Incorrect reporting of U.S. income taxes paid■ Household size■ Number in postsecondary education■ Not using name listed on Social Security card■ Wrong state of residence; info will not go to HEAB■ NOT APPLYING AT ALL

ITEMS YOU NEED TO COMPLETE THE FAFSA

■ 2010 Federal Income Tax, if you need to file-parent and student if student is dependent

■ W-2 wage statements■ Amount of non-taxable income such as child

support received or paid■ Asset information■ Parent(s) and student’s social security numbers■ Parent(s) date of birth

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Dependency Status

■ I was born before 1/1/88■ I am married■ I will be working on a master’s or doctorate program in the fall of 2011■ I am serving on active duty in the U.S. Armed forces■ I am a veteran of the U.S. Armed Forces■ I have children and I provide more than half of their support■ I have dependents (other than children or my spouse who live with me and

I provide more than half of their support)■ Since I turned age 13, both of my parents were deceased■ I was in foster care since turning age 13■ I was a dependent or ward of the court since age 13■ I am currently or I was an emancipated minor■ I am currently or I was in legal guardianship■ I am homeless or I am at risk of being homeless

(Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)

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Who is a Parent?

■ Two biological parents married to each other■ Divorced or separated parents■ Stepparent■ Widowed parent■ Legal adoptive parent

Do not provide income information on: Legal guardians Grandparents Other relatives the student might live with Foster parents

www.fafsa.gov Get Started

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Which School Year? 2011-12

New or Renewal FAFSA

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Password to return to FAFSA

Student Information

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High School Information

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Adding College Codes

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College Codes Selected

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Do you need to file an income tax return?

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IRS Option

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Non taxable income

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Asset Questions

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ASSETS ARE NOT:

■ Net worth of the home you are living■ Qualified pension/retirement programs/annuities■ Life insurance policies■ Value of car, stereo, boat, etc.■ Family farm net worth■ Business net worth if there are less than 100

employees■ Non educational IRAs■ Keough Plans

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ASSETS ARE:

■ Trust funds■ Certificate of deposits■ Mutual funds, stocks, and bonds■ 529 College Plans■ Rental property■ Second home/cottage■ Land not associated with farming■ Coverdell Saving Account■ UGMA/UTMA Accounts

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Signing the FAFSA

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Signing Electronically

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www.pin.ed.gov

■ Personal identification number■ Student and one parent needs a pin■ Pin is reused year after year■ Renewal application■ Correction on the Web■ National Student Loan Database■ Signing promissory note for student/parent

loans

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FAFSA SUMMARY BEFORE YOU SUBMIT

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Confirmation Page

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Check on status of FAFSA

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NEXT STEPS

■ Be sure to hit SUBMIT.■ Results are sent electronically to the college(s) the

student selected.■ Verify if school has an institutional application.■ Finalize college admission requirements. ■ Students will receive the results of their FAFSA by e-

mail (or regular mail) - Student Aid Report (SAR).■ Students may be verified

(submit tax forms to college).■ After the student is admitted to a

school, a financial aid package will be prepared.■ Contact the school with any Special Circumstances.

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Special Circumstances? Call the Financial Aid Office

■ Divorce/Separation■ Loss of income or benefits■ One-time income■ Death or Disability of student or parent■ Medical/Dental expenses not covered by

insurance■ Elementary or secondary school tuition■ Dependency override

(Note: Professional Judgment is at the sole discretion of each institution.)

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Professional Judgment by Financial Aid Administrators

■ Adjustments are determined by each institution on a case by case basis.

■ Another institution may or may not automatically accept a professional judgment made by another institution.

■ The decision must recognize the unique situation of the student and must be documented.

Student Responsibility

How to Compare Financial Aid Offers

■ Start with tuition, fees, room and board

■ Subtract grant and scholarship offers only

■ The difference is your “net cost”■ Always compare net cost■ Do not subtract Federal Work Study

as a lump sum disbursement because students are paid for hours worked and must apply this to their bill

AWARD LETTER

Cost of Attendance $18,000

EFC 3,500*

Financial Need 14,500

Pell Grant 2,000

WHEG 1,000

SEOG 1,500

Perkins Loan 1,000

Direct Loan (sub) 3,500

Direct Loan (unsub) 2,000

Work Study 2,000

PLUS (Parent Loan) 1,500

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QUESTIONS???

■ Presented by:

Tammie Blaney

DPI-WEOP

Tammie.blaney@dpi.wi.gov

(920)492-7180

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