FAFSA Fundamental s 2018 2019 Financial Aid Money

FAFSA Fundamental s 2018 – 2019

Financial Aid • Money used to help pay college expenses • Grants, work-study, student loans, scholarships • Almost every student is eligible for some type of financial aid • Students must apply every year

Apply for Financial Aid FAFSA • Free Application for Federal Student Aid • Complete as soon as possible after October 1 • One application for most types of federal and state financial aid

FAFSA Chart IF YOU PLAN TO ATTEND COLLEGE FROM YOU WILL SUBMIT THIS FAFSA YOU CAN SUBMIT THE FAFSA FROM USING INCOME & TAX INFORMATION FROM July 1, 2017 – June 30, 2018 2017 – 18 October 1, 2016 – June 30, 2018 2015 July 1, 2018 – June 30, 2019 2018 – 19 October 1, 2017 – June 30, 2019 2016 July 1, 2019 – June 30, 2020 2019 – 20 October 1, 2018 – June 30, 2020 2017

FAFSA. gov • Always use FAFSA. gov • Never pay to file the FAFSA • Use FAFSA 4 caster to estimate eligibility

File FAFSA Online • Faster processing time • Save and return to application • Help and Hints provided • Built-in error catcher means fewer delays • Electronically sign using your FSA ID

FSA ID • Federal Student Aid ID • Username and password • Student and parent must each create their own • FSA IDs will be used every year • Electronically sign FAFSA • Complete student loan paperwork • Login to U. S. Department of Education websites • FSA ID password expires every 18 months

Using Your FSA ID FAFSA. gov Student. Loans. gov • Electronically sign your (or your child’s) FAFSA • Import tax information from IRS • Complete entrance and exit counseling • Electronically sign Master Promissory Note • Access Repayment Estimator NSLDS. ed. gov • View history of federal student aid • Look up loan servicer contact information TEACH-ATS. ed. gov • Sign TEACH Grant Agreement to Serve

Creating an FSA ID • Visit FAFSA. gov • Create your FSA IDs before beginning FAFSA • Allow 7 – 10 minutes to set up each FSA ID

Creating an FSA ID • Choose an e-mail account you can access easily • Don’t use a school issued e-mail account • If username is already taken, choose another • Don’t use your name or date of birth in password • Select Show Text to see what you’re typing

Creating an FSA ID • Enter personal information • • • Social Security Number Date of Birth First Name Middle Initial Last Name • Be sure you’ve entered information accurately

FSA ID Information Match Personal information will be matched with eight government agencies • • Social Security Administration Department of Defense Department of Justice Homeland Security Internal Revenue Service Selective Service Veterans Affairs National Student Loan Data System (NSLDS)

Creating an FSA ID • Review e-mail address, date of birth, username and password • Add mailing address and phone numbers • Receive secure code via text message or email to reset password, retrieve username, or unlock account

Creating an FSA ID • Challenge questions allow you to unlock account or reset username and password • Select two questions from dropdown menu • Create two questions and answers • Significant date is optional

Creating an FSA ID • Review and confirm information • Make changes now • Review and agree to terms and conditions of using an FSA ID

Creating an FSA ID • E-mail account provided must be verified • Receive e-mail with a secure code • Subject line: Important: Your FSA ID E-mail Validation – Action Required • Enter the secure code on this screen

Creating an FSA ID • Phone number must be verified • Receive text message with a secure code • Enter the secure code on this screen

Using your FSA ID • Students can complete, sign and submit a new FAFSA immediately • Information matches take 1 – 3 days • Cannot make FAFSA corrections or sign student loan paperwork until information matches are complete

FAFSA Process

FAFSA Sections Login Student Demographics School Selection Dependency Status Parent Demographics Financial Information Sign & Submit Confirmation

FAFSA Login

FAFSA Login

FAFSA Login

FAFSA 2018 – 2019

FAFSA 2018 – 2019

Student Demographics • List name exactly as it is on Social Security card • Marital status as of the day you submit FAFSA • Help and Hints box provides additional information

Home Schooled Students High school completion status • High school diploma • GED or high school equivalent • Home schooled • None of the above

Selective Service • 18 year old males must register to receive financial aid • Students may register through the FAFSA

High School Name Search by name or city and state If you have a high school diploma, you must list high school

School Selection • Enter state, then search by city or school name • Enter six-digit school code • Select schools and click Add • Send FAFSA to up to 10 colleges

School Selection Click View Selected School Information to compare schools

School Comparison Compare • Location • Tuition and fees • Graduation rates • College websites

Housing Plans Select housing plan for each school • On campus • Off campus • With parents

Dependency Status • Dependent students must provide parental information • Independent students aren’t required to provide parental information

Special Circumstances Dependent students unable to provide parent info due to special circumstances may choose I am unable to provide parental information

Special Circumstances • Highly recommended you speak to college’s Financial Aid Office • School procedures will vary

Special Circumstances Students that do not have a special circumstance but are unable to provide parental information typically qualify for only an unsubsidized student loan

Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Changes in parent marital status • Unusual dependent care expenses • Unable to obtain parent information

Who is the Parent? Legal parent Not a legal parent • Biological parent • Grandparent • Adoptive parent • Foster parent • Person the state has determined to be a student’s parent • Legal guardian • Older sibling • Aunt or uncle

Reporting Parent Information • Parents are legally separated or divorced • List parent you lived with most during last 12 months • Lived with both parents equally: List parent who provided most financial support in last 12 months • Divorced parent is remarried • List parent and step-parent • Parents are unmarried, but living together • List information for both parents

Parent Demographics • Parent first initial and last name as shown on Social Security card • Name and date of birth will be verified with Social Security Administration

Defining the Household Included in household size • Student’s parent(s) listed on FAFSA • Other children supported by parent(s) • Other people supported by parent(s) Review the Help and Hints box to determine your Household Size.

Parent Income • Use 2016 tax information • Select tax filing status • Already completed • Will file • Not going to file • If Already completed, enter tax figures manually or Link to IRS

IRS Data Retrieval Tool • IRS sends tax data directly to FAFSA • Voluntary, but strongly recommended • Reduces documents requested by financial aid office and speeds up awarding process • Due to increased security measures, transferred data will not show on screen • Financial aid office must make any changes to transferred data

IRS Data Retrieval Tool

Parent Income • Adjusted gross income • Income earned from work • Federal benefits programs

Parent Income • Education credits • Child support paid • Combat pay • Untaxed income • • • Child support received Housing, food, living allowances Tax exempt interest Payments to tax-deferred pension and retirement savings plans Veterans non-education benefits

Student Income • Type of tax return filed • Income earned • Taxes paid

Sign & Submit • Review answers • Make changes before submitting • Student and parent enter FSA IDs to electronically sign • Click Submit My FAFSA Now

Confirmation Page 2018 -2019 Confirmation Page • Estimated Family Contribution (EFC) is provided • See early estimate of financial aid eligibility

After the FAFSA

After FAFSA Submission • Receive e-mail notification when FAFSA is processed • FAFSA information is sent to school(s) listed • School(s) use FAFSA information to determine financial aid eligibility • School(s) will contact you if they need more information or when they have determined what your financial aid award is • Contact your school(s) with questions about your financial aid award

Student Aid Report (SAR) 10/01/2016 10/10/2016 • Summarizes FAFSA information • Available after FAFSA is processed • Review for accuracy • School(s) on FAFSA also receive a summary

Making Corrections to the FAFSA may be made by • Accessing your FAFSA online at FAFSA. gov • Updating items on paper SAR and mailing to Federal Student Aid (FSA) • Submitting documentation to the college’s financial aid office • Corrections to income information must be made through a financial aid office

Cost of Attendance (COA) • Estimate of total educational expenses for a specific enrollment period • May be different at each school • Includes average • • • Tuition Fees Books and supplies Room and board Transportation Miscellaneous expenses

Expected Family Contribution (EFC) • Calculated from information provided on FAFSA • Includes income, assets and family size • Comprised of two components • Parent contribution • Student contribution • Same amount at every college

Financial Need Cost of Attendance – Expected Family Contribution Financial Need • • • Cost of Attendance varies at each institution Expected Family Contribution is determined by FAFSA and will be the same at every school Financial Need is calculated by the Financial Aid Office

Financial Need OCAP University’s Cost of Attendance: $20, 000 Student’s Expected Family Contribution: $5, 000 • $20, 000 (COA) – $5, 000 (EFC) $15, 000 (Need) • This student may receive up to $15, 000 in need-based aid This student may receive no more than $20, 000 in total financial aid

Award Letter • Sent electronically or through mail • Outlines financial aid eligibility • Read carefully! • Accept or decline aid by specified deadlines

Oklahoma College Costs 2017 -18 Estimated Costs for Full-Time Resident Undergraduate Students at Oklahoma Public Colleges and Universities Research Universities Regional Universities Community Colleges Technical Branches Tuition $4, 989 $5, 255 $3, 154 $3, 553 Mandatory Fees $3, 911 $1, 434 $1, 057 $991 Academic Services Fees $1, 427 $557 $315 $262 Room and Board $9, 083 $5, 685 $5, 971 $5, 572 $958 $1, 265 $1, 327 $1, 450 $20, 368 $14, 196 $11, 824 $11, 828 Expenses Books and Supplies TOTAL As of 08/18/2017

Federal Financial Aid • Federal Pell Grant • $5, 920 annual maximum for 2018 -2019 • Federal Supplemental Educational Opportunity Grant (FSEOG) • Up to $4, 000 annual maximum • Teacher Education Assistance for College & Higher Education Grant (TEACH) • Up to $4, 000 annual maximum • Iraq & Afghanistan Service Grant • Amounts vary

Federal Financial Aid • Federal Work-Study (FWS) • Allows student to earn money while working • On-campus or community employment opportunities • Gain work experience while in college

Federal Financial Aid • Federal Subsidized Student Loan • Based on financial need • $3, 500 per year maximum for freshmen • Government pays interest while student is enrolled at least half-time • 4. 45% fixed interest rate during 2017 -2018 • Federal Unsubsidized Student Loan • Additional loans available to students who qualify • Interest begins to accrue after first disbursement • 4. 45% fixed interest rate during 2017 -2018

Federal Financial Aid • Parent Loan for Undergraduate Students (PLUS) • Parent of dependent students • Parent borrower must be credit-worthy • Interest begins to accrue after first disbursement • 7% fixed interest rate during 2017 -2018

State Financial Aid • Oklahoma Tuition Aid Grant (OTAG) • FAFSA is application for OTAG • Complete FAFSA as soon as possible after October 1 • FAFSA filing deadline is typically December 1 • $1, 000 per year • Oklahoma’s Promise • Must complete FAFSA every year • Pays tuition at Oklahoma schools for students who meet high school requirements

Scholarshi ps & Other Resources

Scholarships • Money that does not have to be paid back • Find scholarships • UCan. Go 2. org • Seniors: apply for 2 -3 per week • UCan. Go 2 on Facebook • Juniors: apply for 1 -2 per week • Colleges • Awarded based on merit, need, skill, hobbies, family history, athletics, writing ability • OKcollegestart. org • Books • Local organizations • Churches • Family employers

Scholarship Success Guide

Institutional Scholarships • Specific to the college • Application may or may not be included in admissions application • Find scholarship page on college’s website • Watch carefully for scholarship deadline • Institutional scholarships exist for returning students also, not just freshmen

UCan. Go 2. org Each section offers information for • High School Students • Middle School Students • Parents • Adult Learners

Plan for College • What is College? • Why Should I Go? • Addressing Concerns • Exploring Careers

Prepare for College • Study Habits • Classes to Take • ACT/SAT • Choosing a College • Admission Requirements • Campus Visits • Applying for College • Transition to College

Pay for College • Savings • FAFSA • Grants/ Scholarships • State Aid • Work-Study • Student Loans

Scholarship of the Week • UCan. Go 2. org highlights a new scholarship each week • Scholarships organized by Deadline or by Category

Scholarships by Deadline • Organize scholarships by monthly deadline • Detailed description of ten scholarships • Additional scholarships with monthly deadline • Ongoing scholarships awarded monthly, quarterly, etc.

Additional Scholarships Hundreds of additional scholarships are listed for each month

Scholarships by Category • Adult Learners • The Arts • Ethnicity • LGBT • Middle School • Military • Special Needs • STEM • Study Abroad

UCan. Go 2 on Facebook • Weekly scholarships • Tips for college planning • Valuable college preparation information

OKcollegestart. org Financial Aid Planning • Financial Aid 101 • Financial Aid Calculators • Scholarships • Financial Fitness

OKcollegestart. org Find Scholarships • Create profile • Find matching scholarships • Save scholarships • Receive reminders

Questions ?

Contact Us Oklahoma State Regents for Higher Education Oklahoma College Assistance Program Outreach Department 405. 234. 4239 866. 443. 7420 (toll free) UCan. Go 2@ocap. org