• 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 [email protected]
– 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
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