Financial Aid Workshop

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Presentation transcript:

Financial Aid Workshop with Joshua Moore Ohio University Lancaster Campus 681-3333 moorej4@ohio.edu

Workshop Topics: Sources and types of financial aid How to apply How financial need is determined How financial aid is awarded

Sources of Financial Aid: Federal State Institutional Private

Types of Financial Aid: Gift Aid Scholarships Work Aid Loan Aid

Gift Aid Federal Pell Grant Ohio College Opportunity Grant College or University Grants

Scholarships College Scholarships Local Scholarships OU-Lancaster – 32 scholarship options

Work Aid Federal College Work-Study Program Other types of student employment

Loan Aid Federal Subsidized Stafford Loan – 4.45% Federal Unsubsidized Stafford Loan – 4.45% Federal PLUS (For dependent students) - 7%

Direct Loans 2018-2019 (No Changes) Class Year Maximum Subsidized Amount Additional Unsubsidized Amount Total Available to Borrow Freshman $3,500 $2,000 $5,500 Sophomore $4,500 $6,500 Junior $7,500 Senior Stress that the student’s must have demonstrated financial need to have subsidized loans. A freshman with a $100,000 EFC will still get the total $5,500 in loans, but it will all be unsubsidized. For Undergraduates, Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Direct Unsubsidized Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors).

How to apply: Free Application for Federal Student Aid (FAFSA) on the web Scholarship Applications Scholarship Deadlines

Web Sites fafsa.gov fastweb.com ed.gov/ finaid.org ohiou.edu/financial-aid ohio.edu/lancaster

Free Application for Federal The Application www.fafsa.gov Free Application for Federal Student Aid 2019-2020 School Year Available October 1, 2018 FSA ID

FAFSA Overview Social Security Numbers for Student/Parent Student Driver’s License 2017 Federal Tax Returns (Student/Parent) 2017 untaxed income records (Student/Parent) Includes child support paid/received, other income not included in the IRS Adjusted Gross Income Current bank statements (Student/Parent) Current business and investment records (Student /Parent) Selective Service Number for Student

FAFSA Overview The FAFSA on the Web Worksheet prepares families to complete the FAFSA online. It provides questions from the online version. It is not required and should not be mailed. A PDF version of the FAFSA is available for printing from www.fafsa.gov.

These fields are pre-filled based on FAFSA responses.

Evaluating Eligibility Student’s Income and Assets Parent’s Income and Assets Family Assets (Savings, Investments, etc.) Family Size Number in College

How financial need is determined Cost of Education - Estimated Family Contribution (EFC) = Financial Need (your award)

How financial need is determined Private College $40,000 -$ 5,000 $35,000 Public College $25,000 - $ 5,000 $20,000

Satisfactory Academic Progress Students must maintain Satisfactory Academic Progress (SAP) in order to continue receiving financial aid. Criteria include: Grade Point Average (GPA) of at least 1.75 at the end of your freshmen year. GPA of 2.00 at the end of each subsequent year. Minimum Completion Percentage (MCP) of at least 67%. This means passing grades in 67% or more of the courses you attempt in your academic year.

How financial aid is awarded Financial need is determined The college or university makes an award offer to those that have applied The student responds to that award offer

Alternative Sources: Institutional payment plans Employer Assistance Labor Unions Community/Service Organizations H.S. Guidance Offices