College Goal WA Financial Aid the FAFSA Free

College Goal WA Financial Aid & the FAFSA (Free Application for Federal Student Aid) Shorecrest High School, 10/19/16

* What is financial aid? * Who is eligible? * How is eligibility for aid determined? * How do I apply? * What types of aid are available? Topics

Goal of Financial Aid The primary goal is to assist students with paying for their educational investment by: • Evaluating family’s ability to pay • Distributing limited resources in an equitable manner • Balancing gift and self-help aid

Vocab Lesson FAFSA: EFC: COST OF ATTENDANCE: NEED BASED AID: Free Application for Federal Student Aid Total expense for the average undergraduate: tuition, room, books, incidentals, etc. Varies widely from college to college. Expected Family Contribution Awarded based on the FAFSA and the amount of financial resources MERIT BASED AID: Awarded for recognition (scholarships)

Student Eligibility Criteria 1) Enrolled at least half-time in an eligible program of study 2) Have a high school diploma or recognized equivalent 3) Pursuing a degree, certificate, or other recognized credential 4) U. S. citizen or eligible noncitizen 5) Registered with Selective Service (if male and required) 6) Valid Social Security Number (SSN) 7) May not be in default on a federal student loan 8) Must not owe an overpayment of federal grant or loan funds 9) Must be making satisfactory academic progress (as defined by school)

How to Apply The Free Application for Federal Student Aid (FAFSA) is available on October 1 st each year (beginning 10/01/16). Schools will have their own priority application dates for both Admissions & Financial Aid § Quickest: submit the FAFSA 8 online at www. fafsa. gov § The FAFSA will ask for 2015 tax information (for the 2017 -18 enrollment year) § Be mindful of both admissions and financial aid deadlines

FSA ID fsaid. ed. gov Your electronic signature Both parent and student need an FSA ID Can Will complete any time be used to sign-in to FAFSA, Student Loans, and other Federal Aid websites

What will the FAFSA ask for? ÜINCOME: Parent and student from base year (2015 income for enrolling in the 2017 -18 academic year) ÜASSETS: Parent and student as of filing date ÜESTIMATE TAX INFORMATION to meet deadlines ÜHOUSEHOLD SIZE/NUMBER IN COLLEGE ÜAGE of the oldest parent

IRS Data Retrieval Ø While completing your FAFSA, an applicant may submit realtime request to IRS for tax data. § IRS will authenticate taxpayer’s identity § If match is found, IRS will send real-time results to applicant in a new window § Applicant chooses whether or not to transfer data to FAFSA on the web. Ø Participation is voluntary

File your FAFSA by school’s priority deadline for priority aid Financial aid will disburse 10 days prior to the start of each quarter START FAFSA is sent to the schools you select Complete all requirements listed on your Offer Your FAFSA results are sent to you via SAR Financial Aid Offers will generally be available in spring. Check with schools. Fin. Aid office will use FAFSA to determine eligibility The FAFSA Cycle

Common Errors We Find! Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U. S. income taxes paid Household size Number of household members in college Real estate and investment net worth

Department of Education may randomly select students for verification Verification Items can include: ú ú ú Household size Number in College Adjusted Gross Income (AGI) US taxes paid Certain types of untaxed income and benefits Verification Process

Are you a DREAMer? If you are a non-citizen, you may be eligible for Washington State Financial Aid by completing the WASFA application at www. readysetgrad. org/wasfa IT IS REALLY IMPORTANT TO COMPLETE THIS APPLICATION AS EARLY AS POSSIBLE!

Need (Financial Aid Eligibility) Varies Based on Cost 1 X 2 Y 3 COST OF ATTENDANCE (VARIABLE) Z EFC EXPECTED FAMILY CONTRIBUTION (CONSTANT) NEED (VARIABLE)

YES, ALL STUDENTS MUST PROVIDE PARENTAL INFORMATION UNLESS: Unaccompanied Supporting Active a dependent child duty in the military Orphan/ward 24 Youth/Emancipated Minor of the court years old Married ü Veteran ü Graduate Student Do I need my parent’s info?

If my parents are divorced or separated, whose information goes on the FAFSA? DIVORCED: If your parents are divorced, you would report the parent and stepparent (if applicable) whom you lived with longer during the 12 months prior to the date you complete your FAFSA. If you lived with your parents equally or didn’t live with either one, you should report who provided more financial support. SEPARATION: Same rules as divorced parent scenario, but your parents would need to be living in separate residences or be legally separated to mark this option on the FAFSA.

What do I do with 529/Qualified Tuition Programs on the FAFSA? • 529 plans, like GET, are reported under the investments section on the FAFSA. • Dependent students who must report parent information on the FAFSA should list 529 plans (student or parent-owned) as a parent asset. • Independent students who are not required to report parent information would only include 529 plans as a student asset if the student is the owner of the account. • If someone other than the parent/s or student is the owner, then distributions from the plan are reported on the following year’s FAFSA under “money received/paid on your behalf”.

Grants AKA FREE MONEY WHAT IS A GRANT? MONEY awarded to students, based on need as determined by their FAFSA, that does NOT have to be paid back. Awards divided evenly between quarters / semesters

Work Study Earn that $$$ WHAT IS WORK STUDY? MONEY earned through employment « Benefits: * Gain work experience, improve your skills, and build your resume * Explore possible career opportunities * Help pay your way through school * Some earnings may not count against you on the following year’s FAFSA « Employment may be on or off campus

Loans WHAT IS A LOAN? MONEY borrowed from the Federal government, schools, and/or outside lenders that has to be repaid after graduation. Interest rates are typically low (e. g. , 3. 76% for 2016 -17). CHECK OUT WWW. STUDENTAID. GOV

Two Types… Student Direct Loans SUBSIDIZED: Must demonstrate “need; ” & no interest until repayment UNSUBSIDIZED: Not based on “need” & the interest accumulates while the student is enrolled Annual loan limits (combined subsidized and unsubsidized): $5, 500 for 1 st year undergraduates $6, 500 for 2 nd year undergraduates $7, 500 for each remaining undergraduate year § Repayment begins after 6 -month grace period § 2016 -17 fixed interest rate of 3. 76% for subsidized and unsubsidized

Let schools know about all outside scholarship awards student receives Continue seeking outside scholarships WHAT IS A SCHOLARSHIP? MONEY awarded to students, based on achievements, that does NOT have to be paid back. AKA FREE MONEY Scholarships

FAFSA – www. fafsa. ed. gov

Quick FAFSA Tips When the FAFSA refers to “I, ” “Your, ” etc. , it is referring to the student (not the parent, family, or FAFSA preparer). Always double check even basic demographic items (name, Social Security Number, birth date, e-mail, mailing address & zip code) for typos & errors. Errors and omissions will delay your FAFSA; so check all responses carefully. The FAFSA is a free form. You don't need to pay to submit or have the form processed. You need to re-apply for financial aid every year and submit the FAFSA for the next academic year.

Use the Correct Year’s Form From October 1 to June 30 of each year, you’ll notice that there are two versions of the FAFSA available online at FAFSA. ed. gov: • Upcoming academic year (2017 -2018 FAFSA — for enrollment from July 1, 2017 to June 30, 2018) • Current academic year (2016 -2017 FAFSA — July 1, 2016 to June 30, 2017) > Be sure to select the correct year’s FAFSA so you prevent delays <

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Thank you Ted Haase Student Financial Services Seattle Pacific University

Never attended & 1 st year undergraduate 2017 -18

2017 -18

Remember… To Work On…. YOUR TO-DO LIST ü To be aware of any financial aid and admissions due dates at the schools you are looking at ü Complete FAFSA as soon as possible after October 1 st ü Submit all requested follow-up documentation to the school ü Check your e-mail – the student & parent e-mails on the FAFSA, and on the Admissions Application to the school(s) ü Most importantly – ask questions – don’t be shy, as the Financial Aid & Admissions offices are there to help.

Thank you Ted Haase Student Financial Services Seattle Pacific University