Interpreting Financial Aid Awards Presented by: Laura Meek Director of Financial Aid Ohio Dominican University

Introductions and Housekeeping Details All webinar attendees are muted by default. There are two ways to ask questions during the webinar – you may “raise your hand” and the organizer will unmute you to ask your question to the group OR you can chat your question – privately to the organizer or publicly to the entire audience. Due to the amount of material we are covering in this webinar, we will hold questions to the end. This webinar will be recorded. Instructions about how to access the recording will be provided at the end of the webinar.

Financial Aid: Award Letters & Verification Laura Meek Director of Financial Aid Ohio Dominican University

Financial Aid Award Letters  Official offer of the financial aid that a college is offering a student for ONE academic year  Scholarship & grants (gift aid)  Work-Study (self-help)  Student & Parent Loans (self-help)  Will be provided to students by each college that has accepted the student and whose code was included on the FAFSA and is based on the FAFSA results (Expected Family Contribution)

Award Letters  Award letters are not standardized. All look different!  Award letters may include Cost of Attendance (COA)  Tuition  Room & Board  Books/supplies  Transportation  Miscellaneous  Some may only include Direct Costs (Tuition & R/B)  Work Study  Grants, scholarships, and most types of loans are credited to student’s account – not work-study  Work study funds are earned through a campus job  Employment is not guaranteed; students must apply for and secure a job.

Award Letters - LOANS  Federal Direct Student Loans  Subsidized – no interest while student is in school  Unsubsidized – interest accrues during school  Payments deferred until 6 months after graduation  Federal Perkins Loans – limited funds  Federal Direct Parent PLUS Loans  May or may not be offered, but student/parent may be eligible  Up to COA – other aid  Repayment begins

More things to consider...  Terms & Conditions of awards  GPA or major requirements  Satisfactory Academic Progress (SAP)  Enrollment and Residency Status  Awards may or may not be renewable  Any change to the above may results in a revision to a student’s award  Revised awards may also be from changes in FAFSA, verification, or special circumstances

Examples

Decision Time Questions:  Award letter comparison tools  college/financial-aid-awards/compare-aid- calculator college/financial-aid-awards/compare-aid- calculator  Is the least expensive school student’s best option? Value vs. Cost  How much can the student contribute to from summer job, graduation $, savings?  Will my parents help me pay? How much?  Only borrow what is needed!  What payment options does college offer?

Next Steps  Accept the aid offer  Student may be required to sign and return award letter; read carefully  Negotiating, NO!  PJ or Special Circumstances with documentation YES!  Complete Master Promissory Note (MPN) and Entrance Counseling forms for student loans  Comply with any request promptly for information or required documentation from admissions/financial aid offices

Next Steps - Verification  Estimated 1/3 of student FAFSAs are selected by DOE for verification  Financial Aid offices required to collect documentation to ensure FAFSA was completed accurately (program integrity)  Some schools will make awards prior to verifying and revise later  Others will wait until verification is complete  SO Respond promptly! Can affect aid offered!!

Next Steps - Verification  Schools may verify  Student and parent income, taxed & untaxed  Household size  Number in college  SNAP (food stamp benefits)  Child Support  Documentation required  IRS Tax return transcripts (no copies of tax returns are NOT acceptable)  OR Use IRS Data Retrieval Tool on fafsa.gov

Next Steps  Investigate outside scholarships  Notify college of awards – may affect award offer  Student orientation & class registration  Bill from college  Sign up for monthly payment plan or make payment (usually late July or early August)  Make college affordable!  Full-time vs. part-time, on or off-campus, work part-time, bag lunches, textbook rental, etc  Go to college!

Questions and Answers

By April 15 th you will receive a link to the webinar recording AND a brief four question survey (link to SurveyMonkey) on which we could appreciate your input. Additionally, access to all recorded webinars is available through the OCAN website at (Click on “Resources”, then “Find Resources”. Each accompanying Power Point presentation can also be downloaded from this site.) Thanks for Attending! Linda Knicely Laura Meek Ohio College Access NetworkOhio Dominican University Other recommendations?