AN INTRODUCTION TO FINANCIAL AID Financing Your Future

Agenda What does college cost? What types of aid are available? How do I apply for financial aid? Where can I get more information?

What Does College Cost? (Annual Tuition & Fees for WI Colleges) Private Colleges: $24,273 (average Freshman package includes $13,960 in grants) UW-Madison: $9,664 State Universities: $6,930 - $8,676 Community Colleges: $4,774 - $5,154 Technical Colleges: $3,355 - $4,500

Cost of Attendance (COA) The cost of attending an institution includes more than just tuition and fees. Also included are: Room and BoardBooks and Supplies TransportationPersonal Expenses

How Will I Pay For It? Family Support  Parents: talk to your accountant, tax preparer, bank, and employer about planning for and financing college Savings  You may want to look into “EdVest”  Wisconsin’s official 529 Savings Plan  Similar to a 401K – contribute and earn through investments and receive tax benefits Financial Aid

Where Does Financial Aid Come From? Federal Government State Government Colleges and Universities Private and Public Sources

What is Financial Aid? Grants Loans Employment Opportunities (Work Study) Merit-based aid (Scholarships)  From within the college/university  From private/public sources outside the college/university

National Grants Federal Pell Grant  Need based; annual award range for a full-time student is $976-$5,350 Federal SEOG Grant  Limited funding; priority given to students with exceptional need; annual award range is $100 - $4,000 Academic Competitiveness Grant  Completed rigorous secondary curriculum; GPA requirement; freshman/sophomore award range is $750 - $1,300

State Grants WI Higher Education Grant  Need based; annual award range for a full-time student is $250-$3,000 Talent Incentive Program (TIP) Grant  Need based; $600 to $1,800 for initial awards Indian Student Assistance Grant Minority Undergraduate Retention Grant Hearing and Visually Handicapped Student Grant

Types of Loans Type of LoanInterest RateRepaymentAdditional Info. Federal Perkins Loan 5% Fixed9 months after school Federal Stafford/ Direct Loan Subsidized 4.5% fixed Unsubsidized 6.5% fixed 6 months after school Subsidized: no interest charged while in school Unsubsidized: interest accrues while in school Federal Parent PLUS Loan 7.9% - 8.5% FixedMay be deferred until 6 months after school Interest accrues while student is in school Alternative/ Private Loans Variable rateVariable repayment terms Interest accrues while student is in school There are also WI state loans for Teachers and Nurses. See for details.

Work Study Part-time student employment Earnings paid to student Work-Study earnings are not included when determining EFC on next year’s FAFSA

Scholarships Local and Non-Local available in the Guidance Office  Lists handed out to seniors periodically  Most local scholarships come out between December and March Community, church, civic, and business organizations Employers Colleges and Universities On the Internet Avoid scams – never pay a fee to apply or get info.

How Do I Apply for Financial Aid? Complete a FAFSA worksheet in December or January Get a Federal PIN so you can sign your FAFSA electronically (parents and students need one) Fill out the Free Application for Federal Student Aid (FAFSA) after January 1 st of your senior year Apply for scholarships during your junior and senior year, as well as each year of college Contact your financial aid administrator if you have special circumstances

PIN Registration

FAFSA on the Web

FAFSA on the Web Completing and processing the FAFSA are free! Never pay a fee to file the FAFSA. You can fill out the FAFSA before doing your taxes, but it’s easier to wait until your taxes are done.  If you do the FAFSA before your taxes are done, you put in estimated amounts and then amend them later after you’ve done your taxes. The deadline for priority consideration is March 1 st Contact your school’s financial aid office if you need help.

New This Year… FAFSA on the Web will now allow applicants to access their IRS tax information and have it automatically inserted into the FAFSA. The 2012 FAFSA will include a brief series of questions to determine whether you are eligible for IRS data retrieval. This system begins February 1, 2012.

Be Careful… Put your name and SSN on the FAFSA exactly how it appears on your social security card Refer to completed federal income tax return and consult instructions for proper line reference If entry is zero or none, enter O – don’t leave blank Enter school code(s) to send to

Be Careful… Student and one parent must both sign (with PIN) on dependent student’s FAFSA When asked about parent’s education level on the FAFSA, “college” is referring to a 4 year completed degree.

What Makes a Student “Independent”? At least 24 years old by December 31 st of the award year covered by the FAFSA Graduate or Professional Student Married Has legal dependents other than a spouse who receive more than one half their support from the student Is an orphan, in foster care, or ward of the court Emancipated minor or in legal guardianship as determined by a court Has been determined to be homeless by an authorized official

Expected Family Contribution (EFC) The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. You can get an estimate of your EFC using the FAFSA 4-caster tool at

Dependent Student Independent Student Parents’ income and assets Household size Number of dependents attending college Students’ income and assets Student’s (and spouse’s) income and assets Household size Number in household attending college FAFSA Data that Tends to Have the Most Impact on EFC Calculation

How Does a School Determine My Financial Aid Award? Cost of Attendance (COA) Expected Family Contribution (EFC) Eligibility for need- based financial aid

WI College Goal Sunday Get free help completing the FAFSA. Get entered to win a $1,000 scholarship! Chippewa Valley Technical College Sunday, February, 19 th at 2:00 p.m. 620 Clairemont Ave Business Education Center Eau Claire, WI Entrance by Parking Lot P1 at the front of the building, or P9 on the west side.

After completing the FAFSA… A Student Aid Report (SAR) will be generated and used by each college/university you entered on your FAFSA to generate an award letter for each school Review your SAR for accuracy The award letter states what the student qualifies for at each school Once you decide what school you’re going to, you must notify that school’s financial aid office of your intent to use those funds, and for what amount

Reciprocity Programs for WI Residents Minnesota:  All public institutions Illinois:  College of Lake County, Grayslake, IL McHenry County College, Crystal Lake, IL Rock Valley College, Rockford, IL Iowa:  Northeast Iowa Community College, Calmar and Peosta, IA Michigan:  Bay de Noc Community College, Escanaba, MI Gogebic Community College, Iron Mountain, MI

Other Resources Federal Tax Benefits for Higher Education  Deduction for Qualified Education Expenses  Employer Paid Tuition Assistance  Hope and Lifetime Learning Tax Credits  Student Loan Interest Deduction Other Government Programs  Americorps Program  Bureau of Indian Affairs Grants  Dislocated Worker Programs  ROTC Scholarships and/or Stipends  Veterans Benefits  Vocational Rehabilitation Programs

Summary of Financial Aid Timeline Complete the FAFSA on the Web Worksheet, if desired. 1 st semester of Senior year: Apply for colleges and scholarships and get your PIN 2 nd semester of Senior year: Complete FAFSA, continue applying for scholarships, select college of choice, and submit for financial aid Each year of college: apply for scholarships and submit a FAFSA each spring

Helpful Websites  Provides links to Wisconsin grants, scholarships and loans

Paula Haugle School Counselor School District of Elmwood 213 s. Scott Street Elmwood, WI (fax) Questions?