Transcript Slide 1
FIN AID 101 Visit the website www.fafsa.ed.gov Not www.fafsa.com Not www.fafsa.org Both the student and parent must apply for a PIN at www.pin.ed.gov • Used to sign the FAFSA electronically • Will be used by students and parents throughout the aid process, including subsequent school years Neumann’s federal school code is 003988 Participation is voluntary Reduces documents requested by financial aid office Some will be unable to use IRS DRT • Filed an amended tax return • No SSN was entered • Student or parent married but file separately Financial Aid Offices are unable to accept a copy of a tax return (few minor exceptions) Tax transcripts from the IRS are required if tax information is requested for verification • You may request a copy of your tax transcript at www.irs.gov/transcript. Call the IRS at 1-800-829-1040 with any questions All requested information must be submitted to the Office of Financial Assistance as soon as possible to ensure timely processing of your final award letter The verification process is not complete until all information is received and reviewed. Please note that additional documentation may be requested at any time during the process Please only submit the information that is requested Information reported on the FAFSA is used to calculate the student’s EFC EFC is calculated according to a formula established by law What’s in the formula? • A family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) • Family size and the number of family members who will attend college or career school during the year. Your EFC is not the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. Presidential Scholarship or Achievement Grant SAT score in 700 range from $5,000 to $8,000 SAT score in 800 range from $5,000 to $9,000 SAT score in 900 range from $6,000 to $10,000 SAT score in 1000 range from $8,000 to $15,000 SAT score in 1100 range from $10,000 to $17,000 SAT score in 1200+ range from $10,000 to $19,000 Award is also based on GPA and housing status Admissions can re-evaluate final high school transcript Contact Admissions with questions at [email protected] or 610-558-5616 COA is another phrase for budget amount COA includes an allowance for: • • • • • • Tuition and Fees Room and Board Books and Supplies Transportation Loan fees Miscellaneous expenses Calculating Financial Need Cost of Attendance (COA) -Expected Family Contribution (EFC) Financial Need Need-based aid is financial aid that a student can receive if he or she has financial need A student cannot receive more need-based aid than the amount of his or her financial need For instance, if your COA is $6,000 and your EFC is 2000, your financial need is $4,000; so you aren’t eligible for more than $4,000 in need-based aid. Federal Pell Grant Federal SEOG (Supplemental Educational Opportunity Grant) PHEAA Programs Federal Work Study Neumann Grant-In-Aid Grant that does not have to be repaid Amounts can change yearly Awards are based on EFC For 2015–16, the maximum award will be $5,775 • The amount a student will receive will depend on financial need • Cost of Attendance • Status as a Full-time or Part-time Student Effective July 1, 2012, a student can receive the Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). Grant that does not have to be repaid Student must be Pell eligible Depends on financial need Depends on the availability of funds at your school Amount can total between $100 and $4,000 per year Typically, $350 maximum at Neumann Know your state grant deadlines • Delaware – April 15th 1-800-292-7935 or DDOE (Delaware Department of Education) • Pennsylvania – May 1st 1-800-692-7392 or pheaa.org (Pennsylvania Higher Education Assistance Authority) Massachusetts and Rhode Island also have reciprocal agreements with Pennsylvania for State Grant. Maximum award for 15-16 is between $500 and $3622 Pennsylvania residents will be provided a "one stop shop" opportunity to connect directly from the FAFSA on the Web (FOTW) to the state grant form. For students who do not elect to use the direct link, an email will be generated directing them to Account Access to complete the SGF. For students that do not provide a valid email address, PHEAA will communicate by postcard via U.S. mail to encourage online completion. The student’ Certification Statement must be signed and mailed to PHEAA to complete the application process. 24 credit hours must be completed in an academic year for full-time students. At least 50% of credit hours attempted must be taken in a classroom, not online. For transfer students, a copy of your most recent transcript is required for academic progress. Funds are earned by working in a campus department Award is not deducted from your tuition bill Students can work no more than 8-10 hours per week, depending on department needs Students are paid bi-weekly Original documents that may be submitted for application: • • • • Driver’s License Birth Certificate Social Security Card Photo Student ID Card Grant that does not have to be repaid Depends on financial need Depends on the availability of funds at Neumann Amount can change from year to year Amount will change due to residency status Financial aid that is not based on EFC COA and how much other assistance awarded so far The following are the non-need-based federal student aid programs: ◦ Direct Unsubsidized Loan ◦ Federal PLUS Loan For instance, if your COA is $6,000 and you’ve been awarded a total of $4,000 in need-based aid and private scholarships, you can get up to $2,000 in non-need-based aid. Federal Direct Student Loans (FDL) - guaranteed loans • 14-15 interest rate is 4.6% with a 1.073% origination fee, the rate for 15-16 will be determined in May 2015 per the loan certainty act guidelines and will not exceed 8.25% for undergraduate loans. • Subsidized loan is based on need (government pays the interest while student in school) • Unsubsidized loan is not based on need (option to pay interest while student in school) Student is required to complete Entrance Counseling and a MPN (Master Promissory Note) at www.studentloans.gov Parents may apply for a Federal Parent Plus Loan at www.studentloans.gov. 14-15 interest rate is 7.21% with a 4.292% origination fee, the rate for 15-16 will be determined in May 2015 per the loan certainty act guidelines. A credit check is required. If credit is denied, the student is eligible for an additional unsubsidized Direct Loan. Repayment starts 6 months after the first disbursement or the parent may defer payments while the student is in school for up to six months after student leaves school. A Private Alternative loan is based on credit Most need a credit-worthy co-signer, does not have to be the parent Lenders are offering both fixed and variable interest rate loans without any fees The better your credit the better your rate Several lenders also give a discount on the interest rate*** for existing customers It is in your best interest to research all your options to ensure you are getting the most competitive product to meet your educational expenses Visit www.elmselect.com for a commonly-used list of lenders ***Interest rates are subject to change at the discretion of the lender. Main Office Number 610-558-5521 Fax Number 610-558-5652 Email [email protected]