1. Welcome to Financial Aid Night
Academic Year
Amanda McLaughlin, Assistant Director of Financial Aid
Matt Pfannenstiel, Dean of Admissions and Financial Aid

2. Topics We Will Discuss Tonight
What is Financial Aid?
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
How do I apply for an FSA ID?
What does EFC really mean?
Special Circumstances
Financial Aid Resources for Families

3. What is Financial Aid? Types of Financial Aid
Money supplied by a source other than the family to assist with the costs of a student attending college.
Types of Financial Aid
Grants
Scholarships
Loans
Employment / Work Study

4. Grants Free money or Gift aid Does not have to be repaid
Federal grants
Supplemental grants
Does not have to be repaid
Often based on financial need

5. Scholarships Free money or Gift aid Does not have to be repaid
Based on academic achievement, merit, athletic ability, skills, etc.

6. Loans Money that students and parents borrow to help pay for college
Repayment usually begins after education is finished (typically 6 month grace period)
Only borrow what is really needed

7. Employment Allows students to earn money to help pay educational costs
A paycheck
Non-monetary compensation such as room and board

8. Sources of Financial Aid
Federal Government
States
Colleges
Private Sources
Civic Organizations and Churches
Employers

9. Federal Government Largest source of aid
Aid awarded primarily on the basis of need
Must apply EVERY YEAR using the FAFSA

10. States Residency requirements
Award aid on the basis of both merit and financial need
Use information from the FAFSA
Deadlines vary by state

11. Private Sources Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely

12. Civic Organizations and Churches
Research what is available in the community
To what organizations and churches do student and family belong?
Application process usually spring of senior year
Small scholarships add up!

13. Employers
Many companies may have scholarships available to the children of employees
Some employers may pay for a portion of college expense provided that the student work there for X amount of years afterwards

14. Scholarship Sources
Web Searches
Over 32 million options so refine searches
For links to variety of federal scholarships

15. How Do I Know They’re Safe
Basic Web Evaluation Tools
Read everything before you submit an application
Check the site for a physical addresses
Use Google Maps to locate the address listed
Search Better Business Bureau
BBB.org
Check for additional requirements
Do you have to “Like” them on Facebook?
Do you have to link their site on a blog?
Is it based, even partially, on how many others like your entry?
Are they just looking for students to build them free advertising?

16. Scholarship Scams Avoidance Tips
Be cautious with anything that requires a fee
Avoid giving non-relevant personal information
Be wary of any “Guaranteed” scholarships
“Free” seminars with an up-sell
Never give out bank/credit card account numbers!
Avoid interviews in hotels or restaurants
If it’s too good to be true – it probably is

17. Federal Aid Programs Federal Pell Grant
Federal Supplemental Educational Opportunity Grant
Federal Work Study
Direct Student Loans
Direct PLUS Loans

18. Federal Pell Grant Award amount based solely on need
Uses cost of attendance, expected family contribution, and enrollment status (full time or part time)
Maximum award for * is $6,095

19. Federal Work Study Allows students to work on or off campus
Provides part-time employment while you are enrolled in school (typically no more than 20 hours)
Even if you don’t qualify for FWS, you may still be able to have an on campus job!

20. Federal Student Loans
The current interest rate on Direct Student loans for undergraduates is 5.05%
Repayment begins after 6-month grace period
Subsidized
U.S. Department of Education will pay the interest that accrues while in school
Must demonstrate need
Unsubsidized
Not based on need
Interest accrues from the date of disbursement

21. Direct Student Loan Limits
Classification
Dependent
Sub./Unsub. Total
Independent
Freshman
$5,500
$9,500
Sophomore
$6,500
$10,500
Each Remaining Year
$7,500
$12,500
Graduate Student
N/A
$20,500
Annual Loan Limits (combined subsidized and unsubsidized)

22. Direct PLUS Loans Parents of dependent undergraduate students
Repayment begins after disbursement unless parent chooses to defer payments
Deferment during enrollment period
Deferment during 6 month grace period
Direct PLUS interest rate is currently 7.6%
If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan money

23. How Do I Get Federal Aid?
Free Application for Federal Student Aid (FAFSA)
A standard form that collects demographic and financial information about the student and family
Filed Electronically
Information is used to calculate the expected family contribution
Colleges then use the EFC to award financial aid

24. Federal Student Aid ID (FSA ID)
Allows you to sign FAFSA electronically and utilize other Federal Student Aid Systems
Will be used for subsequent years
Each user will create an FSA ID with a unique address

25. FAFSA 2019-2020 FAFSA – Available Oct. 1, 2018
As soon as you start freshman year, you will begin to plan for your sophomore year
Prior-prior year data helps avoid costly delays
Especially by using the IRS Data Retrieval Tool (DRT) for tax information
Colleges may set FAFSA filing deadlines of their own

26. FAFSA on the Web
Web site:

27. Frequent FAFSA Errors Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
Untaxed income
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth
What assets to include

28. FAFSA Processing Results
A summary of your application is created for your review & sent to your selected schools electronically
Summary is called a Student Aid Report (SAR)
Students with FSA IDs may view SAR online at
If schools require further information or documentation, they will contact the student directly
Make sure students know how each school communicates with them
Watch for award notifications

29. Special Circumstances
College reviews special circumstances and will request additional documentation as needed
Special Circumstances could be
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Decisions are final and cannot be appealed to U.S. Department of Education

30. CAUTION!
Avoid being charged a fee to file the FREE Application for Federal Student Aid
Completion and processing of the FAFSA are FREE

31. Where do I go from here?
Obtain and review admissions and financial aid websites and materials for each school to which you are applying
Meet all application deadlines
Complete FAFSA and other application materials
Submit all requested follow-up documents
Investigate other sources of aid

32. Questions?

33. Thank You!!
You are important in this process. If you have any questions, you can contact your admissions counselor or financial aid counselor. There are no dumb questions!
Contact Information
Matt Pfannenstiel