Chandler Unified School District Presents….. What You Need to Know About Financial Aid Nanci Regehr Associate Dean Financial Aid, Rio Salado College

Agenda What is financial aid? Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Types of Financial Assistance Free Application for Federal Student Aid(FAFSA) Special Circumstances

What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses Scholarships Grants Federal Work Study Student Loans Parent Loans Veterans Educational Benefits

What is Cost of Attendance (COA)? Direct costs- Tuition/Fees Indirect costs- Room/Board, Books, Transportation, Personal Direct and indirect costs combined into cost of attendance Varies widely from college to college

What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form and a federal formula

Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) Financial Need

How is Financial Aid Determined? Cost of Attendance (COA) - EFC = Financial Need Example: COA $19,000 EFC $6,000 Financial Need* $13,000 *Schools will try to meet your financial need with a combination of scholarship, grants, loans, and federal work study.

Types of Financial Assistance

Scholarships – Gift Aid Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Where do I look? Financial Aid/Scholarship Website Career Center Website World Wide Web Parents employment Community

Grants- Gift Aid Criteria is predominantly need based Various Types -Pell Grant (Max Pell Grant $5,920/year for 2017-18) -Institutional and Other Federal Grants

Loans- Self Help Money students and parents borrow to help pay college expenses Repayment usually begins 6 months after education is finished Federal Direct Subsidized, Unsubsidized, and PLUS Private

Loans- Self Help Only Borrow what is really needed (half of the amount that you request will be given each semester) Look at loans as an investment in your future There are subsidized loan limits for new borrowers. Keep in mind there are aggregate limits

Federal Work Study- Self Help Job on Campus Payment is a Paycheck for Work Performed America Reads/America Counts Not Reported on the FAFSA in Subsequent Year

Where Does it Begin? Completing the application process! University Community College Vocational Trade School

What is the FAFSA? Free Application for Federal Student Aid A standard form that collects demographic and financial information about the student and family Required application for Federal Student Aid and many Scholarships. Online application at www.fafsa.gov For the 2017-18 academic year, the FAFSA may be filled out beginning October 1, 2016. You should apply, even if you think you may not qualify.

FAFSA on the Web (FOTW) Website: www.fafsa.gov Built in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data. More timely submission Ability to check application status online Simplified application process in the future.

FAFSA on the Web (FOTW)

What Goes on the FAFSA? General Student Information Student Dependency Status Information about Parents of a Dependent Student Information about Student (and Spouse) Additional Information Signatures: Electronic using FSA ID

FSA ID Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID https://fsaid.ed.gov/npas/indexhtm

IRS Data Retrieval Tool (DRT) While completing FOTW, applicant may submit real-time request to IRS for tax data. IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant they chooses whether or not to transfer data to FOTW

IRS Data Retrieval Tool (DRT) Some will be unable to use IRS DRT Examples: -File an amended tax return -No Social Security Number was entered -Tax payer is married but filed separately

Frequent FAFSA Errors Social Security Numbers Entering the wrong federal income tax paid Listing Adjusted Gross Income as equal to total Listing marital status incorrectly– Student and/or Parents (divorced/windowed/remarried) Income earned by parents/stepparents Selecting the correct Aid Year Number of household members in college Household size Real estate and investment net worth Selecting the wrong website to submit FAFSA- www.fafsa.gov Forgetting to check your on line student account at the college

Special Circumstances Cannot be documented using the FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to the U.S. Department of Education

Financial Aid-Finish Strong Central Processing System (CPS) notifies student of FAFSA processing results by: -Email notification containing a direct link to student’s online SAR, if student’s email was provided on paper or electronic FAFSA in 1-3 days. -Student with FSA ID may view SAR online at www.fafsa.gov -Paper SAR Acknowledgement if paper FAFSA file and no email address provided or if FOTW completed and email left blank. Follow up with school and respond timely to school requests (not to the Federal Government) School will determine your award package Continue to monitor school account for any updates Maintain Satisfactory Academic Progress

Ordering a Tax Transcript Online Request at www.irs.gov - Under Tools, select “Get a Tax Transcript” - To match and provide the transcript, the tax filers SSN, DOB, filing status, and mailing address from latest return may be needed depending on method selected. - If successfully linked, tax filers can expect immediate results if choosing the online option. If choosing the “by mail” option, it will take 5-10 business dates. OR Submission of Form 4506-T - Form is available at www.irs.gov - Takes 10 business days

What else do I need to know? You must re-apply every year Make the number of corrections minimal! Start the FAFSA early- October 1st Need help: Contact the financial aid office or visit http://www.fafsa.ed.gov/index.htm Maintain Satisfactory Academic Progress

FAFSA New this year! CUSD graduating senior students/parents!  You are invited to participate in our upcoming FAF$A Open Lab Nights!  We have 20 appointment slots available per 30 minute time increments.  You are welcome to attend at any site below, on any date that works best for you.  Please select one appointment time slot per student at the time/date of your choosing.  Please bring with you, the items that are included on the FAFSA check list. Thank you and we look forward to seeing you at this event! Before attending one of the FAFSA Lab Night's please make sure that both you and your student have created your FSA ID.  This will only take a few minutes. Handouts are available in the Chandler Center for the Arts Lobby.

FAFSA Open Lab Schedule November 1, 2016  ACP Erie FAF$A Open Lab Night Location: Lab A  November 2, 2016  CHS FAF$A Open Lab Night Location: Media Center  November 9, 2016  PHS FAF$A Open Lab Night  Location: Cafeteria  November 16, 2016  HHS FAF$A Open Lab Night Location: Library  November 17, 2016  BHS FAF$A Open Lab Night Location: Room C200, C201 and C202   Look for the FAF$A signs at your participating school for room location(s) The link below will  also direct parents to our CUSD secondary education portion of the website,  where all sign up portals are also available in one place. Parents can also access the FAFSA Checklist and FSA ID information through a link here.  http://www.cusd80.com/Page/84278. Please sign up for only one location!

Questions?