2017-18 Financial Aid Program Note that there is animation (thanks Lawrence!) throughout this slide show.

Funding Your Education How to apply for and find resources to help fund your education. Deadlines Free Application for Federal Financial Aid (FAFSA)

But before we get started... Parents and students have the primary responsibility for meeting college costs. The distribution of financial aid resources is based on the family’s ability to pay—not willingness to pay. You may want to briefly expand upon the premise behind need-based aid

Priority Deadlines Priority deadlines are very real, and should be treated as such! Schools may have a FAFSA deadline AND an admissions deadline-be aware if there is a difference. Reference the priority deadline list in the counselor notebook they either have, or that can be downloaded from the OASFAA website—updates for this notebook will be provided in January 2014.

https://fsaid.ed.gov The student and parent will each need their own individual FSA ID’s (Federal Student Aid ID) Three step process – Parents and students may not use the same email address

Email address must be unique Password is case sensitive and will expire after 18 months. You must be at least 13 years old to have an FSA ID under the Children’s Online Privacy Protection Act.

Helpful Hints The parent & student must both have active and different email accounts Don’t use a HS email address because it will be deleted after graduation Select challenge questions that are easy to remember, like your middle name Create challenge questions that have answers that will not change over time Create an FSA ID before completing the FAFSA because the process takes about 8-10 minutes Helpful Hints The parent & student must both have unique & active email accounts. Don’t use a high school email address because that might be deleted after graduation. Select challenge questions that are easy for to remember, like middle name. Create challenge questions that have answers that will not change over time. For example, a favorite TV show might change every season, but the city you were born in will always remain the same. Create an FSA ID before you complete the FAFSA because the process takes about 8-10 minutes.

FAFSA on the Web Homepage www.fafsa.ed.gov Simplified options Free Application for Federal Student Aid Easy access to FAFSA information for corrections While there are so many advantages to filing electronically (i.e. skip logic), worth mentioning that paper FAFSAs will still be available either via .pdf online or by ordering.

Need a little help completing the FAFSA? “Help” icon Live online chat E-mail option 800-4-FED-AID College Goal Sunday has its own slide later in the presentation. Feel free to show at least a portion of the YouTube video from UC Santa Barbara, as its and excellent video.

FAFSA Requirements : Federal 1040 for Prior Prior Year (PPY) completed Student and parent FSA ID’s Financial documents and information

FAFSA Changes for 2017-18 The 2017-18 FAFSA will be available to complete on October 1, 2016. Current seniors will use the 2015 tax information to complete the 2017-18 FAFSA. All families filing the 2017-18 FAFSA will be eligible to use the IRS Data Retrieval System since previous year taxes will be completed. The use of the IRS Data Retrieval System generally will eliminate any verification of FAFSA information.

FAFSA : A dependent student is required to include income and other information about both of the student’s legal parents (biological or adoptive) if the parents are living together REGARDLESS of the parents’ marital status or gender (Unmarried parents may be of the opposite sex or of the same sex)

Who is considered a Parent when completing the FAFSA?

Parent information on the FAFSA Who are the student’s legal parents? Whose information should be provided on the FAFSA? The answers to these are not always the same…

Clarification Who IS considered a legal parent on the FAFSA? Biological Parents Adoptive Parents Stepparents (conditionally) ONLY if they are married to the student’s biological or adoptive parent and the student is included in their household size Only the opposite sex spouse of a legal parent is considered a stepparent for FAFSA purposes. (But if a same sex partner legally adopts the dependent student, information from each legal parent would be collected.)

Clarification (Continued) Who is NOT considered a legal parent on the FAFSA? Relatives who have not adopted the student Grandparents, aunts, uncles, older brothers or sisters Foster parents Legal guardians who have not adopted the student Stepparents who have not adopted the student and who would be the only person providing parental information Someone in this situation would be considered an Independent student for the FAFSA

Student Aid Report Once the FAFSA is processed and sent to the schools listed the student will receive a Student Aid Report (SAR). Make sure all information is correct on the SAR. The SAR is NOT a financial aid award. The school determines the students eligibility.

Financial Aid Award Carefully read and compare all financial aid awards. Packaging of aid differs from institution to institution. Contact the Financial Aid Office for clarification of award or any verification items requested.

Verification What is verification? Financial Aid Verification is the process of establishing the accuracy of the information submitted on the FAFSA. Only a school will request for verification.

Verification Why was I selected for verification? The Central Processor (a.k.a. The U.S. Department of Education) selects applicants for verification based on statistical analysis or An institution may require applicant to verify FAFSA information. Any information sent to the central processor with the FAFSA will be discarded You may want to elaborate on the so called randomness of verification-it’s up to you.

Verification How does a student complete the verification process? The best thing to do is to read through any/all communication received from the institution, as it will guide you through the process. Most students will know that they have been selected for verification when they submit their FAFSA. Stress it is the institutions responsibility to complete the verification process

Verification Documentation requested must be completed and sent to the institution in order for financial aid to be processed. Delay in aid disbursement Delay in refund (if applicable) Late fees Student cannot register for the next semester if there is a balance on the account

Special Circumstances Sometimes things outside of the federal guidelines happen. Financial Aid offices can make changes to a student’s FAFSA information based on special circumstances. Contact school for the appropriate form. Before exercising PJ student must first complete the Verification Process if selected Some examples of PJ: Loss of Job, parent in college, medical bills, unusual debt or one-time income, tuition expenses at an elementary or secondary school. Each college may come to a different conclusion to the special circumstance appeal. Some may deny the appeal, or schools that do make a change based on the appeal may make a different FAFSA adjustment, or revise the award in a different manner.

TEACH Pell Grant Campus Based Programs Direct Loans Federal Aid Programs TEACH Pell Grant Campus Based Programs Direct Loans

TEACH Grant 2017-2018 Grant of up to $3724 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Service requirement upon graduation must be met, or grant becomes an Unsubsidized Stafford Loan that must be re-paid!!

Federal Pell Grant 2017-2018 Maximum award amount for 2016-2017 was $5,815, maximum award for full-time enrollment and based on the FAFSA information. The Pell Grant award amount has not yet been established for 2017-2018. Pell increase of $140 from 2013-2014. Remind attendees of 600% Pell limit imposed last year and the importance of encouraging students to clearly define their academic plans to accelerate their time to degree completion prior to running out of Pell funds. A student who consistently withdraws from courses or changes their major could conceivable hit the 600% limit and not finish their degree by receiving Pell funds for those courses they have to retake (withdrawals) or for courses that were in an original major that are not required for the new major.

Federal Pell Grant change Students now have a maximum number of terms they can receive Pell Grant 600% of an annual award amount, or the equivalent of 12 full time semesters Some current students have suddenly run out of Pell Grant funding in 13-14 due to hitting their maximum of 600%, as there was no “grandfathering in” of students who had previously been awarded Pell Grants.

Federal Work Study Students who file the FAFSA are usually awarded FWS on their financial aid award Some institutions offer employment on or off campus through the Federal Work Study program Ohio Minimum Wage is currently $8.10/hour Stress the difference between works study and “work” or “summer job”-schools are starting to use this on award letters. Students must work their maximum number of allowed hours in order to earn their full work study award.

Federal Supplemental Educational Opportunity Grant (FSEOG) Undergraduates with exceptional financial need Pell Eligible students with the lowest EFC Award ranges from $100 to $4,000, depending on when student applies, financial need, and the funding and policies of school attending No changes.

Direct Loans: Undergraduate 2017-2018 Direct Subsidized and Unsubsidized Loans are two separate, unique types of loans that are award separately. Subsidized Unsubsidized Need based Not based on financial need Interest rate for loans first disbursed on or after July 1, 2016 are 3.76%.. Interest rate is 3.76% for all new loans disbursed on or after July 1, 2016 . Interest accrues from time of disbursement of the funds. Subsidized Loan-interest is deferred ONLY during periods of half-time or more enrollment. *Interest rates recalculated annually and are effective July 1st based on the 10-year Treasury note index plus 2.05%, capped at 8.25%

Additional Unsubsidized Amount Total Available to Borrow Direct Loans 2017-2018 Class Year Base Amount Additional Unsubsidized Amount Total Available to Borrow Freshman $3,500 $2,000 $5,500 Sophomore $4,500 $6,500 Junior $7,500 Senior Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors)

Direct Loans 2017-2018 Subsidized and Unsubsidized Loans 1.069% origination fee. Parent PLUS Loan 4.276% origination fee.

Treasury note index plus 2.05%, capped at 8.25% Parent Loans 2017-2018 Parent PLUS Loan to parents of dependent students Loan limits are up to the cost of education less any financial aid received Interest rate is 6.31% fixed* for the life of the loan Repayment begins within 60 days of full disbursement. Payments may be deferred while the student is in school. FAFSA completion is required PLUS Loans *Interest rates recalculated annually and are effective July 1st based on the 10-year Treasury note index plus 2.05%, capped at 8.25%

Ohio Aid Programs 2017-18 Ohio College Opportunity Grant (OCOG) War Orphans Scholarship National Guard Scholarship Safety Officers Memorial Nurse Education Assistance Loan Program (NEALP) Choose Ohio First (STEMM)

External Scholarships Time to start search is now! May require essays, high school transcript, etc. Watch for application deadlines THANK YOU FOR ATTENDING!

External or Institutional Scholarships Sources for scholarship opportunities. High school guidance office or website Academic scholarships offered by college Local community Clubs and organizations Employer

College Credit PLUS (CCP)-Potential Negative Consequences CCP courses count towards Satisfactory Academic Progress (SAP) What is SAP? Students must meet 3 standards in order to be eligible for Title IV funds, which are the major sources of federal student aid. (i.e. federal loans, federal grants, federal work study) All institutions have their own SAP policy, procedures, and requirements. Specific SAP requirements WILL VARY from school to school

Communication Keep in contact with the schools that student is interested in attending Make sure all materials requested by the school are completed THANK YOU FOR ATTENDING!

RESOURCES www.fafsa.ed.gov 1-800-433-3243 (FAFSA Helpline) www.studentaid.ed.gov www.oasfaa.org www.fastweb.com (Scholarship Search)