FINANCIAL AID 101. Available January 1, 2014 Promise deadline March 1, 2014 WV State Grant deadline...

FINANCIAL AID 101

WWW.FAFSA.GOV• Available January 1, 2014• Promise deadline March 1, 2014• WV State Grant deadline April 15, 2014• Do NOT use fafsa.com – charges a fee

2West Virginia Higher Education Policy Commission

The FAFSA –A Five Step Process

Section 1 - - Student Information

Section 2 –- Student Dependency Status

Section 3 –- Parental Information

Section 4 –- Student Finances

Section 5 – List of Schools

How is Dependency Determined?• At least 24 years old by

December 31st of the year preceding the award year;

• Graduate or professional student;

• Married;• Has legal dependents other

than a spouse;• Both parents deceased or

ward of the court;

• Veteran or active duty for purpose other than training of the U.S. Armed Forces; or

• Foster care, emancipated minor, legal guardianship;

• Homeless or unaccompanied youth.

FAFSA on the Web:Advantages: • Answer only questions applicable to student/parent• Reduces the number of errors• Processed quicker• Date received is the date submitted electronically• Corrections can be made electronically• Parents with multiple children in college will able to

transfer their information to other children’s applications

Frequent FAFSA Errors

• Social Security Number• Parent Information• Drug Question• Untaxed income• U.S. income taxes paid • Household size• Number in postsecondary education• FAFSA Year

IRS Link to FAFSA

• Available February for 2014-2015;

• Allow applicants and parents of dependent applicants to transfer 2013 tax return information from an IRS Web site directly into their FAFSA;

• Available for initial FAFSA or correction about 2 weeks after filing tax return electronically.

IRS Link to FAFSA

• If not available when you initially complete FAFSA, you can go back once taxes are done and update the FAFSA using the IRS Data Retrieval Process

IRS Link to FAFSA

• In order to use the IRS Link on the FAFSA, you must enter the exact information into the website as appears on your 2013 federal tax return

• SSN• Date of Birth• Address• Filing Status

Signatures• Required– Student– One parent (dependent students)

• Format– Electronic using PIN– Signature page– Paper FAFSA

Federal Student Aid Personal Identification Number (FSA PIN)

• Apply for PIN when completing the FAFSA

• Sign FAFSA electronically

• May be used by students and parents throughout aid process, including subsequent school years

• Website: www.pin.ed.gov

FAFSA ON THE WEB

• A side note:• Any time you submit something online with FAFSA

on the Web, you will be given a “Confirmation Page” to confirm your transaction.

• Always print and keep your confirmation page for future reference. It may prove helpful if a dispute arises.

FAFSA ON THE WEB

• Application is processed in order it was received usually within 72 hours

• If you provide e-mail address, you will receive an e-mail with a “link” to view your Student Aid Report (SAR) on-line

• Important that you review your Student Aid Report

Making Corrections

If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.gov) if

student has a PIN;• Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or• Submitting documentation to college’s financial aid office

Verification

• The U.S. Department of Education randomly selects;

• Student must comply with institutional request for information;

• Use either IRS Data Retrieval Process as part of FAFSA, or

• Must contact IRS to request a tax transcript be sent at www.irs.gov or by calling 1-800-908-9946

Special Circumstances(Professional Judgment)

• Cannot report on FAFSA• Send written explanation to financial aid office at

each college

• Examples include but not limited to:– Change in employment status– Medical expenses not covered by insurance– Change in parent marital status

FAFSA4caster• Does not replace FAFSA;• Allows you to get early estimate of

eligibility of Federal Aid;• www.federalstudentaid.ed.gov

2014-2015 Paper FAFSA

• Order a Paper FAFSA by calling 1-800-433-3243;

• Can download and print off paper FAFSA by going to www.federalstudentaid.ed.gov;

• Cannot submit FAFSA on the Web Worksheet as a paper FAFSA.

Basic Application Flow• Student and school receive FAFSA information from

federal processor (student receives the Student Aid Report (SAR), school receives the info electronically)

• School matches admissions record with financial aid application and determines eligibility

• School mails award letter to student

• Student mails award letter back to school

Financial Aid Timeline• Applying to schools, taking ACT/SAT, searching and applying

for private and institutional scholarships (Throughout

senior year)

• Apply for Aid (January-February 2014)

• Receive Award Letter (March-May)

• Comply with Information Requests (March-May)

• Verification and Aid Coordination (Spring&Summer)

• Financial Aid Disbursed (Start of first term)

• Re-apply for Aid (January-February 2015)

Basic Equation of Need

Cost of Attendance (COA)- Expected Family Contribution (EFC)

=Student’s Financial Need (eligibility)

Cost of Attendance(varies from school to school)

• Tuition and fees• Room and board• Books and supplies• Transportation• Miscellaneous personal expenses• Loan fees, study abroad costs, dependent or elder care

expenses.

Determining the Expected Family Contribution (EFC)

• Income

• Asset Equity (excluding home equity)

• Family Size

• Number of Family Members in College (excludes parent

enrolled in college)

• Age of Parents

Federal Pell Grant Program

• Eligible students– Undergraduates pursuing first baccalaureate or

professional degree– Aid administrator determines actual award

amount based on enrollment status, and EFC (under 5,081)

• Award amounts– Up to $5,645 maximum (in 2013-2014)

Federal Supplemental Educational Opportunity Grant (FSEOG)

• Eligible students– Undergraduates pursuing first baccalaureate or

professional degree– Awarded first to students with exceptional

financial need (i.e., students with the lowest EFCs at that school)

– Priority to Federal Pell Grant recipients

• Annual award amounts– $100 minimum– $4,000 maximum

West Virginia Higher Education Grant

• Must be WV resident• Awards range from $2,500 to $2,100 depending on

the EFC.• The student must enroll full-time at an approved

institution, demonstrate need, and file the FAFSA by April 15, 2014.

• Students must have a 2.0 high school gpa to be eligible

• Students must maintain 2.0 gpa and complete 24 credits to renew it.

Higher Education Adult Part-Time Student (HEAPS) Grant

West Virginia Higher Education Policy Commission

• Need-based grant

• Decentralized administration – Contact Institutional Aid Office for more details and to apply

• Traditional part-time enrollment

• Maximum award cannot exceed part-time tuition and fee charges or $176 per credit hour at a non-public institution for 13-14

HEAPS Workforce Grant

• Application becomes available on July 1;

• Contact the school for application

• Student must complete FAFSA and have financial need

• Can receive up to $2,000 or tuition and fees

• For Certificate or short-term training programs like certified medical training, mining, gaming, etc.

Requirements for the PROMISE ScholarshipEligibility Requirements

• 3.0 GPA in the core and overall coursework

• 22 on the ACT (minimum of a 20 in each of the subject areas) or 1020 on

the SAT (490 verbal, 480 Math) Writing sections NOT included

• Put SSN when registering for test

• June 14, 2014 last ACT date• June 7, 2014 last SAT date

Core Requirements• English – 4 credits• Mathematics – 4 credits• Social Sciences – 4 credits• Natural Sciences – 3

creditsThe core grade point

average includes all core classes

2014 Eligibility Criteria and DeadlinesFor the PROMISE Scholarship

• PROMISE application available November 1; deadline is March 1, 2014

• Ensure student uses correct SSN when completing application

• Submit the FAFSA by March 1, 2014

• When students submit PROMISE application, student will receive confirmation number;

PROMISE Scholarship• Students go to www.cfwv.com/PROMISE• Create a WVSAM account with username and

password• Allows you to go back and make any

corrections to your PROMISE application• Allows you to see the status of your PROMISE

application

PROMISE Scholarship• Tuition and mandatory fees at any West Virginia

public or private non-profit college up to $4,750

• PROMISE is renewable (for up to 8 semesters for a 4 year degree or 4 semesters for a 2 year degree) as long as the student maintains a 3.0 in college and completes 30 credit hours in a 12 month period.

• Student may request consideration for deferment if going out of state for up to a year or if other circumstances, please contact our office

Federal Work-Study

• Employment during school

• Job may be on or off campus

• Income is taxable (state and federal)

• Excluded from student’s total income reported on

next year’s FAFSA

• Program varies from school to school

Teach Grant• Students can receive up to $4,000 a year; • Cannot exceed $16,000 for undergraduates or $8,000

for graduates;• Student must have 3.25 gpa;• Commit to teach full-time for 4 years within their first

8 years out of school or it becomes a loan;• Must teach either math, science, special education,

foreign language, reading specialist, or field designated by a state as high-need at at at aTitle I school.

Teach Grant

• If student does not fulfill commitment:– The grant becomes like an unsubsidized loan– Interest from the time grant was disbursed is

added to the amount to be paid back.

Engineering, Science and Technology Scholarship

• Merit-based scholarship/forgivable loan• March 1 application deadline• 3.0 overall GPA• Enrolled or accepted for enrollment full-time in an

engineering, science or technology program (4-yr, 2-yr or certificate)

• Maximum annual award amount is $3,000• Application at www.cfwv.com

• Merit-based scholarship/forgivable loan• March 1 application deadline• Must be enrolled as a full-time student in a course

leading to a certification as a teacher at the pre-k, elementary, middle or secondary level

• Must have a 3.25 GPA after completing 2 years of course work (due to limited funding, high school applicants are not eligible)

• Maximum annual award amount is $5,000• Application at www.cfwv.com

Underwood-Smith Teacher Scholarship

Federal Perkins Loan ***• Eligible students (priority to those with exceptional

need)• Annual and aggregate loan limits

– $5,500 annually for undergraduates– $8,000 annually for graduates– $27,500 aggregate for undergraduates– $60,000 aggregate for graduates

• Interest rate: 5%• Nine-month grace period• Deferment and cancellation provisions available***Subject to change

Federal Stafford Loan(Subsidized and Unsubsidized)

• Annual loan limits• Subsidized Stafford: must demonstrate “need”• Unsubsidized Stafford: “need” is not a consideration• Repayment does not begin until 6 months after student drops

below 6 credit hours.• Loan Fee of 1.051%• Interest Rate (variable-fixed) 3.86% until July 1, 2014 for

undergraduates

Federal Stafford LoanGrade Level Subsidized Unsubsidized Total

Dependent Student

AdditionalUnsub

Freshman $3,500 $2,000 $5,500 $4,000 $9,500

Sophomore $4,500 $2,000 $6,500 $4,000 $10,500

Junior $5,500 $2,000 $7,500 $5,000 $12,500

Senior $5,500 $2,000 $7,500 $5,000 $12,500

Graduate $20,500 - - $20,500

Federal PLUS Loan• Parent borrows on behalf of dependent undergrad • Approval subject to credit check• Loan limits

– Annual limit: cost of attendance less other aid– Aggregate limit: none

• Interest rate variable-fixed at 6.41% until July 1, 2014• Loan fee of 4.204%• Repayment begins 60 days after final disbursement or 6 months

after student drop below half-time;• Graduate Students are eligible to apply for a PLUS loan

Institutional Aid

• Academic Scholarships

• Performance Scholarships

• Entitlement Scholarships• Merit and Need-based Scholarships and

• Need-based Grants and Loans

Private Aid

• Community Organizations

• Churches

• Employers and Labor Unions

• Professional Associations

• Corporations / Foundations

• Private Loans

Additional Financial Resources• Inquire about tuition installment plans

– Spreads tuition payments over several months– Low sign-up fees, low to no interest charged

• Consider alternative loan programs

– Federal non-need based educational loans– Private educational loans– Home equity or line-of-credit loans

• Using Smart529 Plan

– WWW.SMART529.COM

Additional Financial Resources• Check into tax benefits for education

–American Opportunity Tax Credit

–Lifetime Learning Credit

–Educational IRAs

–Deduction for interest payments on educational loans (consult your tax advisor)

Consumer Protection• As a general rule, never pay money to get

scholarships or apply for financial aid.• You do not have to pay to complete the

FAFSA – do NOT use www.fafsa.com• HEPC and colleges provide free financial aid

counseling and assistance

Sources of General FA Information• Websites– www.cfwv.com – Financial Aid Information Page (www.finaid.org)– U.S. Department of Education (

www.studentaid.ed.gov)– www.fastweb.com– www.collegeboard.com– www.gibill.va.gov– www.givetowestvirginia.org

Academic Common Market

• Selected programs not offered by colleges and universities in West Virginia– Students can receive in-state tuition at participating

institutions– Go to www.sreb.org for more information

CollegeCost.ed.gov

StudentLoans.ed.gov

Credit Cards

• Credit Card balance of $2,000; Interest rate of 18%;

• How long to pay off with minimum monthly payment of interest plus 1% of principal?– Assumes the person stops using the credit card.

15 Years

How Much Does That Latté Really Cost?

Suppose you buy a latté every weekday at a cost of $3 each:

Daily cost - $3

Weekly cost - $15

Yearly cost - $780

4 Years in College - $3,120

Identity Theft• Report theft to 3 major credit reporting agencies;• Notify bank and credit cards that you carry;• Check online accounts;• Contact local police to file criminal report;• Contact Social Security Fraud Hotline;• Notify Department of Motor Vehicles;• File complaint with Federal Trade Commission• Document and keep copies of all correspondence

Identity Theft

• Experian – www.experian.com1-888-397-3742

• Equifax – www.equifax.com1-800-525-6285

• TransUnion – www.transunion.com1-800-680-7289

• FTC – www.consumer.gov/idtheft 1-877-438-4338

• Social Security Fraud Hotline – 1-800-269-0271

February 9, 201425 locations throughout the state

from 1pm-4pmwww.cfwv.com for more information

Customer Service

ANY PROBLEMS:

Call customer service for Federal Financial Aid:

1-800-433-3243 Call customer service for State Financial Aid:

1-888-825-5707

PROMISE Scholarship

• What do students have to do to apply?– Fill out the PROMISE application and FAFSA

• What is the deadline?– March 1

• Where do students go to complete the PROMISE application or get more information?– www.cfwv.com/PROMISE

Higher Education Grant

• What is the deadline?– April 15

• What is the application?– FAFSA

• What is the web site for the FAFSA?– www.fafsa.gov

Contact Information

Tana Pendell

Program AdministratorWV Higher Education Policy Commission1018 Kanawha Boulevard, EastCharleston, West Virginia 25301tpendell@hepc.wvnet.edu304-558-4418 or 888-825-5707

FINANCIAL AID 101. Available January 1, 2014 Promise deadline March 1, 2014 WV State Grant deadline...

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