Post on 16-Jan-2016
Student Financial Aid
Kent State University103 Schwartz Center
www.kent.edu/financialaid330-672-2972
Overview
• Philosophy
• Application Process
• Types of Financial Aid
• Determination of Financial Need
• Examples of Awarding
• Upcoming events
Philosophy of Financial Aid
• Financial aid is available to all families regardless of family income or college cost.
• It is the primary responsibility of the family to pay the educational costs to the extent that they are able.
Application Process
www.pin.ed.gov
• Apply
• Both parent and student
• Does not need to be renewed
Application Process
www.FAFSA.gov
Application Process
• The 2013-2014 FAFSA will use 2012 W2 and federal tax information
• You do not need a completed tax return in order to complete the FAFSA
• Submit the Free Application for Federal Student Aid (FAFSA) as soon after January 1st as possible
• Complete FAFSA every year • Priority deadline for Kent State University is March 1 to ensure maximum
consideration for institutional aid
FAFSA on the Web Worksheet
• The FAFSA on the Web Worksheet presents the questions in the same order as they are presented within FAFSA on the Web
• 4 sections of questions
Avoid Errors!!
• Read instructions and complete all forms carefully
• Errors on the FAFSA or supplemental forms may DELAY application processing and result in LOSS of financial aid funds
Section 2 – Student Dependency Status
Section 3 – Parent Information
Section 3 – Parent Information (Income)
Section 3 – Parent Information
529 College Savings Plans and Prepaid Tuition Plans
Treated same as mutual funds,
CD’s and other investments
If the student is dependent (for financial aid purposes) the 529 Plan is a parent asset
Section 4 – Student Income Information
Reminder….
FAFSA on the Web Worksheet is a guide to
completing the FAFSA online
Frequent FAFSA errors
• Divorced/remarried parental information• Income earned by parents / stepparents• Untaxed income• US income taxes paid• Household size• Social Security numbers / dates of birth• Number of household members in college• Real estate and investment net worth
Application Process
Avoid being charged a fee to file the FAFSA!
• Completing and processing the FAFSA is FREE!
• If filing FAFSA on the Web, make sure you go directly to www.FAFSA.gov
• Contact the financial aid office if you need help completing the FAFSA
FAFSA filing• www.FAFSA.gov
• FAFSA submitted online
• 2-3 weeks processing time until awarding
FAFSA filing
Student receives eSAR
Student Aid ReportSummarizes the information you submitted on your 2013-2014 FAFSA
•Gives you the application status
•Expected Family Contribution (EFC)
•Emailed to student
NOTE: A paper SAR is mailed only to students without email or
DOB, SS # or FIRST and LAST name errors
FAFSA filingStudent receives
eSAR
Colleges receive electric version of
SAR
Awarding Process
College receives
electronic version of
SAR
College runs information through the
awarding program
KSU
College mails out the initial award letter
Types of Financial Aid
• Gift Aid – Grants– Scholarships
• Self Help Aid– Loans– Work
Types of Financial Aid
Gift Aid: Grants
Pell Grant
• Awarded to undergraduate students pursuing first bachelor’s degree
• EFC between 0 - 4995• Award amount based on EFC and enrollment status• Maximum award $5,550*
*Amounts based on 2012-2013
Types of Financial Aid
Gift Aid: Grants
Federal Supplemental Educational Opportunity Grant (FSEOG)
• EFC = 0
• Limited funding
• Award amount $ 600 - $2000*
*Amounts based on 2012-2013
Types of Financial Aid
Gift Aid: Grants
Teacher Education Assistance for College and Higher Education Grant Program (TEACH)
• Must agree to teach in high-need subject in designated schools that serve low-income students. • Must meet academic qualifications. (GPA or test scores)• Grant converts to unsubsidized loan if teaching obligation is not complete• Up to maximum of $4,000 per year
Types of Financial AidGift Aid: Grants
Ohio College Opportunity Grant
• Eligibility based on EFC• Award amount based on enrollment status• Award amount $214-$856*• Kent campus enrollment
*Amounts based on 2012-2013
Types of Financial AidGift Aid: Scholarships
Start Searching EARLY!Timing is Everything!
• Business and Industry• Faith Based Organizations• Parents’ Employment• Local Library Resources
Types of Financial Aid
Gift Aid: Scholarships
KSU Scholarship Priority Dates:
• New Freshmen Scholarships: January 15• Continuing/Transfer Scholarships: February
15• Departmental Scholarships: Varies
Types of Financial Aid
Freshman Scholarships
• Apply for Admission • Accepted by January 15• No additional application
required!• www.admissions.kent.edu
Types of Financial Aid
Gift Aid:
Scholarships
• Scholarship Search Qualifier – Department scholarships– Additional scholarship
opportunities www.kent.edu/financialaid
Self-Help Aid: Work Federal Work Study
• Campus Based Aid• Student can work part time while enrolled in school• Award maximum Freshman $2000 for year • NOT applied to the students bill• Hired to work hourly and paid at least once a month• Earnings cannot exceed the awarded amount
University Funded Work• Available to students not awarded work study
Types of Financial Aid
Types of Financial AidSelf-Help Aid: Loans
Federal Perkins and Nursing Loans
• Campus Based Aid• Repayment begins 9 months after graduation
or dropping below halftime status• Fixed interest rate of 5%• Award amount $1000 - $2000• Nursing loan available to students admitted
to the Nursing Program *Amounts based on 2012-2013
Types of Financial AidSelf-Help Aid: Loans
Direct Stafford Loans
• Subsidized (3.4%) and Unsubsidized (6.8%)*• Student enrolled at least half time• Repayment begins 6 months after graduation or
dropping below halftime status• Fixed interest rate
*Loans disbursed after 7/1/12
Types of Financial Aid
Self-Help Aid: Loans
Direct Stafford Loans
• Freshman (0-29 credit hours) $5500• Sophomores (30-59 credit hours) $6500• Juniors (60-89 credit hours) $7500• Seniors (90 + credit hours) $7500
Types of Financial AidSelf Help Aid: LoansParent PLUS Loan
• Parent of dependent undergraduate student • Student enrolled at least half time• Credit based*• Fixed interest rate 7.9 %• Repayment begins while the student is in school but
may be deferred
*If denied for credit reasons student is eligible for limited unsubsidized funds
Types of Financial Aid
Self Help Aid: Alternative Loans
• Student applies for loan from a private lender• May need co-signer• Interest rate is variable• Repayment generally begins 6 months after
graduation
• Maximum amount is COA minus all other aid
Determination of Financial Need
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
Cost of Attendance (Budget)Kent
CampusCommuter
Kent Campus
Out of State
Regional Campus
Tuition* 9,672 9,672 17,632 5,472
Room and Board* 9,178 4,260 9,178 4,260
Books 1,420 1,420 1,420 1,420
Transportation 2,000 3,018 2,000 2,698
Miscellaneous & Personal
2,670 2,670 2,670 2,550
Loan fees 40 40 40 40
Total $24,980 $21,080 $32,940 $16,440
*Direct costs are based on 2012-2013
Determination of Financial Need
Expected Family Contribution
(EFC)
The number used to determine the eligibility for various types of financial aid.
Determination of Financial Need
This number is based on
results from the FAFSA
The EFC is reported to you on your SAR
Awarding ProcessHigh Need Student
Cost of Attendance $24,140-EFC - 400= Financial Need
$23,740
Pell Grant $5,100Direct Loan 5,500*Perkins Loan 2,000*FWS 2,000
Total Financial Aid$14,600
Awarding Process
High Need continued
Cost of Attendance $24,140
-Financial Aid - 14,600
PLUS/Alternative Loan Eligibility $9,540
Awarding Process
Low Need Student
Cost of Attendance $24,140- EFC -12,700= Financial Need $11,440
Scholarship $4,000Direct Loan 5,500
Total Financial Aid $9,500
Awarding Process
Low Need continued
Cost of Attendance $24,140
-Financial Aid - 9,500
PLUS/Alternative Loan Eligibility $14,640
Review
• Apply for admission
• Apply for PIN numbers
• Complete the FAFSA as soon as possible after January 1st
• Investigate other sources of aid
• www.kent.edu/financialaid
Student Financial Aid Workshops
Admitted students will be invited
January 2013 Kent Campus
College Goal Sunday
February 10, 2013
www.collegegoalsunday.org
Contact Information
Kent State UniversityStudent Financial Aid Office
103 Schwartz CenterKent, OH. 44242
330-672-2972www.kent.edu/financialaid