FINANCIAL AID PRESENTATIONBremen High School

What is Financial Aid Types of Financial Aid Application Process Award Letters Where to find Scholarships What is FAFSA4Caster

Goals for Presentation…

Financial Aid Defined…

Assistance awarded to students which may be based on: financial need, which is determined by

federal methodology special qualities the student may have such

as academic or athletic talent Aid can come from Federal, State,

College and Private Sources

Types of Financial Aid

Gift Aid: Does not have to be repaid Grants (based on need) Scholarships (based on merit)

Self Help: Work Study: Earned (based on need) Loans: Borrowed (need and non-need

based)

Who is considered a parent?

“Parent” refers to a biological or adoptive parent. Grandparents, foster parents, legal guardians, older

siblings, and uncles or aunts are not considered parents on this form unless they have legally adopted you.

In case of divorce or separation, give information about the parent you lived with most in the last 12 months.

If you did not live with one parent more than the other, give information about the parent who provided you the most financial support during the last 12 months or during the most recent year you received support.

If your divorced or widowed parent has remarried, also provide information about your stepparent.

Items Needed to Complete FAFSA

For the 2015-2016 school year you will need financial information from 2014. You may need to refer to:

Your Social Security card. It is important that you enter your Social Security Number correctly!

Your alien registration or permanent resident card (if you are not a U.S. citizen)

Your 2014 W-2 forms and other records of money earned Your (and if married, your spouse's) 2014 Federal Income Tax Return.

IRS 1040, 1040A, 1040 EZ (You may be able to transfer your federal tax information using the IRS Data Retrieval Tool)

Your Parents' 2014 Federal Income Tax Return (if you are a dependent student)

Your 2014 untaxed income records (if applicable) You and your parents’ (if you are a dependent student) current bank

statements Your parents’ current business and investment mortgage information,

business and farm records, stock, bond and other investment records A Federal Student Aid Pin

Social Security Number

The student must have a social security number in order to complete a FAFSA application.

A social security number issued through DACA does not qualify a student to submit a FAFSA.

If the parents do not have a social security number enter 000-00-000. The student is still eligible for financial aid.

An ITIN (taxpayer identification number)cannot be used to complete the FAFSA. These can be identified by a nine digit number beginning with the number 9 and the middle digits range from 70-88 (9XX-7X-XXX).

FAFSA Application Processwww.fafsa.ed.gov (As soon as possible after January 1, 2015)

Applying for PIN (can be completed at any time)

www.pin.ed.gov

A Federal Student Aid PIN can be used for many federal student aid activities, such as to: Electronically sign a Free Application for Federal

Student Aid (FAFSA) Renew your FAFSA (if you applied last year) Make corrections to a processed FAFSA View and Print your electronic Student Aid

Report (SAR) Both the student and one parent must apply

for their own PIN.

Answer NO to all questions in section 3.

Parents’ income will be used in determining financial aid eligibility.

Answer YES to one or more questions in section 3.

No parent information needed.

Dependent Independent

Dependency Status

Dependency Questions (Section 3)(if you answer YES to any of these questions you are considered independent)

You were born before January 1, 1992.

As of today you are married.

At the beginning of the 2015-2016 school year you will be working on a master’s or doctorate program.

You are currently serving on active duty in the U.S. Armed Forces for purposes other than training.

You are a veteran of the U.S. Armed Forces.

You have children who will receive more than half of their support from you.

You have dependents (other then your children or spouse) who will receive more than half of their support from you.

At any time since you turned aged 13, your parents were deceased, you were in foster care or were a dependent of ward of the court.

As determined by court in your legal state of residence you are an emancipated minor.

As determined by a court in your legal state of residence you are or you were in legal guardianship.

At any time on or after July 1, 2014 did your high school homeless liaison, an emergency shelter director or a transitional housing program director determined you are an unaccompanied youth or homeless.

What? Why? Where?

A measure of a family’s financial strength.

Schools use the EFC to determine federal student aid eligibility and financial aid award.

Shown on Student Aid Report (SAR).

EFCExpected

Family Contribution

•Calculated on the basis of information reported on the FAFSA and according to a formula established by law.

•A family’s taxed and untaxed income, assets, and benefits are all considered in the formula.

Expected Family Contribution

Student Aid Report (SAR)

The official notification sent from the federal government as a result receiving a FAFSA for a student.

The SAR summarizes the applicant information, provides the EFC for a student and displays other special messages related to the student’s application.

The SAR is sent to the student as well as any colleges or universities listed on the FAFSA application (up to 10).

Determining Cost of Attendance These costs are determined by the individual

schools. Make sure when comparing schools that the same

costs have been included in the cost of attendance.

The cost of attendance for most students includes: Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Living Expenses

How is financial aid determined by a school?

Cost of

Attendan

ce (COA

)

Expected Famil

y Contributio

n (EFC)

Financial Need

The general rule is that a student’s total aid may not exceed a student’s financial need.

Federal & State Sources to Meet Need2014-2015 Maximums

Federal Pell Grant $5,730

Illinois Monetary Award Program(MAP)

Maximum award is based on legislative action and available funding every year

(up to $4,968).

Federal Supplemental Educational Opportunity Grant (SEOG)

$100-$4,000 annual maximum

Federal Work Study No annual minimum or maximum amounts, however students will be

responsible for applying income earned to pay tuition.

Federal Perkins Loan $5,500 annual maximum

Direct Subsidized Loan $3,500-$5,500 annually depending on grade level

Direct Unsubsidized Loan $5,500-$7,500 annually depending on grade level

Direct Plus Loan Parent Loan: Maximum amount is the cost of attendance minus any other financial aid the student receives.

The Award Letter

Sample University Amount

Total Cost of Attendance $44,000

Expected Family Contribution

-$3,000

Financial Need $41,000

Federal Pell Grant -$1,200

Illinois Map Grant -$3,330

Federal SEOG -$4,000

University Grant -$6,500

Federal Work Study -$1,500

Federal Perkins Loan -$500

Subsidized Direct Loan -$3,500

Unsubsidized Direct Loan -$2,000

Unmet Need $18,500

Parent Plus Loan $18,500

Unmet Need $0

Scholarships

Bremen Webpage http://bhsd228.schoolwires.net/Page/6312

www.careercruising.com www.fastweb.com www.mycollegeoptions.org www.scholarships.com Check financial aid websites of the

college you are attending for university or college scholarships.

A free financial aid calculator that gives you an early estimate of your eligibility for federal student aid. This information helps families plan ahead for college.

Available at https://fafsa.ed.gov/on every college website.

FAFSA4Caster

Keep in mind…

You may be asked to submit documentation to the financial aid office for verification purposes.

The combination of student aid and EFC must not exceed student’s COA.

If financial aid from any source becomes available after packaging, awards must be reduced until the total package does not exceed COA.

Outside Scholarships: Find out how this money will be treated in each college’s financial aid award package.

Federal Work Study must be earned and the amount indicated on your Award letter will need to be applied to the tuition bill by the student.

ALL loans must be repaid and will require additional paperwork including a Master Promissory Note.

•www.fafsa.ed.gov Federal Student Aid, an office of the U.S. Department of Education•www.isac.org Illinois Student Assistance Commission•Some material adapted from a Powerpoint created by Carl Zambo, former Oak Forest High School counselor.

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