1. What You Need to Know About Financial Aid
Lisa Gangwer
Financial Aid Advisor
Central Ohio Technical College & The Ohio State University Newark

2. You will be given A Lot of info in a short period of time
TO BE NOTED
You will be given A Lot of info in a short period of time
You may not agree with all I have to say
Federal Aid based on Federal LAW
Please Ask Questions and feel free to contact me with questions
Suggestion: Create a Financial Aid File
Student needs to be involved in process

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.
*Parents still carry the burden upon their shoulders.

4. What is the FAFSA and an EFC?
Standard Form that collects information about the student and parent(s)
Calculates the Expected Family Contribution or (EFC)
The amount of money a student and his/her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year (NOT what you owe)
Stays the same regardless of college
Calculated using a Federal Formula
Colleges use EFC to award financial aid

5. What is Cost of Attendance (COA)?
Direct costs
Indirect costs
Direct and indirect costs combined into cost of attendance
Varies widely from college to college

6. What is Financial Need? – Expected Family Contribution
Cost of Attendance
– Expected Family Contribution
= Financial Need

7. Need Varies Based on Cost5

8. FAFSA on the Web
Website: Free Application for Federal Student Aid
2018–19 FAFSA on the Web available on October 1, 2017
FAFSA on the Web Worksheet:
Used as “pre-application” worksheet
Questions follow order of FAFSA on the Web

9. Federal Student Aid ID
***FSA ID – a username and password – has replaced the PIN
Sign FAFSA electronically
Used to log in to certain U.S. Dept. of Ed websites
May be used by students and parents throughout aid process, including subsequent school years
Apply for FSA ID today! Student and one parent MUST have their own FSA ID.

10. Important to NOTE Must re-apply for FAFSA every year
Two Award Years will display until June, 2018 *
KNOW Financial Aid Priority DATES for each school.
Families should be evaluated in their present financial condition. Contact the college in regards to Special Circumstances.

11. FAFSA Questions to Watch
Watch student info vs. parent info
Blue Sidebar = STUDENT
Purple Sidebar = PARENT
Name & SSN must match Social Security Card
State of legal residence
Grade Level in = Never Attended
Selective Service Question (males 18 must register)
Household Size and Number in College

12. Dependency Determination
If all “No” responses, student is dependent must provide Parent Info
If “Yes” to any question, student is independent
Children, Legal Guardianship, Foster Care etc.
Special Circumstances select “I am unable to provide Parental Information”
Highly encourage student/parent to contact the college of choice if uncertain

13. Include step-parent information Regardless of any ‘agreements’
WHO Is the Parent?
Biological or Adoptive Parent(s)
If parents are divorced:
Provide information for the parent you lived with most during the last 12 months.
If you did not live with 1 parent more than the other, the parent who provided the most financial support for the last 12 months
Include step-parent information
Regardless of any ‘agreements’

14. Tax Information (2015) Recommend using IRS Data Retrieval Tool
Pulls Live/real-time IRS data to the FAFSA (no longer will be able to see information transferred)
MUST have an FSA ID to use
Can’t use Data Retrieval Tool if:
recently filed taxes (give 2 weeks if filed online)
filed separately
head of household and now married,
amended

15. Asset Data for parent and student
Cash, savings, and checking: as of ‘today’
Net worth of investments/Business/Farm Value
Amount leftover after deducting the debt from the value of the investment
Current Balance/value on day the FAFSA is submitted

16. Assets to Include
Real estate (not home you live in), Trust funds, UGMA and UTMA, money market and mutual funds, CD’s, stocks, bonds, commodities.
Education benefits or savings accounts (e.g. Coverdell, 529, and refund value of 529 prepaid tuition plans).
These are assets of parent not the student
Must include ALL accounts owned by parent

17. Assets NOT Included Home you live in Value of Life Insurance
Retirement Plans: (401K, pension funds, annuities, non-education IRA’s, KEOGH plans etc.)
Cash, savings, checking already reported
Business has 100 or fewer employees
Farm: family farm you live on and operate

18. School Selection Step
Student may enter up to 10 colleges by entering Federal School Code or Searching on State, City or School Name
The search functionality for colleges has not changed from last year. The applicant may enter up to 10 school codes or may search by state, city or school name.

19. Sign and Submit
“Print signature page” will appear if that option is selected.
“View or Print your FAFSA information
If the applicant selects to Print A Signature Page the Print Signature Page button dynamically appears.

20. Confirmation Page Includes - Confirmation Number EFC estimate
Pell Grant and Direct Loan estimates
Option for parents to transfer info to an application for a sibling
Rates for each college on the FAFSA
Automatically ed

21. NOW What? Role of the Financial Aid Office
Reviews FAFSA information for accuracy
May request Additional Information/Documentation
Income/tax data (IRS Tax Transcript)
Household Size
Number in College
Determine eligibility for financial aid
Sends (usually by ) an Award Notification which includes:
Amount of student’s financial need
Aid awarded from which programs
How and when aid will be disbursed
Terms and conditions of student’s award
School Assigned and/or Secured Log-in 20

22. Types of Financial Aid Scholarships Grants Gift Aid Loans Employment
Self-Help Aid

23. Federal Student Aid Programs
Federal Pell Grant (limited)
Iraq and Afghanistan Service Grant (IASG)
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
Perkins Loan
PLUS Loans

24. Student Loans Federal Direct Stafford Loans Student’s name only
Borrowed directly from the Federal Government
Subsidized
based on need/Interest paid while in school
Unsubsidized
Not based on need/interest accrues while in school
Maximum Freshman Eligibility = $5500/year
No payments until 6 months after graduation
Current interest rate 4.54% in

25. Parent Loans Federal Direct Parent Loan (PLUS) Parent’s name only
Borrowed directly from the Federal Government
Requires a credit check
Maximum amount = COA minus other aid (VARIES)
Current Interest Rate is fixed at 7% and begins after first disbursement
Option to defer repayment while student enrolled

26. Self-Help Aid: Work-Study Employment
Allows student to earn money to help pay educational costs
Earns paycheck
Job on campus is able to work around class hours
Say “Yes” to work-study question on FAFSA
If eligible, student has option to accept it but still has to apply for job

27. Private Sources Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early

28. Civic Organizations and Churches
Research what is available in community
To what organizations and churches do student and family belong?
Scholarship Application process usually occurs during winter/spring of senior year
Small scholarships add up!

29. Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees

30. Scholarships Searches
FastWeb:
College Board FUND FINDER
Scholarships.com
For additional reputable sites go to:

31. Lisa Gangwer Gangwer.10@cotc.edu 740-366-9435 1-800-9NEWARK ext. 69435
Contact Information
Lisa Gangwer
NEWARK ext