1. Fall 2008 Workshop See It Through 2009-10 Presented by: Pacific Lutheran University

2. What We Will Discuss Tonight! What is financial aid How to get started Deadlines Forms – PIN, FAFSA, Profile What is financial need : –Cost of attendance (COA) –The expected family contribution (EFC) Categories, types, and sources of financial aid Special circumstances Helpful web sites

3. What Is Financial Aid? Financial aid is the funding available to help students and families pay for postsecondary educational expenses –Students and their families carry the primary responsibility to pay for a college education –Families ability to pay is evaluated through questions on Free Application for Federal Student Aid - FAFSA –Financial Aid is a source of help to bridge the gap between what a family is expected to pay and what the family actually CAN pay.

4. Financial Aid partners with Families to offer: One or a Combination of: SELF HELP GIFT AID

6. Both Admission and Financial Aid Offices have deadlines. Check with each college. ADMISSION: –Seniors should apply to colleges in the fall. FINANCIAL AID: –You cannot file before January 1.

7. What Questions Should You Ask Each College? 1.What deadlines apply to Admission? 2.When is the Financial Aid Priority Funding Deadline? 3.Do they require additional forms?

8. You may experience problems getting admitted to your college of choice You may still receive financial aid, BUT: Some Programs may have run out of funds You may receive a reduced aid package Your Offer of Financial Aid may not arrive when you need it Always contact each College with specific questions.

9. Some Schools Require the In Addition to the FAFSA PROFILE, the financial aid application service of the College Board All students are charged a $9 registration fee. You will be charged $16 for each college or program to which you want information sent. This covers the cost of processing and reporting your information. A limited number of fee waivers are granted automatically to first-time applicants based on the financial information provided on the PROFILE. UNIV OF PUGET SOUND WHITMAN COLLEGE The PROFILE Process CSS/Financial Aid PROFILE® is the financial aid application service of the College Board. More than 600 colleges, universities, graduate and professional schools, and scholarship programs use the information collected on the PROFILE to determine eligibility for nonfederal student aid funds. The PROFILE is a fully Web- based application system that provides students a secure and efficient method for reporting their financial data to schools.

10. When Can I Begin the Financial Aid Application Process? 1.You can begin tonight by applying for your Personal Identification Number (PIN) www.pin.ed.gov www.pin.ed.gov –Both student and parent must have their own PIN –The PIN is your electronic signature to sign the FAFSA –Can request PIN before January 1, 2009 –May be used by students and parents throughout aid process, including subsequent school years –PIN may be used to sign Stafford Loan Promissory notes

11. Dont Stop There! You can also do a FAFSA test-run by logging onto fafsa.ed.gov and clicking on the FAFSA4caster High school juniors can take advantage of our FAFSA4caster Web site and learn about the financial aid process, gain early awareness of aid eligibility, and much more. Link to FAFSA4caster

12. After January 1 st, File for Financial Aid Through Free Application for Federal Student Aid - The FAFSA: –A standard form that collects demographic and financial information about the student and family –Available in English and Spanish –May be filed in one of two ways: Electronically via FAFSA on the Web Paper FAFSA (Supply is Limited)

13. FAFSA on the WEB Good reasons to file electronically : Built-in edits to help prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions 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 renewal application process

14. What Information Do I Need to File My FAFSA? 2008 Income for both student and parents 2008 Tax obligation for student and parents W – 2 forms for student and parents Asset information for student and parents Social security numbers and birth dates of student and parents Alien registration information for student

15. But My Taxes Wont be Filed In January!! Its OK…..We know! Apply on time anyway! –Timeliness is more important than accuracy at this stage. Estimate Your Income for now. –Use best-guess estimated figures for 2008 Income & Taxes Remember to make corrections later. –You are required to make corrections later, when your taxes are complete.

16. Does The Parent Have to Provide Information For the FAFSA? ….Unless the student: Is at least 24 years old by December 31 of the award year covered by the FAFSA (Born before January 1, 1986 for the 2009-2010 FAFSA) Is enrolled in a graduate or professional degree program Is married Is supporting legal dependents other than a spouse Is an active member or a veteran of the U.S. Armed Forces

17. Or the Student is….. An orphan (because both parents are deceased) A ward or dependent of the court, or in foster care after age 13 A legally emancipated minor Currently in legal guardianship as determined by the court Determined to be an unaccompanied youth who is homeless or at risk of being homeless, at any time on or after July 1, 2008.

18. FAFSA Will Review: 1.Taxable income 2.Untaxed income 3.Number in household 4.Number of students in the household attending college (not to include parents or Running Start attendance) 5.Age of older parent 6.Asset Information 7.Demographic Information This information will be used to calculate the students EFC Expected Family Contribution The EFC is the figure that financial aid offices use to determine the type of aid a student is eligible to receive. –Colleges use EFC to award need-based financial aid The EFC is not typically the amount a family will pay for college for that year.

19. How Will Colleges Use My EFC? Each college will use the students EFC to determine whether the student has Demonstrated Financial Need for that institution. The formula colleges use to determine need is as follows: Cost Of Attendance minus Expected Family Contribution = NEED COA – EFC = NEED

20. Direct Costs Tuition Room & Board Indirect Costs Books, supplies, transportation, and miscellaneous personal expenses, including documented costs for a personal computer Loan fees Study abroad costs Dependent care expenses Disability-related expenses

21. Average Cost of Attendance

23. Whats Next ? Once you have: –Applied for Admission –AND –Filed Your FAFSA The ball is now out of your court … for the moment. You will soon begin to receive Offers of Financial Aid from the institutions who received your FAFSA.

24. What Kind of Aid Can I Expect to see on My Offer of Aid?

25. Federal Grants –Pell grant –SEOG (Supplemental Educational Opportunity Grant) –ACG (Academic Competitiveness Grant) 1 st and 2 nd year students only –SMART Grant (3 rd and 4 th year students only) –Teach Grant State –Need Grant –WAVE –Washington Scholars –Educational Opportunity Grant for Transfer Students Institutional –Merit –Need Private Donors Scholarships: Money that does not have to be paid back Awarded on the basis of merit, skill, or a unique characteristic Grants: Money that does not have to be paid back Usually awarded on the basis of financial need

26. Federal Work Study Washington State Work Study Work Study allows students to earn money for college without affecting future financial aid.

27. Federal Stafford Federal Direct Federal Perkins Federal Nursing Federal Parent PLUS Private Lenders Loans Money students and parents borrow to help pay educational expenses Repayment usually begins after education is finished Only borrow what is really needed Consider loans as an investment in the future

28. Stafford Loans (or) Direct Loans Federal Family Education Loan Program:– Banks Or Credit Union lenders Direct Loans - The Federal Government provides the funds directly Dependent Freshmen: $3500 maximum annual loan limit Plus an additional$2000 unsubsidized –Additional for Independent:$4000 maximum Dependent Sophomore:$4500 maximum annual loan limit Plus an additional$2000 unsubsidized –Additional for Independent:$4000 maximum Dependent Junior:$5500 maximum annual loan limit Plus an additional$2000 unsubsidized –Additional for Independent:$5000 maximum Dependent Senior:$5500 maximum annual loan limit Plus an additional$2000 unsubsidized –Additional for Independent:$5000 maximum

29. Stafford/Direct Loans (Cont.) Loans can be subsidized or unsubsidized Subsidized loans require need The US Government pays the interest on all subsidized loans while student is in school and during grace period. Unsubsidized loans do not require need The student is responsible for any accrued interest while attending school and during the grace period. Unsubsidized loans may apply against the EFC.

30. Stafford Loans (Cont.) Interest is currently fixed at 6.8 percent for unsubsidized loans and 6% for subsidized loans. 1 - 2%Origination fees typically charged Repayment begins 6 months after student ceases to be enrolled at least half-time

31. Perkins Loans Federal subsidized (need-based) loan Usually awarded to students with highest need. Loan amounts vary from school to school Maximum annual loan amount for undergraduate students is $4000 Flat 5% interest upon repayment (interest does not accrue until 9 months after the student ceases to be enrolled, at least on a half time basis.)

32. Federal Parent PLUS Loans Not based on need –Enables families to pay their EFC if they do not have available funds Parents of Dependent Students (only) may borrow Available through FFEL & Direct Loan Programs Maximum loan is COA minus all other forms of aid offered to student Interest fixed at 8.5 % PLUS not guaranteed / Application required Denial of PLUS allows student Independent Stafford limits

33. The Federal Processor may select you for a process called –You must provide schools with copy of your tax forms and a completed form called the Verification Worksheet. –Schools will compare your tax forms to data reported on FAFSA. –Your Need-Based Offered Aid is subject to change. –Aid will not disburse to student until this process is complete.

34. REVIEW: WHO DOES WHAT… 1)Student applies & is admitted to college 2)Student files FAFSA 3)College Receives FAFSA 4)College Prepares & Sends an Offer of Financial Aid to student 5)Student compares offers from colleges 6)Student makes a college choice

35. If you are contacted by helpful agencies who want to help you find financial aid…..for a price….. –Please tell them You should not have to pay for financial aid information.

36. The FAFSA assesses your ability to pay from your prior years financial picture. If your situation has changed (SEE LIST) please write a letter to the college you will attend. The college will review your letter and let you know if you qualify for more aid. 1.Change to the number in household. 2.Change to the number in college. (Not including parents) 3.Loss of income or assets. 4.Excessive medical or dental expenses. 5.Private school tuition. 6.Disaster relief.

37. Does a step-parent have to provide data for the FAFSA? In a single parent household, does the student need to provide information about the non- custodial parent? I dont claim my child on my 1040 tax form. Why should I provide information for the FAFSA? What should I do if my circumstances change?

38. Remember ….. Apply to colleges now Check with HS counselor for scholarship applications Apply for PIN www.pin.ed.gov Gather documents for FAFSA January 1: file FAFSA www.fafsa.ed.gov www.fafsa.ed.gov Ask each school if they require additional forms. Enjoy your adventure!

39. Dont Believe the Misconceptions About Financial Aid I wont qualify for any financial aid. I cant afford a private college. Only students with high G.P.A.S receive scholarships. The Financial Aid Reality Is Most students will qualify for at least one form of the following programs: Work study Federal Student loans Scholarships or grants Financial Aid can, in some cases, make a private college experience possible….even without a 4.0 G.P.A.

40. http://www.icwashington.org / Independent Colleges of Washington (ICW) is an association of 10 private, nonprofit colleges in the state. ICW's member institutions share a commitment to high-quality, academically rigorous learning and to an education that emphasizes critical thinking, lifelong learning, ethics, leadership, and community service. Member Colleges: Gonzaga University Heritage University Pacific Lutheran University Saint Martin's University Seattle Pacific University Seattle University University of Puget Sound Walla Walla University Whitman College Whitworth University

41. Scholarship Search Engines http://www.college-scholarships.com/free_scholarship_searches.htm