Government Resources◦ www.studentaid.gov◦ http://www.edpubs.gov/
Order publications for Free!!◦ www.FAFSA.gov
You Tube FAFSA4caster
Miscellaneous organizations resources◦ www.finaid.org◦ https://www.salliemae.com/plan-for-college/◦ www.collegeup.org
State Resources◦ www.kansasregents.org
◦ www.kasfaa.org What can we do to make this site user friendly!!
Watch for th
ese →
Hyperlinks to
Resources!!
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
Includes
Tuition & Fees
Room & Board
Books, supplies, transportation, and misc. personal expenses
Sometimes can include Loan fees
Study abroad costs
Dependent care expenses
Varies widely from college to college
Amount family can reasonably be expected to contribute
Stays the same regardless of college Two components
◦ Parent contribution◦ Student contribution
Calculated using data from the FAFSA and a federal formula
Cost of Attendance
– Expected Family Contribution
= Financial Need
Need Varies Based on Cost
FYI: How the average American family pays for college based on 2013-2014
Federal Pell Grant Federal Supplemental Educational Opportunity
Grant (FSEOG) Teacher Education Assistance for College and
Higher Education (TEACH) Grant Federal Work-Study (FWS) Federal Perkins Loan Subsidized and Unsubsidized Federal Direct
Student Loans (Direct Loans) PLUS Loans
• Awarded amount based on EFC, COA, and enrollment status (full-time, half-time, etc.)
• Generally awarded to undergraduate students only, few exceptions
• Maximum award for 2014-2015 = $5,730
Annual award amounts vary between school from $100 to $4,000 a year
Students with the lowest EFC’s must be awarded first
Priority goes to Federal Pell Grant recipients Not all Schools award FSEOG
The amount of Federal Pell Grant funds a student may receive over their lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.◦ Each full time year equals 100%◦ 6 years would be 600%
Lifetime Eligibility Used (LEU): ED keeps track of LEU by adding together the percentages of Pell Grant awards received for each award year.◦ If a student did not receive 100% during the year, the actual
amount received would be used to determine the percent actually used. (e.g., ½ time student used 50%)
◦ Once a student reaches 600% they are no longer eligible for Pell
More important than ever to finish what you start in a timely manner! (or talk to F/A!)
U.S. citizen Be enrolled in course work that is necessary to
begin a career in teaching or plan to complete such course work.
Meet certain academic achievement requirements Sign a TEACH Grant Agreement to Serve Teach full time as a highly qualified teacher at a
low income school in a high need field for 4 years after degree completion.
If the required teaching service obligation is not completed, TEACH grant funds received will be converted to a Federal Direct Unsubsidized Loan that must be repayed, with interest charged from the date of each TEACH Grant disbursement.
Provides part-time employment while students are enrolled
Employment may be on or off campus Even if the student does not qualify for FWS
they may still be able to have an on campus job!
Students should Inquire about jobs at the college’s Student Employment Office
Not all schools participate
• Priority to students who show exceptional need
• Interest rate: 5% fixed• Nine month grace period, repayment may be
up to 10 years• Deferment and cancellation provisions
available for qualifying employment• Not all schools participate• Maximum annual award
– $5,500 for undergraduate students– $8,000 for graduate students
Subsidized ◦ must demonstrate need◦ U.S. Department of Education will pay (subsidize) the
interest that accrues while in school Unsubsidized
◦ not based on need◦ most everyone can qualify
The current interest rate on 2014-2015:◦ Undergraduate Direct Loans(subsidized and unsubsidized)
first disbursed on or after July 1, 2014 is 4.66%.◦ Graduate Direct loans (unsubsidized) first disbursed on or
after July 1, 2014 is 6.21%. ◦ Each year the interest rate will change based on the market. Rates are determined for the next aid year around
the first of June.
• Repayment begins after 6 month grace period
• Maximum repayment period between 10 and 30 years
• Annual Loan Limits (combined subsidized and unsubsidized)
Classification Dependent Independent–Freshman $5,500 $9,500–Sophomore $6,500 $10,500–Junior & Senior $7,500 $12,500–Graduate/Professional N/A $20,500
– Unsubsidized only
Applies to first-time borrowers as of July 1, 2013◦ Never borrowed or starting with $0 balance
Borrower loses eligibility for additional Direct Subsidized Loans when borrower has received Direct Subsidized Loans for 150% of their current academic program.
Could also lose interest subsidy for current loans if they did not complete program and enroll ½ time in the same program or a program of same or lesser length.
If eligibility is lost, borrower still eligible for Direct Unsubsidized Loans. More important than ever to finish what
you start! (or talk to F/A!)
Parents of dependent undergraduate students◦ Repayment begins immediately but can be deferred
upon request Graduate/Professional students
◦ Repayment same as Direct Student Loan. 2014-15 Direct interest rate: 7.21% (will
change annually based on the market) If a parent is unable to borrow (denied) a
parent PLUS loan, a student may be eligible for additional unsubsidized loan
Qualitative Standard ◦ Grade Point Average◦ C Average (unless the school offers escalating GPA)
Quantitative Standard ◦ Progression or pace through program
Student must maintain a 67% completion rate (unless the school offers graduated completion rate)
Completion rate = Completed Hours ÷ Attempted Hours◦ Maximum Time Frame
Must complete within 150% of the published length of the program
Doing well and staying on task is truly important!◦ Concurrent classes can effect eligibility
◦ Talk before you drop! Check with F/A
A standard form that collects demographic and financial information about the student and family to figure EFC.
Colleges use EFC to award financial aid
May be filed electronically or using paper form
◦ Available in English and Spanish
Good reasons to file electronically:
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip unnecessary questions
• Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data
• More timely submission of original application and any necessary corrections
• More detailed instructions and “help” for common questions
• Ability to check application status online• Simplified application process in the future
• Federal Student Aid Hotline (1-800-433-3243)
Peak FAFSA Season Hours: Monday-Friday 7 am till 11 pm
Saturday 8 am till 7 pm Sunday 12 pm till 6 pm• Federal Student Aid Website:
http://studentaid.ed.gov/fafsa/filling-out
• Your college’s Financial Aid Office
• College Goal Sunday—February 22, 2015 2-4 pm
Website: www.pin.ed.gov
Sign FAFSA electronically
Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school years
FSA is adopting the best practice of using a username and password instead of personal information
The FSA ID◦ Requires users to enter less info (2 fields instead of 4)◦ Provides more secure access to user’s information◦ Links to PIN information during registration◦ Offers self – service capability (name change)
The FSA ID (username and password) will replace PIN for students, parents and borrowers accessing FSA systems starting on
4/25/15.4/25/15.
What happens for new user?◦ Registration requests same required information as PIN◦ New users will be directed to the registration page to
create an FSA ID (username and password) similar to today’s PIN creation page
What happens if I have a PIN already?◦ During account creation, user will be asked for their PIN.◦ As long as the PIN information matches their other
information, the account will be linked to the FSA ID account
Will the changes affect a user’s ability to access previous FAFSA submissions?
◦ If the user links their PIN, they will have access to previous FAFSA submissions
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 browser window Applicant chooses whether or not to
transfer data to FOTW Available early February 2015 for 2015–16
processing cycle Participation is voluntary
Reduces documents requested by financial aid office
◦ Important! Don’t change IRS transferred data
◦ Changing the transferred information disallows the DRT to be used for verification purposes
Some will be unable to use IRS DRT - Examples include:
◦ Filed an amended tax return
◦ No SSN was entered
◦ Student or parent married but filed separately
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
Avoid being charged a fee to file the FREE Application for Federal Student Aid
Completion and processing of the FAFSA are FREE
Make sure you are using the correct web address
www.fafsa.gov
Just verifies info put on the FAFSA ◦ (Not something to fear!)
Required if selected Applied differently school to school Common requests: (but not limited to these)
◦ Internal forms◦ W-2◦ IRS Tax Transcript instead of Tax Return
DRT eliminates the requirement for transcript DRT reduces the chance of conflicts DRT preferred by most schools but not required
IRS allows tax filers to print transcript off IRS website Most IRS offices will print copies of transcripts
Phone or form request is still an option
Central Processing System (CPS) notifies student of FAFSA processing results by:
• Mail - paper Student Aid Report (SAR) if student’s e-mail address was not provided on FAFSA
•Email - notification containing a direct link to student’s online SAR if student’s email was provided on FAFSA
Student with PIN may view SAR online at www.fafsa.gov
• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted
–Many schools won’t begin processing aid for 2015-16 until late March or April. –Check with the individual school for their
schedule–Many private schools will begin much
earlier than public schools
• College reviews ISIR– May request additional documentation (Verification)
If necessary, corrections to FAFSA data may be made by: •Using FAFSA on the Web (www.fafsa.gov) if student has a PIN;•Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or•Submitting documentation to college’s financial aid office
Cannot be documented using FAFSA
Contact the college to find out how to submit information concerning special circumstances
Some situations call for FAFSA corrections and some will fall under Professional Judgment
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information
Parent enrolled in college
Some examples:
Passed in 2004 – Allows students without lawful immigration
status to pay in-state tuition at Kansas institutions
To qualify they must:
◦ Attended a Kansas high school for three years AND
◦ Graduate from a Kansas high school OR equivalent AND
◦ File an affidavit with the post-secondary institution
Kansas Comprehensive Grant
Available to public & independent 4-yr schools Need-based; full-time enrollment required Only FAFSA application required for
consideration – no state application required $3,500 max./$200 min. – Independent
Institutions $1,500 max./$100 min. – Public Institutions
37
Kansas State Scholarship
Available to public, independent 4-yr institutions & community colleges
Need & merit-based; full-time enrollment required
Kansas Scholars Curriculum (KSC) Completion required
Must file FAFSA and state application $1,000 maximum award
38
Kansas Ethnic Minority Scholarship
Available to public, independent 4-yr institutions & community colleges
Need & merit-based; full-time enrollment required
Must file FAFSA & state application $1,850 maximum award
39
Career Technical Workforce Grant (formerly the Kansas Vocational Scholarship)
Available to technical schools & colleges, community colleges and state universities w/technical programs
Awarded to students enrolled in high demand/critical industry programs of study. Priority to given to those with financial need. There is no longer a test given.
New award amount: $1,000
Available to part-time and full-time students; award amount pro-rated based on enrollment hours
Must file FAFSA and state application
40
Kansas Career Work Study Program
Available to public 4-yr institutions
Need-based; FAFSA required; students may be enrolled either part-time or full-time; application process takes place at the institution
Students work in career-related occupations off-campus
41
Military Service Scholarship (FY 08) Available to 4-yr public institutions, community
colleges, & technical colleges. Tuition assistance for those who have served in
international waters or on foreign soil in support of military operations for at least 90 days. Must provide documentation (i.e. DD-214 or active duty orders) that they have been in a military operation for which they received hostile fire pay.
Maximum award amount – tuition & required fees, subject to appropriations.
Need-based; must file FAFSA & state application; may be enrolled either part-time or full-time.
42
Fee Waiver Programs Dependents & Spouses of Deceased Public Safety
Officers: Available to students who have lost a parent or spouse in the line of duty (includes law enforcement officers, firefighters, & emergency medical services attendants)
Dependents & Spouses of Deceased Military Personnel: Available to students who have lost a parent or spouse on or after 9/11/01 while in active duty military service
Former Prisoners of War: Available to former prisoners of war – includes individuals who, while serving in the U.S. Armed Forces, were declared a POW by the U.S. Secretary of Defense after January 1, 1960• Available at state regents 4-yr institutions, community colleges,
technical schools & colleges & Washburn University• Students may be enrolled either part-time or full-time• Maximum amount of award up to required tuition & fees, not to
exceed 10 semesters of undergraduate instruction
43
ROTC Tuition Waiver Available to participating public 4-yr institutions Recipients are selected at the institution
(separate application required) Students must be enrolled full-time Maximum award up to 70% cost of attendance Service obligation – after completion of degree
student must become commissioned as a Second Lieutenant and serve for not less than 4 yrs. as a commissioned officer with the Kansas Army National Guard
44
Kansas Teacher Service Scholarship Available to public, independent 4-yr institutions &
community colleges Merit-based/competitive State application required Students may be enrolled either part-time or full-time;
enrolled in coursework leading to a bachelor’s or master’s degree in a hard-to-fill teaching discipline
Upper class undergraduate students & current teachers given priority
Must plan to work in hard-to-fill discipline or underserved geographic area of the state
Service obligation – 1 yr of service for 1 yr of scholarship $5,514 maximum award for AY 2014-15 (award increased
each year based on CPI). Award amount prorated based on the number of hours enrolled
45
Kansas Nursing Service Scholarship
Available to public, independent 4-yr institutions, community college & technical schools/colleges
Need-based; full-time enrollment required
Students must acquire a sponsor
State application required
Service obligation – 1 yr of service for 1 yr of scholarship
$3,500 for RN/$2,500 for LPN maximum awards
46
National Guard Educational Assistance Program
Available to public & independent 4-yr institutions, community colleges, & technical colleges
Students must be enrolled full-time
Must file state application
Service obligation – student agrees to complete their current military service obligation, plus three months service for each semester of assistance received
47
February 22, 20152:00 – 4:00 pm
Visit www.CollegeGoal.org for more information
48