JSHS Financial Aid Night
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Transcript of JSHS Financial Aid Night
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FINDING MONEY FOR COLLEGE
Financial Aid High School Night
Elizabeth LeMaster
Student Financial Aid
Bowling Green State University
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Agenda
Free Application for Federal Student Aid (FAFSA)
Federal loan/grant programs
Campus Based Aid
Additional loan sources
Scholarship search
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Where do I start? Different schools require different applications, check with the
Financial Aid Office and Admissions Office at each school.
Some standard applications are:
1. Admission Application
2. Free Application for Federal Student Aid (FAFSA)
3. Other Institutional Application forms (if required)4. Applications for scholarships
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Free Application for Federal Student Aid
(FAFSA)Application for federal, state, and
some institutional aid
www.fafsa.govBecomes available January 1st
File a new application every year
If you have multiple college
students in your family? Eachstudent will file their own
application.
http://www.fafsa.gov/http://www.fafsa.gov/
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To complete the FAFSA…
Student and one parent will need to create their own FSA ID
to electronically sign the FAFSAApply online at www.fsaid.ed.gov
You cannot make an FSA ID for someone else
Complete your 2015 federal tax returns ASAP
If your taxes are not completed, you can file the FAFSA using
estimated 2015 incomeEstimate based on 2014 taxes, or any 2015 earning statements
If you used estimated income – UPDATE the FAFSA onceyour taxes are completed
http://www.fsaid.ed.gov/http://www.fsaid.ed.gov/
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FAFSA Deadlines
FAFSA can be filed at any time after January 1st ,
however, there are funding limitations on some aid
programs.Be aware of priority deadlines. These may vary from
institution to institution.
It is best to begin filing the FAFSA as soon after
January 1st as possible
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Sections to the FAFSA
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Sections to the FAFSA
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Sections to the FAFSA
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Independent vs. Dependent StudentsIf you can answer yes to any of the following, you can file as
an Independent student:
24 years of ageGraduate student or seeking a
professional degree
Married
Serving active duty in U.S.
Armed Forces
Veteran of U.S. Armed Forces
Have a child you provide more
than half of the support for
Both parents were deceasedsince turning age of 13
Foster care since turning age 13
Dependent/Ward of Court since
turning age of 13
Emancipated minor
Legal Guardianship appointed
Homeless/at risk of being
homeless
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Sections to the FAFSA
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Parental Information
Who are the parents on the FAFSA?
If your parents are divorced or separated, put
information on the FAFSA about the parent you livedwith more during the past 12 months (and their
spouse, if remarried)
FAFSA will request information for “Parent 1” and
“Parent 2”
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Sections to the FAFSA
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Sections to the FAFSA
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FAFSA Filing Help
College Goal Sunday!
February 14, 2016
Line by line instruction and hands-on help forcompleting FAFSA
www.ohiocollegegoalsunday.org
“Help and Hints” located within application
IRS Data Retrieval Tool
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After the FAFSA is submitted
The student receives notification from FAFSA and is
issued a summary of the FAFSA called a Student Aid
Report (SAR)The Student Aid Report includes the calculated
Expected Family Contribution (EFC)
Student will receive an Award Letter
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Expected Family Contribution
EFC is an index number used to determine “financial need” of the student
The EFC estimates a families ability to pay for college as determined by a
formula created by Congress called the Federal Methodology
Assumes that the primary responsibility for paying for college falls to the
student and parents
Factors include:
Family Income (including taxed and untaxed income)
Family Size
Number of students in college in family
Etc.
The lower your EFC, the more likely you are to qualify for need-based aid
programs at any school
The EFC is not a specific amount the family is expected to pay at any one
specific college
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HOW A FINANCIAL AID
PACKAGE IS CREATEDBASED ON YOUR EFC
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Definition of “Financial Need”
Cost of attendance (COA)
– Expected family contribution (EFC)
= Financial need
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Need Comparison
Higher Cost Mid Cost Lower Cost
Institution Institution Institution
Cost of Attendance $30,000 $20,000 $13,000
- EFC $10,000 $ 10,000 $10,000
=Need-based Eligibility $20,000 $ 10,000 $ 3,000
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Need vs. Non-Need Based Aid
Need-based aid:
Some forms of aid are
only available to students
that have demonstratedfinancial need:
Pell Grant, FSEOG (very
high need only)
Direct SubsidizedLoans
Federal Work Study
Some scholarships
Non-Need Based Aid:
Other forms of aid are
not dependent on a
student’s financial need:
Most Scholarships
Unsubsidized Student
Loans
Parent PLUS loans,alternative/private
loans
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STUDENT AID PROGRAMS:
Awards through the FAFSA
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Federal Direct Stafford Loans
Federal Direct Stafford student loans
Direct Subsidized Loan – No interest accrues on this
need-based loan during undergraduate study.Direct Unsubsidized Loan – Interest accrues on this
non need-based loan while in school.
Interest rates are currently fixed at 4.29% or lower
Repayment occurs 6 months after the student:Graduates
Leaves school
Falls below ½ time enrollment
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Federal Direct Loans Limits
Dependent, Undergraduate Students
Class Year Base Amount
Additional
Unsubsidized
Amount
Total Availableto Borrow
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior $5,500 $2,000 $7,500
Senior $5,500 $2,000 $7,500
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Grant ProgramsFederal Pell Grant - 2015-16 academic year
Need based
Award amount: up to $5775
EFC: 0 – 5198
Ohio College Opportunity Grant 2015-16 academic year
Need based
$1296 for students at most public university main campuses
Funding not available for students at community colleges ®ional campuses
EFC: 0 - 2190
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Campus-Based Aid
To be considered for these awards students must file
FAFSA by priority deadline and amounts may vary
between institutions.
Supplemental Educational Opportunity Grant (SEOG)
Awarded to Pell eligible students with a very low EFC
Award ranges between $100-$4000
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Campus-Based Aid, continued Federal Work-Study
Earnings are not automatically applied to your
college billFWS funds will be provided to the student in the
form of a paycheck for actual hours worked
When the student applies for financial aid for the
next academic year, questions on the FAFSA will
exclude Work-Study income so those earnings
will not have a negative effect on the EFC
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What if I’m not awardedenough money from FAFSA?
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You have choices!
Federal Parent Loan for Undergraduate Students (PLUS)
Loan in parent’s name
Repayment begins while student is in school, but parent can
defer payment as long as student continues to be enrolled
half-timeInterest rate: 6.84% fixed
Alternative/Private loan programs
Loan in student’s name
Repayment generally begins 6 months after graduation/leaveschool
Various terms, credit-worthy signer or co-signer
Search and apply for scholarships
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Searching for ScholarshipsSearch locally:
High School Guidance
Counselor
Library Listings
Places of Worship
Chamber of Commerce
Finally, consider free, national searches:
www.fastweb.com
www.finaid.com
www.careerinfonet.org/scholarshipsearch
At every college you want toattend, check with:
Financial Aid Office
Admissions Office
http://www.fastweb.com/http://www.finaid.com/http://www.careerinfonet.org/scholarshipsearchhttp://www.careerinfonet.org/scholarshipsearchhttp://www.finaid.com/http://www.fastweb.com/
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Timing - start early and search often year round! Complete each application carefully—check for specific criteria
Be aware of deadlines (postmarked, received by)
Submit all application requirements by deadline
Maintain a scholarship search folderIf an essay is required or even optional, do it!
Apply even if you think it’s a long-shot; who knows, you might be the
only applicant!
Check out “Top Twelve Tips on Winning a Scholarship” Worksheet
from fastweb!
Applying for scholarships – general tips
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Financial Aid TO DO:Complete the Admissions process
Complete 2016-17 FAFSA at www.fafsa.gov
Search and apply for scholarships
Respond promptly to requests from college offices
Review all financial aid award letters from each schoolCompare institutional costs to financial aid offered at each
school
Determine your true out-of-pocket costsCollege Board Net Price Calculator Worksheet
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CONTACT INFORMATION
Bowling Green State University
Student Financial Aid
419-372-2651
Email AskSFA: https://sfa.bgsu.edu/asksfa