Financial Aid Overview MUSTANGS RALLY What is Financial
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Financial Aid Overview MUSTANGS RALLY
What is Financial Aid? Money from a source, other than the family, to assist with the cost of attending college, which includes: Scholarships Grants Loans Employment Tuition Exemptions
www. fafsa. gov 2017 -18 FAFSA on the Web available October 1, 2016
Beginning 2017 -18. . Submit a FAFSA® Earlier: You will be able to file your 2017– 18 FAFSA as early as October 1, 2016, instead of having to wait until January 1, 2017. This is referred to as “Early FAFSA”. Use Earlier Income Information: You will provide income information from 2015 income information; you can complete your FAFSA using income information from the IRS Data Retrieval Tool (DRT). This is referred to as “Prior-Prior Year”. Receive Your Award Notification Earlier: Early FAFSA and Prior-Year will allow earlier submission of your 2017 -18 FAFSA application which will allow us to determine your financial aid eligibility earlier as well. AT MSU, we anticipate 2017 -18 awarding to begin in February 2017 instead of April 2017.
What is the FAFSA? “FREE Application for Federal Student Aid” • A standard form that collects demographic and financial information about the student and family • Information used to calculate the Expected Family Contribution (or, EFC) • Students must complete FAFSA for each school year • Colleges may set FAFSA filing deadlines • Title IV School Code – MSU is 003592; other school codes are available from your counselor or the FAFSA online search
Tips for the FAFSA ü At MSU, the FAFSA email address is the Financial Aid Office’s mode of communication with student ü Know your school’s PRIORITY deadline date; MSU = March 1 st for Fall/Spring ü Utilize the IRS Data Retrieval Tool to download your tax information onto the FAFSA; otherwise, you may be selected for ‘verification’.
IRS Data Retrieval Tool Students completing a 2017– 18 FAFSA are STRONGLY ENCOURAGED to utilize IRS Data Retrieval Tool Student/parent will transfer 2015 income tax return onto the 2017 -18 FAFSA while completing the application. • Must allow 2 -3 weeks after you/parent electronically file your tax return (but not before EARLY February) before you will be able to download tax return information onto the 2017 -18 FAFSA application. • If you/parent file a paper tax return, you must allow 8 -11 weeks before you will be able to download tax return information onto the 2017 -18 FAFSA application.
IRS Data Retrieval Tool Students NOT using the IRS DRT will most likely be selected for ‘verification’ and, if selected, student/parent MUST submit an IRS TAX TRANSCRIPT to the MSU Financial Aid Office. NOTE: copies of signed tax returns will no longer be accepted unless a foreign tax return is filed or identity theft has occurred.
IRS TAX TRANSCRIPT Options • Online – www. IRS. gov (5 -10 calendar days) • Under the Tools heading, click “Get A Tax Transcript” • Then click “Get Transcript Online” • NOTE: be sure to request the IRS Tax Return Transcript, NOT the IRS Tax Account Transcript! • By Mail – www. IRS. gov (5 -10 calendar days) • Under the Tools heading, click “Get A Tax Transcript” • Then click “Get Transcript By Mail” • NOTE: be sure to request the IRS Tax Return Transcript, NOT the IRS Tax Account Transcript!
IRS TAX TRANSCRIPT Options • By phone – 1 -800 -908 -9946 (5 -10 calendar days) • Paper Request Form – IRS Form 4506 T (up to 10 calendar days)
FAFSA on the Web Worksheet: – Used as optional “pre-application” checklist – Questions follow order of FAFSA on the Web Signature page needed OR Electronic Signature Option with FSA ID#
Apply for an FSA ID now! You will need a FSA ID to electronically sign your FAFSA. You can also check the results of your processed FAFSA, make corrections to your FAFSA, or print an electronic copy of your Student Aid Report (SAR). Go to https: //studentaid. ed. gov/sa/fafsa/filling-out/fsaid to apply. Students and parents of dependent students should apply! Each student must have his/her own FSA ID, but parents can have one FSA ID for multiple, dependent students. FSA ID's do not expire, so student and parent can use the same FSA ID's each year to complete the FAFSA electronically. Provide an email address and receive your FSA ID's even quicker!
FSA ID login page
Dependency Status Questions on FAFSA determine whose information is required on FAFSA – Student (and spouse) – Student and parents
Dependent/Independent Student? ? ? 2017 -18 FAFSA Born before January 1, 1994? Married? Graduate or Professional Student? Active duty military? Veteran of the US armed forces? Have Children who receive more than half of their support from the student? Have dependents (other than spouse or children) who live with the student and receive more than half of their support from the student? Orphan, in foster care or ward of the court at age 13 or older? Emancipated minor by a court in the student’s state of legal residence? In legal guardianship as determined by a court in state of legal residence? Homeless or at risk of being homeless as determined by agency specified in FAFSA instructions?
Who is NOT a parent? • Foster Parents • Legal guardians who have not adopted the student • Relatives (including grandparents) who have not adopted the student • Stepparents who have not adopted the student AND who would be the only person providing parental information
Undocumented Students “SB 1528” This law permits some non-citizens to be classified as Texas residents for financial aid and admission purposes. May receive • In-state tuition • Texas Financial Aid (NOT federal aid) Application • Submit a Texas Application for State Financial Aid (TASFA) and submit to the financial aid office at the institution for processing • TASFA application is available NOW • www. collegeforalltexans. com
What is the Expected Family Contribution (EFC)? *The amount of money a student and his/her family may reasonably be expected to contribute toward the cost of education for an academic year *Stays the same regardless of college you choose, but is calculated with new information each new year you file the FAFSA *Calculated using data from the FAFSA and a pre-set federal formula
Definition of Need Cost of Attendance (COA) - Expected Family Contribution (EFC) - ________________ - = Unmet Need - Receipt of additional grants/scholarships can affect awards.
MSU’s Cost of Attendance 2016 -17 Off Campus / In Dorm: • Tuition and Fees • Books and Supplies • Room & Board • Transportation • Personal/Miscellaneous • Loan Fee Allowance • TOTAL With Parent: • Tuition and Fees • Books and Supplies • Room & Board • Transportation • Personal/Miscellaneous • Loan Fee Allowance • TOTAL $8, 620 1, 350 8, 012 1, 986 1, 696 134 $21, 798 $8, 620 1, 350 3, 350 1, 986 975 134 $16, 415
Cost of Attendance Estimates Two-Year College $12, 895 Private University $53, 610
Scholarships Free Money!!!! Does not have to be repaid Academic Talent Athletic Community Groups
MSU Scholarship Considerations • Students admitted to MSU are automatically considered for General Merit scholarships which can range from $500 to $2500 per academic year. • Award consideration is based on SAT/ACT entrance exam scores. • Incoming freshman are encouraged to apply by our priority application date of March 1 st • Scholarships will not be awarded after April 1 st. • For additional information contact MSU Admissions at admissions@mwsu. edu or (940) 397 -4334 or (800) 842 -1922
MSU Scholarship Considerations • Information regarding Athletic scholarships can be obtained from the Head Coach of the particular sport. • Or seek additional information from the academic departments and university Donor Services.
Grants and Workstudy Free Money!!!! Does not have to be repaid Federal Grants Workstudy State Grants Institutional Grants
Federal Grants § Pell Grant = 2017 -18 ranges from $606 - $5920 per year for a full- time student. Amount is based on EFC and enrollment status. Student may receive Pell for no more than 6 years!!!! § SEOG Grant = Schools receive limited amount of money; must be Pell-eligible and zero EFC (at MSU). § TEACH Grant = assist students that are seeking degrees in the high need fields of Math, Science, Foreign Language, Bilingual Education, Special Education, Reading Specialist http: //www. mwsu. edu/finaid/teach-grant § U. S. Department of Veteran Affairs (GI Bill, Chapter 30, etc. . . ) – Contact MSU Veteran Affairs Office
Federal or State Workstudy ü Need-based work program ü Typically pays minimum wage, but wage varies at college/university ü Student allowed to work up to 20 hrs/week and must be enrolled at least half-time ü Typically on-campus jobs ü Can exclude this income on following year’s financial aid application ü Apply early!! Jobs go fast!
TEXAS Grant (Toward Excellence, Access & Success) üNeed-Based Award for Texas Residents üMust meet state priority FAFSA deadline of March 15 üCompleted the ‘Foundation’, ‘Recommended’ or ‘Distinguished’ Achievement Program in high school üEFC must be 5233 or less üEnroll at least three-quarter-time in a baccalaureate degree program within 16 months of HS graduation üNot been convicted of a felony or crime involving a controlled substance ü“Renewal” TXG awarded if all requirements are met.
MSU Mustangs Guarantee Program ü Beginning freshman student OR new Transfer student ü Pell Grant eligible student ü Texas Resident ü Must submit FAFSA and have a completed financial aid file (including all verification documents) on/before May 31 (for Fall semester) or December 15 (for Spring semester) ü Family’s combined AGI is $50, 000 or less ü (cont’d)
MSU Mustangs Guarantee Program ü Covers remaining balance of tuition & mandatory fees (for 15 credit hours or more) that are not paid by other grants, scholarships, exemptions, benefits or waivers ü Maintain a minimum of 15 credit hours through 12 th class day for each Fall and Spring semester ü Earn at least 12 hours AND maintain a cumulative grade point average of 2. 0 at end of EACH fall and spring semester. ü Available up to 4 academic years (excluding summer terms)
Other MSU Grant Programs “Need” must be established by filing the FAFSA; may be received in addition to, or in place of, the Pell Grant. Funds are limited so awarded as ‘first come-first serve’. *TPEG Grant * MSU GOLD Grant *Student Property Deposit Grant – must be at least half-time *FDR Grant/Scholarship – must be full-time & maintain 3. 0 cum gpa *DAR Grant/Scholarship – must be full-time & maintain 2. 75 cum gpa *Boren Grant/Scholarship – must be at least half-time.
Student Loans Must Be Repaid!!!! Federal Loans State Loans Alternative / Private Loans
Federal Direct Loans Subsidized Unsubsidized Need-based Current Interest: Fixed – 3. 76% for loans disbursed after July 1, 2016 Government pays interest while student enrolled at least half time (changes each July 1) Not need-based Current Interest: Fixed – 3. 76% Student responsible for all interest that accrues (changes each July 1) Repayment begins 6 months after graduation or dropping below half-time enrollment. The “lender” is the Department of Education
Annual Loan Limits $3, 500 Freshman + $2, 000 Unsubsidized $4, 500 Sophomore + $2, 000 Unsubsidized $5, 500 Jr. & Senior + $2, 000 Unsubsidized
Maximum Eligibility Period to Receive SUBSIDIZED Loans Eligibility period is measured in academic years and student may not receive Direct Subsidized Loans for more than 150% of the published length of the academic program (also referred to as “maximum eligibility period”). If the student is enrolls in a 4 -year bachelor’s degree program, the maximum period for which the student can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). If the student is enrolls in a 2 -year associate degree program, the maximum period for which the student can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years). TIME IS LIMITED!
Federal Direct Parent (PLUS) Loans § Loan in Parent’s Name/SSN § Max eligibility can cover up to Cost of Attendance § Based on parent’s credit-worthiness § Current Fixed Interest Rate = 6. 31% § Payments begin 60 days after 2 nd disbursement The parent, upon his or her request, can defer payments on a PLUS loan if the student is enrolled at least half time.
Federal Direct Parent (PLUS) Loans If a parent applies for the PLUS Loan and is DENIED due to credit worthiness, the student would then be eligible for an Additional UNSUBSIDIZED Direct Loan: Fr/Soph = in the amount of $4000. Jr/Sr = in the amount of $5000. This $4000/$5000 would be in addition to the initial Subsidized and/or Unsubsidized Direct Loans the student has been offered.
STATE & ALTERNATIVE/PRIVATE Student Loans STATE Texas B-On-Time Loan – Renewals Only College Access Loan ALTERNATIVE/PRIVATE
College Access Loan (CAL) A STATE loan available to Texas students • NOT Need-Based Loan but FAFSA must be filed • Texas Resident • Enroll at least half-time • Student must have a credit-worthy co-signor • Fixed interest rate is determined by the Texas Higher Education Coordinating Board; currently, 5. 25% • Availability of funds is determined by the Texas Higher Education Coordinating Board
Alternative/ Private Loan • Private consumer loans • Provided without consideration of financial need • Usually a last option after other more economical sources are exhausted • Credit checks are required • Variable interest rate – usually VERY HIGH!
Tuition Exemptions/Waivers • An exemption allows an individual to enroll in a Texas public institution while paying a reduced amount of tuition and fees – example Valedictorian tuition exemption, Foster Care exemption, etc. • The State of Texas has authorized more than 30 exemption programs • Exemptions have different eligibility requirements • For a complete listing and eligibility requirements, see www. collegefortexans. com
Awarding Process Award Notifications and Web. World
2017 -18 Awarding In MSU’s Portal (Web. World), students will: • ‘Accept’ or ‘Do Not Accept’ Terms and Conditions AND Electronic Consent • Accept or Decline awards; read special award messages. • If loans are accepted, complete student loan process at www. studentloans. gov to include Master Promissory Note and Entrance counseling. REMEMBER, MSU anticipates 2017 -18 awarding to begin in mid-February 2017 instead of April 2017.
Award Notification Process MSU Awarding will begin mid-February Award notifications usually contain • Types and amounts of aid offered • How and when aid will be disbursed • Terms and conditions of offer Students should • Accept or decline (if required) • Sign and return (if required) • Complete student loan process (if applicable)
Complete the Loan Process Students receiving Direct Loans must complete the Direct Loan Entrance Counseling session and the Electronic Master Promissory Note online at ww. studentloans. gov. Parents start the PLUS application process at this site as well.
Evaluating Aid Packages *Biggest is not always best –compare to cost of attendance for each school *Renewable vs non-renewable scholarships *Loans vs grants *Terms and conditions of loan(s) *Balance work with academic responsibilities
Family Educational Rights and Privacy Act (FERPA) The student’s rights under FERPA transfer from the student’s parents to the student when the student attends a postsecondary institution. A student must provide written consent before an education agency or school may disclose personally identifiable information from the student’s education records. MSU’s “Release of Information” form: http: //www. mwsu. edu/Assets/documents/finaid/fao_55. pdf
MSU’s Short-Term Payment Plans ü Installment Contract ü Emergency Tuition/Fee Loan Administered by the MSU Business Office http: //www. mwsu. edu/busoffice/payments ü Book Loan Administered by MSU Bookstore http: //finaid. mwsu. edu/bookvoucher. asp
Monitoring Satisfactory Academic Progress (SAP) To retain eligibility, financial aid recipients must show academic progress in your program of study. The following will be monitored at the end of every semester: 1. Cumulative Grade Point Average (GPA) 2. Maximum Time Frame for Program of Study 3. Successful Credit Hour Completion Rate MSU’s current SAP rules are available at http: //www. mwsu. edu/finaid/sap NOTE: At MSU, Financial Aid Warning/Suspension differs from Academic Probation/Warning/Suspension
Title IV Refund Calculation “ 60% Rule” Students who receive Title IV assistance (Pell Grant, SEOG Grant or Student/Parent Loans) and withdraw from the University or cease to attend classes before completing more than 60% of the enrollment period may be required to repay money to these Title IV programs. Class attendance and participation is IMPORTANT!
Helpful Websites www. mwsu. edu – Midwestern State University http: //finaid. mwsu. edu – MSU Financial Aid Office www. College. For. All. Texans. com – state-specific information about higher education, financial aid www. studentaid. ed. gov - federal site regarding student financial aid
Contact Information: Midwestern State University Financial Aid Office 3410 Taft Blvd. Wichita Falls, TX 76308 (940) 397 -4214 (office) (940) 397 -4852 (fax) http: //finaid. mwsu. edu/ Email: financial-aid@mwsu. edu
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