2018-2019 Financial Aid Presented by Minnesota State University Moorhead Questions are welcome before the session begins

What is Financial Aid? Grants Scholarships Employment opportunities (Work Study) Educational Loans Available for full-time or part-time enrollment!

Federal Pell Grant Awarded to eligible undergraduates pursuing their first bachelor’s degree Portable Actual award amount is based on the school’s Cost of Attendance, student’s Expected Family Contribution (EFC) and enrollment status (full-time or part-time) Maximum award: $5,920 (2018-19) 600% limit (6 years receiving full-time Pell)

Federal Supplemental Educational Opportunity Grant (SEOG) Eligible student: Undergraduate pursuing first bachelor’s degree Awarded by school to students with exceptional financial need (lowest EFC) Annual amounts: Minimum = $100 Maximum = $4,000 (or amount set by school)

MN State Grant Can only be used at MN schools. Residency requirements Use information from the FAFSA Deadline is FAFSA must be filed within 30 days of the first day of classes at your college Calculation is based on the Parent Contribution only

Federal Work Study (FWS) Eligible students: Undergraduate and graduate/professional students Eligible employers, on- or off-campus: School Federal, state, or local public agency Private non-profit organization For-profit organization in academically relevant jobs Emphasis on community service

Federal Direct Loan (Subsidized & Unsubsidized) Largest source of low interest loans administered by the Department of Education Available to both undergraduate and graduate students enrolled at least half-time Lender is the U.S. Department of Education and the U.S. Treasury Student’s Pell Grant eligibility must be determined first

No Co-Signer Required! Federal Direct Loan “Subsidized” and “Unsubsidized” are essentially the same, except duration of eligibility and when interest is charged (interest is not charged to the student in the subsidized Direct Loan program during enrollment, but charged to the student for the unsubsidized Direct Loan program).

Subsidized Direct Loan Must demonstrate “need” Interest is paid by the federal government while the student is enrolled at least half-time Six-month grace period before repayment begins Interest rate during repayment: Fixed at 4.45% (loans disbursed 7/1/17 – 6/30/18) Subsidized Direct Loan limited to 150% of time required to complete degree (example: Bachelor’s Degree requires four years; subsidized direct loan limited to six years. Associate Degree requires two years; subsidized loan limited to three years)

Unsubsidized Direct Loan Need is not a factor Interest accrues beginning the day the loan is disbursed; until the loan is paid in full Interest rate fixed at 4.45% (loans disbursed 7/1/17 – 6/30/18) The student may choose to capitalize interest Six month grace period before repayment begins

Federal PLUS Loan Parent Loan for Undergraduate Students Parent of a dependent undergraduate student Annual loan limit = cost of attendance at school attending, minus other aid Repayment begins 60 days after disbursement Payment deferment available while student is enrolled at least half-time (parent must request deferment) Fixed interest rate of 7.00% (2017-18) Check with school on application process

Free Application for Federal Student Aid (FAFSA) FAFSA is required for the federal (and state) student financial aid application process Collect’s family’s financial and demographic information Used to calculate an Expected Family Contribution (EFC) Used to confirm student eligibility via database matches with federal agencies

Expected Family Contribution (EFC) for Dependent Students Parent Income Student Income Untaxed income (SNAP, child support) Assets Age of older parent Household size Number attending college Allowable exclusions

Cost of Attendance Tuition and fees Room and board Books, supplies, equipment Transportation and miscellaneous personal expenses Study Abroad costs Dependent care expenses Expenses related to a disability

What is an FSA ID and Why Do I Need One?

How do I get an FSA ID? Visit StudentAid.gov/fsaid to learn about and create an FSA ID You’re not required to provide your email address, but it makes retrieving your username and password much easier if you forget them. Parent and student must use separate email addresses. Here’s what you need to get your FSA ID (both student and parent): Social Security Number Full name as it appears on your Social Security Card Date of birth

To register for an FSA ID?

FAFSA Timeline for 2018-19 Use Federal Taxes from 2016 beginning October 2017 for school in 2018

What You Need to Fill Out The FAFSA Your FSA ID Your parents FSA ID Your Social Security Number Your parents Social Security Number(s) Your driver’s license (if applicable) You and your parents tax documents, including W-2 forms Your FSA ID will allow you to re-enter your account as needed, and it will also serve as your electronic signature when you submit your FAFSA online.

Save the application; return to complete and submit Save the application; return to complete and submit. Saved for 45 days or until FAFSA is submitted for processing. Can share Save Key with parents for them to access and input information.

Income, Earnings & Assets (Students & Parents) Use submitted 2016 Federal income tax information. Best solution is to use the IRS Data Retrieval tool. Carefully read the “Additional Financial Information” and “2016 Untaxed Income” sections to correctly answer for both student and parent(s) If entry is zero or none, enter 0. Do not leave blank. Round off dollar amounts. Do not use cents.

IRS Data Retrieval Tool 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 chooses whether or not to transfer data to FOTW

Providing IRS Data: IRS Data Retrieval Tool

Providing IRS Data: IRS Data Retrieval Tool

IRS Data Retrieval Tips SSN, name, date of birth and address must match those used on tax return Have a copy of tax return to refer to Trickiest part is street address, due to abbreviations and periods St. does not match St or Street 3rd does not match 3 or Third See where PO box or Apt # is entered on tax form and use that same location on IRS data retrieval screen *USPS website

Signature Options

REMEMBER TO CLICK ON ALL SUBMIT BUTTONS

Independent Student Definition At least 24 years old by December 31 of the award year covered by the FAFSA (born before January 1, 1995); or Married: or Have children student supports; or Have legal dependents other than a spouse supported by student; or Orphan or ward of the court at age 13 or older; or Currently serving on active duty or a veteran of the U.S. Armed Forces; or Court emancipated minor or in legal guardianship; or Documented as homeless, or a homeless unaccompanied youth; or Determined to be independent by the financial aid administrator

Parents Separated or Divorced? Complete “parent” sections for the parent with whom the student has lived with more in the last 12 months. If equal, use the parent from whom the student has received the most financial support in the past 12 months. If that parent is remarried, step-parent information must be included, whether or not the step-parent is actually “supporting” the student Any child support received must be included as income

Assets Net worth = current value of assets minus debt Separate net worth of savings and checking accounts from other types of investments Retirement investments such as 401K or pensions are exempt Do not include the value of your home Business net worth is excluded if family owned and controlled with no more than 100 employees

Investment Farm Question Do not include the value of a family farm you live on and operate. Include value of a farm that is owned but not operated by parents or student A farm that has been incorporated is not a family farm if non-family members own shares in the corporation

Verification Confirms accuracy of information reported on FAFSA by students and parents Certain data elements selected by the FAFSA processor or school Common documents requested: 2016 IRS Tax Return Transcript only (copy of tax return is not acceptable) W-2’s (may be requested by some schools) Household size and number in college SNAP Child support received

Financial Aid Notifications Students should: Accept or decline offer (as directed by school) Sign and return award notification to financial aid office, if required Complete Federal Direct Loan acceptance and/or application(s), if applicable Sign Promissory notes for educational loan, if applicable First time borrowers must complete Entrance Loan Counseling

Special Circumstances Student should contact the financial aid office if there is a loss or reduction of family income due to: Loss or reduction of child support payments to “custodial” parent A family death or illness Unusual high medical or dental expenses not covered by insurance and paid out-of-pocket Other unusual circumstances

Scholarship Resources College awarded need-based and non-need based programs Academic, athletic and other talent-based scholarships and grants High School counselors Parents’ places of employment Private business scholarships Local businesses and civic organizations Internet scholarship searches (fastweb.com; salliemae.com; Wells Fargo) Local library searches To check the legitimacy of scholarship search organizations or individuals, check Better Business Bureau website at www.bbb.com

Questions? Office of Scholarship and Financial Aid Minnesota State University Moorhead 107 Owens Hall (218) 477-2251 finaid@mnstate.edu