Counselor & Mentor Financial Aid Train-the-Trainer Session Federal Student Aid Counselor & Mentor Financial Aid Train-the-Trainer Session

Richard Blasen Awareness & Outreach – West Coast Regional Team Dr. James Copeland Awareness & Outreach – West Coast Regional Team

Today’s Topics Financial Aid Basics Federal Student Aid Programs Tools & Resources FAFSA walkthrough

Myths About Financial Aid “…only students with good grades get financial aid.” Reality: High school diploma, GED and home schooling certificate... … more scholarship opportunities available…

Myths About Financial Aid “ We make too much money, therefore we’re not getting anything” Reality: Your income is only one item that is looked at regarding your eligibility for aid.

Where Does Aid Come From? Federal Government State Government Schools Private

Gift Aid - Need or Merit based: Self-Help Aid: Types of Financial Aid Gift Aid - Need or Merit based: Grants and Scholarships Self-Help Aid: Work Study - Employment opportunities Loans

Federal Financial Aid Programs Federal Grants Federal Work-Study Federal Student Loans There is more than $150 billion available in federal aid to help students pay for postsecondary education

Gift Aid - Federal Grant Programs Federal Pell Grant Program – $5,730 Iraq and Afghanistan Service Grant - $5,311 Teacher Education Assistance for College and Higher Education (TEACH) Grant - $4000 Federal Supplemental Educational Opportunity Grant, or FSEOG - $4000

Federal Loan Programs Considerations: Know: Subsidized vs. Unsubsidized Interest rate Grace period Death or Permanent Disability Know: Default – 1st Borrowers REQUIRED to Entrance Counseling Deferment & Forbearance Loan Repayment Plans Public Service Loan Forgiveness (PSLF) Program Teacher Loan Forgiveness

Federal Loan Programs Interest Rate Repayment Additional Info   Interest Rate Repayment Additional Info Federal Perkins Loan 5% Fixed 9 months after school Federal Stafford/ Direct Loan Subsidized 4.66% Fixed Unsubsidized 4.66% Fixed 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Direct PLUS Loans Parents & Graduate or Professional Student 6.41% Fixed May be deferred until 6 months student drop ½ time or 60 days after loan is fully disbursed Interest accrues while student is in school

FAFSA.GOV Must file every year Can file Jan. 1st of senior year PIN (Parent/Student) Check with college to determine if additional applications need to be completed. I.E. CSS Profile application

FAFSA.GOV Homepage

Enhanced IRS DRT Questions The format of the IRS Data Retrieval Tool filtering question will be enhanced Question labels will be improved for clarity

IRS Data Retrieval Tool

Federal Student Aid Information Center Contact Us Monday through Friday: 8 a.m. - 10:00 p.m. ET Not available on federal holidays. Live help Toll-free number E-mail.

Detailed College Info and Comparison College’s website School type Tuition and fees Net price average Graduation rates Retention rates Transfer rates

Basic Eligibility Requirements Students must be: U.S. citizen or eligible non-citizen Registered with Selective Service (Males) (18-25) Social Security Number (with limited exceptions) High school diploma, home schooling certificate or GED No drug related convictions while receiving Aid Matriculated – enrolled in an eligible program Maintain ‘Satisfactory Academic Progress’ Not in Default or Overpayment Status

Dependency Status 24 years or older Married If any of the following criteria applies, the student is considered independent: 24 years or older Married Master’s or Doctorate Program Children and you provide more than ½ support In foster care since turning 13, or ward of the court Emancipated minor or was in legal guardianship Homeless Serving Active Duty in U.S. Armed Force

Which Parent(s) fill out FAFSA? If your parents are living and legally married to each other, answer questions about both of them. If your parents are living together and are not married, answer questions about both of them. If your parent is widowed or was never married, answer questions about that parent. If your parents are divorced or separated and don’t live together, answer the questions about the parent with whom you lived more during the past 12 months. If you lived the same amount of time with each parent, give answers about the parent who provided more financial support during the past 12 months. If your parents are divorced but live together, you’ll indicate their marital status as “Unmarried and both parents living together,” and you’ll answer the questions about both of them. If your parents are separated but live together, you’ll indicate their marital status as “Married or remarried,” and you’ll answer the questions about both of them. If you have a stepparent who is married to the legal parent whose information you’re reporting, you must provide information about that stepparent as well. The following people are not your parents unless they have adopted you: grandparents, foster parents, legal guardians, older brothers or sisters, and uncles or aunts.

Cost of Attendance - (COA) COA includes: Tuition and fees Room and board (Meals) Books and supplies, equipment, transportation & personal expenses Dependent or elder care expenses Expenses associated with a disability

Expected Family Contribution - EFC Calculation that uses a federal form and formula Indicates the family’s financial strength EFC the same regardless of college the student attends

Expected Family Contribution - EFC Factors: # of Family Members going to college Household size Current Earnings & Family Savings Information provided on FAFSA Age of your oldest parent The lower your EFC, more financial aid eligible to receive

College Costs & Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

How Much Aid will I Receive? Financial Need = $13,000 Federal Grants $5,000 State Grants $2,000 Scholarships $2,000 Institutional Grant $2,000 Loans $2,000 - Unmet need TOTAL = $13,000

Expected Family Contribution (EFC)

Unusual Circumstances Professional Judgment Personal injury Death Job loss High medical expenses Case-by-case basis Document

What To Expect After Applying High Level Overview Student reviews award package; compares to other award letters; student determines which college to attend College reviews info and assembles award package for the student Student completes the FAFSA and signs with FSA PIN FAFSA is processed by FSA; Student receives a SAR; College receives information if listed on the FAFSA Remember, that undocumented students can complete the FAFSA too. Private schools and some states can award aid, but this student doesn’t qualify for FSA. Examples of eligible noncitizens – a permanent U.S. resident with a Permanent Resident Card (I-551); (2) a conditional permanent resident (I-551C); or (3) the holder of an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” “Asylum Granted,” “Parolee” (I-94 confirms that you were paroled for a minimum of one year and status has not expired), “Victim of human trafficking,” T-Visa holder (T-1, T-2, T-3, etc.), or “Cuban-Haitian Entrant.” . If you are neither a citizen nor an eligible noncitizen, you are not eligible for federal student aid. However, you should still complete the application, because you may be eligible for state or college aid. Required Financial Information: Assets Taxable Income Child Support, FARM, TANF Food Stamps Alimony, Pensions NOT REQUIRED: Mortgage 401K Plan

QUESTIONS?

Federal Student Aid Tools & Resources

Repayment Estimator

Repayment Estimator

FAFSA4caster.ed.gov

FAFSA Completion by High School www.federalstudentaid.ed.gov/datacenter/fafsahs

Ordering Publications Order publications from FSA Pubs: www.FSAPubs.gov

YouTube www.youtube.com/FederalStudentAid

YouTube Playlists

Embed Videos into Your Website Instructions: Go to YouTube.com/ FederalStudentAid Select the video you’d like to embed Click “Share” which will show you a new menu Click the “Embed” option to receive the code Copy and paste code to your site  

facebook.com/FederalStudentAid

Twitter Homepage @FAFSA

@FAFSA Twitter Office Hours

Storify www.storify.com/FAFSA All the Q&As from each #AskFAFSA Office Hours are captured in Storify. This is a good resource for content.

Infographics

StudentAid.gov

StudentAid.gov/resources

StudentLoans.gov

NSLDS.ed.gov

FinancialAidToolkit.ed.gov

College Scorecard

College Navigator

FSAconferences.ed.gov

Fundamentals of FSA Administration

QUESTIONS?