1 FAFSA Results • Student notified of FAFSA processing results by: – E-mail notification with link to student’s SAR online if student’s e- mail address provided: • FAFSA on the Web (takes 1-2 days if electronically signed with PIN; 2 weeks if mailed in signature page) • Make sure student adds federal email address to address book to avoid delivery problems [email protected]– If student has a PIN, can view SAR online at www.fafsa.gov and make corrections
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1 FAFSA Results Student notified of FAFSA processing results by: –E-mail notification with link to student’s SAR online if student’s e-mail address provided:
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Transcript
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FAFSA Results
• Student notified of FAFSA processing results by:– E-mail notification with link to student’s
SAR online if student’s e-mail address provided:• FAFSA on the Web (takes 1-2 days if
electronically signed with PIN; 2 weeks if mailed in signature page)
• Make sure student adds federal email address to address book to avoid delivery problems [email protected]
– If student has a PIN, can view SAR online at www.fafsa.gov and make corrections
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Results of FAFSAEFC
• Expected family contribution (EFC)
• COA-EFC=Aid Eligibility
• If the EFC is greater than COA…is there aid?
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Professional JudgmentTip #7• Normally, a family’s Expected Family
Contribution (EFC) is based on income for the previous tax year
BUT…Financial aid administrators can use their “professional judgment” to alter data/income
• Adjustments are typically performed as corrections by the financial aid office after the original FAFSA is submitted and verified
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Professional Judgment
• Common examples include:– Significant change in income from past tax
year based on unemployment, underemployment, death, divorce, military service or natural disaster
– Unusually high medical expenses– Nursing home expenses– Elementary or secondary school tuition paid– Significant college costs for dependent
• Family should contact financial aid administrator to discuss unusual circumstances
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What is a Dependency Override?• Gives financial aid administrator authority to allow
otherwise dependent applicant to apply as independent applicant due to unusual circumstances
– Parental abuse, abandonment, incarceration, etc.
– Not used simply because student lives outside parent household after age 18 or parents object to providing data
• Must be supported by documentation, preferably by someone outside immediate family
• Student should contact financial aid office for instructions after submitting FOTW without parental data
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Award Notification
• Student should receive award notice from each college listed on the FAFSA once admitted to college
• Financial aid varies depending on the cost and mix/composition of financial aid available
Sources of Financial Aid
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Federal Methodology EFC Calculation
Automatic Zero EFC Formula
Simplified Formula (assets ignored)
Regular Formula (both income & assets)
Parents’ Income < $24,000 ANDParents non-filers or eligible for short tax form ORParent dislocated worker ORFamily received need-based benefits (SSI, SNAP, Free/Reduced Price Lunch, TANF, WIC)
Parents’ Income < $50,000 ANDParents non-filers or eligible for short tax form ORParent dislocated worker ORFamily received need-based benefits (SSI, SNAP, Free/Reduced Price Lunch, TANF, WIC)
Used if conditions for Automatic Zero EFC and Simplified formulas not met
(worksheet in packet)
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Federal Grants & Scholarships
Name Application Amount Eligibility
Pell Grant FAFSA $587 - $5,730*Award does not vary with price of college
EFC < $5,157(Income < $65k for family of 4).
FSEOG FAFSA Up to $4,000 Low-EFC Pell Grant recipients.Limited funding.
TEACH Grant FAFSA + TEACH Agreement(https://teach-ats.ed.gov)
$4,000(slight reductions under sequestration)
Not need-based. Becomes loan if 4-year teaching requirement not met.
*Pell Grant maximum for 2015-2016 not yet established
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State Grants & Scholarships(for MN residents attending college in MN)Check out Handout #10 for Pell & State Grant Look-Up Chart!
Name Application Amount Eligibility
MN State Grant FAFSA no later than 30th day of term. FOTW links to online state questionnaire.
$100 - $10,745Avg: $1,700
Higher income ranges than Pell. Varies based on price of college. Limited to 4 years of attendance.
MN Indian Scholarship
FAFSA + On-line program application.Priority deadline July 1.
Up to $4,000 undergrad; $6,000 graduate
¼+ American Indian ancestry. Show need for Pell or State Grant.
Postsecondary Child Care Grant
FAFSA + Paper program application available at college.
$100 - $2,800 per child for FT student. Less if PT.
Based on income and household size. Limited to 4 years of attendance.
MN GI Bill FAFSA + On-line program application prior to end of term
$1,000 Semester$3,000 Year
Cost minus Pell Grant, State Grant, Federal military benefits. Military service requirements.
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Minnesota Dream Act
• MN Dream Act signed into law May 2013• Qualifying undocumented students now eligible:
– In-state tuition rates at MnSCU and U of M
– State financial aid programs
– Private scholarships administered by MnSCU/UM
• To meet MN Dream Act requirements:– Attend MN high school for at least 3 years
– Graduate from a MN high school or earn MN GED
– Comply with Selective Service requirements
• Males 18 to 25 years old must register
– Apply for lawful immigration status once a federal process for doing so exists (not yet applicable)
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MN Dream Act Online State Financial Aid Application
• Cannot apply using FAFSA• Link to online MN Dream Act state financial aid
application and instructions posted on:– www.ohe.state.mn.us/MNDreamAct
• OHE contracted with Need Access for 2014-2015 MN Dream Act application – Paid application fees on behalf of applicants
• OHE building its own 2015-2016 MN Dream Act application– Will be more like FAFSA on the Web– English and Spanish– Easier for students to understand
• Please get the word out to your undocumented students
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Institutional Scholarships
• Many of these listed in central location on OHE website: