Dr. Ray Hoheisel, Board Chairman

2014-2015 School Year

Financing Your College Education

Investing in Your FutureInvesting in Your Future

What does college cost?How do I apply for financial aid?What types of aid are available?Where can I get more information?

What does college cost?What does college cost?

Based on 2014-2015 - average for 30 tuition/fee credits

ATC/ARCC Average$5,285State Universities $7,681University of Minnesota Twin Cities $13,620Private Career Colleges $14,270Private Colleges & Universities $34,534Source – MN Office of Higher Education

www.getreadyforcollege.org

Cost of AttendanceDirect Costs – such as:

Tuition and FeesBooks and suppliesRoom and Board (if you are living on campus)

Indirect Costs – such as:TransportationPersonal/Misc.

Varies from college to college

How Do I Apply for Financial Aid?Complete the FAFSA (Free Application for Federal Student

Aid) online www.fafsa.gov

A standard form that collects demographic and financial information about the student and family

Never pay a fee to file the FAFSA Based on 2014 income for 2015-2016Enter school code – ATC 007350 or ARCC 002332

FAFSA on the Web

www.fafsa.gov

General Eligibility Requirements Must be enrolled or accepted for

enrollment in an eligible institution

Must be admitted in a degree, certificate, or other recognized credential program

Must be a U.S. citizen or eligible non-citizen

Must be registered with Selective Service (males age 18-25)

How FAFSA Determines Financial Need

Cost of Attendance– Expected Family Contribution (EFC)______________________________________________________________

= Financial Need Your EFC is calculated by the Department of

Education based on the information provided on the FAFSA.

Your school financial aid office will use this information to determine your financial aid award eligibility (award letter).

Frequent FAFSA Errors Missing signatures Social Security Numbers Divorced/Remarried parent

information Missing school code Untaxed Income Household size U.S. income taxes paid Number of household members

in college

Dependent or Independent ? Born before January 1, 1991

Married

Graduate or Professional Student

Children you support more than 50%

Orphan or ward of the court

Currently serving on active duty in the U.S. Armed Forces for purposes other than training

Veteran of the U.S. Armed Forces

Homeless or at risk of being homeless

IRS Data Retrieval Tool While completing the FAFSA Student and Parent tax

information are required. The IRS Data Retrieval tool automatically loads your tax

information into the FAFSA from the IRS. Participation is voluntary but may reduce documents

requested by financial aid office. Some will be unable to use IRS Data Retrieval:

Filed an amended tax returnNo SSN was enteredStudent or parent married but filed separately

VerificationThe Department of Education selects 30% of

FAFSA applicants to submit additional information to be reviewed.

• Student/Family must complete required documentation and return to the financial aid office. Examples include:

– Household Size/Number in College

– 2014 Tax Return Transcript (if tax information was not received by the IRS data retrieval process)

– Untaxed/W-2/1099 income documentation

– SNAP documentation

– Proof of child support

Special Circumstances

Contact your school’s financial aid office for instructions on how to appeal for special circumstances.Common reasons to request an adjustment due to

special circumstances:Change in employment status,Medical expenses not covered by insurance,Change in parent marital status, andUnusual dependent care expenses.

Types of Financial Aid Grants or Scholarships: Gift

aid you do not have repay.

Loans: Borrowed funds that must be repaid with interest, usually after your education is completed. Interest rates can differ depending on the loan.

Work-Study: Funds earned through campus employment.

Where does it come from?Federal and state government Federal and state government tax revenue, schools, tax revenue, schools, employers, and other public employers, and other public and private sourcesand private sources. .

Common Federal Aid Programs

Federal Pell Grant

Federal SEOG Grant

Work-Study

MN State Grant & Child Care Grant

Federal Subsidized and Unsubsidized Loans

Federal Parent PLUS Loan

Scholarship ResourcesYour college of choice

High School

Private business scholarships

Civic organization scholarships

Local library resources

Place of employment

Free Scholarship Search Databases

www.studentaid.gov www.getreadyforcollege.org www.fastweb.com www.finaid.org

What’s Next?1. Sign and submit FAFSA.

2. Your school’s financial aid office will contact you if further information is required.

3. Follow up on additional information if required.

4. Make sure you’ve applied for admission and are meeting the necessary deadlines.

5. An award letter will be issued after processing is completed.

6. Disbursement occurs after the semester begins. Aid will be applied (disbursed) toward tuition and fee charges.

Helpful Hints

APPLY EARLY!

Use IRS Data Retrieval tool to import tax information.

Review your application before submitting.

Complete a new FAFSA every year.

Make the grade to keep the aid.

Set up your student email account and monitor frequently

for notifications.

Avoid Scholarship Scams • For information and tips visit:

Minnesota Attorney General’s Office: www.ag.state.mn.us

Federal Trade Commission: www.consumer.ftc.gov

U. S. Department of Education: www.studentaid.gov

More Information?More Information?U.S. Department of Education:

www.studentaid.gov Minnesota Office of Higher

Education: www.ohe.state.mn.us

FinAid - The Financial Aid Information Page: www.finaid.org

The College Board: www.collegeboard.org

Questions?

Anoka Technical College763-576-7730

Anoka-Ramsey Community College763-433-1500