Financial Aid Presentation Given By: Dawn Mazzola Viterbo University

Scholarships “Free” money Research! Use resources such as High School Guidance Office, Internet, etc.

Resource for students ◦ US Dept. of Education ◦ Designed by other students ◦ First-person accounts of challenges faced by students ◦ “Create their own “roadmap” to college”

FAFSA4caster Receive an early estimate of eligibility for federal student aid Increase your knowledge of the process and types of aid available

College Goal Wisconsin February 19 or 20, 2011 Volunteers from Financial Aid Offices and other financial institutions Ask questions Fill out FAFSA File FAFSA Raffle and Scholarship drawing

Wisconsin Covenant Students must confirm that they met the pledge requirements to be recognized as a Wisconsin Covenant Scholar and to receive the Wisconsin Covenant Scholars Grant For more information:

Wisconsin Covenant Important dates November/December:Lists of Wisconsin Covenant students will be provided to Primary Contacts December 1:Confirmation form will become available online and will be mailed to seniors January 1:Confirmation process begins April 1:Confirmation/FAFSA deadline April 5:Deadline for Primary Contacts to send list of confirmed/not confirmed Wisconsin Covenant students July 1:Deadline for Primary Contacts to send list of students that were confirmed, but did not graduate For more information:

Need-Based Financial Aid Process 1. Accepted for Admission 2. Complete “Free Application for Federal Student Aid (FAFSA)” ◦ ◦ 3. Promptly submit other documentation requested by the Financial Aid Office How do I apply?

Filing the FAFSA ONLINEPAPER PROCESSING TIME hours2-3 weeks ASSISTANCEMore detailed instructions and LIVE chat help Simplified instructions and must call to receive help EDITS AND ERRORS Built-in edits to prevent costly errors; skip logic No automatic edits or questioning of answers RENEWALVery simple; automatic fill- in of demographic information More complicated; must request new form and fill everything in again OPPORTUNITIESMore questions asked about possible grants/scholarships; list more schools Fewer questions about grants/scholarships; only list 4 schools DATA RETRIEVALIf taxes filed electronically, can retrieve info and populate FAFSA fields N/A- Must get data onto FAFSA by hand

Determination of Financial Need Cost of Attendance – Expected Family Contribution (EFC) = Financial Need Private CollegePublic 4-yearPublic 2-year Cost of Attendance$30,000$15,000$13,000 Family Contribution Student’s “need”$22,000$7,000$5,000 How will the amount be determined?

Expected Family Contribution (EFC) Dependent Students ◦ Student Income and Assets + Parent Income and Assets = EFC Independent Students ◦ Student/Spouse Income + Assets = EFC How is the EFC determined?

Types of Financial Aid Grants/Scholarships Student Employment Student Loans How will my “need” be met?

Other Options Federal PLUS Loan College/ University payment plan Private Educational Loans Other Loans What options are available beyond FAFSA?

FAFSA on the Web Worksheet (DRAFT) Used to gather basic information More questions will be asked when filing online compared to bare minimum on this worksheet DO NOT mail completed worksheet!

FAFSA (DRAFT) Q 1-3), 8), 24-25), 31)

FAFSA (DRAFT) Q 45-57) Determining Student Dependency Status

FAFSA (DRAFT) Parent(s) on FAFSA ◦ Married= Both parents’ information ◦ Divorced= Primary parent’s information  Primary Parent= Parent that provides more than ½ of the support for the student ◦ Remarried= Step-parent information MUST also be provided

FAFSA (DRAFT) Q72-73) Household and College students Q 79) Parent Tax Returns filing status

FAFSA (DRAFT) Q 40-42) Student Assets Q 88-90) Parent(s) Assets

FAFSA (DRAFT) Q 92) Parents’ Untaxed Income

FAFSA (DRAFT) Q 101) Indicate where FAFSA should be sent

Special Circumstances Matters beyond control not reported on FAFSA ◦ Medical Expenses ◦ Loss of income  Death  Loss of Job  Separation/Divorce ◦ Tuition  Parent  Siblings

Questions? Thank you for your time!