An investment in knowledge always pays the highest

“An investment in knowledge always pays the highest return. ” -Benjamin Franklin

PARTNERSHIPS

APPLICATIONS Application for Admission • May double as a scholarship application • Apply early for best opportunity Free Application for Federal Student Aid (FAFSA) • Federal financial aid application • Apply online at www. fafsa. gov between January 1 and March 1 • Application must be completed for each academic year Institutional Aid Application or the CSS PROFILE • Check with each school for required applications

THE EFC – FROM THE FAFSA • Calculated by the FAFSA • Score of family’s financial strength • Used to determine federal, state, and institutional aid • Ranges from 0 to 999, 999

COST OF ATTENDANCE (COA) Direct costs typically charged by the college: Tuition and fees Cost of living in dorms + Cost of meal plans on campus + Indirect costs that may not be charged by the college: Allowance for books and supplies + Allowance for personal expenses and a few meals out + Allowance for transportation

FINANCIAL ELIGIBILITY Total Cost of Attendance Expected Family Contribution (EFC)* Financial Need *Note: This is not the same as the student’s bill or the amount a family will actually pay for the student to attend college

COMPARISON OF NEED High Cost School Low Cost School Cost $50, 000 $25, 000 (-) EFC $25, 000 (=) Need $25, 000 $0 *The EFC remains the same at each school

FAMILY RESPONSIBILITY (Out of Pocket Expenses) Direct Costs Financial Aid Offered Out of Pocket Expenses

TYPES OF FINANCIAL AID Gift Assistance Self-Help • Institutional Gift Programs • Federal Loan Programs • Federal Work Study • Federal Grants • State Grants

FINANCING OPTIONS • College Savings Plans • Payment Plans • Federal Direct Parent PLUS Loans • Private Education Loans

QUESTIONS FOR FAMILIES TO CONSIDER • Financial aid that is offered the freshman year, will it continue into subsequent years? • If a student receives a scholarship from their high school, will this impact financial aid that is currently offered? • What percentage of students graduate in 4 years? • Can the family sustain the educational expense for the 3, 4 or perhaps 5 additional years of school? • What are the average tuition increases per year? • What additional fees or charges can I expect besides tuition and housing charges?

COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

WWW. FAFSA. GOV • Complete the FAFSA between January 1 and March 10 of your senior year

WHAT YOU WILL NEED… Student’s driver’s license & social security card Income information for the student & parent(s) • 2014 federal income tax returns • 2014 W 2 forms Records of untaxed income for 2014 • Child support received and paid • Contributions to retirement accounts

WHAT YOU WILL NEED…(CONT. ) Current bank statements Records of investments • • • Stocks Bonds Certificates of deposit Mutual funds Education savings accounts

INVESTMENTS INCLUDE… The net value of: • • Real estate (not the home you live in) Trust funds, UGMA & UTMA accounts (owner) Money market funds Mutual funds Certificates of deposit Stocks and stock options Bonds Other securities, etc.

INVESTMENTS ALSO INCLUDE… Qualified educational benefits or education savings accounts • Coverdell savings accounts • 529 college savings plans • Refund value of 529 prepaid tuition plans Always report as a parent asset, even if in the student’s name.

INVESTMENTS DO NOT INCLUDE… The value of: • The home you live in • Life insurance policies • Balance of Retirement plans • 401(K), non-education IRAs, Keogh, pension plans, annuities, etc. • Family farm you live on and operate • Small business you and your family own and control more than 50 percent with 100 or fewer full-time or full-time equivalent employees

WHO IS CONSIDERED A PARENT? • Legal Parents – biological and adoptive • If your legal parents are living together (whether married, unmarried, divorced, or separated), answer the questions about them. • If your parent was never married or is widowed and does not live with your other legal parent, answer the questions about that parent. • If your parents have divorced or separated, answer questions about the parent you lived with most in the past 12 months.

IS A STUDENT INDEPENDENT? A student is only classified as independent if they can answer YES to one of the following questions • Is the student born before January 1, 1992 (24 years old)? • Is the student married? • Is the studentserving on active duty for purposes other than training? • Does the student have children that will receive more than ½ of their support from them? • Is the student a veteran? • At any time since the student turned 13 were both of their parents deceased, was the student in foster care or a ward of the court?

FAFSA – Login

FAFSA – Start 2015 -2016

FAFSA – Create a password

FAFSA – Introduction Page

FAFSA – Student Demographic Information • Name, SSN, and Birthday MUST be correct • Highly recommend providing email

FAFSA – Student Eligibility • MUST be U. S. citizen or eligible non-citizen • Males MUST register with Selective Service

FAFSA – Student Eligibility continued • High school information entered will be matched • Select correct match

FAFSA – School Selection • Search by school name or code • May add up to 10 schools

FAFSA – School Selection Summary • Can change the order of the schools listed on the FAFSA

FAFSA – Dependency Determination • Must answer “yes” to one of the questions to be considered independent on the FAFSA

FAFSA – Dependency Status Results • Will provide parental information

FAFSA – Parent Demographics Information • Parents’ SSN, name, birthday • Household Size and number in college. • Do NOT include parents as college students

FAFSA – Parent Tax Information • Already completed • Will file • Not going to file

FAFSA – Parent Tax Information • Use the IRS Data Retrieval Tool whenever possible • Available approximately 2 -3 weeks after electronic filing • All answers must be “No” to use retrieval tool

FAFSA – Parent Financial Information • IRS information will populate • Manually enter income if not eligible for IDR • “Help and Hints” will tell you what line to use • Estimate information if you have not filed taxes yet

FAFSA – Parent Financial Information continued • Report any additional financial information and untaxed income • Review W 2 box 12 for retirement contributions

FAFSA – Parent Financial Information continued Report assets at the bottom: • Cash, savings, checking • Investments • Business and farm value Always report net worth

FAFSA – Student Tax Information • Already completed • Will file • Not going to file

FAFSA – Student Financial Information • Already completed • Will file • Not going to file • If not filing, the student still has to report any wages

FAFSA – Student Financial Information continued • Student will report any untaxed income and assets just like parent

FAFSA – Sign & Submit • Student signs first • PIN is the fastest and recommended method • Can Apply For A Pin on this page if needed

FAFSA – Sign & Submit • Parent signs also • Be sure to Submit My FAFSA Now • May be a password for 2016 -2017

FAFSA – Confirmation • Don’t forget to click “SUBMIT” • A “SAVED” application will not be processed • Print a copy of the confirmation page • The EFC is calculated immediately and printed on the confirmation page

ADDITIONAL INFORMATION Special Circumstances • If the FAFSA does not reflect your current financial situation, contact the financial aid office at each school. Indiana Residents MUST file by March 10 • For consideration of state aid FAFSA Help • Federal Student Aid provides free help online at www. fafsa. gov and 1 -800 -4 -FED-AID • Contact the financial aid office where you are applying

FINANCIAL AID REFERENCES College Board - www. collegeboard. org Financial aid information - www. finaid. org The internet’s largest free scholarship search www. fastweb. com FAFSA on the Web - www. fafsa. gov U. S. Department of Education–www. studentaid. gov