2012-13 High School Financial Aid Workshop Welcome 2012-13 High School Financial Aid Workshop Sponsored by Indiana Student Financial Aid Administrators

Presenter Judy Cramer, Director IPFW Financial Aid (260) 481-6820

College Goal Sunday February 12, 2012 at IPFW Neff Hall, 2:00 PM

> CAUTION! < Don’t pay for scholarship searches! Avoid being charged a fee to file the FAFSA Processes of completing and processing the FAFSA are FREE If filing FAFSA on the Web, make sure you go directly to: www.fafsa.gov Contact the financial aid office if you need help in completing the FAFSA Don’t pay for scholarship searches!

Prepare! Know scholarship deadline dates. Free Application for Federal Student Aid (FAFSA). File by March 1, 2012, federal processor must receive it by Mar. 10, 2012. Make Good Use of the H.S. Guidance Office Resource

Scholarships Your college of choice Parents place of employment Religious affiliation Service organizations Do your own web search Military Yes, of course, your high school guidance office Remember -- never pay

Why should you Complete the FAFSA ? ! ? It is … the beginning process for financial aid. (FAFSA = Free Application for Federal Student Aid)

The data you put on the FAFSA is used in the calculation of the Expected Family Contribution (EFC). The EFC has a student (SC) and, for dependent students, a parent contribution (PC) which is used to fulfill the primary principle* behind the federal program. It is the first step in the financial aid process. Used to determine eligibility for some institutional funds. Determines eligibility for state and federal student aid programs. Some scholarships use it to establish financial need. 7

What is the Cost of Attendance? Direct Cost Indirect Cost Direct and indirect costs combined make up the Cost of Attendance (example on next few slides) Varies from one school to another Student and parents should work together to know resources available to cover school costs

What is Financial Need – Expected Family Contribution = Financial Need Cost of Attendance (COA) – Expected Family Contribution = Financial Need

COA Example for Academic Year School A Tuition & fees $ 7,000 Books & supplies $ 1,200 Room & Board $ 8,000 Transportation $ 1,200 Miscellaneous $ 1,000 Total Costs $18,400 EFC - 1,400 Unmet COA $17,000 School B Tuition & fees $ 18,000 Books & supplies $ 1,600 Room & Board $ 9,000 Transportation $ 1,500 Miscellaneous $ 1,200 Total Costs $ 31,300 EFC - 1,400 Unmet COA $ 29,900 Costs can be different for living at home, on-campus or off-campus. Also if it is a state or private university or college.

COA Example for Academic Year School A EFC = 1,400 Pell $4,200 Unmet COA $17,000 Pell Grant - $ 4,200 Indiana HEA - $ 2,500 Scholarship - $ 1,000 Subsidized Loan - $ 3,500 Adjusted Unmet COA $ 5,800 Unsub. Loan - $ 2,000 Unmet COA $ 3,800 School B EFC = 1,400 Pell $4,200 Unmet COA $29,900 Pell Grant - $ 4,200 Indiana HEA - $ 2,500 Scholarships - $ 14,000 Subsidized Loan - $ 3,500 Adjusted Unmet COA $ 5,700 Unsub. Loan - $ 2,000 Unmet COA $ 3,700

* Principles of Need Analysis To the extent they are able, parents have primary responsibility to pay for their dependent children’s education Students also have a responsibility to contribute to their educational costs Families should be evaluated in their present financial condition A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay 7

Students and Parents will Need: Personal Identification Number (PIN) Social Security Numbers (be sure to confirm name and number before entering on the FAFSA form) 2011Federal Income Tax Return Information or W-2s if not filing Untaxed Income Information Bank Statements Investment Account Statements 7

Apply for a Personal Identification Number (PIN) www.pin.ed.gov/

www.fafsa.gov ~ Next ~ Getting Started Information 2012-13 FAFSA on the Web www.fafsa.gov ~ Next ~ Getting Started Information

FAFSA on the Web’s Homepage

The Paper FAFSA www.studentaid.ed.gov Under Tools and Resources option PDF FAFSA You have the option of applying for federal student aid by completing a PDF form of the FAFSA. The PDF FAFSA is available for you to print and fill out manually or is screen-fillable.

Good reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions More timely submission of original application and any necessary corrections More detailed instructions and “help” for common questions Ability to check application status on-line Simplified application process in the future

Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth Skip Income Tax and Asset Questions

Tips for completing the FAFSA If you parents are divorced or separated, the parent whom you lived with the most during the past 12 months is the parent responsible for completing the FAFSA Use the IRS Data Retrieval tool to simplify your application experience, available February 1st Enter your name EXACTLY as it appears on your Social Security Card Double check Social Security Numbers, Alien Registration Numbers, and Dates of Birth to confirm correctness.

Login page for FOTW.

The “NEED HELP?” text directs users to use the “Help and Hints” box located on the right-hand side of every page.

Help and hints on each FAFSA page that explain information being requested.

For enhanced security, the Virtual Keyboard icon is available on the Student’s Social Security Number and Student’s Date of Birth fields. The Virtual Keyboard will display when the student selects the icon next to the question and will disappear when the student selects the icon again.

The Student Demographics Information page is the first page of the application that collects the student’s basic information.

Enhanced Logic for Determining State of Legal Residence. When a student has not selected their state of legal residence, the new screening question will say “Have you lived in your state for at least 5 years?”

If the student selects their state of legal residence as Florida, the new screening question will say “Have you lived in Florida for at least 5 years?”

If the student has not lived in their state of legal residence, two more questions will display. If the student incorrectly selects No and changes their answer to Yes the two questions will no longer display.

The student is given the option to provide their driver’s license information. If the student indicates they would like to provide their driver’s license information, two questions will display. If the student does not indicate they want to provide this information the two questions will not appear.

The Student Eligibility page collects basic Title IV eligibility information, such as citizenship and drug convictions.

If the student’s grade level is other than Never Attended or if the student indicates they have received federal student aid in the past, the student will be asked to answer the drug conviction question(s).

The navigation of the application is shown across the top of each page. If the student has completed a step the step is dark blue with a red underline. If the student is currently on that step it is white. Informational messages are shown in a blue box.

If you perform an action that is successful, the system will provide you with a GREEN box and a success message.

Student’s are asked if they would like to provide information about their college enrollment plans. If the student indicates they would like to provide this information, the enrollment status, types of aid, and TEACH grant questions will be asked.

The first three dependency status questions are pre-filled based on answers the student provided earlier in the application.

Error messages are shown in a RED box at the top of the page and lists multiple errors at one time. The error graphic is also shown next to each question that will need to be answered or corrected.

Questions will display one at a time based on previous answers. Once a question is answered as Yes, the remaining questions will not display.

Pages that contain only parental questions are now PURPLE. Basic demographic information for the parents is collected on the Parent Demographic Information page.

If the student’s parent is single, divorced, or widowed, the student will only see questions for the one parent. The Virtual Keyboard icon is present for the parent’s Social Security Number and Date of Birth.

The parent financial information is collected on two Parent Financial Information pages. The questions display dynamically based on how the user answers each question. For example: If the parent indicates they filed a 1040A or 1040EZ we do not display the question asking whether they are eligible to file a 1040A or 1040EZ

If the parent indicates “Not going to file” for the 2009 IRS income tax return, they are presented the earned income and dislocated worker questions. The Adjusted Gross Income question is not presented because the parent indicated they will not file a tax return.

The Additional Financial Information and Untaxed Income questions are all shown in a check box format. The parent is instructed to check all that apply.

When the parent selects a check box, the full FAFSA question will appear with a text box to provide a dollar amount.

If the student indicates they are “Not going to file” an IRS income tax return for 2010, they are presented the earned income question. The Adjusted Gross Income question is not presented because the student indicated they will not file a tax return.

The Additional Financial Information and Untaxed Income questions are all shown in a check box format. The student is instructed to check all that apply.

The signature process, for the student and parent, is contained within one page. There is no side bar indicating Student or Parent since this is a combined page. If the student would like to review their information before signing their FAFSA, they will need to click on the “View or Print your FAFSA information” link at the top of the page.

If the student selects the “View or Print your FAFSA information” link at the top of the Sign & Submit page, their information will display in this format.

The Sign & Submit page now includes the signature process for the student and parent.

The confirmation number will contain the student’s randomly generated identification number. This will replace the student’s current confirmation number which is composed of their Social Security Number and first two letters of their last name.

FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided SAR Acknowledgement if filed FAFSA on the Web and student’s e-mail address was not provided

FAFSA Processing Results CPS notifies student of FAFSA processing results by: E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA Student with PIN may view SAR on-line at www.fafsa.ed.gov

FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 3 to 5 days after FAFSA filed electronically College reviews ISIR May request additional documentation, such as copies of federal tax returns

For State Funding the 2012-13 FAFSA Must Be Received by the Federal Processor on or before March 10, 2012 FAFSA On The Web Use a PIN for parent and student if you don’t use internal PIN then be sure to print and mail signature page ASAP Print and keep a copy of the confirmation page Make sure create and send FAFSA, not just create and save

Where Do I Go From Here? Obtain and review admission and financial aid materials from each school to which you are applying. Read their websites! Meet all application deadlines Respond to mail as you receive it. It can be costly to procrastinate! State Deadline for FAFSA to be received by the federal processor: March 1st (March 10, 2012)

Need help? Remember College Goal Sunday February 12, 2012 at IPFW Neff Hall, 2:00 PM

Questions?