Philadelphia pa training 12.4.12

FAFSA Training Philadelphia, PA

Presented by B. Fred Stennis and Susan Thares

U.S. Department of Education Office of Federal Student Aid

Today’s Topics

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• Mission and Myths • Federal Financial Aid Programs

• The FAFSA: When and How to Apply • What to Expect After Applying

• Federal Updates • Federal Student Aid (FSA)Resources

• FAFSA Demo/Updates • Scenarios • Questions

Federal Student Aid’s Mission

• To ensure that all eligible individuals benefit from federal financial assistance, grants, work-study, and loans for education beyond high school

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• “…my parents make too much money, so I won’t qualify for aid.”

• Reality: There is no income cutoff to qualify for federal student aid.

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Myths About Financial Aid

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• “...the form is too hard to fill out.” • Reality: The FAFSA is easier than ever,

especially if you fill it out online at www.fafsa.gov

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Myths About Financial Aid

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Financial Aid 101

Federal Financial Aid Programs

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1. Federal Grants 2. Federal Work-Study 3. Federal Student Loans

There is more than $150 billion available in Federal aid to help students pay for college

Federal Financial Aid Programs

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Presenter

Presentation Notes

Pell Grant Has been reduced to two semester Use to be year-round (including fall, summer and spring) Award has been capped at six years CAMPUS-BASED AID!!! Low Interest Loan (5%) for UNDERGRAD & GRAD STUDENTS Subsidized Loan that is paid back to the SCHOOL Your INSTITUTION IS YOUR LENDER!!! Amount YOU received based on WHEN YOU APPLY, FINANCIAL NEED, FUNDING LEVEL OF THE SCHOOL!! GRACE PERIOD: 9 MONTHS after you COMPLETE SCHOOL!!

Federal Pell Grant

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The Federal Pell Grant Program provides need-based grants to low-income undergraduate students.

Grant amounts depend on the student’s: Expected Family Contribution (EFC) Enrollment status (full or part-time) Attendance status (full academic year or less) Pell Grant maximum award: $5,550 (2012-2013)

FSEOG

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The Federal Supplemental Educational Opportunity Grant (FSEOG) Program provides need-based grants to low-income undergraduate students.

Grant recipients must be: • Pell Grant-eligible • Current award amounts are from $100 - $4,000 • Not all colleges participate in the FSEOG program and funds depend on availability at the college

TEACH Grant (Cont’d)

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The Teach Grant: Is not based on financial need Is available to both undergraduate and graduate students Provides the following maximum award $4,000 (2012-2013)

TEACH Grant recipients must sign an ‘Agreement to Serve’ which states that the student will:

Teach at least four years in a public or private elementary school Teach full-time in a high-need field Teach in a school that serves students from low-income families If the teaching obligation is not completed, the TEACH Grant must be repaid as a Direct Unsubsidized Stafford Loan

Iraq/Afghanistan Service Grant

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Students whose parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001, may be eligible for additional Title IV aid. Additional Student Eligibility Requirements: - Less than 24 years old - Enrolled in college at least part-time at the time of the parent’s or guardian’s death

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Loans Federal Perkins Loan Subsidized Direct Loan Unsubsidized Direct Loan PLUS Direct Loans (Parents)

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Work-Study Provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses • Eligible employers (On-campus or off-campus employment)

Schools Federal, state or local public agency Private nonprofit organization Community service activities

• Students are paid at least federal minimum wage

• Not all colleges participate in the Federal Work-study program and funding depends on availability at the college

Federal Financial Aid

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Presentation Notes

Work Study Great Source of Financial Aid If the school provides EARN MONEY TO PAY EDUCATION EXPENSES

Stafford Direct Loans

Subsidized Loans Government PAYS the

borrowers accrued interest while you are attending college and other eligible periods

Based on Financial Need

Fixed Rate

Undergraduate and graduate students qualify

Amount: $3,500-$8,000

Unsubsidized Loans The borrowers is responsible for

the interest for the life of the loan

NOT Based on Financial Need

Fixed Rate

Undergraduate and graduate students qualify

Amount: $5,500-$20,500

PLUS Direct Loans

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PLUS loans originate through the William D. Ford Federal Direct Loan Program (Direct

Loans). Loan characteristics: For parents of dependent students Borrowers may receive loan amounts up to, but not

exceeding the college’s ‘Cost of Attendance’ Borrower is responsible for all the interest Borrower must not have a negative credit history

Financial Aid 101

The FAFSA: When and How to apply

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What You Need to Know

• Free Application for Federal Student Aid (FAFSA)

• Eligibility is determined by info provided • Must file every year in college • Can file Jan. 1st of your senior year • PIN (Parent/Student) • The earlier the BETTER!!

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FAFSA.gov Homepage

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FAFSA Statistics

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FAFSAs Processed 2011-2012: Applications 21.9 million (Jan. 2011- Jul. 2012)

2012: Applications:19.4 million ( Jan. 2012- Nov. 7, 2012)

Average FAFSA Submission Time 2011-2012: 22 Minutes 2012-2013: 23 Minutes

IRS Data Retrieval Tool 2011-2012: 5,198,417 users 2012: 7,499,679 users (As of November 4, 2012)

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Basic Eligibility Requirements/Documentation

Students must have: • High school diploma, GED or home schooling

credential • Social Security Number (with limited exceptions) • U.S. citizenship or be an eligible noncitizen • Registered with the Selective Service (males)

Students also need to: • Be enrolled or accepted for enrollment in an eligible

program • Be pursuing a degree, certificate or credential • Maintain ‘Satisfactory Academic Progress’

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Presentation Notes

Loans must be repaid Loan AMOUNT VARIES!! Perkins Loan CAMPUS-BASED AID!!! Low Interest Loan (5%) for UNDERGRAD & GRAD STUDENTS Subsidized Loan that is paid back to the SCHOOL Your INSTITUTION IS YOUR LENDER!!! Amount YOU received based on WHEN YOU APPLY, FINANCIAL NEED, FUNDING LEVEL OF THE SCHOOL!! GRACE PERIOD: 9 MONTHS after you COMPLETE SCHOOL!!

• IRS Data Retrieval Tool is Available

• Transfer Tax Information directly into FAFSA

• Takes 2-3 weeks for information to become available in Retrieval Tool Database

• Easiest way to provide tax information

• Availability of IRS Retrieval Tool in 2013: February 3, 2013

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IRS Data Retrieval Tool

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Presentation Notes

Remember, that undocumented students can complete the FAFSA too. Private schools and some states can award aid, but this student doesn’t qualify for FSA. Examples of eligible noncitizens – a permanent U.S. resident with a Permanent Resident Card (I-551); (2) a conditional permanent resident (I-551C); or (3) the holder of an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” “Asylum Granted,” “Parolee” (I-94 confirms that you were paroled for a minimum of one year and status has not expired), “Victim of human trafficking,” T-Visa holder (T-1, T-2, T-3, etc.), or “Cuban-Haitian Entrant.” . If you are neither a citizen nor an eligible noncitizen, you are not eligible for federal student aid. However, you should still complete the application, because you may be eligible for state or college aid. Required Financial Information: Assets Taxable Income Child Support, FARM, TANF Food Stamps Alimony, Pensions NOT REQUIRED: Mortgage 401K Plan

Enhanced IRS DRT Questions

• The format of the IRS Data Retrieval Tool filtering question will be enhanced

• Question labels will be improved for clarity

New Messaging for Estimators • Instructional text will display for applicants who indicate

they “Will file” their taxes

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• If any of the following criteria applies, the student is considered independent :

24 years or older Married

Master’s or Doctorate Program Children and you provide ½ support

In foster care since turning 13 (parents deceased) Emancipated minor

Currently or was in legal guardianship Homeless

Serving Active Duty in U.S. Armed Force

Dependency Status

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Presentation Notes


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Special Circumstances • Parents are Incarcerated

• Left Home due to an Abusive Family

Environment

• Unsure of parents whereabouts

• Circumstances Must be Well Documented

• Financial Aid Director Has Final Say…

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Presentation Notes


Financial Aid 101

What to Expect After Applying

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What To Expect High Level Overview

Student completes the FAFSA and signs with FSA PIN

FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA

College reviews info and assembles award package for the student

Student reviews award package; compares to other award letters; student determines which college to attend

Presenter

Presentation Notes


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College Costs and Financial Need Cost of Attendance • Tuition & Fees • Room & Board • Books & Supplies • Equipment & Transportation • Miscellaneous Personal Expenses • Child Care

Parent Contribution + Student Contribution = Expected Family

Contribution (EFC)

Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

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Presentation Notes

Net price calculator/shopping sheet

How Much Aid will I Receive?

Financial Need = $13,000 Scholarships $2,000 Institutional Grant $2,000 Federal Grants $5,000 State Grants $2,000 Loans $2,000 - Unmet need TOTAL = $13,000 Estimated

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FAFSA College Info and Comparison

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• College’s website • School type • Tuition and fees • Net price average • Graduation rates • Retention rates • Transfer rates

Financial Aid 101

Federal Policy Updates

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Federal Aid Update • Pell Grant maintained maximum at $5,550 for 12-13 • EFC to qualify reduced from 5273 in 2011-2012 to

4995 in 2012-2013; • Income to qualify for Automatic Zero EFC reduced to

$23,000 from $32,000; • Students can receive Pell for 12 semesters; • Maximum Pell estimated to go to 5,635 for 13-14 in

President’s Budget.

Federal Aid Update Direct Student Loan Changes

• Subsidized Stafford loans for graduate students eliminated for 2012-2013;

• Subsidy during grace period eliminated temporarily on new loans between July 1, 2012 and June 30, 2014;

• Interest rate on Subsidized Stafford Loan for undergraduates set to increase from 3.4% to 6.8% on July 1, 2013.

Financial Aid 101

FSA Resources

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StudentAid.gov Homepage

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Connect With Us!

TWITTER

@FAFSA

www.twitter.com/FAFSA

YOUTUBE

Federal Student Aid

www.youtube.com/FederalStudentAid

FACEBOOK

Federal Student Aid

www.facebook.com/FederalStudentAid

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Facebook

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Twitter Homepage @FAFSA

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YouTube

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Mobile-Optimized

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Infographics/Videos

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FAFSA Completion by High School

www.federalstudentaid.ed.gov/datacenter/fafsahs

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Presentation Notes

The U.S. Department of Education has released a new tool that will help high school counselors and local leaders by giving them a resource to monitor FAFSA completion rates and better help students access higher education. School officials can now track FAFSA submission and completion rates at individual high schools on the FAFSA Completion website, which will help them ensure that students are filling out the FAFSA and therefore able to determine their eligibility for federal student aid—a key factor in families’ college decisions. To see data from your school, visit the online Data Center and select your state in the drop-down menu. The data, which may be downloaded as a spreadsheet, will be updated every two weeks.

www.fsa4counselors.ed.gov

• FAFSA Materials and Updates

• Planning a Financial Aid Night

• Links to organizations

• Training information

• Publication ordering

• News items

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Presentation Notes

Here are some of the highlights of the Federal Student Aid Information for Counselors site, which was designed specifically to help you do your job. We’ll show you where they are on the next slide.

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Counselor Resources: www.fsa4counselors.ed.gov

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Presentation Notes

The FAFSA section includes tools such as the FAFSA demo site, where you can explore the online FAFSA without actually submitting an application, and links to the PDF FAFSA, FAFSA4caster, and FAFSA deadlines. During the autumn and early winter, we make frequent changes to the FAFSA Updates page, posting the latest draft of the FAFSA or the new EFC guide. That’s definitely a page you want to keep an eye on. Planning a Financial Aid Night provides tips on hosting your own college night, with ideas from counselors across the country. The Counselors and Mentors Handbook is your guide to the federal student aid programs and how the application process works. The Free Publications and Mailing List page explains how schools and nonprofits such as college access organizations can order our publications in bulk; we’ll get to that in a couple of slides. National Training for Counselors and Mentors is a free training program, usually a half-day in length, that is provided by participating states. The curriculum is developed by Federal Student Aid staff along with folks from the National Association of Student Financial Aid Administrators. NCAN and a couple of other organizations are also on the team that makes this training happen each year. To find out whether your state participates, click on the logo on the site. The What’s New section is where you’ll find important news items about, for instance, the launch of our StudentAid.gov site, a loan debt management tool, the FAFSA completion data tool, and changes to the federal student aid programs. Then there’s the In Other News section, which is kind of a mini-blog with items that might be useful but aren’t as time-sensitive as the items in the main What’s New listing. Let’s take a look at that page.

www.EDpubs.ed.gov

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FSAIC The Federal Student Aid Information Center (FSAIC) operates a toll-free hotline to provide:

o Information about federal student aid programs; o Help completing the FAFSA o Information about the process of determining financial need

and awarding aid o For those not eligible, State and/or Institutional Aid

may be available

1-800-4-FED-AID (1-800-433-3243) www.StudentAid.gov (new website) www.fafsa.ed.gov www.fsa4counselors.ed.gov Hours: Monday – Friday: 8:00am – Midnight ET

Saturday: 9:00am – 6:00pm ET Sunday: Closed

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Presentation Notes


http://www.studentaid.gov/

http://www.fafsa.ed.gov/

http://www.fsa4counselors.ed.gov/

FAFSA Training- Philadelphia, PA

Questions or Comments?

Thank you for your participation in FAFSA on the Web Training!!!

Date post:	16-May-2015
Category:	Education
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