“An investment in knowledge always pays the highest return.” -Benjamin Franklin

PARTNERSHIPS

APPLICATIONS Application for Admission May double as a scholarship application Apply early for best opportunity Free Application for Federal Student Aid (FAFSA) Federal financial aid application Apply online at between January 1 and March 1 Application must be completed for each academic year Institutional Aid Application or the CSS PROFILE Check with each school for required applications

THE EFC – FROM THE FAFSA Calculated by the FAFSA Score of family’s financial strength Used to determine federal, state, and institutional aid Ranges from 0 to 999,999

COST OF ATTENDANCE (COA) Tuition and fees Cost of living in dorms Cost of meal plans on campus Allowance for books and supplies Allowance for personal expenses and a few meals out Allowance for transportation ++ Indirect costs that may not be charged by the college: + + Direct costs typically charged by the college:

FINANCIAL ELIGIBILITY Total Cost of Attendance Expected Family Contribution (EFC)* Financial Need *Note: This is not the same as the student’s bill or the amount a family will actually pay for the student to attend college

COMPARISON OF NEED High Cost SchoolLow Cost School Cost$50,000$25,000 (-) EFC$25,000 (=) Need$25,000$0 *The EFC remains the same at each school

FAMILY RESPONSIBILITY (Out of Pocket Expenses) Direct Costs Financial Aid Offered Out of Pocket Expenses

TYPES OF FINANCIAL AID Gift Assistance Institutional Gift Programs Federal Grants State Grants Self-Help Federal Loan Programs Federal Work Study

FINANCING OPTIONS College Savings Plans Payment Plans Federal Direct Parent PLUS Loans Private Education Loans

QUESTIONS FOR FAMILIES TO CONSIDER Financial aid that is offered the freshman year, will it continue into subsequent years? If a student receives a scholarship from their high school, will this impact financial aid that is currently offered? What percentage of students graduate in 4 years? Can the family sustain the educational expense for the 3, 4 or perhaps 5 additional years of school? What are the average tuition increases per year? What additional fees or charges can I expect besides tuition and housing charges?

COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

Complete the FAFSA between January 1 and March 10 of your senior year

WHAT YOU WILL NEED… Student’s driver’s license & social security card Income information for the student & parent(s) 2014 federal income tax returns 2014 W2 forms Records of untaxed income for 2014 Child support received and paid Contributions to retirement accounts

WHAT YOU WILL NEED …(CONT.) Current bank statements Records of investments Stocks Bonds Certificates of deposit Mutual funds Education savings accounts

INVESTMENTS INCLUDE… The net value of: Real estate (not the home you live in) Trust funds, UGMA & UTMA accounts (owner) Money market funds Mutual funds Certificates of deposit Stocks and stock options Bonds Other securities, etc.

INVESTMENTS ALSO INCLUDE… Qualified educational benefits or education savings accounts Coverdell savings accounts 529 college savings plans Refund value of 529 prepaid tuition plans Always report as a parent asset, even if in the student’s name.

INVESTMENTS DO NOT INCLUDE… The value of: The home you live in Life insurance policies Balance of Retirement plans 401(K), non-education IRAs, Keogh, pension plans, annuities, etc. Family farm you live on and operate Small business you and your family own and control more than 50 percent with 100 or fewer full-time or full-time equivalent employees

WHO IS CONSIDERED A PARENT? Legal Parents – biological and adoptive If your legal parents are living together (whether married, unmarried, divorced, or separated), answer the questions about them. If your parent was never married or is widowed and does not live with your other legal parent, answer the questions about that parent. If your parents have divorced or separated, answer questions about the parent you lived with most in the past 12 months.

IS A STUDENT INDEPENDENT? A student is only classified as independent if they can answer YES to one of the following questions Is the student born before January 1, 1992 (24 years old)? Is the student married? Is the studentserving on active duty for purposes other than training? Does the student have children that will receive more than ½ of their support from them? Is the student a veteran? At any time since the student turned 13 were both of their parents deceased, was the student in foster care or a ward of the court?

FAFSA – Login

FAFSA – Start

FAFSA – Create a password

FAFSA – Introduction Page

FAFSA – Student Demographic Information Name, SSN, and Birthday MUST be correct Highly recommend providing

FAFSA – Student Eligibility MUST be U.S. citizen or eligible non-citizen Males MUST register with Selective Service

FAFSA – Student Eligibility continued High school information entered will be matched Select correct match

FAFSA – School Selection Search by school name or code May add up to 10 schools

Can change the order of the schools listed on the FAFSA FAFSA – School Selection Summary

FAFSA – Dependency Determination Must answer “yes” to one of the questions to be considered independent on the FAFSA

FAFSA – Dependency Status Results Will provide parental information

FAFSA – Parent Demographics Information Parents’ SSN, name, birthday Household Size and number in college. Do NOT include parents as college students

FAFSA – Parent Tax Information Already completed Will file Not going to file

FAFSA – Parent Tax Information Use the IRS Data Retrieval Tool whenever possible Available approximately 2-3 weeks after electronic filing All answers must be “No” to use retrieval tool

FAFSA – Parent Financial Information IRS information will populate Manually enter income if not eligible for IDR “Help and Hints” will tell you what line to use Estimate information if you have not filed taxes yet

FAFSA – Parent Financial Information continued Report any additional financial information and untaxed income Review W2 box 12 for retirement contributions

FAFSA – Parent Financial Information continued Report assets at the bottom: Cash, savings, checking Investments Business and farm value Always report net worth

FAFSA – Student Tax Information Already completed Will file Not going to file

FAFSA – Student Financial Information Already completed Will file Not going to file If not filing, the student still has to report any wages

FAFSA – Student Financial Information continued Student will report any untaxed income and assets just like parent

FAFSA – Sign & Submit Student signs first PIN is the fastest and recommended method Can Apply For A Pin on this page if needed

FAFSA – Sign & Submit Parent signs also Be sure to Submit My FAFSA Now May be a password for

FAFSA – Confirmation Don’t forget to click “SUBMIT” A “SAVED” application will not be processed Print a copy of the confirmation page The EFC is calculated immediately and printed on the confirmation page

ADDITIONAL INFORMATION Special Circumstances If the FAFSA does not reflect your current financial situation, contact the financial aid office at each school. Indiana Residents MUST file by March 10 For consideration of state aid FAFSA Help Federal Student Aid provides free help online at and FED-AID Contact the financial aid office where you are applying

FINANCIAL AID REFERENCES College Board - Financial aid information - The internet’s largest free scholarship search - FAFSA on the Web - U.S. Department of Education–