1. 2018-2019 Financial Aid Presented by
Minnesota State University Moorhead
Questions are welcome before the session begins

3. What is Financial Aid? Grants Scholarships
Employment opportunities (Work Study)
Educational Loans
Available for full-time or part-time enrollment!

4. Federal Pell Grant
Awarded to eligible undergraduates pursuing their first bachelor’s degree
Portable
Actual award amount is based on the school’s Cost of Attendance, student’s Expected Family Contribution (EFC) and enrollment status (full-time or part-time)
Maximum award: $5,920 ( )
600% limit (6 years receiving full-time Pell)

5. Federal Supplemental Educational Opportunity Grant (SEOG)
Eligible student:
Undergraduate pursuing first bachelor’s degree
Awarded by school to students with exceptional financial need (lowest EFC)
Annual amounts:
Minimum = $100
Maximum = $4,000 (or amount set by school)

6. MN State Grant Can only be used at MN schools. Residency requirements
Use information from the FAFSA
Deadline is FAFSA must be filed within 30 days of the first day of classes at your college
Calculation is based on the Parent Contribution only

7. Federal Work Study (FWS)
Eligible students: Undergraduate and graduate/professional students
Eligible employers, on- or off-campus:
School
Federal, state, or local public agency
Private non-profit organization
For-profit organization in academically relevant jobs
Emphasis on community service

8. Federal Direct Loan (Subsidized & Unsubsidized)
Largest source of low interest loans administered by the Department of Education
Available to both undergraduate and graduate students enrolled at least half-time
Lender is the U.S. Department of Education and the U.S. Treasury
Student’s Pell Grant eligibility must be determined first

9. No
Co-Signer Required!
Federal Direct Loan
“Subsidized” and “Unsubsidized” are essentially the same, except duration of eligibility and when interest is charged (interest is not charged to the student in the subsidized Direct Loan program during enrollment, but charged to the student for the unsubsidized Direct Loan program).

10. Subsidized Direct Loan
Must demonstrate “need”
Interest is paid by the federal government while the student is enrolled at least half-time
Six-month grace period before repayment begins
Interest rate during repayment: Fixed at 4.45% (loans disbursed 7/1/17 – 6/30/18)
Subsidized Direct Loan limited to 150% of time required to complete degree (example: Bachelor’s Degree requires four years; subsidized direct loan limited to six years. Associate Degree requires two years; subsidized loan limited to three years)

11. Unsubsidized Direct Loan
Need is not a factor
Interest accrues beginning the day the loan is disbursed; until the loan is paid in full
Interest rate fixed at 4.45% (loans disbursed 7/1/17 – 6/30/18)
The student may choose to capitalize interest
Six month grace period before repayment begins

12. Federal PLUS Loan Parent Loan for Undergraduate Students
Parent of a dependent undergraduate student
Annual loan limit = cost of attendance at school attending, minus other aid
Repayment begins 60 days after disbursement
Payment deferment available while student is enrolled at least half-time (parent must request deferment)
Fixed interest rate of 7.00% ( )
Check with school on application process

13. Free Application for Federal Student Aid (FAFSA)
FAFSA is required for the federal (and state) student financial aid application process
Collect’s family’s financial and demographic information
Used to calculate an Expected Family Contribution (EFC)
Used to confirm student eligibility via database matches with federal agencies

14. Expected Family Contribution (EFC) for Dependent Students
Parent Income
Student Income
Untaxed income (SNAP, child support)
Assets
Age of older parent
Household size
Number attending college
Allowable exclusions

15. Cost of Attendance Tuition and fees Room and board
Books, supplies, equipment
Transportation and miscellaneous personal expenses
Study Abroad costs
Dependent care expenses
Expenses related to a disability

16. What is an FSA ID and Why Do I Need One?

17. How do I get an FSA ID?
Visit StudentAid.gov/fsaid to learn about and create an FSA ID
You’re not required to provide your address, but it makes retrieving your username and password much easier if you forget them. Parent and student must use separate addresses.
Here’s what you need to get your FSA ID (both student and parent):
Social Security Number
Full name as it appears on your Social Security Card
Date of birth

18. To register for an FSA ID?

19. FAFSA Timeline for 2018-19 Use Federal Taxes from 2016
beginning October 2017
for school in 2018

20. What You Need to Fill Out The FAFSA
Your FSA ID
Your parents FSA ID
Your Social Security Number
Your parents Social Security Number(s)
Your driver’s license (if applicable)
You and your parents tax documents, including W-2 forms
Your FSA ID will allow you to re-enter your account as needed, and it will also serve as your electronic signature when you submit your FAFSA online.

24. Save the application; return to complete and submit
Save the application; return to complete and submit. Saved for 45 days or until FAFSA is submitted for processing. Can share Save Key with parents for them to access and input information.

25. Income, Earnings & Assets (Students & Parents)
Use submitted 2016 Federal income tax information.
Best solution is to use the IRS Data Retrieval tool.
Carefully read the “Additional Financial Information” and “2016 Untaxed Income” sections to correctly answer for both student and parent(s)
If entry is zero or none, enter 0. Do not leave blank.
Round off dollar amounts. Do not use cents.

26. IRS Data Retrieval Tool
While completing FOTW, applicant may submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to applicant in new browser window
Applicant chooses whether or not to transfer data to FOTW

27. Providing IRS Data: IRS Data Retrieval Tool

28. Providing IRS Data: IRS Data Retrieval Tool

32. IRS Data Retrieval Tips
SSN, name, date of birth and address must match those used on tax return
Have a copy of tax return to refer to
Trickiest part is street address, due to abbreviations and periods
St. does not match St or Street
3rd does not match 3 or Third
See where PO box or Apt # is entered on tax form and use that same location on IRS data retrieval screen
*USPS website

33. Signature Options

34. REMEMBER TO CLICK ON ALL SUBMIT BUTTONS

36. Independent Student Definition
At least 24 years old by December 31 of the award year covered by the FAFSA (born before January 1, 1995); or
Married: or
Have children student supports; or
Have legal dependents other than a spouse supported by student; or
Orphan or ward of the court at age 13 or older; or
Currently serving on active duty or a veteran of the U.S. Armed Forces; or
Court emancipated minor or in legal guardianship; or
Documented as homeless, or a homeless unaccompanied youth; or
Determined to be independent by the financial aid administrator

37. Parents Separated or Divorced?
Complete “parent” sections for the parent with whom the student has lived with more in the last 12 months. If equal, use the parent from whom the student has received the most financial support in the past 12 months.
If that parent is remarried, step-parent information must be included, whether or not the step-parent is actually “supporting” the student
Any child support received must be included as income

38. Assets Net worth = current value of assets minus debt
Separate net worth of savings and checking accounts from other types of investments
Retirement investments such as 401K or pensions are exempt
Do not include the value of your home
Business net worth is excluded if family owned and controlled with no more than 100 employees

39. Investment Farm Question
Do not include the value of a family farm you live on and operate. Include value of a farm that is owned but not operated by parents or student
A farm that has been incorporated is not a family farm if non-family members own shares in the corporation

40. Verification
Confirms accuracy of information reported on FAFSA by students and parents
Certain data elements selected by the FAFSA processor or school
Common documents requested:
2016 IRS Tax Return Transcript only (copy of tax return is not acceptable)
W-2’s (may be requested by some schools)
Household size and number in college
SNAP
Child support received

41. Financial Aid Notifications
Students should:
Accept or decline offer (as directed by school)
Sign and return award notification to financial aid office, if required
Complete Federal Direct Loan acceptance and/or application(s), if applicable
Sign Promissory notes for educational loan, if applicable
First time borrowers must complete Entrance Loan Counseling

42. Special Circumstances
Student should contact the financial aid office if there is a loss or reduction of family income due to:
Loss or reduction of child support payments to “custodial” parent
A family death or illness
Unusual high medical or dental expenses not covered by insurance and paid out-of-pocket
Other unusual circumstances

44. Scholarship Resources
College awarded need-based and non-need based programs
Academic, athletic and other talent-based scholarships and grants
High School counselors
Parents’ places of employment
Private business scholarships
Local businesses and civic organizations
Internet scholarship searches
(fastweb.com; salliemae.com; Wells Fargo)
Local library searches
To check the legitimacy of scholarship search organizations or individuals, check Better Business Bureau website at

45. Questions?
Office of Scholarship and Financial Aid Minnesota State University Moorhead 107 Owens Hall (218)