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 Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses  (or  Provides a snapshot of the students/family’s personal & financial information (marriage, number in household or college, income & assets) 2 IUPUC

  Sign FAFSA electronically  Used by students/parents throughout aid process; including subsequent school years 3 IUPUC

Free Application for Federal Student Aid (FAFSA) submitted each year. (INCLUDE ADDRESS) Processor receives FASFA via internet or mail. Student receives Student Aid Report (SAR) from the processor College/University receives student FAFSA data from the processor. Financial Aid Office requests additional information from student and/or parent(s). YES Is additional information needed? NO Requested information received from student/parent(s). Financial aid file completed and the student is awarded. 4 IUPUC

 January 1 st  FAFSA available (submitted every year) or  March 1 st  IU priority deadline (important for limited funds) (check date with the University student will attend)  March 10 th  Deadline to qualify for state aid (can still qualify for federal aid after this date)  May 15 th  All corrections/edits must be made to FAFSA (including electronic signatures) 5 IUPUC

 Social Security Administration  Selective Service  National Student Loan Data System (NSLDS)  Immigration and Naturalization Services  If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds 6 IUPUC

 Direct & Indirect costs  Direct is billed by or paid directly to college ▪ Tuition & fees ▪ On-campus housing  Indirect are necessary expenses ▪ Transportation ▪ Personal care items  Varies widely from college to college  Puts a cap on the amount of financial aid a student can receive 7 IUPUC

 Amount family can reasonably be expected to contribute towards COA  Stays same regardless of college  Calculated using data from a federal application form and a federal formula  This is NOT what a student owes the University. Is used to determine need based aid 8 IUPUC

Your financial need determines how much financial aid you may receive  Financial need is the difference between the COA and the EFC  Will vary based on the cost of different colleges Cost of Attendance – Expected Family Contribution = Financial Need 9 IUPUC

 Scholarships  Does not have to be paid back  Awarded on the basis of merit, skill or unique characteristic  Grants  Money that does not have to be paid back  Usually awarded on the basis of financial need 10 IUPUC

 Loans  Students & parents borrow to help pay for college expenses  Repayment usually begins after education is finished  Every student offered Stafford loans that complete FAFSA  Employment  Allows student to earn money to help pay educational costs ▪ Paycheck ▪ Non-monetary compensation, such as room & board 11 IUPUC

 Student Loans (any)  Minimum ½ time (6 credits for undergrad & 4 for graduate)  Pell Grant  No requirement (is pro-rated based on enrollment)  State Grant (O’Bannon, 21 st Century & National Guard Supplemental Grant)  Full time (12 credits)  Child of Disabled Veteran (CVO or CDV)  No requirement Contact the Office of Financial Aid before making any schedule adjustments!!! 12 IUPUC

 Stafford Loans (every student offered)  3.4% (subsidized loans; government pays interest until end of grace period. Sub loans determined by financial need)  6.8% (unsubsidized loans; interest starts accruing as soon as disbursed) ▪ 6 month grace period  Perkins Loans (awarded through University)  5% ▪ 9 month grace period 13 IUPUC

 Private Loans  Varies upon credit (might need co-signer)  Flexible repayment  Parent PLUS loans (if denied additional unsub loans available; ONLY for Dependent students)  7.9% ▪ 60 days after final disbursement (parent can request deferment through lender) 14 IUPUC

DepInd Fresh$5,500+$4,000 Soph$6,500+$4,000 Junior$7,500+$5,000 Senior$7,500+$5, IUPUC

 2012/2013 FOTW Worksheet  4 pages  24 questions/4 sections  Fewer questions than FAFSA on the Web  FOTW Worksheet: Section 1  General student information ▪ Make sure name & SSN are exactly as it appears on SS Card ▪ Student must meet citizenship/eligible noncitizen criteria, but does not verify the status of the parents. 16 IUPUC

 FOTW Worksheet: Section 2  Students dependency status ▪ If all “NO’ responses, student is dependent ▪ If “Yes” to any question, student is independent  FOTW Worksheet: Section 3  Information about parents of dependent students ▪ Does not include grandparents, foster parents & legal guardians (unless a legal adoption has occurred)  If parents divorced then use the parent that contributes more than 51% of the care (if that parent is remarried step-parent will also be included) 17 IUPUC

 FOTW Worksheet: Section 4  Information about student (and spouse if applicable)  Additional Information  Can list up to 10 school codes  Signatures  Required by student (and parent if dependent) 18 IUPUC

 While completing FOTW, applicant may submit real- time request to IRS for tax data  IRS will authenticate taxpayer’s identity  If match found, IRS sends real-time results to applicant in new window  Applicant chooses whether or not to transfer data to FOTW  Available late January 2012 for  Participation is voluntary  Could reduce documents requested by school 19 IUPUC - ISFAA

 Social Security Numbers  Divorced/remarried parental information  Income earned by parents/stepparents  Untaxed income  U.S. income taxes paid  Household size  Number of household members in college  Missing signature, parent and/or student IUPUC - ISFAA20

A Special Circumstances Appeal allows you to report things that cannot be reported on the FAFSA:  Change in employment status  Death or divorce  Medical bills not covered by insurance  Change in parent marital status  Unusual dependent care expenses  Student is unable to obtain parental information Ask your financial aid office for a Special Circumstances Appeal form to report this information 21 IUPUC

 After completing FAFSA student receives Student Aid Report (SAR)  3-5 days information is received by school (if student is admitted)  4-6 weeks for FAFSA to process  Financial Aid Notification (FAN) will be mailed/ ed to student  Financial aid will post at different times according to the schools policy – check with University 22 IUPUC

The confirmation number will contain the student’s randomly generated identification number. This will replace the student’s current confirmation number which is composed of their Social Security Number and first two letters of their last name. 23 IUPUC

Is available as a tool that high school juniors and seniors can use to get an early forecast of their eligibility for federal need-based aid. 24 IUPUC

For help completing the FAFSA February 12, IUPUC

Office of Financial Aid and Scholarships Jennifer Perry 26 IUPUC