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

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

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Steps to Receive and Manage Financial Aid and Scholarships Office of Student Financial Assistance Powercat Financial Counseling Cal Boren Jodi Kaus Assistant Director for OSFA Director for PFC 785-532-6420 785-532-2889 finaid@ksu.edu

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Steps to Receive and Manage Financial Aid and Scholarships

Office of Student Financial Assistance Powercat Financial Counseling

Cal Boren

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

Jodi Kaus

Director for PFC 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. Ground 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 Counseling 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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Free Application for Federal Student Aid (FAFSA)

  • Complete and submit your

FAFSA fafsa.gov

  • Utilize the IRS Data Retrieval

Tool to transfer Federal tax return information into the FAFSA.

– Instructions are available on the SFA website.

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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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Final Official Transcript

  • Every incoming freshman student must submit an official high school

transcript with graduation date (or transfer college transcript) to the Office of Admissions Office of Admissions Kansas State University 119 Anderson Hall 919 Mid-Campus Drive North Manhattan, KS 66506-0102

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Final Official Transcript

  • If transfer students will not receive an Associate’s degree or did not

complete 6 college credits before 07/01/2012, they must submit a final official high school transcript with graduation date. Office of Admissions Kansas State University 119 Anderson Hall 919 Mid-Campus Drive North Manhattan, KS 66506-0102

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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

  • Scholarships awarded by K-State are

automatically applied to the student bill. Commonly split between the fall and spring semesters.

  • Scholarships received from a source
  • ther than Kansas State University

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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Grants

  • Grants are typically awarded on the basis of need and generally do

not have to be repaid.

  • The most common federal student grant is the Federal Pell Grant.
  • Other grants include:

– Federal Supplemental Educational Opportunity Grants (FSEOG) – Teacher Education Assistance for College and Higher Education Grant (TEACH) – Iraq and Afghanistan Service Grants

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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

  • Both loans do not enter repayment until 6 months after dropping

below half-time status.

  • Interest rate for 2016-17 - 3.76%
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PLUS Loans

  • Parent PLUS Loans

– A loan for parents or step-parents of dependent undergraduate students. – A parent (on the FASFA or biological) must apply for the PLUS loan through the application available on the OSFA website.

  • Once a PLUS loan is submitted, a credit evaluation is performed.
  • If a PLUS loan is denied, student can request an additional

unsubsidized Stafford loan:

– $4,000 for Freshmen & Sophomore – $5,000 for Junior & Senior

  • Interest rate for 2016-17 - 6.31%
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PLUS Loans

  • If parent applicant passes the

credit evaluation, they must complete a master promissory note.

  • Repayment begins once the

loan is fully disbursed (Typically, 60 days after the spring term disbursement).

  • Contact your loan servicer to

request a deferment.

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Work-Study

  • Students can earn Federal Work-Study (FWS) financial assistance

through part-time employment at K-State.

  • Students must have accepted a FWS award in KSIS and have been
  • ffered and accepted a FWS funded position of employment.
  • Available FWS positions can be found by creating a personal Career

Center account.

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Award Notification Letter

  • Students receive their financial aid

award notifications by letter when first entering K-State.

  • Notification will then be sent via their

K-State email throughout the remainder of their academic career.

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Accept Financial Aid in KSIS

  • Grants, Loans and

Federal Work-Study

  • All students are offered

Federal Direct loans and Parent PLUS loans.

  • Students must accept
  • ffered financial aid in

KSIS.

– Students are not required to accept the full amount

  • f aid offered.
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Borrow Only What Is Needed

  • Create a semester budget & stick to it

– Use budget form at ksu.edu/pfc/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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Complete your Loan Entrance Counseling and Master Promissory Note (MPN)

  • Ensures that borrowers

understand the responsibilities and obligations you are assuming through the borrowing process.

  • First-time borrowers of Federal

Direct Subsidized/Unsubsidized loans must complete entrance counseling

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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 financial aid does not appear on the bill, then additional steps may need to be taken in order to receive financial aid. (Check Student Center 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 12th. Payment of your K-State bill is due Monday, August 22nd (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

  • f 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 Counseling 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
  • ccurred, 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/pj1.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) – 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.

PFC partnered 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 PFC 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 also request a FREE confidential appointment at ksu.edu/pfc

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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 Counseling

– ksu.edu/pfc

  • SALT Money Program

– saltmoney.org/K-State

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Office of Student Financial Assistance 104 Fairchild | 1601 Vattier St. | Manhattan, KS 66506- 1104 785-532-6420 | toll free: 1-877-817-2287 | fax: 785-532- 7628 finaid@k-state.edu | ksu.edu/sfa Powercat Financial Counseling K-State Student Union | 918 N. 17th St. | Manhattan, KS 66506-2800 785-532-2889 | powercatfinancial@k-state.edu | ksu.edu/pfc

Office of Student Financial Assistance Powercat Financial Counseling

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Questions?

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