1 Financing Your Education Speaker: Chris Beloin, MBA, MSE,
GCDF UW Washington County, West Bend, (262) 335-5201 or
www.washington.uwc.eduwww.washington.uwc.edu The goal of financial
aid bridging the gap How financial need determined How to apply
What aid is available? What is the role of the financial aid
office?
Slide 2
2 Principles of Needs Analysis To the extent they are able,
parents have primary responsibility to pay for their dependent
childrens education. Students also have a responsibility to
contribute to their educational costs. Families should be evaluated
in their present financial condition. A familys ability to pay for
educational costs must be evaluated in an equitable and consistent
manner, recognizing that special circumstances can and do affect a
familys ability to pay.
Slide 3
3 What Are the Costs? Tuition and Fees +Room and Board
+Transportation +Books & Supplies +Miscellaneous Living
Expenses =Cost of Attendance (COA)
Slide 4
4 Main Determinants of the EFC Income of both student and
parents Assets of both student and parents Family size Number in
College Age of the older parent Adjustments to EFC may be made by
the Financial Aid Office due to Verification and/or Special
Circumstances that limit ability to pay
Slide 5
5 Expected Family Contribution (EFC) Is the sum of four
separate calculations: Contribution from Parental Income
Contribution from Parental Assets Contribution from Student Income
Contribution from Student Assets
Slide 6
6 Financial Need Defined Cost of Attendance (COA) Expected
Family Contribution (EFC) = Financial Need
Slide 7
7 EFC Calculation Example Family Size 4 Number in college 1
Parent AGI $ 68,400 Parent Untaxed Income$ 3,500 Parents Assets $
45,000 Students AGI $ 4,500 Students Assets $ 3,000 Parents
Contribution$ 6,957 (Parents Contribution from Assets = $0)
+Students Contribution$ 1,070 (Student Income Contribution $470)
(Student Contribution from Assets $600) =Expected Family
Contribution:$ 8,027 (Note: 2008-2009 FM formula used)
Slide 8
8 Financial Need Varies by School Cost School 1School 2School 3
Cost of Attendance $ 27,394$ 17,425$ 12,056 Less EFC $ 8,027 Need $
19,367$ 9,398$ 4,029
Slide 9
9 Financial Need Varies By School Cost
Slide 10
10 You may be eligible for aid, but.. YOU MUST APPLY TO FIND
OUT! And its free! NEVER pay to file the FAFSA! File the FAFSA each
year. www.FAFSA.ed.gov
Slide 11
11 Application Process Apply for PIN through Department of
Education Submit the Free Application for Federal Student Aid
(FAFSA) prior to your schools deadline Submit any institutional
application materials (if required by your school) Finalize school
admission Make sure to meet all required deadlines!
Slide 12
12 What is a PIN? www.pin.ed.gov Personal Identification Number
Student and one parent must get their own PIN Used to
electronically sign the FAFSA PIN delivery Real time online
(immediate) By e-mail, with a link to retrieve your PIN By regular
mail in 7-10 days Can also be used for: Renewal on the Web
Corrections on the Web National Student Loan Database Signing
promissory notes for student/parent loans (Perkins, Stafford,
PLUS)
Slide 13
13 FAFSA Processing Flowchart Schools #1 - #10 Student Aid
Report FAFSA PROCESSING CENTER STUDENTFAFSA Database Matches
Wisconsin Higher Educational Aids Board (HEAB)
Slide 14
14 College Scholarship Service /PROFILE (used by some private
schools) Collects additional data Targets non-federal funds
Supports Institutional Methodology (IM) as well as Federal
Methodology (FM) Supports early estimates/early admission
Slide 15
15 Timelines A PIN may be obtained at any time prior to filing
the FAFSA. The earliest a student can file the FAFSA for the
2009-2010 academic year - January 1, 2009. Check with schools for
institutional deadlines and requirements. Failure to apply early
may result in less aid, even if eligible. Students must renew the
FAFSA every year. Renewal notification is sent to students towards
the end of each calendar year.
Slide 16
16 What is Financial Aid? Scholarships Grants Work Study
Employment Loans
Slide 17
17 Three primary sources of funding: US Department of Education
The federal agency that provides funding in the form of grants,
scholarships and loans. State Most states have agencies that
administer state scholarship and grant programs, college savings
and prepaid tuition programs, and loans. The Higher Educational
Aids Board (HEAB) manages state aid in Wisconsin. Colleges &
Universities Schools may offer their own scholarship, grant, work-
study and loan programs, with each setting its own
requirements.
Slide 18
18 Gift Aid (FREE $$$) Grants & Scholarships (see red
brochure) Federal Federal Pell Grant Federal Supplemental
Educational Opportunity Grant (SEOG) Academic Competitiveness Grant
(ACG) National SMART Grant TEACH Grant State Institutional
Private/outside scholarships
Slide 19
19 Academic Competitiveness Grant (ACG) First year grant is
$750 For students who will be new freshman in 2009-10 the following
criteria are required: U.S. Citizen AND Enrolled in a 2 or 4-year
program AND Pell eligible AND Full Time AND Graduated from high
school after 1/1/2006 AND Completed a rigorous high school
curriculum as defined by the state Second year grant is $1300 Same
criteria as above AND Must have a minimum 3.0 GPA AND Graduated
from high school after 1/1/2005
Slide 20
20 National Science and Mathematics Access to Retain Talent
(SMART) Grant Up to $4000 in 3rd and 4th years of undergraduate
study Eligibility requires include: U.S. Citizen Pell Eligible Full
Time 3.0 Cumulative G.P.A. Enrolled in an eligible program of study
Computer Science, Engineering, Critical Foreign Languages, Life
Sciences, Mathematics, Physical Sciences, Technology, or
Multidisciplinary Studies
Slide 21
21 ACG/SMART Grant Information Academic Competitiveness Grant
(ACG) http://www.fsa4counselors.ed.gov/clcf/AcademicGrants.html
National Science and Mathematics Access to Retain Talent (SMART)
Grant http://www.fsa4counselors.ed.gov/clcf/SmartGrants.html
Slide 22
22 Teacher Education Assistance for College and Higher
Education (TEACH) Grant Created by College Cost Reduction and
Access Act (9/27/07) and effective for the 2008- 2009 award year
Provides a TEACH grant of $4,000 for each academic year during
which the teacher candidate is in full time attendance at a
participating institution. Applicant must agree to serve as a
full-time teacher for at least 4 academic years within 8 years
after completing education for which the applicant received a TEACH
grant teach in a public or other qualified nonprofit private
elementary or secondary school in a high- need field If a recipient
fails or refuses to comply with this service obligation, the sum of
the TEACH grant amounts the recipient received shall be treated as
a Federal Direct Unsubsidized Stafford Loan and shall be subject to
repayment with interest from the date of the grant award. Check
with specific schools to determine if they are participating in the
TEACH Grant program FAFSA is the TEACH Grant Application:
Slide 23
23 Fund for Wisconsin Scholars (FFWS) The FFWS is a private
charitable foundation that has been funded with a $175 million
founding gift. It will provide grants to talented, lower-income
graduates of Wisconsin public high schools attending a public
college, university or technical school in Wisconsin. Grants are
gifts and do not need to be repaid. For More Information:
www.ffws.org Contact: Mary Gulbrandsen, Executive Director P.O. Box
5506 Madison, WI 53705-0506 Ph: 608.238.2400 [email protected][email protected]
Slide 24
24 Wisconsin Covenant Goal: Make sure that every Wisconsin 8th
grader knows that higher education is an option if they are willing
to work hard during high school. Students pledge to graduate,
maintain at least a B average, take classes that prepare them for
higher education, and be good citizens. Students who fulfill the
pledge are guaranteed a place in a Wisconsin college or university
and a financial aid package based on the familys financial need
that helps make college more affordable. Students can sign the
pledge between April of their 8th grade year and September of their
9th grade year. Students in the Class of 2011 were the first to
sign the Wisconsin Covenant Pledge. Wisconsin Covenant Students
will apply for financial aid in the same way that other students
do.
Slide 25
25 For more information: www.WisconsinCovenant.wi.gov Contact:
Office of the Wisconsin Covenant PO Box 7869 Madison, WI 53707
608-267-9389 [email protected] Wisconsin Covenant
Slide 26
26 Self-Help Aid Employment (must be earned as wages) Federal
Work-Study Institutional Work Programs Off Campus employment Loans
(must be repaid with interest) Federal Perkins Loan Federal
Stafford Loans (school determines the loan program) Federal Family
Education Loan (FFEL) Program William D. Ford Federal Direct Loan
Program Federal PLUS Loan (parent) State Loans Institutional Loans
Private-Alternative Loans
Slide 27
27 Federal Student Loans Every family should file a FAFSA.
Regardless of income, every student qualifies for a Federal
Stafford loan, if they meet the basic eligibility requirements.
Benefits of a federal student loan: You dont have to repay until
you leave school Lower interest rates than private loans or credit
cards Credit record is not needed Co-signer is not required
Slide 28
28 2009-2010 Loan Comparison Chart Federal Perkins Loan Federal
Stafford Loan (subsidized & unsubsidized) Federal PLUS
LoanPrivate Alternative Loan Borrower Student ParentStudent
Cosigner None Only if poor creditProbable Credit check No Yes FAFSA
required Yes Recommended Interest Rate 5% Fixed5.6% Fixed
subsidized 6.8% Fixed unsubsidized 7.9% (Direct) Fixed 8.5% (FFELP)
Fixed Variable Fees NoneOrigination Fee & Default Fee may apply
(up to 2.5%) Origination and Default Fees apply (up to 4%) Vary by
loan program and credit rating Loan Limits Determined by school
based on need and available funds 1 st year - $5500 (up to $3500
sub) 2 nd year - $6500 (up to $4500 sub) 3,4,5 years - $7500 (up to
$5500 sub) Graduate - $20500 (up to $8500 sub) Unsubsidized
available to all Cost of Attendance less Aid Repayment 9 months
after leaving school or dropping below time 6 months after leaving
school or dropping below time 60 days after fully disbursed (Upon
request, may delay payments until after student graduates) Check
with lender Borrower Benefits Not ApplicableCheck with lender
Slide 29
29 PLUS vs. Private/Alternative Loan Compare the Differences:
Interest Rate Borrower/Cosigner requirements & qualifications
Minimum and Maximum loan amounts Interest accrual Deferment &
Forbearance options Fees (origination and repayment) Repayment
period Consolidation options
Slide 30
30 Borrowing Tips! Before borrowing, think about your ability
to make the monthly payment when you leave school Borrowers are
free to choose any participating lender Borrow only what is needed
for direct educational expenses and avoid borrowing funds for
discretionary spending
Slide 31
31 How to Compare Financial Aid Offers Start with tuition,
fees, room and board Subtract grant and scholarship offers only The
difference is your net cost Always compare net cost Do not subtract
Federal Work Study as a lump sum disbursement because students are
paid for hours worked
Slide 32
32 Award Package Comparison
Slide 33
33 Other Financing Options School Payment Plans (spread over
several months) Home Equity Loans (longer repayment, tax
deductible) Life Insurance Policy Loans Pension Plan Loans 529 Plan
withdrawals
Slide 34
34 Government Resources Corporation for National and Community
Service Veterans benefits and tuition waivers ROTC Scholarships
and/or stipends Bureau of Indian Affairs (BIA) Grants State
Divisions of Vocational Rehabilitation (DVR) Health and Human
Services Loan and Scholarship Programs
Slide 35
35 Other Sources of Funds Parental Affiliations Employers &
Labor Unions Religious and Community Organizations Clubs and Civic
groups Civic organization scholarships High School Local Public
Library Private business scholarships
Slide 36
36 Sample Questions for the Financial Aid Office 1)What is the
average cost for the first year? Estimates for future years? 2)
Does applying for aid affect the admission decision? 3) What type
of aid does the school have? Need-based or Merit? 4) What
applications, besides the FAFSA, are needed to apply for aid?
5)What is the priority deadline date for all types of financial
aid? 6) When will I be notified about a financial aid award? 7) How
does the aid package normally change from year to year? 8) What are
the conditions of the aid package? 9) Is there an opportunity to
appeal if the package isnt enough? 10) How is financial aid applied
to your bill for tuition, fees, etc.? If you have any other
questions or concern about the financial aid process, contact the
financial aid office at your school. Your Financial Aid
Administrator is there to help.
Slide 37
37 Questions?
Slide 38
38 Take a Break
Slide 39
State of Wisconsin Higher Educational Aids Board
Slide 40
40 Goals of State Financial Aid Eliminate financial barriers
and ensure educational opportunity for all Wisconsin citizens
consistent with their individual abilities, interests, and
ambitions. Support educational diversity by allowing students
freedom to choose among the various educational offerings.
Slide 41
41 Who May Receive State Aid? State financial aid is available
to residents of the State of Wisconsin enrolled at non-profit
colleges and universities based in Wisconsin: University of
Wisconsin System Wisconsin Technical Colleges Independent Colleges
& Universities Tribal Colleges
Slide 42
42 Who May Not Receive State Aid? State statutes prohibit
students from receiving state financial aid who are: Not registered
with Selective Service Listed on the Dept. of Workforce
Developments statewide Child Support Lien Docket Students on the
Lien Docket may still receive state loans
Slide 43
43 Applying for State Aid Free Application for Federal Student
Aid HEAB receives FAFSA data for all Wisconsin residents. The FAFSA
is the only application for Wisconsin's 2 major grant programs:
Wisconsin Higher Education Grant (UW, Technical Colleges, Tribal
Colleges) Wisconsin Tuition Grant (Independent Colleges &
Universities)
Slide 44
44 State Financial Aid Programs Programs for Students with
Financial Need Student must file the Free Application for Federal
Student Aid (FAFSA) Wisconsin Higher Education Grant Wisconsin
Tuition Grant Programs for Students with Financial Need who must
also meet Additional Requirements - FAFSA and additional
Application or Nomination Hearing & Visually Handicapped
Student Grant Indian Student Assistance Grant Minority
Undergraduate Retention Grant Nursing Student Loan Talent Incentive
Program Grant Programs Not Based on Financial Need - Do not require
the FAFSA Academic Excellence Scholarship Minnesota-Wisconsin
Tuition Reciprocity Program Minority Teacher Loan Teacher of the
Visually Impaired Loan
Slide 45
45 Academic Excellence Scholarship (AES) Awarded to Wisconsins
top high school seniors who are Wisconsin residents and are US
citizens or permanent US residents. Earned by the high school
senior with the highest cumulative grade point average in the class
at the end of the fall semester of senior year. Up to $2250 per
year, for up to four years, toward tuition at participating
Wisconsin colleges or universities. HEAB notifies the college of
the students AES award, and the college and HEAB jointly disburse
the money and apply it directly to the tuition. Certificates are
sent to the high schools for your AES winners. Alternates do not
receive certificates. The number of Academic Excellence
Scholarships that may be awarded per school is based on student
enrollment, as shown in the following table: EnrollmentNumber of
Scholarships 1-79total of 10 available 80-4991 500-9992 1000-14993
1500-19994 2000-24995 Over 25006 HEAB determines the number of
scholarships for each school based on Department of Public
Instruction fall enrollment reports. Contact HEAB if you believe
your number of scholarships is inaccurate.
Slide 46
46 AES High School Timeline JANUARY High schools receive forms,
instructions, notification of number of scholarships available for
individual schools (based on school enrollment), and a copy of the
State of Wisconsin Statutes and Rules which pertain to the AES.
FEBRUARY 15 By February 15 th of each school year the school board
shall designate the Academic Excellence Scholar(s). These
designations are final. MARCH 1 High school counselors must submit
nomination forms, with the names of the Academic Excellence
Scholars and alternates, to HEAB no later than March 1. MARCH
Academic Excellence Scholarship recipients are contacted by HEAB
asking them to verify their intent to accept the scholarship, and
asking which participating school they plan to attend. HEAB begins
the alternate selection process. MAY HEAB sends AES certificates to
high schools for presentation to the scholars. Alternates do not
receive certificates. Contact Nancy Wilkison, HEAB Grant
Specialist, for any questions about AES. Email:
[email protected] Phone: (608)
[email protected]
Slide 47
47 AES Tips for Guidance Counselors The scholarship
recipient(s) you list should be the student(s) with the highest
cumulative GPAs at the end of the fall semester of senior year,
regardless of whether or not they plan to accept the Academic
Excellence Scholarship. Your districts are required to have a
tie-breaking strategy in place in the event that more than one
student shares the highest cumulative GPA. The required number of
semesters of enrollment for a student to be eligible for the AES is
determined by each school district as part of your Board Policy. If
you have an un-weighted, or traditional, grading system, alternates
for the AES must have the very same GPA as the winner of the AES.
If you have a weighted grading system, alternates are listed in
order of the next highest GPAs. The cumulative GPA for each student
should be reported exactly as it is shown on your official high
school transcript. Student names should be written exactly as the
student wishes it to appear on the certificate. Schools should
inform all recipients and alternates of their AES status as early
as possible. Please encourage recipients to return their paperwork
to HEAB as soon as possible. Those who will not be attending a
participating school should be reminded that alternates may be
waiting in the wings!
Slide 48
48 Receiving State Financial Aid HEAB notifies the college or
university financial aid offices of each students eligibility for
state financial aid. The financial aid offices include the state
aid in the students financial aid package.
Slide 49
49 Contacting HEAB State of Wisconsin Higher Educational Aids
Board P.O. Box 7885 Madison, WI 53707-7885 (608) 267-2206Fax: (608)
267-2808 E-Mail: [email protected]@wi.gov Web Page:
heab.wi.govheab.wi.gov
Slide 50
Wisconsin Department of Public Instruction Wisconsin
Educational Opportunity Programs
52 What is WEOP? WEOP is a component of the Department of
Public Instruction. Our purpose is to help educationally and
economically disadvantaged students continue their education
through select statewide programs.
Slide 53
53 WEOP Programs State Talent Search Program Talent Incentive
Program (TIP) PreCollege Scholarship Program Early Identification
Program (EIP) Federal GEAR UP Program (GU) Federal Upward Bound
Program (Wausau Office only) Federal Talent Search Program
(Ashland, Eau Claire, Green Bay, and Wausau offices only)
Slide 54
54 State Talent Search Program Individual financial aid,
admissions, scholarship and career advising Assist with the college
and financial aid application process Identify and recommend
students for the TIP Grant Recommend students for the GEAR UP
scholarship Assist students in identifying scholarship sources Make
financial aid presentations to parents, students, and community
groups
Slide 55
55 Talent Incentive Program (TIP) TIP Grant Purpose: Assist
disadvantaged, low-income students with limited financial
resources
Slide 56
56 Benefits of the TIP Grant Grant ranges from $600-$1800 per
year Automatically renewable if student applies for financial aid
and is continuously enrolled Available for 10 consecutive
semesters
Slide 57
57 TIP Guidelines Must be a WI resident Attend a HEAB approved
post-secondary institution (WI technical, public or private
college/university) Be a first time college freshman (A student who
has been enrolled in a post-secondary institution for less than two
semesters at half time or greater status since attending high
school.) Must meet the following criteria:
Slide 58
58 TIP Criteria A student must meet one criteria from Group A
and one from Group B Group A is based on financial need Group B is
based on other factors The criteria is based on dependent or
independent status for financial aid purposes as determined by the
FAFSA
Slide 59
59 Group A Dependent Student 1. Parent contribution at or below
$200 2. Family receives TANF benefits 3.Parents unemployed and have
no current income from employment and are ineligible for
unemployment compensation
Slide 60
60 Group A Independent Student 1. A student contribution at or
below $200 2. A student receives TANF benefits 3. A student and
spouse, if married, is unemployed and receives no income from
employment, and is/are ineligible for unemployment
compensation
Slide 61
61 Group B A student must meet one of these criteria: Is a
member of a minority group as listed Is enrolled in a special
academic support program at college Is first generation (neither
parent graduated from a 4-year college) Is disabled according to
DHSF, DVR, or a special needs office at the college campus Is
currently or formerly incarcerated Have special family
circumstances that may deter the student from pursuing a
post-secondary education
Slide 62
62 Documentation that may be Requested to Complete the TIP
Application Process College Letter of Acceptance or Class Schedule
Student Aid Report (SAR) Prior Year Tax Forms Verification of
untaxed income Financial Aid Award Letter
Slide 63
63 How to apply? Contact your nearest WEOP office Download the
application at: www.dpi.wi.gov/weop/index.html
Slide 64
64 PreCollege Scholarship Program Available to Wisconsin
students in grades 6-12 who are eligible for free or reduced price
school meals. Must be attending a Wisconsin academic pre-college
program Covers tuition, books, supplies, room and board Application
must be signed by guidance counselor, teacher, principal or WEOP
counselor and a parent or legal guardian The application is
available at: www.dpi.wi.gov/weop/index.html
Slide 65
65 EIP, FTS, UB, GU Guidelines Grades 6-12 Programs are
provided to: Targeted School Districts Students who meet federal
income guidelines for federal programs Programs emphasize: Academic
Achievement Tutoring Mentoring Parent Involvement College Visits
Workshops
Slide 66
66 GEAR UP Scholarship Eligible participants: Are GEAR UP, EIP
or Federal Trio students who are Wisconsin residents Must be
nominated by a WEOP Counselor Must attend a public, private, or
technical college in Wisconsin Must be eligible for a Pell Grant
and a WHEG or WTG grant Can receive this renewable scholarship for
10 consecutive semesters of attendance
Slide 67
67 WEOP Offices www.dpi.wi.gov Ashland: 620 Beaser Avenue
Ashland, WI 54806 (715) 682-7975 Eau Claire: 204 E. Grand Avenue, 5
th Floor Eau Claire, WI 54701 (715) 836-3171 Green Bay: 2140
Holmgren Way Green Bay, WI 54304 (920) 492-5745 Milwaukee: 101 W.
Pleasant Street, Suite 110 Milwaukee, WI 53212 (414) 227-4466
Madison: 125 South Webster Street, Room 309 Madison, WI 53707 (608)
267-1058 Racine: 2113 N. Wisconsin Racine, WI 53402 (262) 638-7370
Wausau: 133 River Drive Wausau, WI 54403 (715) 842-0871
Slide 68
68 Thanks! Questions or Comments?
Slide 69
FAFSA Filing Topics
Slide 70
70 FAFSA Filing Topics Dont Get Scammed Common Errors Special
Circumstances Processing Tool Kit Internet Resources
Slide 71
71 Dont Get Scammed on Your Way to College Consumer complaints
are mainly about business practices: College prep/financial aid
advice services FAFSA for a fee Be aware of tactics used to
convince students to buy services: If you use our services, youre
guaranteed to get at least $2000 in student aid for college, or
well give you your money back. Applying for aid is complicated.
Were the only ones who can help you through the process and find
all the aid for which youre eligible. Id like to offer you a
scholarship (or grant). All I need is your bank account information
so the money can be deposited and a processing fee charged. Contact
your nearest college financial aid office if you have questions
regarding the legitimacy of any questionable offer
Slide 72
72 Proceed with Caution! Never pay a fee to file the FAFSA When
filing a FAFSA, make sure you go directly to: www.fafsa.ed.gov (not
www.fafsa.com) Contact the financial aid office if you need help in
completing the FAFSA Never pay for financial aid assistance!
Financial aid nights Campus tours Scholarship searches
Slide 73
73 Frequent FAFSA Errors Missing Signatures/PIN Wrong Social
Security Number Divorced/remarried parent information Income earned
by parents/stepparents Untaxed income Incorrect reporting of U.S.
income taxes paid Household size Number in postsecondary education
Real estate and investment net worth Not using name listed on
Social Security card NOT APPLYING AT ALL
75 Assets - Definitions Net worth means current value minus
debt. Investments include real estate (do not include the home you
live in), trust funds, UGMA and UTMA accounts, money market funds,
mutual funds, certificates of deposit, stocks, stock options,
bonds, other securities, installment and land sale contracts
(including mortgages held), commodities, etc. Investments also
include qualified educational benefits or education savings
accounts such as Coverdell savings accounts, 529 college savings
plans and the refund value of 529 prepaid tuition plans. For a
student who does not report parental information, the accounts
owned by the student (and the students spouse) are reported as
student investments in question 42. For a student who must report
parental information, the accounts are reported as parental
investments in question 92, including all accounts owned by the
student and all accounts owned by the parents for any member of the
household. Investments do not include the home you live in, the
value of life insurance, retirement plans (401[k] plans, pension
funds, annuities, non-education IRAs, Keogh plans, etc.) or cash,
savings and checking accounts already reported in 41 and 91.
Investment value means the current balance or market value of these
investments as of today. Investment debt means only those debts
that are related to the investments. Business and/or investment
farm value includes the market value of land, buildings, machinery,
equipment, inventory, etc. Business and/or investment farm debt
means only those debts for which the business or investment farm
was used as collateral. Business value does not include the value
of a small business that you (your spouse and/or your parents) own
and control and that has 100 or fewer full-time or full-time
equivalent employees. Investment farm value does not include the
value of a family farm that you (your spouse and/or your parents)
live on and operate.
Slide 76
76 Dependency Status At least 24 years old; Graduate or
professional student; Married; Has child for whom student provides
more than half support; Has dependent other than child or spouse
who lives with student and for whom provides more than half
support; Orphan; In foster care or a ward of the court, at any time
when the individual is 13 years of age or older; Is an emancipated
minor or is in legal guardianship; Has been verified as an
unaccompanied youth who is homeless or at risk of homelessness and
is self-supporting; Veteran of the U.S. Armed Forces or currently
serving active duty for other than training purposes in the U.S.
Armed forces; or Determined to be independent by the financial aid
administrator via Professional Judgement (Parents refusal to
provide support or financial data is insufficient to make a student
independent regardless of tax filing status)
Slide 77
77 FASFA Dependency Questions
Slide 78
78 Dependency: Orphan, Foster Child or Ward of the Court
Slide 79
79 Dependency: Emancipated Minor or in Legal Guardianship
Emancipation is not available in every state in the United States.
There is no emancipation status in Wisconsin.
Slide 80
80 Dependency: Unaccompanied Youth (homeless or at risk
of)
Slide 81
81 For Federal Methodology, Who is a Parent? Two biological
parents married to each other Divorced or separated parents
Stepparent Widowed parent Legal adoptive parent
Slide 82
82 Divorced/Separated Issues FAFSA is to be completed using
parent with whom the student lived with more in the past 12 months.
If student did not live with one parent more than the other, give
answers about the parent who provided more financial support during
the past 12 months, or during the most recent year that the student
actually received support from a parent. If this parent has
remarried, stepparent information must be included on the
FAFSA.
Slide 83
83 After you file the FAFSA Results are sent electronically to
the school(s) the student selected. Students & Parents will
receive the results of their FAFSA by e-mail (or regular mail) -
Student Aid Report (SAR). Students may be required to verify the
information submitted on the FAFSA (submit tax forms). Contact the
school with any Special Circumstances. After the student is
admitted to a school, a financial aid package will be
prepared.
Slide 84
84 Special Circumstances? Call the Financial Aid Office
Divorce/Separation Loss of income or benefits One-time income Death
or Disability of student or parent Medical/Dental expenses not
covered by insurance Elementary or secondary school tuition
Dependency override (Note: Professional Judgement is at the sole
discretion of each institution.)
Slide 85
85 Professional Judgment by Financial Aid Administrators
Adjustments are determined by each institution on a case by case
basis. Another institution may automatically accept a professional
judgment made by another institution. The decision must recognize
the unique situation of the student and must be documented.
Slide 86
86 FAFSA on the Web and Renewal FAFSA on the Web Parents with
multiple children in school can continue to transfer information to
additional applications Link on confirmation page to Begin a new
application with parent data already filled in? will display only
for Dependent students Independent students who provided parent
data on the application
Slide 87
87 E-Mail Correspondence When e-mails with links to SAR
information on the Web are returned as undeliverable, a paper SAR
or SAR Acknowledgement will be generated and mailed to student
Spanish e-mail notifications will be sent to students and parents
who submitted Spanish- language applications and provided valid
e-mail addresses
Slide 88
88 Whats So Great About Doing the FAFSA Online? Its quick
Results back up to three weeks faster Speed may be important for
schools awarding limited resources Instant access to EFC estimate
Electronic Student Aid Report (SAR) sent to email provided Its easy
Detailed help screens for every question Live, private online help
is available Skip logic: asks only what you must answer skips
questions that dont apply Access from anywhere Electronic signature
using PIN English or Spanish versions Its accurate Automatically
edits data as you enter it and detects errors for correction before
submission Due to edits and online help, less likely to de delayed
by the need for corrections Its safe FASFA on the Web uses
encryption to protect confidentiality of data
Slide 89
89 FAFSA on the Web Worksheet Designed to use in preparing for
On- Line FAFSA
Slide 90
90 2009-2010 Changes TEACH Grant question added to FAFSA
Stafford Loan limits have increased Undergraduate Subsidized
Stafford Loan interest change (6.0% to 5.6%) Dependency criteria
expanded Educational Savings Accounts for dependents now considered
in parental assets Worksheet A deleted & Worksheets B and C
incorporated into the FAFSA IF a paper FAFSA is needed, you may
order one by calling 1-800-433- 3243 or online at:
http://federalstudentaid.ed.gov/fafsa/fafsa_options.html
Slide 91
91 2009-10 Renewal Application Process Renewal Reminders sent
in early January 2009 Students with a valid e-mail address will
receive e-mail reminders If no e-mail address or e-mail is
undeliverable, paper reminder letter will be sent to applicant
Slide 92
92 FAFSA on the Web Toolkits Mailed in October to Postsecondary
schools High schools State agencies Libraries PTAs TRIO Centers
Gear Up NCAN Toolkits will include FOTW Brochure PIN Brochure
Poster Tips Card Web-Link Graphics Flyer FAA Access Flyer
Slide 93
93 FAFSA4caster FAFSA4Caster was developed to: Foster early
awareness with the financial aid application process and form Serve
as an early analysis tool informing college affordability Reduce
the time required to submit the official financial aid application
in the student's senior year of high school
Slide 94
94 FAFSA4caster FAFSA4caster will: Automatically generate a
Federal Student Aid PIN for use when signing the FAFSA Instantly
calculate eligibility for federal student aid Generate a FAFSA a
FAFSA populated with student FAFSA4caster data will be available
when the student is ready to file the official FAFSA
Slide 95
95 www.fafsa4caster.ed.gov
Slide 96
96 Congratulations, THERESA! FAFSA4caster has successfully
calculated the information you submitted. Below you will see an
estimated Expected Family Contribution (EFC). The EFC is not the
amount of money that your family must provide. Rather, you should
think of the EFC as an index that colleges use to determine how
much financial aid you would receive if you were to attend their
school. When you officially apply for financial aid, the colleges
you list on your Free Application for Federal Student Aid (FAFSA)
will determine your eligibility and then send you award information
that identifies the aid they have determined you may receive. This
award information will vary from college to college because the
cost of attending each is different. Your estimated EFC is 1060.
Now that we have calculated your EFC you can see what your college
education may cost for attending a certain type of college in the
United States. We will use your estimated EFC of 1060 and the
national average for cost of attendance at each type of
school.
100 Questions? Comments? How can we help you? What challenges
do you have? Do you need assistance with your financial aid
night?
Slide 101
101 THANK YOU ALL FOR ATTENDING!!! Please complete the
evaluation.
Slide 102
102 Pre-Collegiate School Relations Committee Committee
Objective: To educate students, parents, teachers, and school
counselors about the availability of financial aid and the aid
application process. Committee Members: Lisa AlbersConnie Hutchison
Paul BaldridgeJane Lemke Triena BodartTom Martin Linda BrummHeather
McGee Donna DahlvangAmy Schrader Bill HendersonDavid Sandra
Michelle HermesBill Trippett Sara Beth HolmenKelly Vander Wyst
Sharon HunterMargaret Zitzer