1. Financial aid for college
Presented by Elizabeth LeMaster
Student Financial Aid and Scholarships
Bowling Green State University

2. Tonight’s topics
How to Apply
Types of Aid
Financial Aid Process

3. Philosophy of Financial Aid
Primary responsibility of family to pay the educational costs to the extent they are able.
Student
Parents
Financial Aid provides access regardless of family income or college costs.

4. How to Apply Some standard applications are: 1. Admission Application
Different schools require different applications, check with the Financial Aid Office and Admissions Office at each school.
Some standard applications are:
1. Admission Application
2. Free Application for Federal Student Aid (FAFSA)
3. Other Institutional Application forms (if required)
4. Applications for scholarships

5. Applying for aid FAFSA is federal form www.fafsa.gov
File a new application every year
Apply early to meet priority deadlines
Available October 1st
Institutional and private aid procedures vary
Additional forms required by the school
Each student will file their own FAFSA

6. FAFSA (Free Application for Federal Student Aid)
Available October 1, 2017 for year
Based on 2016 Federal taxes
Current household information and asset values as of filing date
Apply on-line at
FAFSA is FREE!

7. FSA User ID Used to sign the FAFSA electronically
5/2/2018
FSA User ID
Used to sign the FAFSA electronically
Log in for any Department of Education website
Student and Parent will need separate FSA IDs
Apply online at
One FSA ID per address per SSN

8. Independent or Dependent?
Born before 1/1/1995
Married
Working on Master’s or Doctorate program
Serving active duty in US Armed Forces (not for training)
Veteran of US Armed Forces
Provides over 50% support for child
Provides over 50% for other dependent that lives with student

9. Independent or Dependent?
At age 13 or older, both parents were deceased, were in foster care, or dependent/ward of court
Emancipated minor as determined by court
In legal guardianship as determined by court
On or after 7/1/2017, determined to be an unaccompanied youth who was homeless or at risk of being homeless
To at least one dependency question = Independent, provide information about Student and Spouse (if married)
To all dependency questions = Dependent, must provide information about Student and Parent information

10. “Parent” definitions Student’s legal parents
Same sex and live in same house = both income info
Different sex and live in same house = both income info
Separated/Divorced
Parent student lived with most in last 12 months (if student lived equally with both, report info for parent who provided more financial support)
Include step-parent info if parent is remarried as of day FAFSA is completed

11. “Parent” definitions

12. Using IRS Data Retrieval
5/2/2018
Using IRS Data Retrieval

13. Signing the FAFSA
XXX-XX-1234
FALCON
01/16/1950

14. After the FAFSA is submitted
The student receives notification from FAFSA and is issued a summary of the FAFSA called a Student Aid Report (SAR)
The Student Aid Report includes the calculated Expected Family Contribution (EFC)
Student will receive Award Letters
Compare offers:
Amount of aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans
CollegeBoard Net Price Calculator Worksheet

15. Understanding “Need”

16. Understanding “Need”
Expected Family Contribution (EFC) • From FAFSA • Income • Assets • Household members • Considers allowances

17. Understanding “Need”

18. Where does aid come from?
Federal programs
State programs
College (institutional)
Private organizations

19. Financial Aid Package Grants – need based aid without repayment
Work – Earned aid through employment
Loans – Borrowed monies repaid usually after graduation
Scholarships – Funds awarded based on specific characteristics

20. Primary Grants Supplemental Educational Opportunity Grant (SEOG)
Federal Pell Grant academic year
Award amount: up to $5,920
Supplemental Educational Opportunity Grant (SEOG)
Award ranges between $100-$4000
Ohio College Opportunity Grant – academic year
$1,536 for students at most public university main campuses
Institution specific

21. Federal Work-Study (FWS)
Employment may be on or off campus
Receive paycheck, does not reduce bill owed to college
Not counted as income on FAFSA next year
Each school own priority deadline

22. Primary Loans Federal Direct Loans Federal PLUS Loans
Alternative/Private Loans Always borrow conservatively!

23. Federal Direct Loans Interest Rates 4.45% in 2017-18 aid year
6 month grace period before repayment
Direct Subsidized Loan – No interest accrues while in school
Direct Unsubsidized Loan – Student pays interest while in school or allows it to accrue
Interest Rates
4.45% in aid year
Will change July 1st, based on Treasury Bill

24. Federal Direct Loan Limits
Dependent Undergraduate Students
Class Year
Base (Subsidized) Amount
Additional Unsubsidized Amount
Total Available to Borrow
Freshman
$3,500
$2,000
$5,500
Sophomore
$4,500
$6,500
Junior
$7,500
Senior

25. Parent PLUS Loan
Parent loan program for parents of dependent undergraduate students
Repayment begins 60 days after loan is fully disbursed for parent borrowers
Interest Rate:
7% for aid year
Will change July1st, based on Treasury Bill

26. TEACH Grant Up to $4,000 per year
For students who agree to teach in a high-need field at a school that serves low-income families
Must teach at least 4 years within 8 years of graduation, otherwise it converts into a Direct Unsubsidized Loan

27. Private Loans Credit based loan offered through private lenders
Student is borrower – will need a credit worthy co-signer
Terms and conditions will vary based on creditworthiness

28. Scholarships Personal Affiliations Scholarship Searches
Churches, Fraternal Organizations
Scholarship Searches
University/College Website
Guidance Counselors
Public Library

29. Process Submit FAFSA Department of Education processing
Student Aid Report (SAR)
Request for additional items
Verification
Promissory Note and Entrance Counseling for loans
Award notice (regular mail or )
Funds applied to student’s account

30. Avoid Being Scammed Do not pay to complete FAFSA
Spend the time, not money
No guarantees
If it sounds too good to be true, it probably is!
Never invest more than a postage stamp

31. Beyond Financial Aid Installment payment plans
Employer tuition assistance
Military benefits
Tax benefits
AmeriCorps

32. What should you do? Involve student Keep good records
Learn your school’s procedures
Read
Respond promptly
Ask questions

33. Thank you!
Questions? Contact the college/university the student plans to attend…..
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