2. Federal Aid Philosophy Free Application for Federal Student Aid (FAFSA) Process Types of Financial Aid How to Determine College Cost Timeline Upcoming Events Presentation Overview

3. Financial aid is available to all families regardless of family income or college costs It is the primary responsibility of the family to pay the educational costs to the extent they are able Federal Aid Philosophy

4. FSAID.ed.gov FAFSA Process

5. FSA ID Tips –Include special character in password #, @, $, etc. –Parent and student must each apply Separate email addresses for parent and student Confirmation email is sent immediately –Username can be the beginning of email Use “jdoe” when email is jdoe@gmail.com –Enter existing FAFSA PIN number in Step 3 Parents with current college students or students themselves FAFSA Process

6. FAFSA.gov FAFSA Process

7. Required Information –2015 federal tax documents May use 2014 documents for Estimate feature Update FAFSA once 2015 taxes are complete –Social Security Numbers –Records of business, farm and other assets Only applies to business over 100 employees Farm only if family does not reside there FAFSA Process

8. Avoid Errors –Social Security Number and date of birth mismatch –Divorce or remarried parent Divorced parent, not remarried = list one parent Divorced parent, remarried = list parent and step-parent List parent on FAFSA (and spouse if remarried) who pays 50% of student’s expenses (housing, food, clothing, school expenses, etc.) –Parent and student income mismatch –Report income and taxes paid in appropriate fields FAFSA Process

9. Use IRS Data Retrieval Tool - Reduce Errors –Available two weeks after electronic tax filing FAFSA Process

10. Assets –Cash, savings and checking –Real estate –Personal investments Mutual funds, CDs, money markets Stocks and bonds Commodities –UTMA and UGMA –College savings plan (529) List as asset for parent, not student FAFSA Process

11. Not Assets –Retirement accounts 401K, 403B, IRA (non-education) –Home where you live –Life insurance policies –Small family business If 100 or fewer full-time employees –Family farm As long as family resides on property FAFSA Process

12. Student click Parent enter FSA ID and click Then submit FAFSA Process SIGN

13. Print Confirmation Page FAFSA Process

14. 2016-17 FAFSA is based on the 2015 financial situation –Notify the Financial Aid Office if any of the following apply: Recent unemployment Recent separation, divorce or death of spouse Loss of untaxed income (child support) Parent in college Excessive medical or dental expenses Paying private tuition for K-12 education FAFSA Process

15. Gift Aid –Grants –Scholarships Self Help Aid –Work Study –Loans Types of Financial Aid

16. Federal Pell Grant -Based on EFC (0 - 5000) -Prorated by student enrollment Half-time enrollment = half-time Pell Full-time enrollment = full-time Pell -2015-16 full-time award is $5,775 -Limited to 12 full-time semesters Gift Aid

17. Federal Supplemental Educational Opportunity Grant (SEOG) -Awarded to students with EFC of 0 -Amount varies 2015-16 award: $1,200 at larger campus (Kent Campus) 2015-16 award: $600 at regional campus (Stark Campus) -First-come, first-served so apply early! Gift Aid

18. Federal TEACH Grant –Education majors in “high need fields” Determined by state –Minimum GPA and ACT or SAT score –Student must agree to serve upon graduation Many terms to consider –May turn into an unsubsidized loan, with retroactive interest charged, if requirements not met –Contact your school for more information Gift Aid

19. Ohio College Opportunity Grant (OCOG) –Awarded to students with EFC of 2190 or less –2015-16 award of $1,048 for full-time enrollment –May not be available at smaller campuses –Students must submit FAFSA by October 1, 2016 Gift Aid

20. Scholarships –Apply for admission early –Talk with guidance counselors, teachers and relatives Parent’s employers –Be aware of deadlines January - February –Online resources scholarships.com fastweb.com yconic.com Gift Aid

21. Work Study –Campus job –Eligibility determined by FAFSA –Earnings do not count against next year’s FAFSA –Earnings do not reduce tuition bill Paid directly to student in weekly or bi-weekly paycheck –Students may find campus employment without work study Self Help Aid

22. Federal Direct Stafford Loans: 4.29% fixed (2015-16) –Freshman loan amount $5,500 –Subsidized loan Interest free while student is enrolled; requires low EFC –Unsubsidized loan Interest is charged to the loan while student is enrolled Student may pay the interest every six months –Payment is not required on either while enrolled at least half time –Repayment typically begins six months after graduation Self Help Aid

23. Federal Nursing Loan –Available to student fully admitted into a nursing program –5% fixed interest rate –Amount varies: $1,000 - 2,000 –Repayment incentives for working nurses –Repayment begins 9 months after graduation Self Help Aid

24. Federal Parent PLUS Loan –Debt obligation of the parent Cannot be transferred to the student –6.84% fixed interest rate (2015-16) –Requires credit approval –Amount varies as parent decides what to accept –If parent is denied, student can request an additional $4,000 federal unsubsidized loan Self Help Aid

25. Private Alternative Student Loans –Bank or credit union –May require a co-signer –Interest rates may be fixed or variable –Various repayment terms –Many students exhaust federal loans before seeking a private loan –Canton Student Loan Foundation Available to graduates of Stark County Self Help Aid

26. Cost of Attendance (COA) includes both direct and indirect costs –Direct costs are what a college bills its students –Indirect costs are additional expenses that students should account for –COA determines the maximum amount of aid that a student may receive per year Includes federal aid, scholarships, grants and private loans May range from $10,000 to over $50,000 Determine College Cost

27. Direct Costs –Tuition –Course Fees –Residence Halls –Meal Plans –Parking Passes –Library Fines Determine College Cost

28. Indirect Costs –Books –Supplies –Computer –Transportation Gas and insurance –Personal Expenses Cell phone Spending money Determine College Cost

29. COA at Kent State Stark$ 14,650 –Tuition and fees 5,664 –Room and board (parent’s home, rent) 3,360 –Books, supplies and equipment 1,290 –Transportation 2,468 –Miscellaneous and personal 1,750 –Loan fees 118 Determine College Cost Kent Campus $25,650 Wittenberg University $50,362

30. Net Price Calculator form provided on resource table Cost - Aid =Your out-of-pocket cost or refund (when you have more aid than you need) Every freshman that completes a FAFSA is eligible for at least $5,500 in a federal loan Determine College Cost

31. Today - January –Apply for admission, scholarships and visit campus January - April –Complete FAFSA as close to January 1 as possible February - March –Review aid package and visit campus April –Decide on a college and attend orientation/registration programs July - August –Determine out-of-pocket costs –Make arrangements to pay tuition, fees, room and board Timeline

32. Online FAFSA Filing Workshop Saturday, Feb. 13, 2016 9 a.m. - 12:30 p.m. Kent State University at Stark Call to RSVP: 330-244-3257 College Goal Sunday Sunday, Feb. 14, 2016 Various Ohio locations www.ohiocollegegoalsunday.org Upcoming Events

33. Majors Expo Saturday, Feb. 6, 2016 10 a.m. Kent State University at Stark www.kent.edu/stark/majors-expo Stark County Spring College Fair Tuesday, March 15, 2016 6 - 7:30 p.m. Kent State University at Stark www.kent.edu/stark/spring-college-fair Upcoming Events

34. Student Financial Aid Office Kent State University at Stark 330-244-3251 www.kent.edu/stark/financial-aid Walk-In Hours Monday - Thursday: 8:30 a.m. - 6:30 p.m. Friday: 8:30 a.m. - 4:30 p.m. Contact Us