Financial Aid Presented by Wilson College

The FAFSA ® (Free Application for Federal Student Aid) is a federal form used to determine student eligibility for the following: Federal programs Pell Grants, campus-based aid and student loans Federal programs Pell Grants, campus-based aid and student loans State programs Pennsylvania State Grant, State Work-Study and other special programs State programs Pennsylvania State Grant, State Work-Study and other special programs School programs Need-based grants and scholarships School programs Need-based grants and scholarships The Purpose of the FAFSA ®

FAFSA.gov Create your FSA ID prior to completing your FAFSA *Students and parents need a FSA ID. **File the FAFSA every year the student will be enrolled in postsecondary education.

Federal Student Aid ID (FSA ID) Replaces the PIN Allows students and parents to sign the FAFSA electronically Student needs a FSA ID One parent of a dependent student needs a FSA ID Student and parent must have a unique address Only the owner of the FSA ID should create the account

Electronically sign your FAFSA Electronically sign your FAFSA Import tax information from the IRS Import tax information from the IRS Access renewal FAFSA Access renewal FAFSA Make online corrections to FAFSA Make online corrections to FAFSA View or print a copy of the SAR View or print a copy of the SAR View history of federal student aid received View history of federal student aid received Complete entrance or exit counseling Complete entrance or exit counseling Where Can I Use My FSA ID? Electronically sign a Master Promissory Note Complete a PLUS Loan request Estimate student loan repayments using the Repayment Estimator Apply for Income-Driven Repayment plan and loan consolidation Sign agreement to serve for TEACH Grant

Filing the FAFSA electronically is the best way to apply. There are many benefits for online filers: Online help Online help Built-in edits Built-in edits Built-in “skip logic” Built-in “skip logic” IRS Data Retrieval Tool (DRT) IRS Data Retrieval Tool (DRT) Link to the State Grant Form (SGF) Link to the State Grant Form (SGF) Benefits to Applying Online

Students should apply beginning October 1 of their senior year. Students should apply beginning October 1 of their senior year. Deadlines vary from school to school; many are earlier than the May 1 deadline for the PA State Grant. Deadlines vary from school to school; many are earlier than the May 1 deadline for the PA State Grant. Students must determine the earliest applicable deadline. Students must determine the earliest applicable deadline. Students need not be accepted for admission. Students need not be accepted for admission. Students may list up to 10 schools on the initial online FAFSA and add or delete schools later. Postsecondary schools will not see other schools listed, just their own. Students may list up to 10 schools on the initial online FAFSA and add or delete schools later. Postsecondary schools will not see other schools listed, just their own. Families can file estimated income information and update it later using the IRS Data Retrieval Tool (DRT) tax info used for FAFSA. Families can file estimated income information and update it later using the IRS Data Retrieval Tool (DRT) tax info used for FAFSA. When to Apply

Applicants may need the following items to file the FAFSA: Social Security Number Social Security Number Driver’s license (student only; this information is optional) Driver’s license (student only; this information is optional) Federal income tax returns (1040, 1040A or 1040EZ) Federal income tax returns (1040, 1040A or 1040EZ) W-2 forms from all employers W-2 forms from all employers Current bank statements (checking and savings) Current bank statements (checking and savings) Current business and farm records Current business and farm records Records of any stocks, bonds & other investments, including 529 accounts Records of any stocks, bonds & other investments, including 529 accounts Additional untaxed income tax records may be needed such as: Veterans non-education benefits, child support paid/received and workers’ compensation. Additional untaxed income tax records may be needed such as: Veterans non-education benefits, child support paid/received and workers’ compensation. Alien registration or permanent resident card (if not a U.S. citizen) Alien registration or permanent resident card (if not a U.S. citizen) Documents Needed

The IRS DRT allows students and parents to access IRS tax return information needed to complete the FAFSA. Students and parents may transfer the data directly into their FAFSA.  IRS data is available for families to use:  After 2 weeks of electronically filing federal tax return  After 8 weeks of filing a paper federal tax return If estimated income is used to complete the FAFSA, students/parents can go back once taxes are filed and use the IRS DRT. IRS Data Retrieval Tool (DRT)

IRS Data Retrieval Tool

The most common items are AGI, taxes paid, untaxed income, household size, and the number in college. The most common items are AGI, taxes paid, untaxed income, household size, and the number in college. Families that are not using the IRS DRT have a greater chance of being selected for verification. Families that are not using the IRS DRT have a greater chance of being selected for verification. If selected, an IRS tax transcript may be required. A copy of an IRS Federal Tax return will not be acceptable. If selected, an IRS tax transcript may be required. A copy of an IRS Federal Tax return will not be acceptable. A transcript can be obtained by mail using IRS Form 4506-t (Request for Transcript of Tax Return). A transcript can be obtained by mail using IRS Form 4506-t (Request for Transcript of Tax Return). Verification

Who’s my parent when I fill out the FAFSA? Visit studentaid.ed.gov/sa/resources These people are not your parents unless they have legally adopted you.

Allowances are made for federal, state, local, and social security taxes, working parent households, and a standard living allowance based on family size. Allowances are made for federal, state, local, and social security taxes, working parent households, and a standard living allowance based on family size. An asset protection allowance, based on the age of the older parent, is applied against the net worth of reported parental assets. An asset protection allowance, based on the age of the older parent, is applied against the net worth of reported parental assets. Value of primary residence, qualified retirement accounts and life insurance policies are NOT reported. Value of primary residence, qualified retirement accounts and life insurance policies are NOT reported. No provisions for personal debt No provisions for personal debt Business or farm net worth included ONLY if > 100 employees. Business or farm net worth included ONLY if > 100 employees. Parental Income and Assets

Allowances are made for federal, state, local, and social security taxes. Allowances are made for federal, state, local, and social security taxes. Income protection allowance of $6,420 for 2016 –17 is applied and the remaining amount is assessed at 50%. Income protection allowance of $6,420 for 2016 –17 is applied and the remaining amount is assessed at 50%. Dependent students must report assets in their name. Dependent students must report assets in their name. Student assets are assessed at 20%. Student assets are assessed at 20%. Student Income and Assets

Overview of the FAFSA NEVER pay to complete your FAFSA! Select correct year’s FAFSAUse correct Social Security Numbers Use previous year’s incomeBe consistent with informationParents and students each have their own section

Income Questions Tips

Assets are reported as of the date the application is filed. Some families do not have their assets included in the EFC.529 Plans are reported as parental assets. Do not report the value of retirement funds, life insurance policy or the home in which you live. Do not report the value of a family business, if it employs less than 100 full-time employees. Do not report the value of a family farm, if the family lives on the farm. Asset Value = Current Market Value – Current Debt Asset Question Tips

FAFSA On the Web (FOTW) FAFSA On the Web (FOTW)  If a student or parent chooses not to sign with their FSA ID, they should print, sign and mail the signature page, as instructed. Paper FAFSA or PDF Paper FAFSA or PDF  The document must be signed and mailed (a copy should be kept). Unable to get a parent signature – school counselor or FAO may sign in place of the parent(s) Unable to get a parent signature – school counselor or FAO may sign in place of the parent(s)  Parent(s) are determined physically or mentally incapable of signing  Parents are not currently in the U.S. and cannot be contacted by normal means  Current address of the parent(s) is unknown Other Ways to Sign the FAFSA

Applicants will receive a SAR after the FAFSA is processed: Applicants will receive a SAR after the FAFSA is processed:  If a completed online or paper application and a valid address is provided, student receives an notification to retrieve  Without a valid address, notification is received by regular mail Student Aid Report (SAR) REMEMBER: This is the document you may be required to submit with scholarship applications!

A number calculated based on a federal formula A number calculated based on a federal formula Remains the same no matter which school the student attends Remains the same no matter which school the student attends Primarily income-driven Primarily income-driven Major factors for dependent student: Major factors for dependent student:  Parental income & assets  Student income & assets  Family size and number of family members in college  Age of older parent Expected Family Contribution (EFC)

StudentLoans.gov

Subsidized Student Loans Funded by US Department of Education Based on “need” Accrues NO INTEREST while in school Payment plan begins 6 months after graduation (or dropping below half time or not returning)

Unsubsidized Student Loans Funded by US Department of Education NOT based on “need” – any student may qualify Interest accrues for life of loan from first disbursement Current Interest Rate: 3.76% Payment begins 6 months after graduation (or dropping below half time or not returning)

Undergraduate Loan Limits for Dependent Students: Undergraduate Loan Limits for Dependent Students: Aggregate borrowing limit is $31,000. Aggregate borrowing limit is $31,000. Undergraduate Loan Limits Dependent students (excluding students whose parents cannot borrow PLUS Base student loan amount (subsidized unsubsidized) Additional unsubsidized student loan amount Freshmen$3,500$2,000 Sophomores$4,500$2,000 Juniors, Seniors$5,500$2,000

Independent students & dependent students whose parents cannot borrow a PLUS Loan: Independent students & dependent students whose parents cannot borrow a PLUS Loan: Aggregate borrowing limit is $57,500 for undergraduates. Aggregate borrowing limit is $57,500 for undergraduates. Aggregate borrowing limit is $138,500 for graduates. Aggregate borrowing limit is $138,500 for graduates. Independent Loan Limits Independent student AND students whose parents cannot borrow PLUS Base student loan amount (subsidized unsubsidized) Additional unsubsidized student loan amounts Freshmen$3,500$6,000 Sophomores$4,500$6,000 Juniors, Seniors$5,500$7,000 Graduate or Professional $0$20,500

Loans available to biological or adoptive parents of dependent students Loans available to biological or adoptive parents of dependent students Credit check required, however, no debt-to-income check. If credit check passes, loan is approved. Credit check required, however, no debt-to-income check. If credit check passes, loan is approved. No annual or aggregate limit to the amount a parent may borrow. The limiting factor is cost minus financial aid received equals the amount that can be borrowed. No annual or aggregate limit to the amount a parent may borrow. The limiting factor is cost minus financial aid received equals the amount that can be borrowed. Repayment begins once loan is fully disbursed. Repayment begins once loan is fully disbursed. Parents do have the option to defer payments. Parents do have the option to defer payments. Interest rate for is 6.31% Interest rate for is 6.31% Direct PLUS Loan

FAFSA Confirmation Page

In addition to the FAFSA, first-time applicants must also complete the SGF. Three ways to access SGF: Three ways to access SGF: »The link from FAFSA confirmation page »Through Account Access at PHEAA.org (24-48 hours after completing the FAFSA) »Complete a paper Status Notice if the student did not use the link on the confirmation page or provide a valid address All three options require submission of a paper signature page. PA State Grant Form (SGF)

SGF Through Account Access Create a student account in Account Access.

State Programs

Domicile Domicile High School Graduation High School Graduation Academic Progress Academic Progress Enrollment Enrollment Maximum Number of Grants Maximum Number of Grants Program of Study Program of Study Undergraduate Enrollment Undergraduate Enrollment Satisfactory Character Satisfactory Character Loan Default Loan Default State Grant Eligibility Requirements

May 1, 2017 May 1, 2017  All renewal applicants  New applicants who plan to enroll in a degree program  New applicants enrolling in a college transferable programs August 1, 2017 August 1, 2017  Non-renewal applicants enrolling in:  Business, Trade or Technical school  Hospital School of Nursing  Community College  Open Admission Colleges  2-year programs that are not transferable Filing Deadlines

PHEAA State Grant Form Complete the questions on each page of the PHEAA site MUST PRINT THE FORM WHEN COMPLETE BOTH Student and Parents must SIGN and MAIL the form back to PHEAA If you do this in year one and the FAFSA continues to be filed with the same parent each year, you will NOT need to complete the State Grant Form again.

CostsMaximum AwardsMinimum Awards $0 - $12,000$2,500$500 $12,001 - $19,000$4,000$500 $19,001 - $29,000$4,300$500 $29,001 - $32,000$4,378$ State Grant Awards Pennsylvania PHEAA-Approved Schools

Type of State Minimum Awards Maximum Awards Non-VeteranVeteran Reciprocal States$500$554$739 Unique Programs of Study $500 $ Out-of-State Awards Reciprocal States DelawareOhioWest Virginia District of ColumbiaMassachusettsVermont Special approval has been granted to a limited number of institutions or programs on the basis that they offer education and training in a unique field not offered in PA or a reciprocal state

Financial Need and Award Packaging

Need Analysis has two components: Need Analysis has two components: Need Analysis Cost of Attendance (COA) Expected Family Contribution (EFC) COA – EFC = Financial Need

Cost of Attendance (COA) includes the following: Cost of Attendance (COA) includes the following: Tuition and fees Tuition and fees Room and board Room and board Books and supplies Books and supplies Transportation expenses Transportation expenses Miscellaneous personal expenses Miscellaneous personal expenses Cost of Attendance

The school has the discretion to add other expenses: The school has the discretion to add other expenses:  Child care  Special equipment purchase  Adjust other costs on a case-by-case basis Costs vary greatly Costs vary greatly Compare the same costs at all schools Compare the same costs at all schools Distinguish between: Distinguish between:  Direct costs  Indirect costs Cost of Attendance

The process by which schools make financial aid awards and meet financial need The process by which schools make financial aid awards and meet financial need Schools can set their own parameters, application processes and application deadline Schools can set their own parameters, application processes and application deadline Can calculate their own EFC for institutional aid Can calculate their own EFC for institutional aid Types of aid in the award package: Types of aid in the award package:  Federal and state grants  Employment (Federal Work-Study and institutional employment)  Institutional grants and scholarships (need and merit-based)  Student loans  PLUS Loans Packaging

Presented by the school and typically includes: Presented by the school and typically includes:  Cost of Attendance (COA)  Types and amounts of financial aid offered  Conditions that are placed on the awards  Steps the student must take to accept the package  Student’s rights and responsibilities  Renewal, revision and appeal processes  Policy on Satisfactory Academic Progress Financial Aid Award Letter

School ASchool BSchool C Cost of Attendance$15,000$25,000$35,000 - Federal EFC$ 2,000 = Financial Need$13,000$23,000$33,000 Federal Pell Grant$ 3,825 PA State Grant$ 3,414$ 3,670$ 4,011 Federal SEOG$ 0$ 500$ 1,500 Institutional Grant$ 0$ 2,500$ 8,000 Private Scholarship$ 500 Federal Work- Study $ 1,500$ 3,000 Direct Sub Loan$ 3,500 Direct Unsub Loan$ 2,000 Total Aid$14,739$19,495$ 26,336 GAP (Cost – Aid)$ 261$ 5,505$ 8,664

School ASchool BSchool C Cost$15,000$25,000$35,000 Pell Grant$ 3,825 State Grant$ 3,414$ 3,670$ 4,011 Institutional Aid$ 0$ 2,500$ 8,000 FSEOG$ 0$ 500$ 1,500 Private Scholarship $ 500 Total Free Money$ 7,739$ 10,995$ 17,836 Actual Contribution $ 7,261$ 14,005$ 17,164 Cost – Free Money = Actual Contribution

How much of the financial aid is gift aid, and how much is not? How much of the financial aid is gift aid, and how much is not? Which awards are based on need, and which are based on merit? Which awards are based on need, and which are based on merit? Are there any conditions on the gift aid; in particular, is there a GPA requirement? Are there any conditions on the gift aid; in particular, is there a GPA requirement? Can the student expect their awards to change from year to year? Can the student expect their awards to change from year to year? Will institutional awards increase as tuition increases? Will institutional awards increase as tuition increases? Will free money convert to borrowed money as borrowing capacity increases? Will free money convert to borrowed money as borrowing capacity increases? How many years can the funds be received? How many years can the funds be received? Reviewing the Financial Aid Package

What happens to their award package if the student changes their major? What happens to their award package if the student changes their major? How many hours per week must the student work to earn their work-study award? How many hours per week must the student work to earn their work-study award? What is the hiring process at the school for the work-study award? What is the hiring process at the school for the work-study award? How much is the family expected to borrow? How much is the family expected to borrow? How will outside scholarships affect the award package? How will outside scholarships affect the award package? If loans are listed in the award, which amounts are subsidized or unsubsidized? If loans are listed in the award, which amounts are subsidized or unsubsidized? Compare net price of different financial aid packages Compare net price of different financial aid packages Reviewing the Financial Aid Package

How do I pay for college? FREE MONEY This is MONEY you DON’T have to pay back! Scholarships Grants FEDERAL & STATE MONEY This is MONEY you MAY or MAY NOT have to pay back! GRANTS = FREE MONEY LOANS = PAY BACK Complete the FAFSA Federal PELL Grant Federal Supplemental Educational Opportunity Grant Federal Work Study Positions Subsidized & Unsubsidized Loans Parent PLUS Loans Complete the State Grant Form PHEAA State Grant Other funding available based on qualifying need PRIVATE SOURCES This is MONEY you WILL have to pay back with interest! Banks Credit Unions

Need HELP??? FAFSA Completion Events: Wilson College October 10 January 17 Contact for registration and information or call Contact your FAO Financial aid offices are willing to help! Call to request an appointment at your school of choice. Ask questions.