1. Ohio Wesleyan University
Rutherford B. Hayes High School
Financial Aid Presentation

2. Contact Us for Help
Your best source for FREE financial aid information and assistance
Assist students with the application process.
Determine eligibility for financial aid.
Provide a balance of free aid, employment and student loans.
Notify students of their awards.
Develop a working relationship with students and their families. lk

3. The Financial Aid Process
Anticipate Great Things:
Receive Merit Scholarship Letters
Weigh Your Options:
Review your comprehensive Financial Aid Award Notices
Make Your Decision:
Submit your Enrollment Deposit
Finish the Race Early:
Complete any required financial aid forms over the summer
First Things First:
Apply for admission
Leave No Stone Unturned:
Research and apply for private scholarships
Apply for Financial Aid:
File the FAFSA:
and the CSS Financial Aid/PROFILE (if needed) lk

4. Applying for Financial Aid
Most colleges use the Free Application for Federal Student Aid (FAFSA) as an application for most financial aid programs.
The FASFA can be completed after October 1st, 2016.
Note this is new. In years past, the FAFSA was enabled in January.
You and a parent must have a FSA ID to sign the application.
To receive full consideration for all institutional and federal financial aid programs at Ohio Wesleyan University, the FAFSA should be submitted in December. Other colleges or universities may have different deadlines.
Many colleges also require an institutional aid application or the CSS/Financial Aid PROFILE. lk

5. FAFSA on the Web fafsa.ed.gov
Benefits to completing the FAFSA online:
Built-in edits to prevent costly errors
Skip logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) data retrieval
The Early FAFSA requires applicants to use the 2015 tax information. (“Prior Prior Year”)
More timely submission of original application and any necessary corrections
More detailed instructions and “help” for common questions
Ability to check application status on- line
Simplified application process in the future

6. Early FAFSA – Simplified?

7. Why Complete the FAFSA?
Many colleges require it for any non-merit aid consideration and some require it for all financial aid.
You will need to complete it for any Federal Direct Student Loans and the Federal Direct Parent PLUS Loan.
It may help if
your family has more than one student in college.
your parents are divorced.
your financial situation changes.

8. Special Circumstances
Many times students and parents can appeal to have their EFC
decreased, COA increased, or for additional institutional aid if
they have valid, documented circumstances.
- Job loss or reduction in pay
- Excessive medical expenses paid
- One time rollover or capital gain
- Private elementary or high school costs paid
- Loss of income sources
- Many others…
Please note that consumer related expenses do not apply lk

9. Tips for Completing the FAFSA
Apply Early: October 1st is when the Department of Education opens the processing year.
Use the IRS Data retrieval process
Remember the FAFSA uses 2015 taxes!
Complete All Items: Indicate (0) zero for items that do not pertain to you.
Divorced Parents: Use parent with whom the student lived most in during the previous year. If remarried, household income includes the step parent.
Claimed on taxes, does not matter
Do not include ex-spouses income
Untaxed Income: For Pre-taxed 401K and IRA withholdings, report only the amount saved in 2015.
Investment Income: Report current value minus debt only.
Sign the FAFSA Electronically: Use your FSA ID. lk

10. Frequent FAFSA Errors Social Security Numbers FSA ID
Having a parent set this up for the student
Forgetting your password
Entering a bad address
Divorced/remarried parental information
Income earned by stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth lk

11. FAFSA on the Web Worksheet
Useful guide to help prepare and then complete the FAFSA.
Note this is 16-17, the will be published at the end of October.
Available to download at

12. CSS/Financial Aid PROFILE profileonline.collegeboard.com
Colleges use the PROFILE to determine eligibility for institutional aid.
The PROFILE asks for the same information requested on the FAFSA, plus additional information.
There is a cost for completing the PROFILE.
$25 for the 1st school
$16 add on for each additional school
The PROFILE can be completed starting October 1st each year.

13. How Eligibility for Financial Aid is Determined
Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). This measurement of the family’s financial strength is comprised from many components including number of family members in household and college, age of oldest parent, and income and assets. Colleges use the EFC and other factors to determine need for aid.
Determination of Need:
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need

14. TYPES OF FINANCIAL AID Financial aid is offered in the form of
scholarships, grants, loans, and student
employment programs.
Scholarships & Grants are free dollars.
Student Loans have to be paid back either
during or after enrollment ends.
Student Employment programs allow students
to earn wages during college. lk

15. Merit-based Scholarships
Rewarding academic and talent-based achievement with non-need-based scholarship programs.
Academic-based
Talent-based (i.e. music, theater, art)
Departmental Awards
Athletic
OWU does not offer Athletic Scholarships
Usually requires students to be admitted
Merit scholarships vary per college
Scholarships are usually renewable each year
A competition may be required lk

16. GRANT PROGRAMS Institutional Grants State Financial Aid Federal Grants
- Usually based on need, but may be offered to lower need students.
- Priority FAFSA date is usually required.
State Financial Aid
- Usually based on need and may require the FAFSA.
Federal Grants
- Pell Grant
- Supplemental Educational Opportunity Grant (SEOG)
Private Grants lk

17. STUDENT EMPLOYMENT
Federal Work-Study (FWS) provides part-time jobs for students demonstrating financial need. This program allows students to earn money to help pay education expenses. The program encourages community service work and work related to students’ discipline. The FAFSA is required for this program. Institutional Student Employment is usually available for students who do not qualify for the federal work study program. This program is usually earned and used in the same way as federal program. Colleges must use portion of FWS funds for community service activities. Students generally use money earned to help pay for their personal expenses. lk

18. FEDERAL STUDENT LOANS
Federal student loans are low-interest aid programs for students and parents. The FAFSA is required for these loans.
Subsidized Direct Loans are need-based loans where the interest is paid while students are attending and during their grace period. The annual amount for first-time freshmen is $3,500.
Unsubsidized Direct Loans are non-need-based loans and the interest is not paid for students. The annual amount for first-time freshmen is $2,000.
Parent PLUS loans are borrowed by parents of dependent undergraduate students. Complete the application MPN after June 1, 2017.

19. Private Resources
Private Grants and Scholarships are offered by various
organizations, businesses and foundations:
- Students must apply separately for each program
- Students compete locally, regionally and nationally
- Apply, Apply, Apply!
Private student loans from commercial lenders:
- Variable application process and procedures
- Various criteria and requirements
- Various terms and conditions
- Usually requires a co-signer (e.g. parent) lk

20. Other Ways to Pay for College
Consider Tuition Payment Plans
Utilize investment income and/or home equity
Select your college dorm and meal plan carefully
Budget your money and reduce your expenses
Work and save your earning during the summer
Buy used text books and books on line
Ask family members for assistance lk

21. Net Price Calculator (NPC)
All Title IV institutions enrolling full-time, first-time degree or certificate seeking undergraduate students are required to have an NPC posted on their website.
Using both student-entered and institution-provided data, the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula:
Schools may use Department of Education’s NPC template, create their own NPC, or develop one from a third party.
Formula
Price of Attendance
- Grant Aid
Net Price

22. FAFSA Help
Receive assistance with completing the FAFSA form from financial aid professionals.
Various locations listed throughout Ohio
Register online:

23. lk

24. Sample Schedule lk

25. Questions Kevin Paskvan Leann Kendzerski Director of Financial Aid
Leann Kendzerski
Assoc. Director of Financial Aid