Student Financial Aid Kent State University 103 Schwartz Center

Overview Philosophy Application Process Types of Financial Aid Determination of Financial Need Examples of Awarding Upcoming events

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

Application Process Apply Both parent and student Does not need to be renewed

Application Process

Application Process The FAFSA will use 2012 W2 and federal tax information You do not need a completed tax return in order to complete the FAFSA Submit the Free Application for Federal Student Aid (FAFSA) as soon after January 1 st as possible Complete FAFSA every year Priority deadline for Kent State University is March 1 to ensure maximum consideration for institutional aid

FAFSA on the Web Worksheet The FAFSA on the Web Worksheet presents the questions in the same order as they are presented within FAFSA on the Web 4 sections of questions

Avoid Errors!! Read instructions and complete all forms carefully Errors on the FAFSA or supplemental forms may DELAY application processing and result in LOSS of financial aid funds

Section 1 – Student Information

Section 1 – Student Information

Section 2 – Student Dependency Status

Section 3 – Parent Information

Section 3 – Parent Information (Income)

Section 3 – Parent Information

529 College Savings Plans and Prepaid Tuition Plans  Treated same as mutual funds, CD’s and other investments  If the student is dependent (for financial aid purposes) the 529 Plan is a parent asset

Section 4 – Student Income Information

Section 4 – Student Income Information

Reminder…. FAFSA on the Web Worksheet is a guide to completing the FAFSA online

Frequent FAFSA errors Divorced/remarried parental information Income earned by parents / stepparents Untaxed income US income taxes paid Household size Social Security numbers / dates of birth Number of household members in college Real estate and investment net worth

Application Process Avoid being charged a fee to file the FAFSA! Completing and processing the FAFSA is FREE! If filing FAFSA on the Web, make sure you go directly to Contact the financial aid office if you need help completing the FAFSA

FAFSA filing FAFSA submitted online 2-3 weeks processing time until awarding

FAFSA filing Student receives eSAR

Student Aid Report Summarizes the information you submitted on your FAFSA Gives you the application status Expected Family Contribution (EFC) ed to student NOTE: A paper SAR is mailed only to students without or DOB, SS # or FIRST and LAST name errors

FAFSA filing Student receives eSAR Colleges receive electric version of SAR

Awarding Process College receives electronic version of SAR College runs information through the awarding program KSU College mails out the initial award letter

Types of Financial Aid Gift Aid –Grants –Scholarships Self Help Aid –Loans –Work

Types of Financial Aid Gift Aid: Grants Pell Grant Awarded to undergraduate students pursuing first bachelor’s degree EFC between Award amount based on EFC and enrollment status Maximum award $5,550* *Amounts based on

Types of Financial Aid Gift Aid: Grants Federal Supplemental Educational Opportunity Grant (FSEOG) EFC = 0 Limited funding Award amount $ $2000* *Amounts based on

Types of Financial Aid Gift Aid: Grants Teacher Education Assistance for College and Higher Education Grant Program (TEACH) Must agree to teach in high-need subject in designated schools that serve low-income students. Must meet academic qualifications. (GPA or test scores) Grant converts to unsubsidized loan if teaching obligation is not complete Up to maximum of $4,000 per year

Types of Financial Aid Gift Aid: Grants Ohio College Opportunity Grant Eligibility based on EFC Award amount based on enrollment status Award amount $214-$856* Kent campus enrollment *Amounts based on

Types of Financial Aid Gift Aid: Scholarships Start Searching EARLY! Timing is Everything! Business and Industry Faith Based Organizations Parents’ Employment Local Library Resources

Types of Financial Aid Gift Aid: Scholarships KSU Scholarship Priority Dates: New Freshmen Scholarships: January 15 Continuing/Transfer Scholarships: February 15 Departmental Scholarships: Varies

Types of Financial Aid Freshman Scholarships Apply for Admission Accepted by January 15 No additional application required!

Types of Financial Aid Gift Aid: Scholarships Scholarship Search Qualifier –Department scholarships –Additional scholarship opportunities

Self-Help Aid: Work Federal Work Study Campus Based Aid Student can work part time while enrolled in school Award maximum Freshman $2000 for year NOT applied to the students bill Hired to work hourly and paid at least once a month Earnings cannot exceed the awarded amount University Funded Work Available to students not awarded work study Types of Financial Aid

Self-Help Aid: Loans Federal Perkins and Nursing Loans Campus Based Aid Repayment begins 9 months after graduation or dropping below halftime status Fixed interest rate of 5% Award amount $ $2000 Nursing loan available to students admitted to the Nursing Program *Amounts based on

Types of Financial Aid Self-Help Aid: Loans Direct Stafford Loans Subsidized (3.4%) and Unsubsidized (6.8%)* Student enrolled at least half time Repayment begins 6 months after graduation or dropping below halftime status Fixed interest rate *Loans disbursed after 7/1/12

Types of Financial Aid Self-Help Aid: Loans Direct Stafford Loans Freshman (0-29 credit hours) $5500 Sophomores (30-59 credit hours) $6500 Juniors (60-89 credit hours) $7500 Seniors (90 + credit hours) $7500

Types of Financial Aid Self Help Aid: Loans Parent PLUS Loan Parent of dependent undergraduate student Student enrolled at least half time Credit based* Fixed interest rate 7.9 % Repayment begins while the student is in school but may be deferred *If denied for credit reasons student is eligible for limited unsubsidized funds

Types of Financial Aid Self Help Aid: 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

Determination of Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

Cost of Attendance (Budget) Kent Campus Commuter Kent Campus Out of State Regional Campus Tuition*9,672 17,6325,472 Room and Board*9,1784,2609,1784,260 Books1,420 Transportation2,0003,0182,0002,698 Miscellaneous & Personal 2,670 2,550 Loan fees40 Total$24,980$21,080$32,940$16,440 * Direct costs are based on

Determination of Financial Need Expected Family Contribution (EFC) The number used to determine the eligibility for various types of financial aid.

Determination of Financial Need This number is based on results from the FAFSA The EFC is reported to you on your SAR

Awarding Process High Need Student Cost of Attendance $24,140 -EFC- 400 = Financial Need$23,740 Pell Grant$5,100 Direct Loan 5,500 *Perkins Loan 2,000 *FWS 2,000 Total Financial Aid$14,600

Awarding Process High Need continued Cost of Attendance $24,140 -Financial Aid - 14,600 PLUS/Alternative Loan Eligibility $9,540

Awarding Process Low Need Student Cost of Attendance$24,140 - EFC -12,700 = Financial Need$11,440 Scholarship $4,000 Direct Loan 5,500 Total Financial Aid $9,500

Awarding Process Low Need continued Cost of Attendance$24,140 -Financial Aid - 9,500 PLUS/Alternative Loan Eligibility $14,640

Review Apply for admission Apply for PIN numbers Complete the FAFSA as soon as possible after January 1 st Investigate other sources of aid

Student Financial Aid Workshops Admitted students will be invited January 2013 Kent Campus College Goal Sunday February 10,

Contact Information Kent State University Student Financial Aid Office 103 Schwartz Center Kent, OH