FINANCIAL AID OVERVIEW Blaine Kelley UC Clermont Associate

FINANCIAL AID OVERVIEW

Blaine Kelley UC Clermont Associate Director Student Recruitment 513 732 5301 blaine. kelley@uc. edu

FA 101: What is Financial Aid? Any source of funds that can be used to pay for postsecondary education = - Professional School - College or University - Degree or Certificate **

What is Financial Aid? FREE MONEY: Scholarships (Merit or skill-based) - GPA - CLASS RANK - ACT / SAT SCORE - SPECIAL SKILLS / ACTIVITIES - OTHER / HONORS / NEED - THESE ARE DETERMINED BY THE SCHOOL

What is Financial Aid? FREE MONEY: Need-based awards from the Government - PELL GRANT - SEOG / Supplemental Educational Opportunity Grant - OCOG / Ohio College Opportunity Grant - THESE ARE DETERMINED BY YOUR FAFSA - Must have ‘need’ - Best to apply ‘early’**

What is Financial Aid? OTHER: Need-based awards from the Government - FWS / Federal Work Study - THIS IS DETERMINED BY YOUR FAFSA (if YOU select that you are interested) - $3, 000 annual maximum Work on-campus or at an approved non-profit employer FWS pays 75% of your hourly wage (employer pays 25%) Can hold multiple jobs, but not supposed to work more than 25 hours / week total

What is Financial Aid? OTHER: Available $$$ from the Government - Student Loans - THESE ARE DETERMINED BY YOUR FAFSA - SUBSIDIZED - UNSUBSIDIZED - PERKINS * - In the student’s name = no co-signer

What is Financial Aid? OTHER: Available $$$ from the Government - Parent Plus Loans - THESE ARE DETERMINED BY YOUR FAFSA - In the parent’s name - If low credit score / bad credit history, parent could be denied, but then the student’s UNSUB LOAN maximum would be increased by up to $4 K / year

What is Financial Aid? OTHER: Available $$$ from other sources - Third Party / Alternative Loans - THESE ARE NOT DETERMINED BY YOUR FAFSA - In the student’s or parent’s name - Alternative loans can be sourced when additional funds are needed to cover educational costs.

How to pay for school: - You pay (cash or 529 college savings plan) - Scholarships - FAFSA = Grants & Loans (student and/or parent) - Alternative Loans - VA Benefits - Employer Benefits - Bank of Grandpa & Grandma

- Scholarships (academic, athletic, music, specialty) - Each college has different criteria & deadlines - check website or ask enrollment advisor. - ‘priority application’ deadline for academic scholarships typically Dec. 1 (Nov. 1 at OSU) - audition / try-out schedules vary by school - Check with high school Guidance Office for options / community scholarships

- Books to purchase or view @ library. National Scholarships are available:

- Scholarships at UC & UC Clermont 1. Cincinnatus (all UC colleges) deadline Dec 1 2. Application available at www. ucclermont. edu Dec 15 – Feb 29 for over $200, 000+ 3. UCC MERIT Scholarships for all UC Clermont applicants. Confirm by Feb 29, 2016: - $2, 500 w/ GPA of 3. 5 or higher and min. ACT of 22 - $1, 500 w/ GPA of 3 -3. 49 and min. ACT of 20 - $1, 000 w/ GPA of 2. 5 -2. 99 and min. ACT of 18

- Financial Aid (FAFSA) = Free Application for Federal Student Aid - Do this once / year when attending college - Do this during tax season (Jan – April) ’T PAY DON for ANY ONE se Y N A to of the is a r it o S E IC SERV CAM! S - Can do this BEFORE taxes are completed meet ‘priority deadline’ of February 15, but is best after taxes are submitted (or you will need to revisit and update your FAFSA once you & your parents* submit taxes) - www. fafsa. gov (never go to www. fafsa. com)

FAFSA Workshops: - College Goal Sunday / February 14 from 2– 4 pm at UC Clermont and other locations in most Ohio counties - register at: www. ohiocollegegoalsunday. org - UC Clermont offers weekly FAFSA sessions Fridays @ 11: 30 am in Student Services 100 - SW Ohio Educational Opportunities Center by appointment = call: 513 -732 -8961

www. fafsa. gov Home About Us IF YOU HAD A PIN FSASite ID Stu. Aid. gov Help PIN Search IN THE PAST, IT HAS English I Espanol NOW BEEN REPLACED BY THE FSA Get help paying for college ID Submit a Free Application for Federal Student Aid (FAFSA) New to the FAFSA? Returning User? - Make a correction Add a school View your Student Aid Report (SAR) and more You don’t need a FSA ID to begin the FAFSA.

Search Home About Us FIRST SECTION: STUDENT DEMOGRAPHICS (NOTE: STUDENT SECTIONS FEATURE BLUE-COLORED TRIM) SELECT COLLEGE CODE(S) = UC = 003125 SECOND SECTION: PARENT FINANCIALS (NOTE: PARENT SECTION FEATURES PURPLE-COLORED TRIM) Parent can create FSA ID here to use ‘IRS Linking Tool’ THIRD SECTION: STUDENT FINANCIALS (NOTE: BLUE-COLORED TRIM WILL RETURN HERE) Student can create FSA ID here to use ‘IRS Linking Tool’ FOURTH SECTION: E-SIGN and SUBMIT All can create FSA ID here before you ‘sign’

Search Home About Us FIRST SECTION: STUDENT DEMOGRAPHICS (NOTE: STUDENT SECTIONS FEATURE BLUE-COLORED TRIM) In both the SECOND SECTION: PARENT FINANCIALS & the UC THIRD SECTION: STUDENT FINANCIALS, asked to reveal how SELECT COLLEGE CODE(S) you = will=be 003125 much you currently have in the bank / checking & savings accounts + the current value of any stocks or secondary property (not the house where SECOND SECTION: PARENT FINANCIALS you live) + the worth of your private company (including facilities, (NOTE: equipment) PARENT SECTION FEATURES vehicles, + worth of any private. PURPLE-COLORED investment farm(s). TRIM) Parent can create FSA ID here to use ‘IRS Linking Tool’ You will later select ‘YES = I state that my answers in the FAFSA are true and accurate, THIRD but the SECTION: Government will not verify these numbers. STUDENT FINANCIALS (NOTE: BLUE-COLORED TRIM WILL RETURN HERE) If parent / student share a joint account, it is more beneficial to list Student create FSA ID here tothan use ‘IRS Linking Tool’ that amount in thecan PARENT FINANCIALS in the STUDENT FINANCIALS. FOURTH SECTION: E-SIGN and SUBMIT All can create FSA ID here before you ‘sign’

Search Home About Us Tax Information Click on the text box. Your Gross 1. Adjusted 2. Look in the ‘Help’ Income: _ window for details 3. Enter data 4. Click on ‘NEXT’ NEED HELP? Help and Hints THIS BOX IS ESPECIALLY HELPFUL WHEN YOU NEED TO LOOK UP NUMBERS FROM YOUR TAX RETURN. Ex: IRS 1040 = ENTER AMOUNT IN BOX 37

Search Home About Us Your Tax Information STUDENT Use the NEXT and PREVIOUS IF YOU FINISH buttons to CAN’T move from page. YOUR to or GET STUCK … page. FAFSA in the form. USE THE ‘SAVE’ BUTTON LOCATED AT THE BOTTOM OF MOST PAGES How Can I Get help? How many steps does it take … How long … Can I save … Signing the FAFSA NEED HELP? SAVE PREVIOUS

FAFSA Definitions: FAFSA: Free Application for Federal Student Aid FSA ID: Your FAFSA ‘log-in’ & ‘password’. One person** SAR: Student Aid Report = shows the result of your FAFSA EFC: Expected Family Contribution = The total amount of money that the Government thinks you should be able to contribute toward your college bill each year (this does not mean you have to pay this amount, except in cases when a school’s cost is > than available aid or at some private schools) COA: Cost Of Attendance = is the estimated cost of completing 1 year as a full-time student at a specific school including tuition, fees, books, housing, food, and incidentals. The Government sets this amount for each school.

Financial Aid: Dependent or Independent? Ø the US Government thinks the student’s family should help pay for college, so all students are considered to be ‘dependent’ concerning Financial Aid until they turn 24 years old. Ø This means that the parent’s tax information (W 2 s and 1040 forms) plus other assets will be used on the student’s FAFSA to determine what $ will be offered. Ø Parent are not ‘co-signing’ and don’t have to actually pay any $. Ø‘Independent’ exceptions < age 24: if student is married; has children; is military; estranged from parents; in foster care on or after age 13; has been placed in care of non-parent by court order; or is homeless. Estranged = parents are deceased; parents are incarcerated; or parents whereabouts are unknown.

Fafsa. gov Get your SAR. 3 -5 days after completing the FAFSA. Look for your EFC (will range from 0 – 99, 999) If EFC = 0 – 5, 198 The Government thinks you have ‘need’ and will give you a PELL GRANT = FREE $$$ If EFC = 0, you’ll get the MAXIMUM PELL GRANT of $5, 775. 00 IF EFC = is 100 -5, 198, you’ll still get a PELL GRANT, but it will be lower than the MAXIMUM shown above. The higher the EFC, the lower the PELL GRANT. You will also be offered LOANS. If EFC is above 5, 200, you will only be offered LOANS.

Fafsa. gov STUDENT LOAN MAXIMUMS / YEAR Whether you get a grant or not, EVERYONE will be offered Student Loans. - Not connected to credit rating - These loans are in the ‘student’s name’ and the parents are not co-signing! DEP LOANS IND $5. 5 K Freshman $9. 5 K $6. 5 K Sophomore $10. 5 K $7. 5 K Junior $12. 5 K $7. 5 K Senior $12. 5 K These are annual maximums. You can choose to take none, part or all. You can change your mind ‘after the fact’ to return or get more…

FAFSA LOANS: LOAN OPTIONS 1. Perkins Loan (need-based) charge and fee - 0 origination school 5% rate over 10 yr max** interest Perkins funding will likely not 9 exist in future payback starts mos after years leaving 2. - SUBsidized Loan 1. 051 origination fee 4. 29% rate over 10 yr max** interest charges and payback starts 6 mos after leaving school 3. - UNSUBsidized 4. 29% rate starts immediately / payback starts 1. 051 origination Loan fee 6 mos after leaving school over 10 yr max** 4. 272 origination fee 6. 84% rate & payback starts 60 days after 4. - Parent Plus Loan school begins / payback over 10 year max*** 5. Private Loan Determined by lender / not part of FAFSA ** after exiting school *** payments due after 60 days unless deferred

Fafsa. gov C. O. A. = Cost of Attendance / DEP example Typical public university in OH Tuition & Fees $11, 000 Housing & Food $10, 496 Books $ 2, 100 Transportation $ 1, 242 Incidentals $ 4, 166 TOTAL estimated cost NT E R PA LOAN S PLU ill be w to D E ER the F F O e up e’. k a ‘m nc e r e diff $29, 004 PELL Grant SUB LOAN UNSUB LOAN ---------SUB TOTAL (of available funds) - $5, 775 - $3, 500 - $2, 000 -------$11, 275 Available Funds = $29, 004 C. O. A. PARENT PLUS LOAN OFFERED: $17, 729

What is it going to COST? SCHOOL TUITIONHOUSING + FOOD UC UC Clermont 11, 000 5, 316 10, 750 – 12, 160 N/A 21, 750+ 5, 316 OSU 10, 037 11, 666 21, 703 BGSU 10, 590+ 8, 496 – 10, 424 19, 086+ EKU 17, 640 8, 360 26, 000 XAVIER 35, 080+ 4, 280 -9, 000 + 4, 840 -5, 080 44, 200+ HARVARD 45, 278 15, 381 60, 659 PURDUE 28, 804 10, 030 38, 834 M. I. T. 43, 720 13, 224 56, 944 NKU 13, 200 metro 7, 901 13, 279 The C. O. A. will be higher than these numbers by $2 -10 K TOTAL

Example 1: Public School Dependent freshman with EFC = 0 $ 5, 775 $ 3, 500 $ 2, 000 $11, 275 Pell Grant SUB Loan UNSUB Loan TOTAL $ available Scholarships + other Grants = may be offered Parent Plus Loans would also be offered

Example 2: Private School Dependent freshman with EFC = 0 ude a l c x e t ’ n Do use of a c e b l o scho ey may h t … t s co ative n r e t l a r e off y’ or a p ‘ o t s way st. o c r u o y reduce Xavier $ 5, 775 $ 3, 500 $ 2, 000 $11, 275 Pell Grant SUB Loan UNSUB Loan TOTAL available $44, 200 / year + books (includes basic dorm + food opt. ) - 10, 000 academic scholarship (possible funding) - 10, 000 athletic scholarship (possible funding) - 11, 275 financial aid (shown above) -------$ 12, 925 balance due (Parent Plus Loan would be offered)

Example 3: Any school Dependent freshman with EFC = 20, 000 – 99, 999 Government thinks this family doesn’t have ‘need’, so no PELL GRANT or SUB LOAN will be offered. $ 5, 500 UNSUB Loan TOTAL available Scholarships = may be offered ate v i r Parent Plus Loans would also be offeredany p will M ols e o h sc ire th ’ y u req t to ‘pa en par e EFC th

Example 3: Some private schools Dependent freshman with EFC = 20, 000 Government thinks this family doesn’t have ‘need’, so no PELL GRANT or SUB LOAN will be offered. Vanderbilt $63, 500 / year + books (includes dorm + food) - 20, 000 EFC / you must pay it , - 5, 500 student loan (UNSUB) ses ca e m te o s a v i n r I $38, 000 p the ol will o sch up the - 38, 000 tuition grant or merit scholarship ke e’. No a m ‘ (school funded) nc us e r e diff rent Pl d. ____ Pa offere 0 n Loa ______ Balance Due

FINAL STEPS APPLY + TRANSCRIPTS = GET ACCEPTED (IF NOT ALREADY DONE) RETURN ‘CONFIRMATION’ TO DESIRED SCHOOL (BEST B 4 APRIL – TYPICALLY CAN’T SELECT ROOMATE UNTIL BOTH / ALL ARE CONFIRMED) RECEIVE FINANCIAL AID ‘AWARD PACKAGE’ FROM SCHOOL (MARCH – JUNE) ACCEPT DESIRED STUDENT &/OR PARENT PLUS LOANS at your school - Then go to: www. studentloans. gov - complete LEC = Loan Entrance Counseling - complete MPN = Master Promissory Note - These also required if taking out a PARENT PLUS LOAN REVIEW PLACEMENT TEST REQUIRMENTS ATTEND ORIENTATION / REGISTER FOR CLASSES - COULD INCLUDE HOUSING & FOOD SERVICE SIGN-UP. REVIEW YOUR BILL WEEKS BEFORE THE TERM BEGINS

Blaine Kelley UC Clermont Associate Director Student Recruitment 513 732 5301 blaine. kelley@uc. edu Q&A