Financial Aid Night October 25, 2016 6:15 PM

What is the fafsa? Free application for federal student aid Official Form used to request federal, state, and school money to attend college Asks questions to determine your financial need Calculates what your family is expected to contribute to your education (EFC) Must submit the fafsa each year to be eligible for money

FAFSA Application process Go to https://fsaid.ed.gov/ to obtain a fSA ID GO to www.fafsa.gov to complete your fafsa Use the irs data retrieval tool whenever possible on the fafsa Review your student aid report (SAR) Verify your information through irs tax transcripts if necessary Contact the financial aid office of the college of your choice

Who’s information should be used on the fafsa Your answers to questions on the FAFSA determine whether you are considered a dependent or independent student To be considered independent (does not require parent information): Will you be 24 or older by Dec. 31 of the school year for which you are applying for financial aid? Will you be working toward a master’s or doctorate degree (such as M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., etc.)? Are you married or separated but not divorced? Do you have children who receive more than half of their support from you? Do you have dependents (other than children or a spouse) who live with you and receive more than half of their support from you? At any time since you turned age 13, were both of your parents deceased, were you in foster care, or were you a ward or dependent of the court? Are you an emancipated minor or are you in a legal guardianship as determined by a court? Are you an unaccompanied youth who is homeless or self-supporting and at risk of being homeless? Are you currently serving on active duty in the U.S. armed forces for purposes other than training? Are you a veteran of the U.S. armed forces?

Who’s information should be used on the fafsa “parent” means your legal (biological or adoptive) parent or stepparent, or a person that the state has determined to be your legal parent. Use this guide to figure out which parent’s information to include (depending on your family situation).  Question 1: Are your parents married to each other?  If yes, then report information for both parents on the FAFSA.  If no, then answer question 2.  Question 2: Do your parents live together?  If yes, then report information for both parents on the FAFSA, even if they were never married, are divorced, or are separated.  If no, then answer question 3. 

Who’s information should be used on the fafsa Question 3: Did you live with one parent more than the other over the past 12 months?  If yes, then report information on the FAFSA for the parent you lived with more. Also, if this parent remarried, you will need to report information for your stepparent on the FAFSA.  If no, then report information on the FAFSA for the parent who provided more financial support over the past 12 months or in the last year you received support. Also, if this parent remarried, you will need to report information for your stepparent on the FAFSA.  The following people are not your parents unless they have legally adopted you: Widowed Stepparent Grandparents Foster Parents Legal Guardians Older Brothers or Sisters Aunts or Uncles

Step One: obtain a Fsa id and Password The fsa id gives you access to the fafsa and serves as your legal signature Both A parent and the student need a unique fsa id & Password Go to https://fsaid.ed.gov Create a username and password Choose two challenge questions and create 2 additional challenge questions Make sure you and your parent have 2 unique email addresses and Phone numbers

Tips for successful fsa Id Use an email address that you have had or will have for the next four years Do not use work or school email addresses Select challenge questions that are easy to remember and wont change over time Get a fsa id before you start your fafsa (should take about 10 minutes to complete) Need one for the student and the Parent (if you already have a student in college, then you probably already have a FSA Id and do not need another one!) Write down your password and username somewhere that you will remember Passwords expire after 18 months Only one parent needs an fsa id – these do not expire, so you can use the same FSA ID for all children

Step Two: Gather Documents required for the fafsa Social security number (parent/student) 2017 income tax returns (Parent(s)/Student) Current bank statements (savings and records of investments for parent/student) Untaxed income statements Child support payments if applicable Fsa id (parent/student)

Step Three: filing the fafsa Go to www.fafsa.gov Click on “start a new fafsa” Make sure you are completing the 2019-2020 FAFSA Fill out the necessary information for the student Fill out the necessary information for the parent(s) Use the data retrieval tool if applicable (this will help ensure your fAFSA Is correct) Enter up to four colleges to send your fafsa to Sign the fafsa using your fsa id

Step four: review your student aid report AFTER YOU SUBMIT YOUR FAFSA YOU WILL RECEIVE A STUDENT AID REPORT (sar) THE SAR HAS INFORMATION REPORTED ON THE FAFSA AND includes WHAT YOUR FAMILY WILL BE EXPECTED TO CONTRIBUTE TO YOUR COLLEGE EDUCATION (efc) REVIEW THE SAR AND MAKE SURE THE INFORMATION IS CORRECT ANY COLLEGE YOU LISTED ON THE FAFSA WILL ALSO BE ABLE TO SEE YOUR saR Note: the number on the sar is not a dollar amount!

Step five: complete the verification process 33% of students will be selected to complete this additional process Students are selected by the federal government for this process, or the college This process is used to confirm the accuracy of the fafsa information provided Contact the financial aid office at the college you plan to attend to find out what documentation is needed and how to submit this information If applicable use the data retrieval tool for your 2017 taxes and order tax transcripts if able Request tax transcripts at https://www.irs.gov/individual/get-transcript or (800) 908-9946 or visit the state IRS office in Lima, OH

Step six: receive and accept financial aid package Contact the financial aid office if you have any questions about the financial aid being offered by the college Review the award packages from all the schools that you submitted on your fafsa Decide which college to attend based on: How well the school suits your needs It’s affordability after all aid is taken into account

Federal & State Aid Process Student/Parent Completes FAFSA Colleges Receive the fafsa Student accepts award and completes any necessary steps

Financial aid award notices May come via postal mail or electronically/email Contact your Fin Aid Office to determine means of communication Includes: •Types and amounts of financial aid awarded •Distribution of financial aid for each academic term •Out of pocket cost •Minimum credit hour requirement for aid types

Types of Aid Scholarships – money you do not pay back Independent of financial aid •Academic Excellence •Excellence in Art, Music, Theatre, Dance •Athletic Ability •Specialty A few good scholarship sites http://www.antwerplclschs.beta.schools.bz/1/Content/guidance-scholarship www.fastweb.com https://bigfuture.collegeboard.org/ College/universities websites

Types of Aid Grants – money you do not pay back • Pell Grant Federal Supplemental Educational Opportunity Grant • State Aid Programs (https://www.ohiohighered.org/sgs) • Institutional Grants (offered by the college/university)

Types of Aid Federal work study (Always check that you are interested in this program on the fafsa) It provides part-time employment while you are enrolled in school It’s available to undergraduate, graduate, and professional students with financial need It’s available to full-time or part-time students Not all colleges participate. Check with your school's financial aid office to find out if your school participates.

Types of Aid Loans Federal Stafford loans – loan amounts increase each year •Freshman Year: $3,500 Subsidized Stafford Student Loan-0% Interest while in school, 5.05% fixed after six months (graduation or dropout) $2,000 Unsubsidized Stafford Student Loan-5.05% fixed, interest starts when loan is taken out Federal Direct Loan (parent Plus loan)-7.60% interest, interest starts when loan is taken out

Types of Aid Direct Subsidized Loans (Take these loans first): available to undergraduate students with financial need. Your school determines the amount you can borrow, may not exceed your financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).

Types of Aid Direct Unsubsidized Loans (take these second): Direct Unsubsidized Loans are available to undergraduate and graduate students; no requirement to demonstrate financial need. Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive. You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.  If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). Note: If possible, pay off the interest on these loans each year, saving you and/or your student thousands of dollars over the course of the loan

Types of Aid Direct loans/parent plus loans (should be taken last): The U.S. Department of Education is your lender. You must not have an adverse credit history. The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received. Student is responsible for repayment of the loan, however, parent is the co-signer

Next Steps Ask questions: •What are your deadlines or key dates? •When will I receive notification about my Scholarships & Financial Aid? •How will I hear from you? (School email, letter by mail, both…) •Is there anything else I need to do to apply for financial aid or scholarships? •Do you offer a payment plan? If so, how does it work?

Next Steps Apply for scholarships: • local scholarships become available after the start of second semester Updated weekly on http://www.antwerpschools.org/Scholarships.aspx Visit college websites for freshmen scholarships Sign up for Ohio Alerts to get scholarship reminders Help your students meet the deadlines for applications, scholarships, housing deposits, etc. Have students take AP tests if applicable

Questions