U NDERSTANDING THE B ASICS J OAN H ENNING G ONZAGA U NIVERSITY A SSISTANT D IRECTOR F INANCIAL A ID Financial Aid 101.

UNDERSTANDING THE BASICS

JOAN HENNINGGONZAGA UNIVERSITYASSISTANT DIRECTOR

FINANCIAL AID

Financial Aid 101

Agenda

What is financial aid?

Where does it come from?

What aid is available?

How do I apply?

What is Financial Aid?

Primary goal is to assist students in paying for college and is achieved by:

Evaluating families’ ability to pay educational costs

Distributing limited resources in an equitable manner

Providing balance of gift aid and self-help aid

Types of Financial Aid

Need-based

Merit-based (or non-need)

Gift aid: Grants and scholarships

Self-help aid: Loans and employment

Application Process – Some

Institutional Aid Application Free

CSS/Financial Aid PROFILE Determines eligibility for institutional/nonfederal funding at

approx. 250 colleges and universities

Collects additional information not reported on FAFSA

$25 to file for one school, $16 per additional school

Warning! Admission Application Process is Separate, and

financial aid processes varies by school – check with each

college.

FAFSA Application Process - All

Free Application for Federal Student Aid (FAFSA) Required for federal and state aid Sometimes for institutional aid

Deadline varies by schoolFAFSA on the web

Available on Jan 1st www.fafsa.gov

FAFSA paper filing

CAUTION!

Avoid being charged a fee to file the - Free Application for Federal Student Aid (FAFSA)

Completion & processing of the FAFSA are FREE

Be sure to go directly to www.fafsa.gov Contact financial aid office for help completing

the FAFSA

Independent Student Definition

● At least 24 years old;● Married;● Graduate or professional student;● Active duty or Veteran in US Armed Forces;● Supporting a child or other dependent;● In foster care, orphan, or ward/dependent of the

court;● Emancipated Minor;● In a legal guardianship;● Homeless youth

Other unusual circumstances contact the school’s aid office

FAFSA Application - Getting Ready

Gather records you will need Driver’s license and Social Security card W-2 forms and other records of money earned in ‘14 2013 federal income tax returns (for estimates) Records of any untaxed income Current bank statements Business and farm records Records of stocks, bonds and other investments

Make it a family affair

PIN – Electronic Signature

●www.pin.ed.gov

●Confidential

●Request PIN in

real time●Process could

change in May 2016

Frequent FAFSA Errors

Social Security Numbers

Divorced/remarried parent information

Income earned by parents/stepparents/partner

Untaxed income

U.S. income taxes paid

Household size/in college

Asset net worth

Updating the FAFSA

Tax Transfer available 2-3 weeks filing online or 4-6 weeks if paper taxes submitted.

Determining Aid

Cost of Attendance (COA) established and varies by school

Expected Family Contribution (EFC) determined by FAFSA and same for all

schools

Financial Aid Formula COA – EFC = “need”

Special Circumstances

Loss of Job

Loss of Benefits

Natural Disaster

Separation/Divorce

Death in Family

OtherContact the school(s) financial aid office.

Varies by School

Financial Aid Timeline

Apply for Aid (January-February 2015)

Receive Award Letter (April-May)

Comply with Information Requests (April-May)

National School Decision Deadline - May 1

Verification and Aid Coordination (Summer)

Re-apply for Aid (January-February 2016)

Where Do I Go From Here?

Check each school’s website for Admission & Financial Aid requirements

Meet all application deadlines

Investigate other sources of aid

Additional Financial Resources

Western Undergraduate Exchange (WUE)Gates Millennium FoundationCollege Success FoundationAct 6Guaranteed Education Tuition (GET)Private ScholarshipsInquire about tuition installment plansConsider alternative loan programs

Avoid Being Scammed“Billions of Dollars Unclaimed . . .” “Money Back Guarantee”

Warning signs of a possible scam: Guaranteed winnings ‘Free seminars’ 1-900 numbers

Check agency legitimacy with: U.S. Department of Education Federal Trade Commission Better Business Bureau

CAUTION: As a general rule, if you must pay money to get money, it might be a scam.

Free FAFSA Help

High School Check with your counselor

Online Help/Tutorials www.studentaid.ed.gov www.fafsa.ed.gov

College Goal Washington Mid - January Community Event www.wsac.wa.gov

Good Luck!

Questions?