What you need to know about financial aid!

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Presentation transcript:

What you need to know about financial aid! Student Financial Services What you need to know about financial aid!

Questions you may have… Student Financial Services Questions you may have… What is Financial Aid? How to apply for Financial Aid? How is Financial Need Determined? Other Resources to Cover Expenses?

Student Financial Services What is Financial Aid? Financial aid refers to funding intended to help students pay education expenses including tuition, fees, room, board, books and supplies.

How to Apply for Financial Aid Student Financial Services How to Apply for Financial Aid FAFSA 2019-20 (Free Application for Federal Student Aid)—Use 2017 tax data Institutional Forms Other Note: Communicate with each college to inquire about steps to complete the application process. You may be asked to submit tax documentation to the financial aid office to complete the verification process.

Completing the FAFSA Student Financial Services Social Security Number: Be sure that it is correct! Records of income: such as income earned from work and business, child support paid or received, and any other untaxed income. If available, refer to the W-2 Forms and the Federal Income Tax Return IRS 1040, 1040A, or 1040EZ. Information about assets: such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm. Driver’s license number, if the student has one. Alien Registration Number, if not a U.S. citizen. Federal School Code: Millikin University - 001724 Completing the FAFSA

Free Application for Federal Student Aid (FAFSA) for 2019-20 Student Financial Services Free Application for Federal Student Aid (FAFSA) for 2019-20 October 1 (First date to submit FAFSA) and as close to this date as possible Must be renewed every year WHEN Available to H.S. seniors, college students, returning adults U.S. citizens and eligible non-citizens WHO Available on-line at www.fafsa.gov Or paper and pdf forms are available HOW Determines eligibility for federal and state financial aid programs Used by colleges and universities to award institutional aid WHY

FSA User ID Authentication Student Financial Services FSA User ID Authentication The FSA ID is comprised of a user-selected username and password, by which students, parents, and borrowers authenticate their identity to access their federal student aid information. The FSA ID offers new functionality, including a single sign-on process for most of the Federal systems. When applying for an FSA ID, be sure the social security number and date of birth are accurate. One parent on the FAFSA and the student will need an FSA ID. Save your FSA ID!!

Whose information goes on the FAFSA? Student Financial Services Whose information goes on the FAFSA? The FAFSA should be filed under the student’s name. Financial information will be requested for the student and the parent or parents of dependent students. If your parent is widowed or single, answer the questions about that parent If the parent you live with is remarried answer the questions about that parent and stepparent If your parents are divorced or separated, answer the questions about the parent you lived with over 50 percent of the time or the parent who provided more financial support during the past 12 months

DEPENDENT OR INDEPENDENT ?? Student Financial Services Independent students fit into at least one of the following categories: Born before January 1, 1995 Married Graduate or Professional student Veteran or currently serving on active duty other than for training purposes Have legal dependents other than a spouse, for whom more than 50% of the support is provided through June 30, 2019 Orphan, ward of the court, or in foster care when student was 13 or older Emancipated minor or in legal guardianship as determined by a court in the state of legal residence Unaccompanied youth who was homeless or self-supporting and at risk of being homeless *Dependent Students must report personal and parent income and assets

IRS DATA RETRIEVAL TOOL Student Financial Services IRS DATA RETRIEVAL TOOL *****Insert IRS DRT SCREEN CLIP****** While completing the FAFSA online, 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 window Transfer data into FAFSA; both student and parent.

Common Errors Untaxed income and tax deferred pensions Income Tax Paid Student Financial Services Common Errors Providing incomplete data Not submitting required forms by deadlines *Review Student Aid Report (SAR) to avoid* Untaxed income and tax deferred pensions Income Tax Paid Divorced/ remarried parent information

Student Financial Services Types of Financial Aid

Federal Loan Programs Direct Subsidized Loan 5.05% (1819) Student Financial Services Federal Loan Programs Direct Subsidized Loan 5.05% (1819) Direct Unsubsized Loan 6.6% (1819) Federal Plus Loan 7.6% (1819) Note: Direct Loan annual limits are determined by student’s class level and dependency status; FR-$5,500, SO-$6,500, JR/SR-$7,500 for dependent students

Student Financial Services Federal Work-Study Need-based employment program providing on and off-campus jobs to undergraduate students Compensation is at least the current federal minimum wage Student is paid by the college The availability of funds is limited; Financial Aid Offices may establish priority deadlines *FAFSA completion required

Expected Family Contribution Student Financial Services Expected Family Contribution A need analysis formula established by Congress determines the student’s Expected Family Contribution (EFC); using information reported on the FAFSA. What? Why? Where? A comparative measure of how much a family can be expected to contribute over the course of an academic year. Used to determine a student’s eligibility for most federal and state assistance Shown on the Student Aid Report (SAR)

What are the Costs? Cost of Attendance (COA) Student Financial Services What are the Costs? Tuition & Fees (actual or direct) Room & Board Transportation (estimated) Books & Supplies Miscellaneous Cost of Attendance (COA)

Cost of Attendance (COA) -Expected Family Contribution Student Financial Services How to Determine Financial Need Cost of Attendance (COA) -Expected Family Contribution = Financial Need

Compare Apples to Apples Student Financial Services Compare Apples to Apples Actual or Direct Costs - Financial Aid Offered by Institution = Your Out of Pocket Expense

Compare Apples to Apples Student Financial Services Compare Apples to Apples University A Cost of Attendance (COA) $46,920 Gift Aid Institutional Grants/Scholarships $18,000 Federal Pell Grant $4,370 IL MAP Grant $4,720 Total Gift Aid $27,090 Net Price $19,830 Loan Options Subsidized Loan $3,500 Unsubsidized Loan $2,000 Parent Plus Loan $15,000 Total Loan Options $20,500 Total Aid Offered w/Loans $47,590 University B Cost of Attendance (COA) $32,680 Gift Aid Institutional Grants/Scholarships 5,000 Federal Pell Grant $4,370 IL MAP Grant $4,720 Total Gift Aid $14,090 Net Price $18,590 Loan Options Subsidized Loan $3,500 Unsubsidized Loan $2,000 Parent Plus Loan $10,000 Total Loan Options $15,500 Total Aid Offered w/Loans $29,590 Each school will prepare a financial package to help you meet your financial need. Never assume you can’t receive some type of financial aid because of your income level Don’t become overwhelmed by college cost, it may not be what it seems Consider: private vs. public, in-state vs. out-of-state, community college Note: More often then not, the financial aid you receive may not cover all of your educational expenses, so be prepared

Other Ways to Pay For College Student Financial Services Other Ways to Pay For College 529 Savings & Prepaid Tuition Programs Employer Tuition Benefits Tuition Payment Plans Private/Outside Scholarships Veterans Benefits/Transfer of Entitlement

Student Financial Services Illinois Student Assistance Commission (ISAC) – www.isac.org (800) 899-ISAC (4722) U.S. Department of Education (ED) -www.FederalStudentAid.ed.gov (800) 4FED AID

Steps to Remember Start planning for the future Student Financial Services Steps to Remember Start planning for the future Complete the application process early Review and edit the Student Aid Report (SAR) Consider award letters Respond to college offers Advise school(s) of outside scholarships Advise school(s) of Special Circumstances Renew the FAFSA every year!

Student Financial Services QUESTIONS?? Website: www.millikin.edu/cost-aid e-mail: StudentFinancialServices@millikin.edu phone: 217-424-6317