Financial Aid 101 Prepared by Margie Pederson-Program Specialist Tigist Stangohr-program specialist

What we will cover today: What is FAFSA? FAFSA Eligibility Guidelines What is WASFA? FAFSA Processing Determining Financial Aid Eligibility Cost of Attendance Satisfactory Academic Progress Types of aid offered What’s New and Improved Service to Students Working Together

What is FAFSA? (Free Application for Federal Student Aid) Is a federal application form that needs to be completed if students want to apply for federal student aid The FAFSA is filled out online at fafsa.gov. Paper FAFSA, FAFSA in Spanish and FAFSA in brail still an option Filling out the FAFSA is the fist step in the financial aid application process

To be considered for federal financial aid students must: Have a high school diploma, GED, completed high school education in a home school setting as approved by individual states Pursue an eligible degree or certificate at Shoreline Be a U.S. citizen or eligible non-citizen and have a valid social security number Be registered for Selective Service if they are a male over 18 and born after 1960 Not owe a repayment on any grant or be in default on a federal educational loan

What is WASFA? (Washington Application for State Financial Aid) Is the state aid application form that is completed by students that have DACA status (Deferred Action for Childhood Arrivals). Students that came to the US without documentation before the age of 16 Must have earned a high school diploma or GED in Washington Must have lived in WA for 3 years before earning a HS diploma or GED Sign an affidavit affirming eligibility and promise to establish legal status when eligible to do so

What happens after the application is received The FAFSA processor will analyze a submitted FAFSA information and, using a formula established into law by Congress, it calculates an Expected Family Contribution (EFC) for each applicant What is an Expected Family Contribution (EFC)? An EFC is an index number that is calculated for each FAFSA applicant according to a formula that is established by law in Congress. Each student’s EFC is used to determine a student’s need The higher the EFC the less financial aid need Example: A student with a 0 EFC shows the most need and could possibly qualify for most aid and a student with 4000 EFC shows less need, could qualify for some aid. A student with an EFC of 20,000 does not show need but could qualify for a Direct Student Loan

FAFSA Flow Chart

Determining Financial Aid Eligibility There is not an “income cutoff” or other simple method for determining whether you will qualify. All students in need of help paying for college should apply. Generally, financial aid is determined by calculating the difference between the cost of attending college and what the student and/or the student’s family are expected to contribute based on the FAFSA report. Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Awarding policies as set by the Federal Government, State of Washington, the College, and the Financial Aid Office

Cost of Attendance: Cost of attendance is the amount it will cost a student to go to school for one academic year, usually fall, winter and spring quarters FULL-TIME STUDENT BUDGET Res Living Away Res Living w/Family Tuition & Fees (average FT) $     3,660  $     3,660 Books & supplies $        825  $        825 Rent, Food, Utilities $   10,140  $     3,165 Transportation $     1,140  $     1,140 Miscellaneous $     2,271  $     1,809 TOTAL $   18,036  $   10,599

Satisfactory Academic Progress Qualitative Measures: Minimum GPA requirement, quarterly and cumulative, of 2.0 Quantitative Measures: Minimum quarterly credit completion percentage for enrollment level. Complete at least 50% of credits attempted each quarter. Pace of Progression: Minimum cumulative credit completion percentage, or “pace of progression,” of at least 67% of all credits attempted overall for a specific program. Maximum Time Frame: Ability to complete a degree or certificate program within a maximum timeframe allowed, 125% of required credits, for program.

Types of Aid Offered at Shoreline Federal Pell Grant Federal Supplemental Educational Opportunity grant Washington State Need Grant College Bound Scholarship (State) Shoreline Grant Shoreline Tuition Waiver Federal and State Work Study Federal Direct Loan Federal Parent Plus Loan Nursing Loan

What is new and improved? Data sheet no longer required Students still need to fill out additional documentation when needed As long as a student is admitted, has filled out the FAFSA and has a stated degree or certificate program we will review the file for eligibility Financial Aid Portal Students can check the status of their financial aid application online 24/7 All required forms are available online and students are automatically directed to the forms they need to submit by going to the portal Increased communication with our students-voice mails and emails responded to within 24 hours if not the same day

What is new and improved: cont. Revised Satisfactory Academic Progress policy Gives students more options to change programs Gives students time to meet minimum standards after being reinstated for aid Students who submit financial aid appeals due to unsatisfactory academic progress will have financial aid eligibility determined at the same time their financial aid appeal is reviewed. This allows students that are struggling the comfort of knowing if they have aid sooner than later Application processing times have been reduced, for students meeting our posted financial aid deadlines. Financial Aid Workshops are offered twice a month to assist students with their FAFSA application.

Service to Students Number of FAFSA applications received at Shoreline: 2015-2016 – 9155 2016-2017 thru 9/2016 - 6841 14.4 million: average amount of financial aid awarded annually Work-study placements 2015-2016 – 140

Working Together Thank you. Dedicated to serving the educational, work force and cultural needs of our diverse community Thank you.