What you Need to Know About Financial Aid 2015-16 ~ Thanks to ~ - - PowerPoint PPT Presentation
What you Need to Know About Financial Aid 2015-16 ~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department of Education Colorado College ~ Co-
2015-16
~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department of Education Colorado College
~ Co- Presented by ~ Jim Swanson Jannette Parks Swanson
Presentation : 45 minutes to 1 hour General Question and answer: 30-45 minutes Basic information Applicable to all colleges and universities Sources and Type of Financial Aid Applications - Free Application for Federal
Student Aid (FAFSA) and more
Scholarships Award Notices Special Circumstances
Funds provided to families to help pay
Be organized Observe deadlines Know application requirements Make College a family priority! Ask Questions
Research application requirements and
deadlines
Submit forms by
by de dead adli line nes
Each college and university determines
eligibility for financial aid
Financial aid offer is sent Review the offer and ask questions if needed Accept or Decline offer by d
by dea eadline dline
Federal
Grants
Loans
Work-study
Application
FAFSA
Federal State
Grants Grants
Loans
Work-study Work-study
COF
Application
FAFSA FAFSA
Other
Federal State Colleges/Universities
Grants Grants Grants
Loans Loans
Work-study Work-study Student Employment
COF
Scholarships
Application
FAFSA FAFSA FAFSA PROFILE (check with college)
Other Other (check with college)
Federal State Colleges/Universities Outside agencies
Grants Grants Grants
Loans Loans Loans
Work-study Work-study Student Employment
COF
Scholarships Scholarships
Application
FAFSA FAFSA FAFSA FAFSA (check with agency) PROFILE (check with college)
Other Other (check with college) Other (check with agency)
Gift Aid
Grants – Free money, does not get paid back Scholarships – Free money, does not get paid
back
Self-Help Options
Loans – Borrowed money to be paid back Work – Money students earn while employed
Free Application for Federal Student Aid The Standard Application For Federal grants Federal student/parent loans Federal work-study Colorado Student Grant Colorado work-study May be used by colleges and private foundations Grants Scholarships Other Financial Aid
Student Parent(s) of the dependent student
If married with each other; both parents If parents are not married to each other but live with
each other; both parents
If divorced, widowed or never married, only one
parent; the parent with whom the student lived with the most during the past 12 months
If divorced and remarried; the parent with whom
student lives with the most during the past 12 months and student’s stepparent
…24 or older …married …have dependents other than a spouse …an orphan …a ward of the court …a veteran …currently serving on active duty for
purposes other than training
…other
Apply after January 1st of the student’s senior year in high school but before college’s deadline
For students entering college in the fall 2015, complete 2015-16 FAFSA
www.fafsa.ed.gov
Apply for Personal Identification Number (PIN)
Student Parent Serves as electronic signature PIN process will change after April 25, 2015
10 different colleges may receive results
Step 1: Student Demographics Step 2: School Section Step 3: Student Dependency Status Step 4: Parental Demographics Step 5: Financial Information Step 6: Sign and Submit Step 7: Confirmation
(for enrollment in college July 1, 2015 – June 30, 2016)
Parent(s), Stepparent & Student
Information
2014 Adjusted Gross Income 2014 Wages, Salaries, Tips, etc. 2014 Untaxable Income 2014 Taxes Paid Household size Number of dependents in college Savings, Investments & Other
Real Estate (value at the time of application)
Business value (more than 100
employees)
Value of Family Business
Unless the business has greater
than 100 employees
Non-Custodial Parent Information
Except for child support received
Qualified Retirement Savings Plans
Except for yearly contributions
Family Home
Second homes and other real
estate are included
Parents attending college
Detailed Expenses
Such as medical, elder care, and
consumer debt
26
Other Financial Information Needed
Avoid being charged a fee to file the FAFSA
Completing, filing and processing the FAFSA are
www.fafsa.ed.gov
Need Assistance?
Contact College Financial Aid staff
Call the federal information center at (800) 433-3243
Accessing www.fafsa.com is not the free federal
website and they will charge you $$$$.
Wrong “year’s version” Wrong Social Security Numbers or Driver License
number
Incorrect marital status Not reporting untaxed income Withholding vs. U.S. income taxes paid Incorrect number in household and dependent
students in college
Including small business value (<100 employees) Forgetting to list the college Forgetting to electronically “sign” and submit FAFSA
CSS PROFILE?
https://student.collegeboard.org/css-financial-aid-profile
Other? Check the school or agency
website
If you miss submitting a required
form by the deadline…you miss the
College Board CSS PROFILE Financial Aid Application
Not used to determine federal or state financial aid eligibility
Required by some colleges to assess student’s eligibility for the college’s grants and scholarships
In Colorado: Colorado College, University of Denver,
In limited circumstances: Colorado State University, CU- Boulder
Comprehensive form
Report three years income Additional income and asset information not collected on FAFSA Report expenses and special circumstances Noncustodial parent information
Go to www.collegeincolorado.org Complete necessary information
now
Grant money is available for
many colleges in Colorado
For 2014-15, $75 per credit hour
at public colleges/universities; $38 per credit hour at participating private universities
Parents place of employment Local business, civic and fraternal
Local Foundations High School Websites Free Online Scholarship Searches
www.collegeincolorado.org
www.college-scholarships.com/free_scholarship_searches.htm
www.questbridge.org/for-students/scholarship-resources
Funds offered to a family based on the
families financial situation
is determined
…you are applying for financial assistance to help meet ALL of the costs associated with going to college.
Tuition and fees Room and board Books, supplies, and equipment Transportation Miscellaneous personal expenses Student Health Insurance, if applicable Loan fees, if applicable Study abroad costs, if applicable
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Aid Eligibility (Often referred to as Financial
Need)
Many different shapes and sizes Lists financial aid eligibility and terms. (Read the fine print.) Accept or decline the aid offer by
date indicated
Contact the college with
questions or needed clarification
College website Estimates financial aid
award
Should be used as a
guideline
Change in employment Medical expenses Change in marital status Dependent care expenses Cannot obtain parent
Cannot report on FAFSA Send a detailed written explanation and
Visit www.NASFAA.org and
www.bigfuture.collegeboard.org/pay-for-college
Talk to the financial aid administrator at the
Ask your high school counselor
Free assistance in completing the FAFSA February 8, 2015 1:00 pm to 3:00pm www.collegegoalcolorado.org Pikes Peak Community College
5675 S. Academy Blvd (Room A300)
University of Colorado-Colorado Springs
1429 Austin Bluffs Blvd (room to be determined)
is a partnership
…is a major family expense …will require commitment from students
…is a valuable lifetime investment …IS affordable for students from ALL
Reapply every year APPLY ON TIME
BEFORE APPLICATION DEADLINES!
If you snooze…you
lose $$$
Complete application for admission
Review college’s information for aid application requirements and deadlines
Complete tax returns as soon as possible
Attend College Goal Sunday
Complete FAFSA
Complete other financial aid / scholarship applications if applicable
Investigate other sources of aid
Conduct private scholarship search
Questions? Still feeling snowed under????
Talk to your HS Counselor or financial aid person at the college you are considering
Jim Swanson
Director of Financial Aid Colorado College (719) 389-6651 jswanson@coloradocollege.edu