2018-19 Financial Aid Information is Power

Denise Testa

Director

University of Akron Medina

Information is Power

90%: Amount of this presentation you will not remember!

Financial Aid Topics

General Overview

•  Resources •  Definitions

FAFSA Process

•  Success is in the Details

Your Next Steps

•  Resources •  Definitions

General Overview

According to studentaid.gov

•  Financial aid is money to help pay for college or career school.

•  Sources of financial aid –  US federal government –  State where you live –  College you attend –  Nonprofit or private

organization

US Federal Government Aid

Grants: Need based, gift aid

•  Federal Pell Grants •  Federal Supplemental Educational

Opportunity Grants •  Teacher Education Assistance for

College and Higher Education Grants

•  Iraq and Afghanistan Service Grants

US Federal Government Aid

Work Study: On campus jobs

•  Federal Work Study Program •  Financial aid award for qualified

students to work part-time

Loans: Paid back with interest

•  Direct Subsidized •  Direct Unsubsidized •  Direct PLUS Loans •  Direct Consolidation Loans •  Federal Perkins Loan

State of Ohio Student Aid

Ohiohighered.org/sgs

•  Choose Ohio First •  Opportunities for Veterans •  John R. Justice Student Loan Repayment Program •  Nurse Education Assistance Loan Program •  Ohio College Opportunity Grant •  Ohio War Orphans Scholarship •  Ohio Safety Officers College Memorial Fund •  Forever Buckeyes •  Scholarship Search Tool

Scholarship Resources

Maximize Your Opportunities

•  Private foundations, businesses, charitable organizations

•  Civic organizations, employers, credit unions •  High school counselors •  Libraries •  Scholarship sites - fastweb.com - scholarships.com - collegenowgc.org - uakron.edu/finaid

Scholarship Resources

Colleges/Universities

•  Mostly merit-based: standardized test scores, grade point average, interview(s), competitions

•  Conditions of scholarship •  Application process and deadlines •  Admissions process

Free Application for Federal Student Aid

Available October 1, 2017

Obtain user FSAID and password

•  fsaid.ed.gov •  Request ID and password for student and parent •  Write them down! •  Use separate mail addresses

Complete FAFSA

•  fafsa.gov •  Use 2016 tax information

IRS Data Retrieval Tool (DRT)

Link FAFSA to IRS

•  Automatic transfer of data from federal income tax returns to FAFSA

•  Available with the 2018-19 FAFSA •  Additional security and privacy protections added

Leaving FAFSA to IRS

Selective Service and Dependency

Selective Service

•  sss.gov •  In order to be eligible for federal student aid, required for

all male citizens/immigrants age 18-25 •  Requirement applied to any person assigned the male

gender at birth

Dependency Status

•  Include income and other information about both of student’s legal parents (biological or adoptive) if the parents are living together

•  Regardless of parents’ marital status or gender

Success is in the Details

Avoid Common Errors

•  Incorrect social security number •  Failing to use legal name •  Wrong federal tax paid •  Decimal points •  Income from working v. adjusted

gross income

Cost of Attendance and Estimated Family Contribution

Cost of Attendance

•  Direct costs: tuition, room/board, meal plan, books •  Indirect costs: personal items, transportation Expected Family Contribution

•  Produced when FAFSA is complete, EFC is used to award federal financial aid

Determination of Financial Aid

Cost of Attendance - Expected Family Contribution Financial Need

Student Aid Report

Print and keep copy

Your Next Steps

Check Your Email Messages and Snail Mail! Be responsive…

•  Call your school if you do not hear from them in 3-4 weeks

•  Verification: not applicable to all students –  Random sample or inconsistencies on FAFSA –  School needs more information –  All applicants reviewed

•  Adjusted gross income •  Taxes paid •  Household size •  Number in college •  Child support paid •  Amount of assistance received •  Untaxed income

Your Next Steps

Special Circumstances

•  If experience a loss of income since 2016 taxes, contact your school financial aid office

Not Enough Financial Aid to cover costs?

•  Investigate payment plan options •  Contact financial aid office

Review Your Award

•  What makes sense for your family? •  What are the out-of-pocket expenses?

Sample Budgets

Annual Budget #1

Tuition $ 20,000 Room/Board 6,000 Total Cost 26,000 Pell Grant 1,000 Loans 6,000 College Sch. 11,000 Total Fin Aid 18,000 Out of Pocket 8,000

Annual Budget #2

Tuition $ 10,000 Room/Board 6,000 Total Cost 16,000 Pell Grant 1,000 Loans 6,000 College Sch. 3,000 Total Fin Aid 10,000 Out of Pocket 6,000

Local Financial Aid Resources

University of Akron

330-972-7032 uakron.edu/finaid

University of Akron Medina

330-721-2210 uakron.edu/medina

Questions?