1. Financial Aid 101

2. What we’re going to talk about
Financial Aid process
FAFSA introduction: Why do you need it?
FAFSA Walkthrough
Understanding Financial Aid Awards
Federal and State Financial Aid Programs

3. Things you need to complete your senior year
College applications
FAFSA
Scholarship applications

4. Why do you need to complete them?
College/ Scholarship Applications
Academic/extra-curricular credentials
FAFSA
Financial situation

5. Free Application for Federal Student Aid

6. What’s the FAFSA actually used for?
Verifies your identity to financial aid offices
Calculates an index number used to determine eligibility for federal, state, and institutional needs-based aid.

7. Estimate of Financial Aid
FAFSAForcaster (
Does not replace FAFSA;
Allows you to get early estimate of eligibility of Federal Aid
Net Price Calculator
On each institution’s website

8. When do you file the FAFSA and what income do you report?
All students who want to attend college starting in 2017 will file the FAFSA that becomes available October 1st, 2016.
Parents and students will use their 2015 tax information. If you filed taxes, you’ll be able to import your financial information from the IRS into your FAFSA.

9. Professional Judgment
Information not reported on FAFSA that is severely affecting student financial situation
Offices project and verify income based on individual circumstances
Examples include but not limited to:
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status

10. Filing the FAFSA

11. Common Errors to Avoid:
FAFSA Introduction
Common Errors to Avoid:
Accidently inputting the wrong Social Security Number (SSN)
Wrong FAFSA year

16. Federal Student Aid ID (FSAID)
Gives you access to Federal Student Aid online systems
Serves as your electronic signature
Will convert PIN numbers to an FSA-ID.
Can link your to your ID

18. Start 2016-2017 FAFSA Start 2015-2016 FAFSA
Between July 1, 2016 and June 30, 2017
Between July 1, 2015 and June 30, 2016
Start FAFSA

23. Section 3 Who is my parent for the purposes of the FAFSA?
The information of the biological or adoptive parent(s) goes on the FAFSA (no one else);
If divorced or separated, then provide information of the parent with whom you lived with most during the past 12 months
If equal, then the parent who provided more financial support during the past 12 months

24. Section 3 Who is the parent?
West Virginia Higher Education Policy Commission
Section 3 Who is the parent?
If your parents are not married, divorced, or separated but still live together, you still provide their info.
If your parents are in a same-sex marriage, regardless of where the couple now resides, you report their information.

30. What’s a cost of attendance?
It’s actually a budget, and it’ll likely include:
Tuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous personal expenses
Loan fees, study abroad costs, dependent or elder care expenses.

31. What’s an EFC?
Stands for Expected Family Contribution, and is an index number that’s calculated from the FAFSA.
The EFC is calculated using an equation based on things like:
Income
Taxes Paid
Asset Equity (excluding home equity)
Family Size
Number of Family Members in College (excludes parent enrolled in college)
Age of Parents

32. Example 17000-10000=$7,000 Cost of Attendance Amount Tuition 7500
Room (double occupancy)
5000
Meal Plan
2000
Books
1500
Transportation
500
Miscellaneous
TOTAL BUDGET
$17,000 =
7000 need
HEG
-2300
4700
Inst. Grant
-1500
3200
Subsidized loan
-3200
Final need=
Unsub Loan
Opt. 2300
P. PLUS
Opt. 7700
EFC
10,000

33. What financial aid awards look like
Financial aid offices will match your FAFSA with your college application and then craft a financial aid award package for you.
Award packages will include funds from multiple sources.
Understand the terms and conditions of each award, if applicable (ex. Pell, WVHEG, PROMISE, etc.)

34. Example Award Fall Semester Amount Spring Semester Amount Total Pell
1200
2400
Federal Work Study
1000
FSEOG
100
200
WVHEG
1300
2600
Institutional Scholarship
500
Outside Scholarship
1500
3000
Direct Sub. Loan
1750
3500
Direct Unsub. Loan
600
TOTAL:
$14,900
Additional eligibility for Parent PLUS: 4,000

35. Federal Financial Aid Programs for Undergraduates
Pell Grant- based on EFC>5234 ($590-$5815)
FSEOG Grant- based on EFC
TEACH Grant- 75th percentile ACT/SAT, 3.25 GPA
Federal Work Study- based on COA
Federal Stafford Loan (subsidized and unsub)
Federal Parent PLUS Loan

36. Stafford loans Subsidized Stafford: must demonstrate need.
Repayment begins 6 months after graduation
Interest does not accrue while in college
Unsubsidized Stafford: “need” is not a consideration
Interest does accrue while in college
Repayment does not begin until 6 months after graduation or until student drops below part-time.
Standard, Extended, Graduated, and Income-based Repay

37. WV Higher Educaiton Grant
The student must enroll full-time at an approved institution, demonstrate need (EFC below 10,000) and file the FAFSA by April 15, 2017.
Awards range from $2,700 to $2,300 depending on the EFC.
Students must have a 2.0 HS GPA to be eligible
Students must maintain 2.0 college GPA and complete 24 credits to renew it.

38. PROMISE Scholarship
Tuition and mandatory fees at any West Virginia public or private non-profit college up to $4,750
PROMISE is renewable (for up to 8 semesters for a 4 year degree or 4 semesters for a 2 year degree) as long as the student maintains a 3.0 GPA in college and completes 30 credit hours in a 12 month period.
Student may request consideration for deferment if going out of state for up to a year or if other circumstances, please contact our office

39. PROMISE Scholarship Things required before March 1st:
Application will become available October 1st to allow you to complete the FAFSA and PROMISE app at the same time
Deadline is March 1st, 2017 (for upcoming HS seniors)
Awards will be made on a rolling basis!
Initial eligibility will be based on 6th semester HS grades
Things required before March 1st:
FAFSA
PROMISE App (WVSAM)

41. PROMISE Eligibility Requirements
3.0 GPA in core GPA and overall coursework
22 on the ACT (minimum of a 20 in each of the subject areas) or
1020 on the SAT (490 verbal, 480 Math)
Writing sections NOT included
June 2017 test dates will be last test dates to gain eligibility for awardees.

42. EST and Underwood-Smith
Engineering Science and Technology:
Merit-based scholarship/forgivable loan program
3.0 GPA and be enrolled or accepted for enrollment full-time in an engineering, science or technology program (4-yr, 2-yr or certificate)
Must agree to work in EST field in WV after graduating
March 1st deadline
Underwood-Smith Teacher Scholarship
Must be enrolled as a full-time student in a course leading to a certification as a teacher at the pre-k, elementary, middle or secondary level
Maximum annual award amount is $5,000
Due to limited funding, high school applicants are usually not awarded
Can be used in conjunction with TEACH grant.

43. HEAPS and HEAPS-Workforce
Applications become available at institutions July 1st each year
HEAPS-workforce is available for Certificate or short-term training programs like certified medical training, mining, gaming, etc.
HEAPS is available to part-time students enrolled in eligible programs at participating institutions.

44. Scholarship/Savings resources
Scholarship apps
CFWV
Area Foundations
School Counselor
Spare change savings accounts

45. Contact Information
Judy Kee Smith, Statewide Coordinator
Division of Financial Aid
West Virginia Higher Education Policy Commission
1018 Kanawha Boulevard East, Suite 700, Charleston, WV 25301
(304) •