1. Dr. Ray Hoheisel, Board Chairman 2014-2015 School Year

2. Financing Your College Education

3. Investing in Your Future  What does college cost?  How do I apply for financial aid?  What types of aid are available?  Where can I get more information?

4. What does college cost? Based on 2014-2015 - average for 30 tuition/fee credits ATC/ARCC Average$5,285 State Universities$7,681 University of Minnesota Twin Cities$13,620 Private Career Colleges$14,270 Private Colleges& Universities$34,534 Source – MN Office of Higher Education www.getreadyforcollege.org

5. Cost of Attendance  Direct Costs – such as:  Tuition and Fees  Books and supplies  Room and Board (if you are living on campus)  Indirect Costs – such as:  Transportation  Personal/Misc.  Varies from college to college

6. How Do I Apply for Financial Aid ? Complete the FAFSA (Free Application for Federal Student Aid) online www.fafsa.gov  A standard form that collects demographic and financial information about the student and family  Never pay a fee to file the FAFSA  Based on 2014 income for 2015-2016  Enter school code – ATC 007350 or ARCC 002332

7. FAFSA on the Web www.fafsa.gov

8. General Eligibility Requirements  Must be enrolled or accepted for enrollment in an eligible institution  Must be admitted in a degree, certificate, or other recognized credential program  Must be a U.S. citizen or eligible non-citizen  Must be registered with Selective Service (males age 18-25)

9. How FAFSA Determines Financial Need Cost of Attendance – Expected Family Contribution (EFC) ______________________________________________________________ = Financial Need  Your EFC is calculated by the Department of Education based on the information provided on the FAFSA.  Your school financial aid office will use this information to determine your financial aid award eligibility (award letter).

10. Frequent FAFSA Errors  Missing signatures  Social Security Numbers  Divorced/Remarried parent information  Missing school code  Untaxed Income  Household size  U.S. income taxes paid  Number of household members in college

11. Dependent or Independent ?  Born before January 1, 1991  Married  Graduate or Professional Student  Children you support more than 50%  Orphan or ward of the court  Currently serving on active duty in the U.S. Armed Forces for purposes other than training  Veteran of the U.S. Armed Forces  Homeless or at risk of being homeless

12. IRS Data Retrieval Tool  While completing the FAFSA Student and Parent tax information are required.  The IRS Data Retrieval tool automatically loads your tax information into the FAFSA from the IRS.  Participation is voluntary but may reduce documents requested by financial aid office.  Some will be unable to use IRS Data Retrieval:  Filed an amended tax return  No SSN was entered  Student or parent married but filed separately

13. Verification The Department of Education selects 30% of FAFSA applicants to submit additional information to be reviewed. Student/Family must complete required documentation and return to the financial aid office. Examples include: –Household Size/Number in College –2014 Tax Return Transcript (if tax information was not received by the IRS data retrieval process) –Untaxed/W-2/1099 income documentation –SNAP documentation –Proof of child support

14. Special Circumstances  Contact your school’s financial aid office for instructions on how to appeal for special circumstances.  Common reasons to request an adjustment due to special circumstances:  Change in employment status,  Medical expenses not covered by insurance,  Change in parent marital status, and  Unusual dependent care expenses.

15. Types of Financial Aid  Grants or Scholarships: Gift aid you do not have repay.  Loans: Borrowed funds that must be repaid with interest, usually after your education is completed. Interest rates can differ depending on the loan.  Work-Study: Funds earned through campus employment. Where does it come from? Federal and state government tax revenue, schools, employers, and other public and private sources.

16. Common Federal Aid Programs  Federal Pell Grant  Federal SEOG Grant  Work-Study  MN State Grant & Child Care Grant  Federal Subsidized and Unsubsidized Loans  Federal Parent PLUS Loan

17. Scholarship Resources  Your college of choice  High School  Private business scholarships  Civic organization scholarships  Local library resources  Place of employment

18. Free Scholarship Search Databases  www.studentaid.gov  www.getreadyforcollege.org  www.fastweb.com  www.finaid.org

19. What’s Next? 1.Sign and submit FAFSA. 2.Your school’s financial aid office will contact you if further information is required. 3.Follow up on additional information if required. 4.Make sure you’ve applied for admission and are meeting the necessary deadlines. 5.An award letter will be issued after processing is completed. 6.Disbursement occurs after the semester begins. Aid will be applied (disbursed) toward tuition and fee charges.

20. Helpful Hints  APPLY EARLY!  Use IRS Data Retrieval tool to import tax information.  Review your application before submitting.  Complete a new FAFSA every year.  Make the grade to keep the aid.  Set up your student email account and monitor frequently for notifications.

21. Avoid Scholarship Scams For information and tips visit: Minnesota Attorney General’s Office: www.ag.state.mn.us Federal Trade Commission: www.consumer.ftc.gov U. S. Department of Education: www.studentaid.gov

22. More Information?  U.S. Department of Education: www.studentaid.gov  Minnesota Office of Higher Education: www.ohe.state.mn.us  FinAid - The Financial Aid Information Page: www.finaid.org  The College Board: www.collegeboard.org

23. Questions? Anoka Technical College 763-576-7730 Anoka-Ramsey Community College 763-433-1500