What You Need to Know

About Financial Aid2014-2015

Presented by:Wenatchee Valley College

Role of the Financial Aid Office

Determines eligibility for financial aid in compliance with Federal and State

laws

Award financial aid

Send an award notification which details: Student’s cost of attendance Amount of student’s financial “need” Types and amounts of aid offered How and when aid will be disbursed Student employment conditions Terms and conditions of aid offer 2

What is Financial Aid?

Financial aid are funds provided to students and families to help pay for college expenses.

Grants Loans Employment opportunities Scholarships

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What does FAFSA stand for?

How do I file the FAFSA?

When should I fill it out?

Is there a deadline?

Free Application for Federal Student Aid

Apply on line at www.fafsa.ed.gov

After January 1, 2014.

No, but college’s have priority deadlines. Check with the college.

How do I apply for Financial Aid?

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PIN Registration

• Web site: www.pin.ed.gov

• Sign FAFSA electronically

• Can get PIN before January 1, 2014

• May be used by students and parents throughout the aid process, including subsequent school years

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FAFSA on the Web

Web site: www.fafsa.ed.gov 2014-2015 FAFSA on the Web will be available

on January 1, 2014 FAFSA on the Web Worksheet:

www.studentaid.ed.gov/worksheet Look for 2014-15

Used as “pre-application” worksheet Questions follow order of FAFSA on the Web

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The Federal School CodeWenatchee Valley College #003801

WSU#003800

UW#003798

CWU#003771

Find a school’s code on the web at:

www.fafsa.ed.gov

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FAFSA on the Web

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 window Applicant chooses whether or not to transfer

data to FOTW Available early February 2014

IRS Data Retrieval

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FAFSA Workshop

Assistance in completing the FAFSA will held at WVC workshops during College Goal.

College Goal will be on Tuesday, Jan. 28, 2014 and Tuesday, Feb. 19, 2014 from 6:00-8:00 p.m at WVC second floor of Wenatchi Hall.

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General Eligibility Requirements

Must be enrolled/accepted in an eligible program of study

Must be pursuing a degree, certificate, or other recognized credential

Must be a U.S. citizen or eligible noncitizen

Must be registered with Selective Service (if male) over age 18.

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General Eligibility Requirements (continued)

Must have a valid Social Security Number

Must maintain satisfactory academic progress as defined by the higher education institution

Definition of Need

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

The information from the FAFSA is used in a formula to determine a student’s EFC. Colleges have no control over the EFC.

Cost of Attendance at WVC per year.

Live at Home Live away

Tuition $3718 $3718

Room and board $3174 $9492

Books and supplies. $1060 $1060

Transportation. $1480 $1572

Misc. & personal exp. $1614 $1794

Total $11046 $17,636

Cost are based on 2013-2014 cost and on a 9 month budget

Cost of Attendance at the CWU per year.

Live away from home

Tuition (resident) $8976

Room and board $9795

Books and supplies. $1002

Transportation. $1260

Misc. & personal exp. $1752

Total $22,785

Cost are based on 2013-2014 cost and on a 9 month budget

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Types of Need-Based AidWhere does it come from?

Gift aid: Grants and scholarships

Self-help aid: Student

Loans Parent Loans

Work-study

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Federal Direct Loan(Subsidized and Unsubsidized)

Annual loan limits for Dependent Students: First year student: (45 or less college level credits) Second year student: (46 or more college level

credits Grade Level Subsidized Only Total Subsidized & Unsubsidized

1st Year $3,500 $5,5002nd Year $4,500 $6,500

Subsidized: Must demonstrate “financial need”

Unsubsidized : Need is not a consideration Current interest rate 3.86%

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Dependent or Independent? Dependent Student Definition is NOT the same as for taxes

Does NOT have to do with where student lives If the answer is NO to all dependency questions, student is

dependent and parents must provide their information

Born before Jan 1, 1991 Married; Has legal dependents other than a spouse; Orphan or ward of the court; Veteran of the U.S. Armed Forces; or Determined to be independent by the financial

aid administrator

Student should answer “NO” to pursuing a graduate or professional degree program, as high school students would not meet that criteria, as they would not yet have a Bachelor degree.

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What about divorced or separated parents?

Separated ParentsWhen parents are separated (living in separate homes) only one parent

reports their income on the FAFSA. Which Parent? The parent that provides more

support to the student.

Divorced ParentsWhen parents are divorced (living in separate homes) only one parent

reports their income on the FAFSA. Which Parent? The parent that provides more

support to the student.

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Special Circumstances

Change in employment status

Medical expenses not covered by insurance

Change in parent marital status

Unusual dependent care expenses

Student cannot obtain parent information

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Special Circumstances

Are not reported on the FAFSA

Send written explanation to financial aid office at each college

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CAUTION!

Don’t pay a fee to file the FAFSA Processing the FAFSA is FREE Make sure you go directly to:

www.fafsa.ed.gov for filing the FAFSA on the Web

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

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Frequent FAFSA Errors Parent and student Social Security Numbers

Do NOT use Tax ID numbers! Dependent students claiming independent status Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid – USE the amount on the

line the FAFSA refers to, NOT amount on W-2s Household size Number of household members in college

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Private Scholarship Search College scholarship

offices and websites Local businesses &

civic organizations Parents’ employers

Visit Fastweb.com, finaid.org, or collegeboard.org Follow directions! Include all items in the packet Good Essay describing yourself and educational

goals Proofread!

Local library resources FastWeb

www.fastweb.com WSAC & partners

theWashBoard.org Community Foundation of

NCW. www.cfncw.org

Scholarship Tips

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Avoid Being Scammed To check legitimacy of scholarship search services

or individuals, for information about financial aid scams, and tips to avoid being scammed visit these Web sites:

U.S. Department of Education: www.studentaid.ed.gov/types/scams

Federal Trade Commission: www.ftc.gov

Better Business Bureau: www.bbb.com

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Good Luck!

Wenatchee Valley CollegeFinancial Aid Office

509-682-6810financialaid@wvc.edu