1. PARENT’S FINANCIAL AID WORKSHOP
Fall 2017
Presented by Harlan Harmelink
Director of Financial Aid
Dordt College

2. Meeting Format Overview of Financial Aid Process
FSA-ID (Username/Password)
Step by Step through the FAFSA
Dordt’s SDF
Conclusion
Question and Answers

3. Overview of Financial Aid
Families are primarily responsible for funding college education
Financial Aid helps fill the gap
Money given, earned, or borrowed to pay for college expense
Gift Aid
Grants, Scholarships
Self-Help Aid
Loans, Work Study

4. Sources of Financial Aid
Federal Government
State Government
Institution
Outside Sources

5. The Financial Aid Formula
How is Financial Aid calculated?
Parent’s Contribution +
Student’s Contribution
Expected Family Contribution
PC + SC = EFC

6. The Financial Aid Formula
How is Financial Aid calculated?
Cost
-EFC
Need

7. The Financial Aid Formula
Example:
Student Contribution………………. $1,500
Parental Contribution……………… $9,500
Expected Family Contribution… $11,000
PC + SC = EFC

8. Different Schools, Different Aid
Community College
Cost = $10,000
-EFC = 11,000
Need = None
State Institution
Cost = $20,000
Need = $9,000
Private College
Cost = $40,000
Need = $29,000
The type of college you attend does impact your financial aid; the higher the cost, the more the aid.

9. Federal Student Aid (FSA) ID
Serves as electronic signature
Must have parental and student FSA ID
Use permanent address
Parent/Student---Use separate addresses
Save your FSA ID from year to year

10. You can select “Show Text” to see what you’re typing

11. Introduction of the FAFSA
Complete FAFSA for:
Federal Aid (including federal loans)
State Aid
Institutional Aid
Available October 1, 2017
Must Use 2016 Income/Tax Information

12. Introduction of the FAFSA
Parts of the FAFSA
Student Demographics
Schools Selection
Dependency Status
Parent Information
Financial Information
Sign and Submit
Confirmation

13. Introduction of the FAFSA
FAFSA on the Web Worksheet
Optional
Do Not Mail This Worksheet
Purple section = Parent’s information
Skip Logic

14. Introduction of the FAFSA
Note
Unusual Circumstances
Complete FAFSA normally (as completely as you can)
Contact the school’s Financial Aid Office
Professional Judgement
Case by Case Basis

15. Introduction of the FAFSA
Warning
Beware of anyone asking for a fee
Free

20. Step by Step Through the FAFSA
Student Demographics
Name, Address, Social Security Number
Contact Information
Citizenship, marital status, selective service
High School Information
Educational Status
Student
Parent

24. Step by Step Through the FAFSA
School Selection
List College Codes:
You may list up to 10 colleges
If you do not know a code, you can search online
List housing plan for each school
Dordt:
Questions: Call FED-AID or go to FederalStudentAid.ed.gov

26. Step by Step Through the FAFSA
Dependency Status
Different than IRS definition
Were you born before January 1, 1995
As of today, are you married?
Are you working on an advanced degree?
Are you in the military?
Will you be supporting a child during the upcoming school year
If you answer NO to every question, then you are dependent
Student and parent information required

29. Step by Step Through the FAFSA
Parent Demographics
Must include parent information if dependent
Determine Parent(s)-Biological, Adoptive, Stepparent
Marital Status
SS#, name(s), birthdate
Must include stepparent information
Divorced parents who are single must use parent who provided the most support
Household size
Number in College

31. Step by Step Through the FAFSA
Financial Information/Parent
Adjusted Gross Income (very important)
Parent 1/Parent 2 income
Number of Exemptions
Income Taxes Paid (often incorrect)
IRS Data Retrieval Tool (DRT)
Encrypted for Security
“Transferred from the IRS”

34. These fields are pre-filled based on FAFSA responses

37. Step by Step Through the FAFSA
Financial Information/Parent
Parental Asset Information
Cash, Savings, Checking
Real estate and Investments (not home)
Farm and Business Assets
Not family farm
Not business if…
Owned and controlled/Less than 100 employees
Asset Protection Allowance

38. Step by Step Through the FAFSA
Financial Information/Parent
Additional Financial Information
Education Credits
Do NOT include grant or scholarship aid
Untaxed Income
Most common mistake
IRA deductions
About 50% will have some untaxed income

39. Step by Step Through the FAFSA
Financial Information/Student
Student Finances
Type of tax return
Adjusted Gross Income
Income from work
Income taxes paid
Remember you may not see some of these questions because of the way you have answered previous questions.

41. Step by Step Through the FAFSA
Financial Information/Student
Student Assets:
Cash, savings, checking
Real estate & investments
Business/farm

42. Step by Step Through the FAFSA
Financial Information/Student
Additional Financial Information:
Taxable Earnings from Work-Study
Do not include student financial aid
Untaxed Income:
For students most often zero

43. Step by Step Through the FAFSA
Independent Student
Student can answer “yes” to one of the dependency questions
Additional documentation may be required
No parent information required
Section will not appear depending on how previous questions were answered
Getting Married?
Contact Financial Aid Office

44. Step by Step Through the FAFSA
Sign & Submit
Both Student and Parent
Sign anytime changes are made
Confirmation Page
Estimated eligibility

48. Renewal Applications Remember you need to complete the FAFSA each year
Your school may remind you to reapply
Completing your FAFSA in succeeding year is much easier; some information pre-populated from previous year
Only change information that changes from year to year

49. Dordt Supplemental Data Form
Encouraged for all students before awarding
Why should you complete the SDF?
Tuition paid and/or excessive medical expenses
Significant Changes in Income (vs. 2016)
Unique Circumstances
Makes verification easier

50. Conclusion Things to Remember Tips/Do’s and Don’ts
Complete entire form
Know deadline dates
Include student in the process
Be sure to sign and date (FSA ID)
There is a lot of financial aid available

51. Thank You Harlan Harmelink Director of Financial Aid Dordt College