What you Need to Know About Financial Aid ~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department of Education Colorado College ~ Co- Presented by ~ Jim SwansonJannette Parks Swanson

Tonight’s Program Presentation : 45 minutes to 1 hour Presentation : 45 minutes to 1 hour General Question and answer: minutes General Question and answer: minutes Basic information Basic information Applicable to all colleges and universities Applicable to all colleges and universities Sources and Type of Financial Aid Sources and Type of Financial Aid Applications - Free Application for Federal Student Aid (FAFSA) and more Applications - Free Application for Federal Student Aid (FAFSA) and more Scholarships Scholarships Award Notices Award Notices Special Circumstances Special Circumstances

If you have any questions related to your personal situation, we’ll be on hand afterwards to help you

The College Process

What is Financial Aid? Funds provided to families to help pay educational expense. Funds provided to families to help pay educational expense.

The Keys To Success Be organized Be organized Observe deadlines Observe deadlines Know application requirements Know application requirements Make College a family priority! Make College a family priority! Ask Questions Ask Questions

General Financial Aid Process Research application requirements and deadlines Research application requirements and deadlines Submit forms by deadlines Submit forms by deadlines Each college and university determines eligibility for financial aid Each college and university determines eligibility for financial aid Financial aid offer is sent Financial aid offer is sent Review the offer and ask questions if needed Review the offer and ask questions if needed Accept or Decline offer by deadline Accept or Decline offer by deadline

Sources and Types of Financial Aid

Federal Grants Loans Work-study Application FAFSA

Sources and Types of Financial Aid FederalState GrantsGrants Loans Work-studyWork-study COF Application FAFSAFAFSA Other

Sources and Types of Financial Aid FederalState Colleges/Universities GrantsGrantsGrants LoansLoans Work-studyWork-studyStudent Employment COF Scholarships Application FAFSAFAFSAFAFSA PROFILE (check with college) OtherOther (check with college)

Sources and Types of Financial Aid FederalState Colleges/Universities Outside agencies GrantsGrantsGrants LoansLoansLoans Work-studyWork-studyStudent Employment COF ScholarshipsScholarships Application FAFSAFAFSAFAFSA FAFSA (check with agency) PROFILE (check with college) OtherOther (check with college) Other (check with agency)

Types of Aid Include Gift Aid Gift Aid Grants – Free money, does not get paid back Grants – Free money, does not get paid back Scholarships – Free money, does not get paid back Scholarships – Free money, does not get paid back Self-Help Options Self-Help Options Loans – Borrowed money to be paid back Loans – Borrowed money to be paid back Work – Money students earn while employed Work – Money students earn while employed

What is the FAFSA? Free Application for Federal Student Aid Free Application for Federal Student Aid The Standard Application For The Standard Application For Federal grants Federal grants Federal student/parent loans Federal student/parent loans Federal work-study Federal work-study Colorado Student Grant Colorado Student Grant Colorado work-study Colorado work-study May be used by colleges and private foundations May be used by colleges and private foundations Grants Grants Scholarships Scholarships Other Financial Aid Other Financial Aid

Who should complete the FAFSA Student Student Parent(s) of the dependent student Parent(s) of the dependent student If married with each other; both parents If married with each other; both parents If parents are not married to each other but live with each other; both parents If parents are not married to each other but live with each other; both parents If divorced, widowed or never married, only one parent; the parent with whom the student lived with the most during the past 12 months If divorced, widowed or never married, only one parent; the parent with whom the student lived with the most during the past 12 months If divorced and remarried; the parent with whom student lives with the most during the past 12 months and student’s stepparent If divorced and remarried; the parent with whom student lives with the most during the past 12 months and student’s stepparent

For the FAFSA, an undergraduate student is considered a dependent unless they are… …24 or older …24 or older …married …married …have dependents other than a spouse …have dependents other than a spouse …an orphan …an orphan …a ward of the court …a ward of the court …a veteran …a veteran …currently serving on active duty for purposes other than training …currently serving on active duty for purposes other than training …other …other

Apply On-line Apply after January 1 st of the student’s senior year in high school but before college’s deadline Apply after January 1 st of the student’s senior year in high school but before college’s deadline For students entering college in the fall 2015, complete FAFSA For students entering college in the fall 2015, complete FAFSA Apply for Personal Identification Number (PIN) Apply for Personal Identification Number (PIN) Student Student Parent Parent Serves as electronic signature Serves as electronic signature PIN process will change after April 25, 2015 PIN process will change after April 25, different colleges may receive results 10 different colleges may receive results

Don’t be afraid of the FAFSA The FAFSA is: Simple User friendly Filled with helpful hints Designed with “smart” logic

FAFSA Step 1: Student Demographics Step 1: Student Demographics Step 2: School Section Step 2: School Section Step 3: Student Dependency Status Step 3: Student Dependency Status Step 4: Parental Demographics Step 4: Parental Demographics Step 5: Financial Information Step 5: Financial Information Step 6: Sign and Submit Step 6: Sign and Submit Step 7: Confirmation Step 7: Confirmation

Limited items to include on FAFSA: (for enrollment in college July 1, 2015 – June 30, 2016) Limited items to include on FAFSA: (for enrollment in college July 1, 2015 – June 30, 2016) Parent(s), Stepparent & Student Information Parent(s), Stepparent & Student Information 2014 Adjusted Gross Income 2014 Adjusted Gross Income 2014 Wages, Salaries, Tips, etc Wages, Salaries, Tips, etc Untaxable Income 2014 Untaxable Income 2014 Taxes Paid 2014 Taxes Paid Household size Household size Number of dependents in college Number of dependents in college Savings, Investments & Other Real Estate (value at the time of application) Savings, Investments & Other Real Estate (value at the time of application) Business value (more than 100 employees) Business value (more than 100 employees)

Items Not included on the FAFSA Value of Family Business Value of Family Business Unless the business has greater than 100 employees Unless the business has greater than 100 employees Non-Custodial Parent Information Non-Custodial Parent Information Except for child support received Except for child support received Qualified Retirement Savings Plans Qualified Retirement Savings Plans Except for yearly contributions Except for yearly contributions Family Home Family Home Second homes and other real estate are included Second homes and other real estate are included Parents attending college Parents attending college Detailed Expenses Detailed Expenses Such as medical, elder care, and consumer debt Such as medical, elder care, and consumer debt

The IRS Data Retrieval Tool 26

Re-directed to IRS website Authenticate identity based on tax return information

Other Financial Information Needed on FAFSA

CAUTION! Avoid being charged a fee to file the FAFSA Avoid being charged a fee to file the FAFSA Completing, filing and processing the FAFSA are FREE Completing, filing and processing the FAFSA are FREE Need Assistance? Need Assistance? Contact College Financial Aid staff Contact College Financial Aid staff Call the federal information center at (800) Call the federal information center at (800) Accessing is not the free federal website and they will charge you $$$$. Accessing is not the free federal website and they will charge you $$$$.

Frequent FAFSA Errors Wrong “year’s version” Wrong “year’s version” Wrong Social Security Numbers or Driver License number Wrong Social Security Numbers or Driver License number Incorrect marital status Incorrect marital status Not reporting untaxed income Not reporting untaxed income Withholding vs. U.S. income taxes paid Withholding vs. U.S. income taxes paid Incorrect number in household and dependent students in college Incorrect number in household and dependent students in college Including small business value (<100 employees) Including small business value (<100 employees) Forgetting to list the college Forgetting to list the college Forgetting to electronically “sign” and submit FAFSA Forgetting to electronically “sign” and submit FAFSA

Forms Reminder CSS PROFILE? Other? Check the school or agency website If you miss submitting a required form by the deadline…you miss the opportunity for additional $$$

College Board CSS PROFILE Financial Aid Application Not used to determine federal or state financial aid eligibility Not used to determine federal or state financial aid eligibility Required by some colleges to assess student’s eligibility for the college’s grants and scholarships Required by some colleges to assess student’s eligibility for the college’s grants and scholarships In Colorado: Colorado College, University of Denver, In limited circumstances: Colorado State University, CU- Boulder In Colorado: Colorado College, University of Denver, In limited circumstances: Colorado State University, CU- Boulder Comprehensive form Comprehensive form Report three years income Report three years income Additional income and asset information not collected on FAFSA Additional income and asset information not collected on FAFSA Report expenses and special circumstances Report expenses and special circumstances Noncustodial parent information Noncustodial parent information

College Opportunity Fund (COF) Go to Complete necessary information now Grant money is available for many colleges in Colorado For , $75 per credit hour at public colleges/universities; $38 per credit hour at participating private universities

Merit Financial Aid

Private Scholarships Parents place of employment Parents place of employment Local business, civic and fraternal organizations Local business, civic and fraternal organizations Local Foundations Local Foundations High School Websites High School Websites Free Online Scholarship Searches Free Online Scholarship Searches

Need Based Financial Aid Funds offered to a family based on the families financial situation Funds offered to a family based on the families financial situation

Eligibility for Need-based aid is determined upon an analysis of your information supplied on the required financial aid applications is determined upon an analysis of your information supplied on the required financial aid applications

When you apply for financial aid… …you are applying for financial assistance to help meet ALL of the costs associated with going to college.

Cost of Attendance (COA) Tuition and fees Tuition and fees Room and board Room and board Books, supplies, and equipment Books, supplies, and equipment Transportation Transportation Miscellaneous personal expenses Miscellaneous personal expenses Student Health Insurance, if applicable Student Health Insurance, if applicable Loan fees, if applicable Loan fees, if applicable Study abroad costs, if applicable Study abroad costs, if applicable

Once the Cost of Attendance is known, the college will determine the amount you and your family might be expected to pay… …this is known as the Expected Family Contribution (EFC)

Eligibility for Financial Aid based on “Need” Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Aid Eligibility (Often referred to as Financial Need)

Receiving “The Award Letter” Many different shapes and sizes Lists financial aid eligibility and terms. (Read the fine print.) Accept or decline the aid offer by date indicated Contact the college with questions or needed clarification

Don’t be afraid to apply to a school just because it costs a lot! For families with high “Need”, high cost institutions might be the least expensive to attend!

Net Price Calculators College website Estimates financial aid award Should be used as a guideline

Special Circumstances Change in employment Change in employment Medical expenses Medical expenses Change in marital status Change in marital status Dependent care expenses Dependent care expenses Cannot obtain parent information Cannot obtain parent information

Special Circumstances Cannot report on FAFSA Cannot report on FAFSA Send a detailed written explanation and supportive documentation to the financial aid office at each college. Send a detailed written explanation and supportive documentation to the financial aid office at each college.

Where Can You Find Free Information About Financial Aid? Visit and Visit and Talk to the financial aid administrator at the college of choice Talk to the financial aid administrator at the college of choice Ask your high school counselor Ask your high school counselor

College Goal Sunday Free assistance in completing the FAFSA Free assistance in completing the FAFSA February 8, 2015 February 8, :00 pm to 3:00pm 1:00 pm to 3:00pm Pikes Peak Community College Pikes Peak Community College 5675 S. Academy Blvd (Room A300) 5675 S. Academy Blvd (Room A300) University of Colorado-Colorado Springs University of Colorado-Colorado Springs 1429 Austin Bluffs Blvd (room to be determined) 1429 Austin Bluffs Blvd (room to be determined)

Financing a college education is a partnership between the government and school is a partnership between the government and school - as well as... - as well as...

... the family

Remember, College… …is a major family expense …is a major family expense …will require commitment from students and parents …will require commitment from students and parents …is a valuable lifetime investment …is a valuable lifetime investment …IS affordable for students from ALL income ranges and ALL socio-economic backgrounds! …IS affordable for students from ALL income ranges and ALL socio-economic backgrounds!

IMPORTANT Reapply every year Reapply every year APPLY ON TIME BEFORE APPLICATION DEADLINES! APPLY ON TIME BEFORE APPLICATION DEADLINES! If you snooze…you lose $$$ If you snooze…you lose $$$

Where Do I Go From Here? Complete application for admission Complete application for admission Review college’s information for aid application requirements and deadlines Review college’s information for aid application requirements and deadlines Complete tax returns as soon as possible Complete tax returns as soon as possible Attend College Goal Sunday Attend College Goal Sunday Complete FAFSA Complete FAFSA Complete other financial aid / scholarship applications if applicable Complete other financial aid / scholarship applications if applicable Investigate other sources of aid Investigate other sources of aid Conduct private scholarship search Conduct private scholarship search

Thank you for attending Questions? Still feeling snowed under???? Questions? Still feeling snowed under???? Talk to your HS Counselor or financial aid person at the college you are considering Talk to your HS Counselor or financial aid person at the college you are considering Jim Swanson Jim Swanson Director of Financial Aid Director of Financial Aid Colorado College Colorado College (719) (719)