[PPT] - Steps to Receive and Manage Financial Aid and Scholarships Office PowerPoint Presentation

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Steps to Receive and Manage Financial Aid and Scholarships

Office of Student Financial Assistance Powercat Financial

Cal Boren

Assistant Director for OSFA 785-532-6420 finaid@ksu.edu

Jodi Kaus

Director of Powercat Financial 785-532-2889 powercatfinancial@ksu.edu

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Welcome to the K-State Family!

K-State Orientation Expo Noon to 4:00 P.M. First Floor of the Student Union Presentation Link k-state.edu/sfa/orientation.html

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Office of Student Financial Assistance K-State’s student service office that administers scholarships, grants, work study, and student loans. Goal: To leverage all available financial resources so that students may realize the successful completion of their chosen program of study Powercat Financial K-State’s financial education center providing FREE student-to-student help with: Budgeting, Student Loan Planning & Repayment, Understanding Credit, Saving, Transitioning into Work Financially

Collaboration is Key

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Designated Access

Allows students to grant

parents or others permission to access their student records

Students can give parents or
thers the ability to:

– Pay Bills – View Tax Information – View Financial Aid

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Check your To-Do List in KSIS

Each student has a To-Do

List in their KSIS Student Center

This area serves as a

communication between the OSFA and your student

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Types of Financial Aid

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Gift Aid

Scholarships

Grants

Self-Help Aid

Loans Work-Study

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Scholarships

K-State scholarships are automatically

applied to the student bill

– Commonly split between the fall and spring semesters

Any private scholarships should be reported

using our private scholarships form

– If private scholarships will be received after the K-State bill due date, inform the OSFA

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Eligibility determined by the FAFSA; Varies based on income.
Maximum Pell Grant award for 2017-18 = $5,920
Other Grants include:
Kansas Comprehensive Grant
Freshmen Wildcat Grant
Eisenhower Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Teacher Education Assistance for College and Higher Education Grant (TEACH)

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Grants

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Work-Study

Provides access to part-time jobs while students are attending school.
Eligibility is determined by the FAFSA
Students must have accepted a Work-Study award in KSIS and have been offered and

accepted a Work-Study eligible position of employment (see employer).

If you were not offered or do not qualify for Work-Study you are generally still be able

to have an on campus job!

Available FWS positions can be found by creating a personal Career Center account

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Loans

Direct Stafford Loans

– Subsidized: need-based, interest covered by the federal government while enrolled at least half-time – Unsubsidized: interest accrues after the first disbursement

Split when applied to the student account

– Half in the fall and half in the spring

Repayment commonly begins 6 months after graduation

Interest rate for 2017-18 – 4.45%

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Parent PLUS Loans

Parent(s) is/are the borrower
Once a PLUS loan is submitted, a credit evaluation is

performed and the parent or step-parent who applies must demonstrate good credit history in order to borrow the loan – If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan

Repayment begins immediately but can be deferred upon

request

Interest rate for 2017-18 – 7.0%

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Loan Entrance Counseling & Master Promissory Note

For Students For Parents

Completed after accepting (or approval of) a loan

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Award Notification Letter

Students receive notification via e-mail

that their award package is ready

Students then login to KSIS to view and

accept their awards Important: All communications are sent to the K-State E-mail Account

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Accept Financial Aid in KSIS

All students are offered Federal Direct

loans and Parent PLUS loans

Students must accept offered financial

aid in KSIS

– Students are not required to accept the full amount of aid offered

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Borrow Only What Is Needed

Create a semester budget & stick to it

– Use budget form at ksu.edu/powercatfinancial/budgeting

Take scholarships, grants, work-study first
If you must borrow: take only what is needed starting first with

subsidized loans

If must borrow unsubsidized loans: pay interest along the way to avoid

capitalization

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Have Student Budget for Completion

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Can Student Afford Final Loan Payments?

Total Loans Borrowed Assume Standard Monthly Payment

ver 10 Years at

4.3% Interest Percent of Monthly Gross Income Assuming $35,000 Annual Income Upon Graduation Total Amount Paid Including Interest Costs Over Life of the Loans $20,000 $205 monthly 7.0% $24,642 $25,000 $257 monthly 8.8% $30,803 $35,000 $359 monthly 12.3% $43,124 $45,000 $462 monthly 15.8% $55,446

*Note: these are assumptions are for illustration purposes only and actual interest rates, loan balances and income will vary for each student borrower

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Keep Track of Total Loan Balances

View all loans in KSIS Student

Information System

– Go to Student Center > View Financial Aid > Aid Year > My Financial Aid Details – Loan History Tab

Or use Federal Student Aid

Repayment Estimator – at studentaid.gov

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View Your K-State Bill

Your student may view their K-State

bill in mid-July(scheduled for July 15th), in the Student Center, in KSIS

Anticipated financial aid that is

ready to be applied to the student’s K-State account will appear on the bill

– If anticipated financial aid does not appear on the bill, check the To-Do List in KSIS

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Tips on your K-State Bill

Have all To-Do List items in KSIS

completed by early July

Waitlisted courses will not be

assessed on the original K-State bill

– If a refund is issued and waitlisted courses are added, additional charges will appear on the following K-State bill

Optional enrollment in the Tuition

Installment Payment Plan (TIPP) can be completed in KSIS

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K-State Bill Due Date

Anticipated financial aid (scholarships, grants, work-study, and loans) will be applied to your students’ K-State bill 10 days before the fall term payment is due, or August 11th Payment of your K-State bill is due

Monday, August 21st

(first day of fall term)

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Remaining Financial Aid

Any remaining financial aid that is present on the your students’

account will be issued as refund

Refunds may be delivered two ways:

– Direct Deposit – If requested through KSIS by the Monday prior to the first day of the term, funds will be scheduled for deposit the following Friday – Paper Check – Available for pickup in Anderson Hall on the first day of the term

Checks not picked up during the first week of the term will be mailed to the

local address the following Friday

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Purpose of Financial Aid Refund

Purchase books and supplies
Housing expenses or rent
Groceries and personal expenses
Travel expenses

Student are encouraged to meet with Powercat Financial to receive assistance creating a spending plan incorporating their financial aid refund

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Federal Verification

If selected to complete the federal verification

process, the OSFA will inform students of the necessary documentation required

– Required documentation will also be listed in the student's To-Do list within the Student Center in KSIS

Students cannot receive federal or state financial

aid until the federal verification process is complete

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Special Financial Circumstances

If a significant change to the family’s financial situation has occurred,

contact the OSFA

In certain circumstances, the student’s financial aid advisor may be

able to make an adjustment to the student’s financial aid eligibility

Submit a Professional Judgment Appeal Form if a significant change

has occurred to the student's and/or parents' financial condition from the previous year k-state.edu/sfa/forms/pj.pdf

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Maintaining Eligibility

Each semester, the OSFA will verify a student’s eligibility to receive

financial aid

Eligibility requirements include but are not limited to:

(A full list of eligibility requirements are available on the OSFA website.)

– Financial need (except for certain loans) – Documented academic credentials (transcripts) – Enrolled at least half-time (minimum of 6 credit hours) – Scholarship Renewal (most scholarships require a 3.5 cumulative GPA to renew) – Satisfactory Academic Progress (SAP) toward a degree or certificate

Students should check with both their academic and financial aid advisor prior to

dropping or withdrawing from a course as it may negatively affect eligibility for aid

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Salt™ provides:

Student loan advice from expert counselors
Scholarship, internship, and job searches
Tools to take control of finances
Tips on building smart financial habits
Helpful, neutral guidance of a nonprofit
Proactive debt management assistance

Powercat Financial partners with American Student Assistance to offer Salt™ to all our students and alumni for FREE

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Students can sign up for Salt™ today at the Powercat Financial table during the afternoon Orientation Expo Students can sign up now! Text ORIENTATION to 51303

r visit

saltmoney.org/ K-State

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Students can request a FREE confidential appointment at ksu.edu/PowercatFinancial

Visit the NEW Powercat Financial center on the Union Third Floor

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Important Links

www.k-state.edu/sfa/orientation.html

FAFSA

– fafsa.ed.gov

IRS Data Retrieval Tool

– k-state.edu/sfa/policies/verification.html

K-State Student Information Center

– ksis.k-state.edu

K-State Designated Access

– k-state.edu/onestop/designated-access

Loan Entrance Counseling and Master Promissory Note

– https://studentloans.gov

Federal Direct Parent PLUS Loan

– k-state.edu/sfa/loans/pplusinfo.html

K-State Electronic Funds Transfer (EFT) Direct Deposit

– ksu.edu/finsvcs/cashiers/refunds/eft

Private Scholarship Reporting Form

– k-state.edu/sfa/forms/privatescholarships.pdf

Federal Work Study at K-State

– k-state.edu/sfa/employment.html

Career Center

– k-state.edu/careercenter

Federal Verification Policy

– k-state.edu/sfa/policies/verification.html

Special Financial Circumstances – Professional Judgement Appeal

– k-state.edu/sfa/forms/pj1.pdf

Financial Aid Eligibility Requirements

– k-state.edu/sfa/policies/eligibility.html

Eligibility – Drop or Withdraw Policy

– k-state.edu/sfa/policies/dropwithdraw.html

Satisfactory Academic Progress

– k-state.edu/sfa/policies/sap.html

Powercat Financial

– ksu.edu/powercatfinancial

SALT Money Program

– saltmoney.org/K-State

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Office of Student Financial Assistance Powercat Financial

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Questions?

K-State Orientation Expo Noon to 4:00 P.M. First Floor of the Student Union Presentation Link k-state.edu/sfa/orientation.html Thanks for attending and Go Cats!

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