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Financial Aid Night Presented by Valerie Knopp St. Cloud State University Financial Aid Night Presented by Valerie Knopp St. Cloud State University

Dear Dad… $chool i$ really gr 8. I am making lot$ of friend$ & Dear Dad… $chool i$ really gr 8. I am making lot$ of friend$ & $tudying very hard. W/all my $tuff, I $imply can’t think of anything I need, $o if u would like, u can ju$t $end me a card, a$ I would love to hear from u. <3 ur $on $ent from my i. Phone

Dear Son… I k. NOw that astro. NOmy, eco. NOmics and ocea. NOgraphy are Dear Son… I k. NOw that astro. NOmy, eco. NOmics and ocea. NOgraphy are e. NOugh to keep even an ho. NOr student busy. Do NOt forget that the pursuit of k. NOwledge is a NOble task and you can never study e. NOugh. Love, Dad Sent by e-mail

Myths to Qualify for Financial Aid v We make too much money to qualify Myths to Qualify for Financial Aid v We make too much money to qualify v We have too many assets to qualify v It’s not worth completing the application (FAFSA)

What we’ll cover… v Application Process v Definition of “Need” v Aid Types and What we’ll cover… v Application Process v Definition of “Need” v Aid Types and Sources v Need Analysis Formula (optional)

Application Process Application Process

Who is eligible? v U. S. citizen or permanent resident v High school graduate/GED Who is eligible? v U. S. citizen or permanent resident v High school graduate/GED holder/Home school Certificate v Eligible degree/certificate program v Valid Social Security number v Registered with Selective Service (males 18 years old) v No conviction for drug offense while receiving federal aid v Satisfactory academic progress

How to Apply v Free Application for Federal Student Aid (FAFSA) § Online at How to Apply v Free Application for Federal Student Aid (FAFSA) § Online at www. fafsa. gov – fastest, most efficient § As soon as possible after January 1 st – earlier the better § Watch out! Only use the “. gov” site – anything else and you will be charged and your results may be delayed § Check the schools’ deadlines § Paper FAFSA § Download from www. fafsa. gov - select “FAFSA Filing Options” § Order by phone - 1 -800 -4 -FED-AID v School Form or CSS Profile (if applicable)

Government Philosophy on Financial Aid v Three partners who share responsibility for educational costs: Government Philosophy on Financial Aid v Three partners who share responsibility for educational costs: students, parents, and taxpayers (government). v Parent and student responsibility to pay for college expenses to the extent that they are able before federal or state funds are used. v FAFSA – determines an EFC (Expected Family Contribution) to make a consistent evaluation of each family’s financial circumstance.

FAFSA on the Web www. fafsa. gov v v v v Apply/Reapply Apply for FAFSA on the Web www. fafsa. gov v v v v Apply/Reapply Apply for PIN Filing Deadlines IRS Data Tool (DRT) available late February 2013 Find college codes Check status of FAFSA Make corrections Print SAR FAFSA 4 caster

Filing Deadlines v See state “Deadlines” at www. fafsa. gov v Minnesota State Grant Filing Deadlines v See state “Deadlines” at www. fafsa. gov v Minnesota State Grant deadline is 30 th day of the start of the term v Check with the schools - college deadlines vary and may be early. Check with the individual college

Personal Identification Number (PIN) www. pin. ed. gov v Apply for a PIN or Personal Identification Number (PIN) www. pin. ed. gov v Apply for a PIN or have PIN and forgot it? § When completing the FAFSA (real time), or at the PIN website Forgot your PIN? “Request a Duplicate PIN” at PIN website v Student and at least one parent need a PIN v Use your PIN to: IRS Data Retrieval Tool (DRT) to complete the FAFSA Sign your FAFSA electronically Check the status of your FAFSA or Make corrections to your FAFSA Sign Master Promissory Note (MPN) for federal loans (student and PLUS) § Look up student’s loan and grant history (www. nslds. ed. gov) § §

FAFSA on the Web www. fafsa. gov NOTE: After 1/1/13 the two options will FAFSA on the Web www. fafsa. gov NOTE: After 1/1/13 the two options will be 2012 -13 and 2013 -14 v Main page once logged in v Renewal or New FAFSA v Remember to select the correct award year v PIN status

Step 1: Beginning a FAFSA Step 1: Beginning a FAFSA

Step 2: Filling out the FAFSA Step 2: Filling out the FAFSA

High School (high school grads only) High School (high school grads only)

School Codes (up to 10) Finding School Codes: • FAFSA on the Web search School Codes (up to 10) Finding School Codes: • FAFSA on the Web search • “Paying for College” booklet (Minnesota schools only) • School’s website

Dependency Questions If student answers “NO” to all questions, parent information must be included Dependency Questions If student answers “NO” to all questions, parent information must be included on the FAFSA.

Special Circumstances (dependent students only) Special Circumstances (dependent students only)

Who is a “Parent” for the FAFSA? v Biological, adoptive, or step-parent v Grandparent, Who is a “Parent” for the FAFSA? v Biological, adoptive, or step-parent v Grandparent, foster parent, other relative or legal guardian (who are not the parent) are NOT considered parents unless they legally adopted the student.

Entering Parental Data Entering Parental Data

IRS Data Retrieval Tool (DRT) Who can use it? Dependent and independent students (parents IRS Data Retrieval Tool (DRT) Who can use it? Dependent and independent students (parents of dependent students) who meet ALL criteria: § Valid SSN § Filed a 2012 IRS tax return, AND § Unchanged marital status since December 31, 2012. § Available approx. late February 2013 § Displays if student (or parent, for dependents) selects tax filing status of “Already completed” 22

Application Statistics* Average completion time for NEW FAFSAs filed January 1, 2012 - September Application Statistics* Average completion time for NEW FAFSAs filed January 1, 2012 - September 30, 2012 -2013 2011 -2012 Application Type (English) # of Applicants Completion Time (in minutes) 3, 455, 616 37: 04 FAFSA EZ FAFSA 329, 120 32: 02 Renewal 4, 003, 109 394, 268 FAFSA EZ Renewal Application Type (English) # of Applicants Completion Time (in minutes) 3, 879, 269 19: 03 EZ FAFSA 594, 765 16: 31 27: 13 Renewal 4, 894, 169 14: 36 19: 52 EZ Renewal 774, 079 10: 60 *From 2012 Federal Student Aid Conference www. ifap. ed. gov/presentations/attachments/2012 FSAConf. Session 26 FAFSAApplication. Processing. Update

What if I filed without using IRS DRT? What if I filed without using IRS DRT?

IRS DRT (cont. ) § Check tax filing status “Already completed” § If “Married IRS DRT (cont. ) § Check tax filing status “Already completed” § If “Married Filing Separately” applicant is ineligible to use IRS DRT NOTE: If you recently filed taxes, you won’t see IRS DRT. 2 -3 weeks after you file electronically, correct the FAFSA, change this to “None of the Above”, and then use IRS DRT

IRS DRT (cont. ) IRS Interface Insert all information exactly as it appears on IRS DRT (cont. ) IRS Interface Insert all information exactly as it appears on your federal tax return (e. g. St. for Street for St. )

Transfer IRS data to FAFSA REMEMBER • Select the box and the “Transfer Now” Transfer IRS data to FAFSA REMEMBER • Select the box and the “Transfer Now” button. • Include “earnings from work” on the FAFSA after data transfer

What if I don’t use the IRS DRT? If you’re selected for verification and What if I don’t use the IRS DRT? If you’re selected for verification and did not use the IRS DRT, you must provide a Tax Return Transcript issued by the IRS. NOTE: A Tax Account Transcript does not provide sufficient information.

FAFSA saved up to 45 days FAFSA saved up to 45 days

Entering Income Information (student view – same for parent) If entering estimated income information, Entering Income Information (student view – same for parent) If entering estimated income information, click here. REMEMBER: Update your information once you complete your federal income tax return.

Sign and Submit the FAFSA Both student and parent must sign. “Save”: You store Sign and Submit the FAFSA Both student and parent must sign. “Save”: You store the data to retrieve later (up to 45 days). “Submit”: Your FAFSA will be processed.

Confirmation Page Transfer sameparent info for a (dependent) sibling need? Click the link on Confirmation Page Transfer sameparent info for a (dependent) sibling need? Click the link on the confirmation page to forward parent info from your FAFSA to your sibling’s. Estimate based on data entered. School will determine eligibility.

NEW for 2013 -2014: MN On-Line Student Eligibility Questionnaire Student must click on MN NEW for 2013 -2014: MN On-Line Student Eligibility Questionnaire Student must click on MN link on Confirmation page to be redirected to OHE on-line questionnaire First optional feature only appears for dependent students

Step 3: FAFSA Follow-up v. Make Corrections to a Saved FAFSA v. Check status Step 3: FAFSA Follow-up v. Make Corrections to a Saved FAFSA v. Check status of a submitted FAFSA v. Print Signature Page (if not signed electronically)

Application Status Check 1. Processed, not submitted 2. Processed, missing signatures (rejected to school) Application Status Check 1. Processed, not submitted 2. Processed, missing signatures (rejected to school)

Corrections on the Web REMEMBER: Save your correction(s) before submitting. Corrections on the Web REMEMBER: Save your correction(s) before submitting.

Completed FAFSA… …now what happens? v Department of Education: your estimated Expected Family Contribution Completed FAFSA… …now what happens? v Department of Education: your estimated Expected Family Contribution (EFC) v Student: receive your Student Aid Report (SAR) by e-mail or mail v Financial Aid Office: receives electronic copy of your FAFSA results v If selected for verification, the school(s) listed on your FAFSA will contact you

Verification (not an audit) v Some applications may be selected for verification by the Verification (not an audit) v Some applications may be selected for verification by the Central Processing Service or the school v School will send student/family: Verification worksheet to complete, sign and return v School will request: Federal income tax transcript (not the return) and W-2 forms for student and parent, if applicable (www. irs. gov for transcript) v If selected for verification, please do not make corrections to your FAFSA unless the school requests it

The Financial Aid Office v Determines student’s eligibility based on FAFSA results (and verification, The Financial Aid Office v Determines student’s eligibility based on FAFSA results (and verification, if required) v Packages and offers financial aid to students § based on eligibility § in attempt to meet financial need v Sends an award letter detailing: § Cost of attendance § Types and amount of financial aid § Conditions of the award § Disbursement procedure NOTE: Students must be admitted to (not enrolled at) the college before they can receive an award letter.

Eligibility for Financial Aid v All students and families are encouraged to complete the Eligibility for Financial Aid v All students and families are encouraged to complete the FAFSA for need and non-need based aid. v Submit the FAFSA by filing deadline (no later than the 30 th day after the start of the term if Minnesota state grant-eligible). v Admitted to the school and enrolled at least half-time (6 credits) to receive most types of aid. v Make satisfactory academic progress (GPA, credits completed v. attempted, maximum time frame) to receive aid.

Review of Application Steps Ø PIN - student and at least one parent Ø Review of Application Steps Ø PIN - student and at least one parent Ø File federal income tax returns Ø Complete FAFSA at www. fafsa. gov Ø Review Student Aid Report (SAR) Ø Complete verification request from school (if applicable) year id each cial a or finan Apply f ines d deadl tes an ority da ri Check p PIN federal your t share Do no

Definition of Financial Need Cost of Attendance (variable) - Expected Family Contribution (EFC) (constant) Definition of Financial Need Cost of Attendance (variable) - Expected Family Contribution (EFC) (constant) Eligibility for need-based aid (variable) Factors used in determining EFC: • Parent(s) income (taxed & untaxed) and assets • Student income (taxed & untaxed) and assets • Household size • Number in college

Cost of Attendance Each school’s will vary; all will include: TRAVEL ROOM/BOARD PERSONAL TUITION/FEES Cost of Attendance Each school’s will vary; all will include: TRAVEL ROOM/BOARD PERSONAL TUITION/FEES BOOKS

Need Varies Based on Cost NOTE: Your Expected Family Contribution (EFC) remains the same. Need Varies Based on Cost NOTE: Your Expected Family Contribution (EFC) remains the same.

Estimators • Minnesota Office of Higher Education www. getreadyforcollege. org/Estimator/first. Questions. cfm • Fafsa Estimators • Minnesota Office of Higher Education www. getreadyforcollege. org/Estimator/first. Questions. cfm • Fafsa 4 caster www. fafsa 4 caster. ed. gov • Finaid. org www. finaid. org/calculators

Types of Financial Aid v. Gift Aid § Scholarships § Grants v. Self Help Types of Financial Aid v. Gift Aid § Scholarships § Grants v. Self Help § Employment § Loans

Gift Aid: Scholarships Merit-based aid v Local or Private – visit with your school Gift Aid: Scholarships Merit-based aid v Local or Private – visit with your school counselor v College/University where you apply v Scholarship search services v Watch out for scams www. ftc. gov/bcp/edu/microsites/scholarship/index. shtml

Beware of Scholarship Scams v Beware of Scholarship Scams v"The scholarship is guaranteed or your money back. “ v"You can't get this information anywhere else. “ v"I just need your credit card or bank account number to hold this scholarship. “ v"We'll do all the work. “ v"The scholarship will cost some money. “ v"You've been selected by a 'national foundation' to receive a scholarship. " v"You're a finalist. “… in a contest you never entered Scholarship Scam Information: Federal Trade Commission: www. ftc. gov/scholarshipscams

Gift Aid: Grants Need-based gift aid* v Federal Pell Grant v Federal Supplemental Education Gift Aid: Grants Need-based gift aid* v Federal Pell Grant v Federal Supplemental Education Opportunity Grant (SEOG) v Federal TEACH Grant* (not based on need; agreement to serve requirement) v Minnesota State Grant v Other

Self-Help Aid: Employment Earnings paid as hours are worked v. Federal Work-Study v. Minnesota Self-Help Aid: Employment Earnings paid as hours are worked v. Federal Work-Study v. Minnesota Work-Study v. College Employment

Self-Help Aid: Loans Must be repaid with interest • Need-based (guaranteed student loans) § Self-Help Aid: Loans Must be repaid with interest • Need-based (guaranteed student loans) § Federal Perkins Loan § Federal Subsidized Stafford Loan • Not need-based § Federal Unsubsidized Stafford Loan (guaranteed student loan) § Federal PLUS Loan (parent loan, credit check required) § Private/Alternative Loans (variable rates/terms; credit check)

How to Save $$ While in School v Determine needs vs. wants v If How to Save $$ While in School v Determine needs vs. wants v If you registered for a course, complete it v Work part-time (10 -15 hours per week) v Avoid credit cards and card pushers (using credit and not paying it off can cost more than it’s worth) v Buy used books and clothes v Learn to cook v Share living expenses with a roommate v Use public transportation, a carpool, a bike, or your feet v Stay healthy v Buy food & supplies in bulk; buy generic, shop farmer’s markets v Use student discounts v Live like a college student so you don’t need to do it later

Financial Literacy Websites v studentloans. gov - Select “Financial Awareness Counseling” (NOTE: Not the Financial Literacy Websites v studentloans. gov - Select “Financial Awareness Counseling” (NOTE: Not the same as entrance loan counseling for new borrowers) v www. igrad. com v www. mappingyourfuture. org - Select “Manage Your Money” v www. smartaboutmoney. org

To keep in mind… v Discuss as a family the costs – how and To keep in mind… v Discuss as a family the costs – how and how much – of financing college. v Discuss as a family available resources to meet these costs. v Carefully evaluate and understand the terms and renewal requirements for aid.

5 Questions to Ask the Financial Aid Office 1. What do I need to 5 Questions to Ask the Financial Aid Office 1. What do I need to finalize my award letter? 2. What academic requirements are there to keep my financial aid? 3. What are the terms of the loans? 4. Where can I find a job (work study or not)? 5. How and when will I receive my financial aid? Modified from www. ed. gov/blog

Additional Resources v Minnesota College Goal (FAFSA Assistance) minnesotacollegegoal. org/Locations. cfm v MN Office Additional Resources v Minnesota College Goal (FAFSA Assistance) minnesotacollegegoal. org/Locations. cfm v MN Office of Higher Education getreadyforcollege. org v FAFSA Helpline 1 -800 -4 -FED-AID v U. S. Department of Education www. ed. gov or http: //nces. ed. gov/collegenavigator v General Financial Aid www. studentaid. ed. gov

Questions about this presentation? St. Cloud State University Financial Aid Office Administrative Services 106 Questions about this presentation? St. Cloud State University Financial Aid Office Administrative Services 106 720 Fourth Avenue South St. Cloud, MN 56301 www. stcloudstate. edu/[email protected] edu (320) 308 -2047 1 -877 -654 -7278

Calculating the EFC (Expected Family Contribution) Calculating the EFC (Expected Family Contribution)

Parent Contribution – Income Parent Income (AGI + Untaxed income) - Taxes and FICA Parent Contribution – Income Parent Income (AGI + Untaxed income) - Taxes and FICA - Employment expense allowance - Income protection allowance (variable) = Available Income

Parent Contribution - Assets Parent Asset Equity - Asset Protection Allowance (variable) = Discretionary Parent Contribution - Assets Parent Asset Equity - Asset Protection Allowance (variable) = Discretionary Net Worth x 12% (Asset Conversion Rate) = Contribution from Assets

Parent Contribution - Total Available Income + Contribution from Assets = Adjusted Available Income Parent Contribution - Total Available Income + Contribution from Assets = Adjusted Available Income x % (variable) = Parent Contribution ÷ Number of family members in college* *do not include parents in college

Student Contribution - Income Student Income - Taxes (federal, state, FICA) - $6, 130 Student Contribution - Income Student Income - Taxes (federal, state, FICA) - $6, 130 Income Protection Allowance = Available Income x 50% = Contribution from Income

Student Contribution - Total Contribution from Income + 20% of asset equity = Total Student Contribution - Total Contribution from Income + 20% of asset equity = Total Student Contribution

Expected Family Contribution (EFC) Parent Contribution + Student Contribution = Total EFC Expected Family Contribution (EFC) Parent Contribution + Student Contribution = Total EFC