2. 2015-2016 Academic Year Jessica Petrie Financial Aid Coordinator Penn State York

3.  Financial Aid consists of funds provided to students and families to help pay for postsecondary educational expenses  Students and parents have the primary responsibility for funding post secondary education to the extent they are able

4.  Direct Costs  Indirect Costs  Direct and indirect costs = Cost of Attendance

5. Dear Mom and Dad, $chool i$ really great. I am making lot$ of friend$ and $tudying very hard. With all my $tuff, I $imply can’t think of anything I need, $o if you would like, you can ju$t $end me a card, a$ I would love to hear from you. Love, Your $on

6. Dear Son, We kNOw that astroNOmy, ecoNOmics, and oceaNOgraphy are eNOugh to keep even an hoNOr student busy. Do NOt forget that the pursuit of kNOwledge is NOble task, and you can never study eNOugh. Love, Mom and Dad

7.  Financial Aid Timeline

8.  Money that does not have to be paid back  Awarded on the basis of merit, skill or unique characteristic  Small scholarships add up!

9.  Foundations, businesses, charitable organizations  Begin researching early and research what is available in the community  Pay attention to deadlines and application procedures

10.  Companies may have scholarships available to children of employees  Companies may have educational benefits for their employees

11.  One fourth of scholarship donors look up an applicants online presence ◦ Google ◦ Facebook ◦ You Tube ◦ Twitter  One Third of donors denied application based on an applicants online presence! FastWeb.com

12.  Financial Aid Timeline

14.  A standard form that collects demographic and financial information about the student and family  Available in English and Spanish  FAFSA Forecaster

15.  Amount family can reasonably be expected to contribute  Stays the same regardless of college  Calculated from data provided on FAFSA  Colleges use EFC to award financial aid

16.  Penn State filing deadline – MARCH 1  Pennsylvania filing deadline – MAY 1

17.  www.fafsa.ed.gov www.fafsa.ed.gov  FAFSA is FREE!

18.  Sign FAFSA with a Federal PIN number  www.pin.ed.gov www.pin.ed.gov  PIN number stays the same  PIN also used to sign Stafford and PLUS loans

19.  What if I’m not sure I’ll attend college?  Will I need to complete my tax return before completing the FAFSA?  What if I don’t have a Social Security number or don’t want to report it on the FAFSA?  What is the IRS Data match?

20.  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

21.  Social Security Numbers  Divorced/remarried parental information ◦ Who provides more than ½ support  Untaxed income  U.S. Income tax paid  Household size/ number in college  Real estate and investment net worth

22.  Results sent to schools listed  Results emailed to student if email address provided – SAR Acknowledgement ◦ Review your results for accuracy ◦ Update estimated information  Schools may require additional documentation *Penn State School Code - 003329

23.  Change in employment status  Medical expenses not covered by insurance  Change in parent marital status  Unusual dependent care expenses  Student can not obtain parent information  Contact your financial aid office

25.  Lists the sources of aid you are eligible to receive based on the info from the FAFSA  Estimated award amounts and non- negotiable

26.  Scholarships  Grants  Loans  Employment

27.  Money that does not have to be paid back  Usually awarded on the basis of financial need

28.  Federal PELL Grant  Federal Supplemental Educational Opportunity Grant (FSEOG)  Teacher Education Assistance for College and Higher Education Grant (TEACH)  Iraq and Afghanistan Service Grant (IASG)  PA State Grant  Ready to Succeed Scholarship Program (RTSS)

29.  State Grant ◦ Status notice ◦ Account Access  CHAFEE Education and Training Grant Program  Ready to Succeed Scholarship Program (RTSS)

30.  Get a job on campus or in the community  Hourly rate must be at least minimum wage  Can be Federal, State or sponsored by Veterans Affairs

31.  Money students and parents borrow to help pay college expenses  Repayment usually begins after education is finished  Only borrow what is really needed  Look at loans as an investment in the future

32.  Federal Loans ◦ Available to students ◦ Borrowed from the government ◦ Offer low fixed interest rates ◦ Offer different repayment plans including deferment and forbearance ◦ Repayment does not begin until after a student leaves school ◦ Guaranteed loans for students

33.  Subsidized vs. Unsubsidized ◦ 4.66% ◦ Bipartisan Student Loan Certainty Act of 2013 ◦ Rate is based on the US Treasury bill ◦ Most students are eligible for both

34.  Parent PLUS loan  7.21%  Credit based

35.  Private loans ◦ Available to students ◦ Borrowed from a bank ◦ Interest rates are variable ◦ Credit based loans, most students require a cosigner

36.  Know what you are getting into ◦ Do your research  Understand the types of student loans ◦ Do not borrow more than you need  Make a plan for repayment ◦ Consider paying interest while in school  Don’t get yourself into further debt

38.  Federal Direct Stafford Loan and Parent PLUS Loan ◦ Must complete Master Promissory Note ◦ Must complete Entrance Counseling  Students only ◦ www.studentloans.gov www.studentloans.gov

40.  Filling the gap that financial aid does not cover ◦ Parent PLUS Loan ◦ Private Loan ◦ Cash payments (including 529 Plans)

41.  Financial Aid – payments from outside sources  Bursar’s Office ◦ Payments out of pocket ◦ PA 529 plans ◦ Deferred payment plans

42.  www.yk.psu.edu www.yk.psu.edu  www.studentaid.psu.edu www.studentaid.psu.edu  www.bursar.psu.edu www.bursar.psu.edu  www.fastweb.com www.fastweb.com  www.studentaid.ed.gov www.studentaid.ed.gov  www.finaid.org www.finaid.org  www.pasfaa.org www.pasfaa.org