Presentation Overview Philosophy Resources Application Process Awarding Process Determination of Need Types of Financial Aid Timeline Review Upcoming Events

Philosophy Financial aid is available to all families regardless of family income or college costs It is the primary responsibility of the family to pay the educational costs to the extent they are able.

Resources High school guidance offices Websites College financial aid brochures and college websites

APPLICATION PROCESS

U.S. Department of Education PIN Personal Identification Number (PIN) You must apply for PIN Both parent and student need to apply for a PIN to sign the FAFSA PIN allows for electronic signature of Master Promissory Notes Using the PIN allows you to submit online correction records (this year) and a FAFSA renewal (next year)

How to Request Your PIN

How to Request Your PIN DO NOT CREATE YOUR OWN PIN. Allow PIN to be generated automatically.

How to Request Your PIN

Completing the FAFSA F ree A pplication for F ederal S tudent A id

FAFSA on the Web

Records You Will Need 2012 U.S. income tax returns 2012 W-2 forms Student’s Social Security number Parents’ Social Security numbers and dates of birth Sources of untaxed income Bank statements Stocks, bonds, etc. Business and farm records - OR -

Completing the FAFSA IRS Data Retrieval Tool

Completing the FAFSA IRS Data Retrieval Tool 2 weeks after filing electronic tax return 8 weeks after filing a paper tax return Cannot use if married filing separately Will transfer information only from an original tax return, not an amended income tax return Home address listed on the FAFSA must match the home address on the tax return

Completing the FAFSA IRS Data Retrieval Tool

Completing the FAFSA Submit the FAFSA as soon as possible after January 1 Be aware of your school’s priority processing deadline to ensure maximum consideration for institutional aid

Change of Circumstances If you experience a loss of income due to: Unemployment Separation, divorce or death of spouse/parent Loss of untaxed income (i.e. child support) If you have expenses related to: Parent in college Excessive medical or dental expenses Elementary or secondary tuition expenses for children other than the student who is attending college Contact your college or university to discuss your situation.

AWARDING PROCESS

FAFSA Processing Results Online Filing Student will be able to view their electronic Student Aid Report (eSAR) Student Aid Report

Awarding Process U.S. Department of Education FAFSA Processing Financial Aid Office College receives electronic version of the Student Aid Report (SAR). College runs information through awarding program. College mails or s award letter; subsequent changes notified via .

DETERMINATION OF NEED

Defining Financial Need Cost of Attendance (COA) Tuition and Fees Books Room and Board Transportation Personal Expenses Expected Family Contribution (EFC) A measure of the family’s capacity over time to absorb the educational costs.

Expected Family Contribution EFCEFC PARENTS’ CONTRIBUTION CONTRIBUTION STUDENT’S CONTRIBUTION CONTRIBUTION AVAILABLEINCOMEAVAILABLEINCOMEASSETSASSETSAVAILABLEINCOMEAVAILABLEINCOMEASSETSASSETS

Need Varies Based on Cost Cost of Attendance Expected Family Contribution Need = (variable) (constant) (variable) Private Public Community College Private Public Community College EFC - $ $ $ $ $ $ EFC

TYPES OF FINANCIAL AID

Defining Financial Aid Scholarships Grants Loans Student Employment

Types of Financial Aid Gift Aid Grants and Scholarships Self-Help Aid Loans and Work-Study

Federal Grant Programs Federal Pell Grant Awarded to undergraduate students pursuing first bachelor’s degree EFC between Award amount based on EFC and enrollment status Maximum award for year: $5,550

Federal Grant Programs Federal Supplemental Educational Opportunity Grant (SEOG) Amount varies Based on need and availability of funds Campus-based aid - apply early!

Federal Grant Programs Federal Education Assistance for College & Education Grant Program (TEACH) Minimum GPA of 3.25 on a 4.0 scale Award up to $4,000 per year - must declare an education major Must teach in a high-need field in a school serving low-income students Must teach for four academic years within eight calendar years of completing program Failure to complete program causes grant to convert to an unsubsidized Stafford Loan

State Grant Programs Ohio College Opportunity Grant (OCOG) Eligibility based on EFC from FAFSA Deadline is Oct. 1 each year Award amount based on enrollment status Award amount varies

Scholarships Community Scholarships Business, industry and civic organizations Parents’ employers Faith-based organizations Online scholarship searches Start searching early! Timing is everything!

Scholarships University or College Scholarships Admissions Office Financial Aid Office Academic Departments Online Scholarship Searches

Scholarship Scams Warning Signs The scholarship’s guaranteed or your money back You can’t get this information anywhere else I just need your credit card or bank account number to hold this scholarship We’ll do all the work The scholarship will cost some money You’ve been selected by a ‘national foundation’ to receive a scholarship or ‘You’re a finalist’ in a contest you never entered To file a complaint, call FTC-HELP or visit

Student Loans Federal William D. Ford Direct Stafford Loan Subsidized or Unsubsidized Repayment begins 6 months after graduation or if student drops below half-time enrollment

Student Loans Subsidized Student Loan - must demonstrate need - fixed interest rate 3.4% ( ) Unsubsidized Student Loan - financial need is not a consideration - fixed interest rate 6.8% $5,500 – freshman $6,500 – sophomore $7,500 – junior $7,500 – senior

Student Loans Federal Perkins Loan Federal Nursing Loan 5% fixed interest rate Repayment begins 9 months after graduation Some repayment/cancellation incentives Campus-based aid – apply early!

Parent Loans Federal William D. Ford Direct PLUS Loan Loan in parent’s name Credit approval required Fixed interest rate - Current rate is 7.9% Borrowed amounts vary (COA minus other aid) Parent can request deferment while student is enrolled at least half time If denied for credit reasons, student is eligible for limited unsubsidized funds

Private Loans Canton Student Loan Foundation Available to graduates of Stark County high schools

Alternative Loans Student applies for loan from a private lender May need co-signer Interest rate is variable Repayment generally begins 6 months after graduation Maximum amount is COA minus all other aid

Federal Work-Study Work-Study Student Employment Eligibility determined by FAFSA Not applied directly to student’s bill Limited funding source – apply early! Campus-based aid University Funded Student Employment Available to all students

Financial Aid Timeline File FAFSA January - February Review award letters and s March - April Comply with information requests April - June Comply with tuition deadlines! July - August

Review Request PINs (both student and parent) Complete the FAFSA Review your Student Aid Report (eSAR) for accuracy Contact your institution about the awarding process Check for award changes throughout the year Review your costs and how financial need is calculated Determine how you are going to cover any costs not covered by financial aid

Upcoming Events College Goal Sunday Sunday, Feb. 10 at 2 p.m. at various locations throughout Ohio Financial Aid Information Session & Online FAFSA Filing Workshop Saturday, Feb. 9 at 9 a.m. Kent State Stark Campus Preview Saturday, March 9 at 10 a.m. Kent State Stark Stark County Spring College Fair Tuesday, March 12 at 6 p.m. Kent State Stark

Financial Aid Staff Gail Pukys Kurt Drotleff Monica Conley Anne Fritz Walk-In Hours Monday - Thursday 8 a.m. - 6:30 p.m. Friday 8 a.m. - 4:30 p.m.