Student Financial Aid Kent State University 103 Schwartz Center 330-672-2972.
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Transcript of Student Financial Aid Kent State University 103 Schwartz Center 330-672-2972.
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Student Financial Aid
Kent State University103 Schwartz Center
www.kent.edu/financialaid330-672-2972
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Overview
• Philosophy
• Application Process
• Types of Financial Aid
• Determination of Financial Need
• Examples of Awarding
• Upcoming events
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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.
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Application Process
www.pin.ed.gov
• Apply
• Both parent and student
• Does not need to be renewed
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Application Process
www.FAFSA.gov
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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
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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
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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
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Section 2 – Student Dependency Status
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Section 3 – Parent Information
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Section 3 – Parent Information (Income)
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Section 3 – Parent Information
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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
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Section 4 – Student Income Information
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Reminder….
FAFSA on the Web Worksheet is a guide to
completing the FAFSA online
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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
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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
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FAFSA filing• www.FAFSA.gov
• FAFSA submitted online
• 2-3 weeks processing time until awarding
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FAFSA filing
Student receives eSAR
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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
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FAFSA filingStudent receives
eSAR
Colleges receive electric version of
SAR
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Awarding Process
College receives
electronic version of
SAR
College runs information through the
awarding program
KSU
College mails out the initial award letter
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Types of Financial Aid
• Gift Aid – Grants– Scholarships
• Self Help Aid– Loans– Work
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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
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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
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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
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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
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Types of Financial AidGift Aid: Scholarships
Start Searching EARLY!Timing is Everything!
• Business and Industry• Faith Based Organizations• Parents’ Employment• Local Library Resources
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Types of Financial Aid
Gift Aid: Scholarships
KSU Scholarship Priority Dates:
• New Freshmen Scholarships: January 15• Continuing/Transfer Scholarships: February
15• Departmental Scholarships: Varies
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Types of Financial Aid
Freshman Scholarships
• Apply for Admission • Accepted by January 15• No additional application
required!• www.admissions.kent.edu
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Types of Financial Aid
Gift Aid:
Scholarships
• Scholarship Search Qualifier – Department scholarships– Additional scholarship
opportunities www.kent.edu/financialaid
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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
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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
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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
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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
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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
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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
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Determination of Financial Need
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
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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
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Determination of Financial Need
Expected Family Contribution
(EFC)
The number used to determine the eligibility for various types of financial aid.
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Determination of Financial Need
This number is based on
results from the FAFSA
The EFC is reported to you on your SAR
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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
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Awarding Process
High Need continued
Cost of Attendance $24,140
-Financial Aid - 14,600
PLUS/Alternative Loan Eligibility $9,540
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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
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Awarding Process
Low Need continued
Cost of Attendance $24,140
-Financial Aid - 9,500
PLUS/Alternative Loan Eligibility $14,640
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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
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Student Financial Aid Workshops
Admitted students will be invited
January 2013 Kent Campus
College Goal Sunday
February 10, 2013
www.collegegoalsunday.org
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Contact Information
Kent State UniversityStudent Financial Aid Office
103 Schwartz CenterKent, OH. 44242
330-672-2972www.kent.edu/financialaid