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U NDERSTANDING THE B ASICS J OAN H ENNING G ONZAGA U NIVERSITY A SSISTANT D IRECTOR F INANCIAL A ID Financial Aid 101.

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Presentation on theme: "U NDERSTANDING THE B ASICS J OAN H ENNING G ONZAGA U NIVERSITY A SSISTANT D IRECTOR F INANCIAL A ID Financial Aid 101."— Presentation transcript:

1 U NDERSTANDING THE B ASICS J OAN H ENNING G ONZAGA U NIVERSITY A SSISTANT D IRECTOR F INANCIAL A ID Financial Aid 101

2 Agenda What is financial aid? Where does it come from? What aid is available? How do I apply?

3 What is Financial Aid? Primary goal is to assist students in paying for college and is achieved by:  Evaluating families’ ability to pay educational costs  Distributing limited resources in an equitable manner  Providing balance of gift aid and self-help aid

4 Types of Financial Aid Need-based Merit-based (or non-need) Gift aid: Grants and scholarships Self-help aid: Loans and employment

5 Application Process – Some Institutional Aid Application  Free CSS/Financial Aid PROFILE  Determines eligibility for institutional/nonfederal funding at approx. 250 colleges and universities  Collects additional information not reported on FAFSA  $25 to file for one school, $16 per additional school Warning! Admission Application Process is Separate, and financial aid processes varies by school – check with each college.

6 FAFSA Application Process - All Free Application for Federal Student Aid (FAFSA)  Required for federal and state aid  Sometimes for institutional aid Deadline varies by school FAFSA on the web  Available on Jan 1 st  www.fafsa.gov www.fafsa.gov  FAFSA paper filing

7 CAUTION! Avoid being charged a fee to file the - Free Application for Federal Student Aid (FAFSA)  Completion & processing of the FAFSA are FREE  Be sure to go directly to www.fafsa.govwww.fafsa.gov  Contact financial aid office for help completing the FAFSA

8 Independent Student Definition ● At least 24 years old; ● Married; ● Graduate or professional student; ● Active duty or Veteran in US Armed Forces; ● Supporting a child or other dependent; ● In foster care, orphan, or ward/dependent of the court; ● Emancipated Minor; ● In a legal guardianship; ● Homeless youth Other unusual circumstances contact the school’s aid office

9 FAFSA Application - Getting Ready Gather records you will need  Driver’s license and Social Security card  W-2 forms and other records of money earned in ‘14  2013 federal income tax returns (for estimates)  Records of any untaxed income  Current bank statements  Business and farm records  Records of stocks, bonds and other investments Make it a family affair

10 PIN – Electronic Signature ● www.pin.ed.gov www.pin.ed.gov ● Confidential ● Request PIN in real time ● Process could change in May 2016

11 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parent information Income earned by parents/stepparents/partner Untaxed income U.S. income taxes paid Household size/in college Asset net worth

12 Updating the FAFSA Tax Transfer available  2-3 weeks filing online or  4-6 weeks if paper taxes submitted.

13 Determining Aid Cost of Attendance (COA)  established and varies by school Expected Family Contribution (EFC)  determined by FAFSA and same for all schools Financial Aid Formula  COA – EFC = “need”

14 Special Circumstances Loss of Job Loss of Benefits Natural Disaster Separation/Divorce Death in Family Other Contact the school(s) financial aid office.

15 Varies by School Financial Aid Timeline Apply for Aid (January-February 2015) Receive Award Letter (April-May) Comply with Information Requests (April-May) National School Decision Deadline - May 1 Verification and Aid Coordination (Summer) Re-apply for Aid (January-February 2016)

16 Where Do I Go From Here? Check each school’s website for Admission & Financial Aid requirements Meet all application deadlines Investigate other sources of aid

17 Additional Financial Resources Western Undergraduate Exchange (WUE) Gates Millennium Foundation College Success Foundation Act 6 Guaranteed Education Tuition (GET) Private Scholarships Inquire about tuition installment plans Consider alternative loan programs

18 Avoid Being Scammed “Billions of Dollars Unclaimed...” “Money Back Guarantee” Warning signs of a possible scam:  Guaranteed winnings  ‘Free seminars’  1-900 numbers Check agency legitimacy with:  U.S. Department of Education  Federal Trade Commission  Better Business Bureau CAUTION: As a general rule, if you must pay money to get money, it might be a scam.

19 Free FAFSA Help High School  Check with your counselor  Onl ine Help/Tutorials  www.studentaid.ed.gov www.studentaid.ed.gov  www.fafsa.ed.gov www.fafsa.ed.gov College Goal Washington  Mid - January  Community Event  www.wsac.wa.gov www.wsac.wa.gov

20 Good Luck! Questions ?


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