Presentation Overview

• Philosophy

• Resources

• Application Process

• Awarding Process

• Determination of Need

• Types of Financial Aid

• Timeline

• Review

• Upcoming Events

Philosophy

• 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.

Resources

• High school guidance offices

• Websites

• College financial aid brochures and college websites

APPLICATION PROCESS

U.S. Department of Education PIN

• Personal Identification Number (PIN)

• You must apply for PIN

• Both parent and student need to apply for a PIN to sign the FAFSA

• PIN allows for electronic signature of Master Promissory Notes

• Using the PIN allows you to submit online correction records (this year) and a FAFSA renewal (next year)

How to Request Your PIN

www.pin.ed.gov

How to Request Your PIN

www.pin.ed.gov

DO NOT CREATE YOUR OWN PIN.Allow PIN to be generated automatically.

How to Request Your PIN

www.pin.ed.gov

Completing the FAFSA

Free Application for Federal Student Aid

www.FAFSA.gov

FAFSA on the Web

www.FAFSA.gov

Records You Will Need

• 2012 U.S. income tax returns

• 2012 W-2 forms

• Student’s Social Security number

• Parents’ Social Security numbers and dates of birth

• Sources of untaxed income

• Bank statements

• Stocks, bonds, etc.

• Business and farm records

- OR -

Completing the FAFSA

IRS Data Retrieval Tool

Completing the FAFSA

IRS Data Retrieval Tool

•2 weeks after filing electronic tax return•8 weeks after filing a paper tax return

•Cannot use if married filing separately

•Will transfer information only from an original tax return, not an amended income tax return

•Home address listed on the FAFSA must match the home address on the tax return

Completing the FAFSA

IRS Data Retrieval Tool

Completing the FAFSA

• Submit the FAFSA as soon as possible after January 1

• Be aware of your school’s priority processing deadline to ensure maximum consideration for institutional aid

Change of Circumstances

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 Processing Results

Online Filing

• Student will be able to view their electronic Student Aid Report (eSAR)

Student AidReport

Awarding Process

U.S. Department of Education FAFSA Processing

Financial Aid Office

College receiveselectronic versionof the Student Aid

Report (SAR).

College runs information through awarding program.

College mails or emails award letter;

subsequent changes notified via email.

DETERMINATION OF 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.

Expected Family Contribution

EFCEFCEFCEFC

PARENTSPARENTS’’CONTRIBUTIONCONTRIBUTION

PARENTSPARENTS’’CONTRIBUTIONCONTRIBUTION

STUDENTSTUDENT’’SSCONTRIBUTIONCONTRIBUTION

STUDENTSTUDENT’’SSCONTRIBUTIONCONTRIBUTION

AVAILABLEAVAILABLEINCOMEINCOME

AVAILABLEAVAILABLEINCOMEINCOME ASSETSASSETSASSETSASSETS AVAILABLEAVAILABLE

INCOMEINCOMEAVAILABLEAVAILABLE

INCOMEINCOME ASSETSASSETSASSETSASSETS

Need Varies Based on Cost

Cost of Attendance

Expected Family

ContributionNeed =

(variable) (constant) (variable)

Private

Public

Community College

Private

Public

Community College

EFCEFC

-

$$

$$

$$ $$$$

$$

EFCEFC

TYPES OF FINANCIAL AID

Defining Financial Aid

• Scholarships

• Grants

• Loans

• Student Employment

Types of Financial Aid

Gift Aid• Grants and Scholarships

Self-Help Aid• Loans and Work-Study

Federal Grant Programs

Federal Pell Grant

• Awarded to undergraduate students pursuing first bachelor’s degree

• EFC between 0 - 4995

• Award amount based on EFC and enrollment status

• Maximum award for 2012-2013 year: $5,550

Federal Grant Programs

Federal Supplemental EducationalOpportunity Grant (SEOG)

• Amount varies

• Based on need and availability of funds

• Campus-based aid - apply early!

Federal Grant Programs

Federal Education Assistance for College& Education Grant Program (TEACH)

• Minimum GPA of 3.25 on a 4.0 scale

• Award up to $4,000 per year - must declare an education major

• Must teach in a high-need field in a school serving low-income students

• Must teach for four academic years within eight calendar years of completing program

• Failure to complete program causes grant to convert to an unsubsidized Stafford Loan

State Grant Programs

Ohio College Opportunity Grant (OCOG)

• Eligibility based on EFC from FAFSA

• Deadline is Oct. 1 each year

• Award amount based on enrollment status

• Award amount varies

www.regents.ohio.gov

Scholarships

Community Scholarships

• Business, industry and civic organizations

• Parents’ employers

• Faith-based organizations

• Online scholarship searches

Start searching early!

Timing is everything!

Scholarships

University or College Scholarships

• Admissions Office

• Financial Aid Office

• Academic Departments

Online Scholarship Searches

• www.fastweb.com

• www.collegeboard.org

Scholarship Scams

Warning Signs

• The scholarship’s guaranteed or your money back

• You can’t get this information anywhere else

• I just need your credit card or bank account number to hold this scholarship

• We’ll do all the work

• The scholarship will cost some money

• You’ve been selected by a ‘national foundation’ to receive a scholarship or ‘You’re a finalist’ in a contest you never entered

To file a complaint, call 1-877-FTC-HELP orvisit www.ftc.gov/scholarshipscam.

Student Loans

Federal William D. Ford Direct Stafford Loan

• Subsidized or Unsubsidized

• Repayment begins 6 months after graduation or if student drops below half-time enrollment

Student Loans

Subsidized Student Loan - must demonstrate need

- fixed interest rate 3.4% (2012-2013)

Unsubsidized Student Loan - financial need is not a consideration

- fixed interest rate 6.8%

• $5,500 – freshman• $6,500 – sophomore• $7,500 – junior • $7,500 – senior

Student Loans

Federal Perkins Loan

Federal Nursing Loan

• 5% fixed interest rate

• Repayment begins 9 months after graduation

• Some repayment/cancellation incentives

• Campus-based aid – apply early!

Parent Loans

Federal William D. Ford Direct PLUS Loan

• Loan in parent’s name

• Credit approval required

• Fixed interest rate- Current rate is 7.9%

• Borrowed amounts vary (COA minus other aid)

• Parent can request deferment while student is enrolled at least half time

• If denied for credit reasons, student is eligible for limited unsubsidized funds

Private Loans

Canton Student Loan Foundation

• Available to graduates of Stark County high schools

• 330-493-0020

www.cantonstudentloan.org

Alternative Loans

• Student applies for loan from a private lender

• May need co-signer

• Interest rate is variable

• Repayment generally begins 6 months after graduation

• Maximum amount is COA minus all other aid

Federal Work-Study

Work-Study Student Employment

• Eligibility determined by FAFSA

• Not applied directly to student’s bill

• Limited funding source – apply early!

• Campus-based aid

University Funded Student Employment

• Available to all students

Financial Aid Timeline

File FAFSAJanuary - February

Review award letters and emailsMarch - April

Comply with information requestsApril - June

Comply with tuition deadlines!July - August

Review

• Request PINs (both student and parent)

• Complete the FAFSA

• Review your Student Aid Report (eSAR) for accuracy

• Contact your institution about the awarding process

• Check for award changes throughout the year

• Review your costs and how financial need is calculated

• Determine how you are going to cover any costs not covered by financial aid

Upcoming Events

College Goal Sunday Sunday, Feb. 10 at 2 p.m. at various locations throughout Ohio

Financial Aid Information Session& Online FAFSA Filing WorkshopSaturday, Feb. 9 at 9 a.m.Kent State Stark

Campus Preview Saturday, March 9 at 10 a.m. Kent State Stark

Stark County Spring College Fair Tuesday, March 12 at 6 p.m. Kent State Stark

Financial Aid Staff

Gail Pukysgpukys@kent.edu

Kurt Drotleffkdrotlef@kent.edu

Monica Conleymconley@kent.edu

Anne Fritzafritz2@kent.edu

330-244-3251

Walk-In Hours

Monday - Thursday8 a.m. - 6:30 p.m.

Friday8 a.m. - 4:30 p.m.

www.stark.kent.edu/admissions/cost/financialaid