Transcript Document

Financing Your Future
An introduction to
Financial Aid
Financing 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?
Based on 2013-2014 - average for 30 tuition/fee credits
ATC/ARCC Average
State Universities
University of Minnesota Twin Cities
Private Career Colleges
Private Colleges & Universities
Source – MN Office of Higher Education
www.getreadyforcollege.org
$5,285
$7,681
$13,620
$14,270
$34,534
Cost of Attendance (COA)
Direct Costs – such as:
Tuition and Fees
Books and supplies
Room and Board (if you are living on campus)
Indirect Costs – such as:
Transportation
Personal/Misc.
Varies from college to college
How Do I Apply for Financial Aid?
1.
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 2013 income for 2014-2015
 Enter school code – each school has a six digit code
ATC 007350 or ARCC 002332
Colleges may set FAFSA filing deadlines
2. Complete and return all requested documents required
for verification to the Financial Aid Office.
PIN Registration
www.pin.ed.gov
FAFSA on the Web
www.fafsa.gov
FAFSA on the Web
www.fafsa.gov
Dependent or Independent ?
 Born before January 1, 1990
 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 Tax Retrieval Feature
 While completing the FAFSA, Student and Parent tax
information is required.
 The IRS Tax Retrieval Feature automatically loads your
tax information into the FAFSA from the IRS.
 Quick, Convenient and Accurate
 Participation is voluntary but may reduce documents
requested by financial aid office.
IRS Data Retrieval Tool
• Some will be unable to use IRS DRT
• Examples include:
– Filed an amended tax return
– No SSN was entered
– Student or parent married but filed separately
Verification
Process whereby certain information provided
on the FAFSA is reviewed for accuracy
and completeness.
• Student/Family must complete and return to Financial Aid
Office some additional documentation:
– Household Size/Number in College
– 2013 Tax Return Transcript (if tax information was not
received by the IRS retrieval process)
– Other untaxed income documentation
– SNAP Documentation
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
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)
General Eligibility
Requirements (continued)
 Must not have eligibility suspended
or terminated due to a drugrelated conviction
 Must have a valid Social Security
Number
 May not be in default on a federal
student loan
 Maintain satisfactory academic
progress once in school (as defined
by the school).
Expected Family Contribution
(EFC)
Amount family can reasonably be expected to
contribute
Calculated using data from the FAFSA and a
federal formula
Stays the same regardless of college
Two components:
Parent contribution
Student contribution
Definition of Financial Need
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
________________________________
= Financial Need
Based on your financial need, the school
financial aid office will determine your
financial aid package which may include a
combination of grants, loans and workstudy.
Types of Financial Aid
 Grants or Scholarships:
awards that you do not have
repay.
 Loans: borrowed funds that
must be repaid with interest,
usually after your education
is completed. (Interest rates
differ depending on the loan)
 Work-Study: money earned
on or off campus jobs.
Where does it come from?
Federal and state government,
schools, employers, and other
public and private sources like
clubs and organizations.
Common Federal Aid
Programs
• Federal Pell Grant
• Federal Perkins Loan
• Teacher Education
Assistance for College
and Higher Education
Grant
• Federal Work-Study
• Federal Supplemental
Educational
Opportunity Grant
• PLUS Loans
• Subsidized and
Unsubsidized Loans
States
• Residency requirements
• Award aid on the basis of both merit and need
• Use information from the FAFSA
• Deadlines vary by state; check paper FAFSA or
FAFSA on the Web site
Private Sources
• Foundations, businesses, charitable organizations,
employers
• Deadlines and application procedures vary widely
• Begin researching private aid sources early
Civic organizations
• Research what is available in community
• To what organizations and churches do student
and family belong?
• Application process usually spring of senior year
• Small scholarships add up!
Scholarship Resources
Your college of choice
High School
Private business
scholarships
Civic organization
scholarships
Local library resources
Place of employment
Free Scholarship Search
Databases
www.studentaid.ed.gov
www.getreadyforcollege.org
www.fastweb.com
www.finaid.org
Avoid scholarship scams
• For information and tips to avoid scholarship scams
check:
Minnesota Attorney General’s Office:
www.ag.state.mn.us
Federal Trade Commission: www.consumer.ftc.gov
U. S. Department of Education:
www.studentaid.ed.gov
What’s Next?
 Student notified of FAFSA processing results - (this
is not the award letter)
 Follow up with any additional information required
for your financial aid application
 Obtain and review admission and financial aid
materials from each school to which you are
applying
 Meet all application deadlines
 Review Award letter carefully and contact your
school with questions you may
 Continue to search and apply for scholarships.
Helpful Financial Aid Hints
 Plan ahead and apply early!
 Meet all application deadlines!
 Review your application before submitting.
 Follow up with any additional information required for
your financial aid application.
 Make a financial aid file for copies of all financial aid
forms you submit.
 Know your school’s policies.
 Contact your school with questions you may have
concerning your application or award.
 Apply each school year for financial aid.
 Make the grade to keep the aid.
 Consent to Release Form – for parent questions
Special Circumstances
 Cannot report on FAFSA
 Send explanation and documentation to
financial aid office at the college you plan
to attend
 College will review request and determine
outcome.
Special Circumstances
Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Where can I get more information?
• U.S. Department of
Education: www.ed.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
Financing Your Future …
an investment in you!
Anoka Technical College
763-576-7730
Anoka-Ramsey Community College
763-433-1500