• Federal Aid Philosophy

• Free Application for Federal Student Aid (FAFSA) Process

• Types of Financial Aid

• How to Determine College Cost

• Timeline

• Upcoming Events

Presentation Overview

• Financial aid is available to all families regardless of family income or college costs

• It is the primary responsibility of the family to pay the educational costs to the extent they are able

Federal Aid Philosophy

FSAID.ed.gov

FAFSA Process

• FSA ID Tips– Include special character in password

• #, @, $, etc.

– Parent and student must each apply• Separate email addresses for parent and student

• Confirmation email is sent immediately

– Username can be the beginning of email• Use “jdoe” when email is jdoe@gmail.com

– Enter existing FAFSA PIN number in Step 3• Parents with current college students or students themselves

FAFSA Process

FAFSA.gov

FAFSA Process

• Required Information– 2015 federal tax documents

• May use 2014 documents for Estimate feature

• Update FAFSA once 2015 taxes are complete

– Social Security Numbers

– Records of business, farm and other assets• Only applies to business over 100 employees

• Farm only if family does not reside there

FAFSA Process

• Avoid Errors– Social Security Number and date of birth mismatch

– Divorce or remarried parent• Divorced parent, not remarried = list one parent

• Divorced parent, remarried = list parent and step-parent

• List parent on FAFSA (and spouse if remarried) who pays 50% of student’s expenses (housing, food, clothing, school expenses, etc.)

– Parent and student income mismatch

– Report income and taxes paid in appropriate fields

FAFSA Process

• Use IRS Data Retrieval Tool - Reduce Errors– Available two weeks after electronic tax filing

FAFSA Process

• Assets– Cash, savings and checking

– Real estate

– Personal investments• Mutual funds, CDs, money markets

• Stocks and bonds

• Commodities

– UTMA and UGMA

– College savings plan (529)• List as asset for parent, not student

FAFSA Process

• Not Assets– Retirement accounts

• 401K, 403B, IRA (non-education)

– Home where you live

– Life insurance policies

– Small family business• If 100 or fewer full-time employees

– Family farm• As long as family resides on property

FAFSA Process

• Student click• Parent enter FSA ID and click • Then submit

FAFSA Process

SIGN

SIGN

• Print Confirmation Page

FAFSA Process

• 2016-17 FAFSA is based on the 2015 financial situation– Notify the Financial Aid Office if any of the following

apply:• Recent unemployment

• Recent separation, divorce or death of spouse

• Loss of untaxed income (child support)

• Parent in college

• Excessive medical or dental expenses

• Paying private tuition for K-12 education

FAFSA Process

• Gift Aid– Grants– Scholarships

• Self Help Aid– Work Study– Loans

Types of Financial Aid

• Federal Pell Grant- Based on EFC (0 - 5000)- Prorated by student enrollment

• Half-time enrollment = half-time Pell• Full-time enrollment = full-time Pell

- 2015-16 full-time award is $5,775- Limited to 12 full-time semesters

Gift Aid

• Federal Supplemental Educational Opportunity Grant (SEOG)

- Awarded to students with EFC of 0- Amount varies

• 2015-16 award: $1,200 at larger campus (Kent Campus)• 2015-16 award: $600 at regional campus (Stark Campus)

- First-come, first-served so apply early!

Gift Aid

• Federal TEACH Grant– Education majors in “high need fields”

• Determined by state

– Minimum GPA and ACT or SAT score– Student must agree to serve upon graduation

• Many terms to consider

– May turn into an unsubsidized loan, with retroactive interest charged, if requirements not met

– Contact your school for more information

Gift Aid

• Ohio College Opportunity Grant (OCOG)– Awarded to students with EFC of 2190 or less– 2015-16 award of $1,048 for full-time enrollment– May not be available at smaller campuses– Students must submit FAFSA by October 1, 2016

Gift Aid

• Scholarships– Apply for admission early– Talk with guidance counselors,

teachers and relatives• Parent’s employers

– Be aware of deadlines • January - February

– Online resources• scholarships.com• fastweb.com• yconic.com

Gift Aid

• Work Study– Campus job– Eligibility determined by FAFSA– Earnings do not count against next year’s FAFSA– Earnings do not reduce tuition bill

• Paid directly to student in weekly or bi-weekly paycheck

– Students may find campus employment without work study

Self Help Aid

• Federal Direct Stafford Loans: 4.29% fixed (2015-16)

– Freshman loan amount $5,500– Subsidized loan

• Interest free while student is enrolled; requires low EFC

– Unsubsidized loan• Interest is charged to the loan while student is enrolled• Student may pay the interest every six months

– Payment is not required on either while enrolled at least half time

– Repayment typically begins six months after graduation

Self Help Aid

• Federal Nursing Loan– Available to student fully admitted into a nursing

program– 5% fixed interest rate– Amount varies: $1,000 - 2,000– Repayment incentives for working nurses– Repayment begins 9 months after graduation

Self Help Aid

• Federal Parent PLUS Loan– Debt obligation of the parent

• Cannot be transferred to the student

– 6.84% fixed interest rate (2015-16)

– Requires credit approval– Amount varies as parent decides what to accept– If parent is denied, student can request an additional

$4,000 federal unsubsidized loan

Self Help Aid

• Private Alternative Student Loans– Bank or credit union– May require a co-signer– Interest rates may be fixed or variable– Various repayment terms– Many students exhaust federal loans before seeking a

private loan– Canton Student Loan Foundation

• Available to graduates of Stark County

Self Help Aid

• Cost of Attendance (COA) includes both direct and indirect costs– Direct costs are what a college bills its students– Indirect costs are additional expenses that students

should account for– COA determines the maximum amount of aid that a

student may receive per year• Includes federal aid, scholarships, grants and private loans• May range from $10,000 to over $50,000

Determine College Cost

• Direct Costs– Tuition– Course Fees– Residence Halls– Meal Plans– Parking Passes– Library Fines

Determine College Cost

• Indirect Costs– Books– Supplies– Computer– Transportation

• Gas and insurance

– Personal Expenses• Cell phone• Spending money

Determine College Cost

• COA at Kent State Stark $ 14,650– Tuition and fees

5,664– Room and board (parent’s home, rent) 3,360– Books, supplies and equipment

1,290– Transportation

2,468– Miscellaneous and personal

1,750– Loan fees

118

Determine College Cost

Kent Campus$25,650

Wittenberg University$50,362

• Net Price Calculator form provided on resource table

• Cost - Aid = Your out-of-pocket cost or refund (when you have

more aid than you need)

• Every freshman that completes a FAFSA is eligible for at least $5,500 in a federal loan

Determine College Cost

• Today - January– Apply for admission, scholarships and visit campus

• January - April– Complete FAFSA as close to January 1 as possible

• February - March– Review aid package and visit campus

• April– Decide on a college and attend orientation/registration programs

• July - August– Determine out-of-pocket costs– Make arrangements to pay tuition, fees, room and board

Timeline

Online FAFSA Filing WorkshopSaturday, Feb. 13, 20169 a.m. - 12:30 p.m.Kent State University at StarkCall to RSVP: 330-244-3257

College Goal SundaySunday, Feb. 14, 2016Various Ohio locationswww.ohiocollegegoalsunday.org

Upcoming Events

Majors ExpoSaturday, Feb. 6, 201610 a.m.Kent State University at Starkwww.kent.edu/stark/majors-expo

Stark County Spring College FairTuesday, March 15, 20166 - 7:30 p.m.Kent State University at Starkwww.kent.edu/stark/spring-college-fair

Upcoming Events

Student Financial Aid OfficeKent State University at Stark330-244-3251www.kent.edu/stark/financial-aid

Walk-In HoursMonday - Thursday: 8:30 a.m. - 6:30 p.m.Friday: 8:30 a.m. - 4:30 p.m.

Contact Us