Student Financial Aid Funding the Journey Kent State

Student Financial Aid Funding the Journey Kent State University at Ashtabula 3300 Lake Road West 440 -964 -4213

Overview • • • Application Process Awarding Process Calculating Cost Types of Financial Aid Upcoming Events

APPLICATION PROCESS

Free Application for Federal Student Aid (FAFSA) Worksheet • Presents questions in similar order as FAFSA on the Web • DO NOT MAIL – not the actual FAFSA application • Can obtain at studentaid. ed. gov

Register for your FSA ID • User ID and password • Both parent and student need to apply for a FSA ID to sign the FAFSA • You can link your PIN to your FSA ID to be able to use it immediately • FSA ID passwords need to be changed every 18 months • For help visit: Student. Aid. gov/fsaid

Free Application for Federal Student Aid www. FAFSA. gov

FAFSA on the Web Guidelines • Submit the FAFSA as soon as possible after January 1 st. Complete the FAFSA every year • The 2016 -2017 FAFSA will use 2015 W 2 and federal tax information – Use IRS DATA Retrieval Tool – It is OK to use estimated income information • Check priority deadlines at every school you are considering. March 1 is the common date.

What are assets? § Cash, savings, and checking accounts Other real estate, installment and land contracts § § Mutual funds, money market funds, CDs § Stocks and stock options § Bonds, commodities and precious metals § UTMA and UGMA accounts

What are NOT assets? • Retirement accounts (IRAs - non-education, 401 K, 403 B) • The home you live in • Cash value of life insurance policies • Family farm • Family owned and controlled small businesses (100 or fewer fulltime employees)

529 College Savings Plans and Prepaid Tuition Plans § § Treated same as mutual funds, CD’s and other investments If the student is dependent (for financial aid purposes) the 529 plan is a parent asset

Avoid Errors!! • Read instructions and complete all sections carefully • Errors on the FAFSA or supplemental forms may delay application processing and result in loss of financial aid funds

Frequent FAFSA errors • Social Security numbers/dates of birth • Divorced/remarried parental information • Income earned by parents/stepparents • US income taxes paid

Confirmation Page Now includes access to Social Media: • Applicants using FAFSA on the Web will have the opportunity to update Facebook and Twitter after they have completed the FAFSA. • The “Confirmation” page will have: Ø A Facebook “Share” button Ø A Twitter “Tweet” button Ø A prefilled message included in the language in which the user is viewing the Web site (English or Spanish).

Confirmation Page Facebook and Twitter

Example Twitter messaging Example Facebook message

Change of Circumstance If you experience a loss of income due to: • Unemployment • Separation, divorce or death of spouse/parent • Loss of untaxed income (i. e. child support) If you have expenses related to: • Parent in college • Excessive medical or dental expenses • Elementary or secondary tuition expenses for children other than the student who is attending college Contact your college or university to discuss your situation.

AWARDING PROCESS

FAFSA on the Web Dept. of Education Student receives e. SAR College receives electronic copy of FAFSA

Student Aid Report • Summarizes the information submitted on your 20162017 FAFSA • Provides “What Happens Next” session • List Expected Family Contribution. • Will list any corrections that must be fixed.

What is the EFC? • Is an Index number and not a dollar amount • Determines if student is eligible for federal or state grants – Number must be between 0 -5081 for the federal pell grant (based on full time enrollment) – State grant amounts may differ based on type of university (public vs. private) • Does not affect federal student loan eligibility

College receives electronic copy of FAFSA College processes FAFSA information College emails or mail the initial award letter to student

Calculating Cost

Determination of Need Cost of Attendance -Expected Family Contribution = Financial Need

Defining Financial Need • Cost of Attendance (COA) – – – Tuition and Fees Books Room and Board Transportation Personal Expenses • Expected Family Contribution (EFC) – A measure of the family’s capacity over time to absorb the educational costs

Need Varies Based on Cost of Attendance (Variable) Expected Family Contribution (Constant) = Need (Variable)

Types of Financial Aid

Two Types of Aid • Gift Aid – Scholarships – Grants • Self Help Aid – Work Programs – Loans

Scholarships • Hints & Tips – Start Early – Make a Search Plan – Talk with Counselors, Teachers, Neighbors and Relatives – Complete Every Application Carefully – Be Aware of Deadlines

Scholarships • Look Everywhere – Business and Industry – Faith Based Organizations – Parents Employment – State Grant and Scholarship Agencies – University Website

Scholarships Popular websites www. fastweb. com studentawards. com scholarships. com

Grants • Pell Grant • Supplemental Educational Opportunity Grant (FSEOG) • Teacher Education Assistance for College and Higher Education Grant (TEACH) • Ohio College Opportunity Grant (OCOG) studentaid. ed. gov

Work Programs • Federal Work Study – Student can work part time while enrolled in school • University Funded Work – May be available to students not awarded work study studentaid. ed. gov

Loans • Federal Student Loans – Federal Direct Stafford Loan • Subsidized & Unsubsidized • Federal Nursing studentaid. ed. gov

Loans • Federal Parent Loan – Federal Direct Parent PLUS • Alternative loans – Non federal – Student loan through a bank, credit union, state agency or school. studentaid. ed. gov

Financial Aid Helpful Websites • Studentaid. ed. gov – Provides general information and overall process for financial aid – Provides checklists for students and parents • www. collegecost. ed. gov – Financial and demographic snapshot of institutions • www. ed. gov/parents – Information to assist parents with financial aid process • www. edpubs. gov – Can order FAFSA worksheet and application

Federal Aid Social Media Websites • Facebook – www. facebook. com/Federal. Student. Aid • Twitter – www. twitter. com/FAFSA • You. Tube – www. youtube. com/Federal. Student. Aid

Review • Apply for admission • Apply for FSA ID and complete the FAFSA as soon as possible after January 1 st • Investigate other sources of aid • Review award letters and figure out your cost • Complete and submit all required documents

Upcoming Events

Upcoming Events • FAFSA Information Night Lakeside High School Thursday, November 19, 2015 at 5: 00 p. m. • FAFSA Information Night Saints John & Paul High School Wednesday, December 2, 2015 at 6: 30 p. m.

Contact Info • Kristy Call Financial Aid Coordinator • Lisa Jackson Financial Aid Counselor • Email: ashtabulafinancialaid@kent. edu • Telephone: (440) 964 -4213