Assistant Director of Admissions

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Presentation transcript:

Assistant Director of Admissions Olivet College Financial Aid Presented by Jared Stratz Assistant Director of Admissions

Outline – Financial Aid What is Financial Aid? Types of Aid: Scholarships, Grants, Loans and Work Study How to Qualify: FAFSA Timeline Prior-Prior Tax Year Info Application process Review and Questions

Quick Definitions to Remember FAFSA: Free Application for Federal Student Aid EFC: Estimated Family Contribution FSA: Federal Student Aid

WHAT IS FINANCIAL AID? WHAT IS FINANCIAL AID? Funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school. Supplied by a source other than the family to help pay for education costs. Financial aid may be "need-based" or awarded based on the financial need you possess. It can also be "merit-based" or awarded for special talents or achievements you've made.

TYPES OF FINANCIAL AID SCHOLARSHIPS GRANTS LOANS WORK STUDY

How do I qualify? ANSWER: FAFSA! FREE APPLICATION FOR FEDERAL STUDENT AID The information you provide on the FAFSA is used to determine your Expected Family Contribution(EFC) Determined by several factors: Student/Parent Income Assets Investments Number in household Number in college You will receive a Student Aid Report (SAR) containing FAFSA results

Where does FINANCIAL AID come from? Four Pillars of Financial Aid: Internal Scholarships External Scholarships FAFSA: Federal and State Aid Loans: Federal and Private

SCHOLARSHIPS AND GRANTS Based on merit, skill or unique characteristic Does not have to be paid back Internal vs. external scholarships Athletic vs. academic Input = Output GRANTS Based on financial need

FEDERAL PELL GRANT FEDERAL GRANT Sponsored by U.S. Department of Education Based on EFC Up to $6,095 EXAMPLE $0.00 EFC = $6,095 Pell $1,200 EFC = $4,670 Pell $7,000 EFC = $0.00

Federal SEOG SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG) Eligible for students receiving the Pell Grant Award varies and differs per institution Example: Olivet College: All Pell eligible students will receive $200.

TEACH GRANT Eligibility Requirements: TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION (TEACH) Provides up to $4,000 Conditions: Agree to serve as full-time teacher in high-need field in a public or private elementary or secondary school serving low-income students Schools serving low-income students are listed at www.tcli.ed.gov Agreement to teach is for four years within eight years Eligibility Requirements: Complete FAFSA U.S. citizen or eligible non-citizen Undergrad, post-baccalaureate, or graduate student Enrolled in coursework necessary to begin career in teaching Cumulative GPA of at least 3.25 Sign Teach Agreement to Serve

MICHIGAN TUITION GRANT STATE GRANT Awarded to students attending a private college in Michigan Need-based List private school first on FAFSA by March 1st Currently $2,400

Michigan competitive scholarship STATE GRANT Sister grant to Michigan Tuition Grant Specific to Public Schools in Michigan Public Schools – maximum of $1,000 per academic year Must file FAFSA by March 1st

Tuition incentive Program (TIP) Eligibility Requirements: Student must have (or have had) Medicaid coverage for 24 months within a 36-consecutive-month period Phase I – used at schools that offer a two year degree $110/credit hour (plus all other federal funds) Phase II – used at schools that offer a four year degree $500/semester for two years (plus all other federal funds) You will receive a letter in the mail if you qualify – send to financial aid office

Federal Direct Loans SUBSIDIZED UNSUBSIDIZED 1ST YEAR $3500 $2000 2ND YEAR $4500 3RD YEAR $5500 4TH YEAR Subsidized - no interest while in school 5.05% interest rate* Unsubsidized - interest is accruing while in school No payment due until 6 months after you leave school *Reflects current interest rates for 2018-19. Rates tend to change in the Fall of each year – expected to be similar

OTHER LOANS PARENT PLUS Parents borrow for student Loan is in the parents name 7.6% interest for the 2018-19 academic year Up to entire remaining balance ALTERNATIVE LOANS Borrow cautiously! Typically these loans are taken out in the students name with a co-signer attached. Student Loans vs. Private Loans Credit Unions vs. Non-Credit Unions

WORK STUDY Students can apply for various positions on campus CAMPUS EMPLOYMENT Federal Government allocates funds to the school Indicate YES on FAFSA! NUMBER OF POSITIONS AND AMOUNT DIFFERS AT EACH INSTITUTION: Students can apply for various positions on campus Work up to 20 hours per week Receive a paycheck to use for living expenses or pay toward remaining balance

WHEN DOES MY AID RUN OUT? PELL GRANT Full-time for 6 years/SEOG included MICHIGAN TUITION GRANT 5 years FEDERAL LOANS Dependent Student: $31,000 total Independent Student: $57,500 total 4/5 years for undergraduate INSTITUTIONAL AID Some colleges give all 4 years, some year-to-year or just for the first year.

Satisfactory Academic progress THINK AHEAD! Students must maintain a 2.0 GPA and progress in credit hours to maintain federal funding, or it could be revoked

FREE APPLICATION FOR FEDERAL STUDENT AID THE FAFSA FREE APPLICATION FOR FEDERAL STUDENT AID

FAFSA APPLICATION PROCESS Collect Information and Apply to College Apply for a FSA username and password October 1st Start FAFSA online and upload tax information Review your Student Aid Report Potential Verification Process Receive Financial Aid Award Letter Evaluate Your Financial Aid Offers

Changes to FAFSA: Timeline

Fafsa: Prior-Prior Benefits Because the FAFSA will ask for 2017 income and tax information … you will already have done your taxes by the time you start fill out your FAFSA. Because you’ll already have done your 2017 taxes by the time you fill out your FAFSA … you will be able to use the IRS Data Retrieval Tool (IRS DRT) to automatically import your tax information into your FAFSA. (Learn about the IRS DRT at StudentAid.gov/irsdrt.) Because the FAFSA is available earlier, you may feel less pressure due to having more time to explore and understand your financial aid options.

Step 1: APPLYING FOR FSA ID Web site: https://fsaid.ed.gov/ Sign FAFSA electronically Can request FSA ID NOW! Used by students and parents throughout aid process, including subsequent school years

2019-20 FAFSA -- AVAILABLE OCTOBER 1, 2018 Step 2: HOW TO APPLY WEB SITE: www.fafsa.gov Current Seniors: 2019-20 FAFSA -- AVAILABLE OCTOBER 1, 2018

WHAT DO YOU NEED TO COMPLETE THE FAFSA? FAFSA FSA ID – Username and password Most recent federal tax form for parent and student W2 forms for parent and student Social Security Number for parent and student Driver’s license for student Untaxed income information Current information on business, investments and farm Current bank statements

VERIFICATION PROCESS WHO IS SELECTED? SHOULD I BE WORRIED? Random selection – about 60% Higher chance of being selected if you don’t use IRS link on the FAFSA You can go back once you file and use it. If you file before taxes are done, IRS link will not be there 2 weeks if filing electronically 6-8 weeks if filing by paper SHOULD I BE WORRIED? No – if you made a mistake, you are able to go back and correct Expect you will be selected

SPECIAL CIRCUMSTANCES SEND EXPLANATION TO FINANCIAL AID OFFICE AT EACH COLLEGE Examples: loss of job, income cut back significantly File an “addendum” – Evidence of circumstance COLLEGE REVIEWS SPECIAL CIRCUMSTANCES May request additional documentation

Dependent vs. Independent MOST STUDENTS ARE DEPENDENT. A student IS independent if you are … Married 24 Years old Have children & proving 50% support Veteran of Armed Forces Active member of Armed Forces (not training) Foster child, orphan or ward of the court Unaccompanied homeless youth In legal guardianship or emancipated minor

GET AN ESTIMATE FINANCIAL AID ESTIMATE Includes breakdown of tuition, room & board, student fees, etc Subtracts institutional aid, state and federal aid Subtracts loans Gives your estimated out of pocket cost for the year TALK TO FINANCIAL AID OFFICES ABOUT YOUR OPTIONS Payment plans, loans, etc…

AVOID SCAMS SIGNS OF FRAUDEULENT SCHOLARSHIP SERVICE “Guaranteed” Provide credit card number They will do all of the work for you Costs money Finalist in a contest you never entered

Financial Aid includes: ASK as many questions as you can! REVIEW Financial Aid includes: Scholarships, Grants, Loans and Work Study ASK as many questions as you can! File your FAFSA! KEEP CALM … You can do this!

Questions about financial aid?