FINANCIAL AID INFORMATION NIGHT UWM FINANCIAL AID

TAKE AWAYS HOW TO APPLY FOR FINANCIAL AID THE DIFFERENT TYPES OF AID THE COST OF GOING TO COLLEGE

PAYING FOR COLLEGE…. This is a shared responsibility: –Students and Parents –State and Federal Governments –Private Sources

COMPLETING THE FAFSA Apply for an FSA id at (both student and parent). Complete the FAFSA at First day you can apply is January 1, 2016 for the 16/17 academic year Check with all colleges you plan to apply for their institutional deadlines, requirements, and school code –UWM Priority Filing date: March 1 st –UWM School Code: You must reapply EVERY year you plan to attend! ~Never Pay to Apply! ~

Questions? IMPORTANT CHANGES 5

WHAT DO I NEED TO COMPLETE THE FAFSA? Your social security number Driver’s license (if applicable) Your W-2 forms from previous year Student & Parent Federal Income Taxes (2015) –Form 1040, 1040A, or 1040EZ –To use IRS DRT, need FSA id, correct filing address and filing status Untaxed income records (non-ed. Veteran benefits, child support) Current bank statements Business and investment mortgage information, business and farm records, stock, bond, and other investment records Documentation that you are a permanent resident or other eligible non-citizen.

IRS DATA RETRIEVAL TIPS Must have valid SSN and FAFSA FSA ID Must have filed 2015 taxes –1040/1040A,1040EZ Available for use 2 weeks after completing 2015 taxes Look up address through USPS.com Rollovers are pulled in and you may remove INELIGIBLE to use DRT: –Married but filed taxes separately –Student or Parents that married after December 31, 2015 –Filed amended tax returns –Filed Puerto Rican or foreign tax returns **The IRS often processes returns for those receiving refunds first. If you owe taxes, your return may not be processed for a while which may cause a delay in your being able to use the DRT.

FREQUENT FAFSA ERRORS Missing signatures Wrong Social Security numbers Divorced/remarried parent information Untaxed income U.S income taxes paid Reporting Net Worth of IRA/401K/403b Retirement funds Household size Number in postsecondary education Not using birth name NOT APPLYING AT ALL!!!!!!!!!!

SECTIONS OF THE FAFSA STUDENT INFORMATION Student Demographics School Selection Dependency Status Financial Information The bar at the side of the screen will say Student and will be BLUE This should be only the applicant’s information

SECTIONS OF THE FAFSA PARENT INFORMATION Parent Demographics Financial Information The bar at the side of the screen will say Parent and be a different color than BLUE Who is a Parent? This is information about the Parent(s) of whom the student lives with Will need SSN, DOB and full name

STUDENT/PARENT SECTIONS

FAFSA: REPORTING ASSETS Assets to Include: –Cash, savings, and checking accounts –Value of business land, buildings, equipment, inventory, etc. for companies with 100 or more employees –Education IRA’s –College Savings Plans (529s) Assets NOT to Include: –Home in which you live- including family farm –Value of life insurance and retirements plans (pensions, annuities, Keogh’s non- education IRA funds, etc.) –Personal vehicles **Any questions about what should or should not be included, you may contact your school’s Financial Aid Office!**

TIMELINE AFTER COMPLETING FAFSA Results are sent electronically to college(s) on FAFSA After student admitted a financial aid package will be prepared Awarding for the 2016/17 year will begin approximately beginning to mid March Please continue to check your Student Account and thoroughly read all University s for any additional documentation requested. Verification processing time varies from school to school, but can become a lengthy process. –Dependent verification worksheet –Tax transcripts or completion of IRS DRT Accepts awards via your student account Must have completed Entrance Loan Counseling & Master Promissory Note Aid disbursement is no sooner then 10 days prior to first day of classes –2-3 business days is receiving excess refund

WHAT IF SOMETHING HAS CHANGED? Make an appointment with our financial aid office to speak with an advisor regarding your situation Examples of such Circumstances are Divorce/separation, one-time income, medical/dental expense, loss of income/benefits, disability, and K-12 tuition Additional information will be requested

COST OF ATTENDANCE (COA) & EXPECTED FAMILY CONTRIBUTION (EFC) COA made up of tuition, fees, room & board, transportation, books & supplies, and miscellaneous living expenses. COA-EFC= Financial Need **DO NOT confuse this with your bill!!** The information reported on the FAFSA is used to calculate the EFC –Income, Assets, Family size, Number in college, age of older parent EFC is used to determine your federal student aid eligibility and financial aid award Not an amount you have to pay for college- what the government says your family should be able to contribute towards yours college education

FINANCIAL NEED 123 Cost $14,362.00$23,658.00$48, Less EFC $5, Need $9,287.00$18,583.00$43,315.00

WHAT DO I PAY TO THE INSTITUTION? COST OF ATTENDANCE Tuition and Fees + Room and Meals + Transportation + Books & Supplies + Miscellaneous Living Expenses Cost of Attendance (COA) DIRECT COSTS Tuition and Fees + Room and Meals + Books (If applicable) Direct Costs to be paid to the institution

NEED VERSUS MERIT NEED BASED AID Funds that are based on financial need –Most government grant (State and Federal) –Subsidized Loans –Federal Work Study MERIT BASED AID Funds that are based on merit or achievement –Academic Scholarships –Some government grants

DIFFERENT TYPES OF AID LOANS: –Subsidized VS Unsubsidized GRANTS: Qualify for based on FAFSA –Federal Supplemental Education Opportunity Grant –Pell Grant –Wisconsin Grant –Tuition Assistance Grant FEDERAL WORK STUDY SCHOLARSHIPS

ADDITIONAL FUNDING OPTIONS Parent PLUS Loan –Dependent Students ONLY –Taken out in the parents name, never transferred to the student –Parents can apply at –Interest accrues **If parent is denied, student is eligible for an additional $4000 unsubsidized loan for the year** Alternative Education Loans –Private lending institutions –Co-signer may be needed –Variable interest rate – Click on ‘Private Loans’, ‘Apply Now!’, Fast Choice

ADDITIONAL GOVERNMENT RESOURCES Corporation for National and Community Service Veteran’s benefits 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

LIMITATIONS TO FINANCIAL AID Pell Grant: –600.00% or 12 semesters at 12+ credits WI Grant: –10 semesters Federal Direct Loans: –$31,000 total in loans –$23,000 total in subsidized loans Track what you have borrowed at TotalMaximum Subsidized Freshman$5,500$3,500 Sophomore$6,500$4,500 Junior/Senior$7,500$5,500 5 th Year/Other$7,500$5,500

COLLEGE GOAL WISCONSIN

MORE HELPFUL RESOURCES MORE HELPFUL LINKS Help filing FAFSA: What Happens Next: – The 5 Minute FAFSA: – Studentaid.ed.gov KnowHowToGo.org Going2College.org Fafsa4caster.ed.gov FSAID.ed.gov FAFSA.gov SCHOLARSHIPS If you are not sure if you qualify- still apply! Never, never, never pay to apply! –Check with academic advisors as well through school/college

QUESTIONS? Thank You for Attending! UMW Financial Aid Office Phone: (414) Facebook: Twitter: