Affording Higher Education Navigating the Financial Aid Process Patrice McGregor Assistant Director of Student Financial Aid University of Hartford

Overview What is financial aid? Free Application for Federal Student Aid (FAFSA) Expected Family Contribution (EFC) Types of financial aid Cost of Attendance Understanding your award letter Questions? 2

What is Financial Aid? Funding provided to students and families to help pay for educational expenses Grants (Institutional, state, federal) Scholarships Loans ( Parent, Private, Federal) Employment Can be based on academics, talent, or need

CSS Profile Have all tax forms and documents ready. Current tax year return Previous tax year return W2 forms and other records of income Records of untaxed income and benefits Bank statements Not required for all schools; only submit a PROFILE if your college or scholarship program instructs you to do so. Must pay for the form: $25 to complete; $16 for each additional school. Fee waiver available First year, first-time students who took the SAT should log into PROFILE using the same credentials used for the SAT. You should only submit a PROFILE if your college or scholarship program instructs you to do so. PROFILE application takes between 45 minutes and two hours to complete Use the “?” mark button to answer questions 4

*be aware of imposter sites* FAFSA FAFSA stands for FREE application for Federal Student Aid WWW.FAFSA.GOV *be aware of imposter sites* Collects demographic and financial information Use actual tax information, from two years previous 2019/2020 FAFSA will use 2017 tax information Complete electronically using the secure federal website; usually takes around a half hour or longer Aid awarded primarily on the basis of financial need 5

FAFSA

FSA Username and Password Allows an electronic signature when you submit the FAFSA used to log into all federal sites If your parents information is required, one parent must have as username and password as well To create one visit: www.fsaID.ed.gov To prepare for FAFSA completion, you can complete the FSA ID process now 7

Data Retrieval Tool Ability to transfer tax data directly from IRS (often referred to as the DRT) Tax information should be filed prior to October Ensure all FAFSA tax data is accurate and saves time! Will be prompted to use this option when you get to the financial information section

Special Circumstances Many different family circumstances: Married: include both parents Divorced: include parent student lives with Separated: include parent student lives with Re-married/ Step Parent: include biological parent AND step parent Adoptive Parents Legal Guardian: Do not include * If you’re not sure who to include, always ask!* 9

*Deadlines vary by institution* FAFSA Timeline For the 2019/2020 academic year, the FAFSA may be filed after : October 1, 2018 *Deadlines vary by institution* Be sure to check with each school to determine their deadline! Late FAFSA’s can yield ineligibility for funds you may have otherwise been eligible for Once submitted to the federal processor allow 5 to 7business days for processing. College reviews, requests additional documentation, processes, etc. You will receive a student aid report via email (SAR)

Your Expected Family Contribution (EFC) Calculated from a federal formula, this is result of your FAFSA application. This is NOT what you will pay for college Allows colleges and universities to evaluate all families for financial aid based on the same criteria Same number, regardless of college What changes? Fluctuating university costs…… 11

Types of Financial Aid Repayment not Required… Repayment Required… Scholarships Awarded for merit, community involvement, etc. Grants Usually awarded due to financial need. Employment Student earns a paycheck that can be used towards educational cost Amount is not configured into university bill Resident Hall Assistance Programs Repayment Required… Loans Can be borrowed by students and/or their parents Repayment may be deferred

Total COA - Total Financial aid= GAP Cost of Attendance Look at the “Big Picture” Published costs may not always represent the true cost What really matters? Net Price= published costs- financial aid offered Direct costs: paid directly to the college or university Indirect costs: additional educational related expenses that may be incurred Total COA - Total Financial aid= GAP 13

Cost of Attendance 2018-2019 On Campus At home Tuition $30,000 Fees $2,686 $1,746 Room $7,548 N/A Board $3,970 Books and Supplies $1,118 Travel and Transportation $1,252 $2,294 Personal and Miscellaneous $1,446 Stafford Loan Fees $134 Total $48,154 $36,738

Award Letter Example Your Estimated Financial Aid Awards Source: FALL SPRING TOTAL Federal Pell Grant $3,000 $3,000 $6,000 Federal SEOG Grant $1,000 $1,000 $2,000 Merit Scholarship $10,000 $10,000 $20,000 Subsidized Loan $1,750 $1,750 $3,500 Unsubsidized Loan $1,000 $1,000 $2,000 Federal PLUS Loan $2,500 $2,500 $5,000 Total Awards: $19,250 $19,250 $38,500 15

Federal Shopping Sheet Required for every CT school to send to every CT resident Includes both Direct and Indirect Costs in Net cost amount Displays your EFC Remember this is not what you will pay for school 16

What’s next? Some FA offices may ask for additional documents Only submit if required Stay in touch with your FA office Review your SAR report Know what you are accepting Renewable? For 4 years? 17

Applying for Additional Scholarships Civic organizations Churches Non-profits Deadlines are generally early in the process- don’t miss them! Ask your guidance office for help! 18

Questions? Contact information: Patrice McGregor pmcgregor@Hartford.edu 860-768-4296 19