Transcript 2008 High School Counselor Drive In Workshop

2011 High School Financial aid
Night
Tammie Blaney, Presenter
Education Specialist
Department of Public Instruction
Wisconsin Educational Opportunity Programs
Green Bay
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AGENDA
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What is the goal of financial aid?
How is financial need determined?
What aid is available?
How do I apply?
Goal of Financial Aid
■ To assist students in paying for school.
■ To provide opportunity and access to higher
education.
■ To help “bridge” the gap between what the
family can pay and the cost of education.
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What Are the Costs?
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Tuition and Fees
Room and Board
Transportation
Books & Supplies
Miscellaneous Living Expenses
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Determined by filing the FAFSA
www.FAFSA.gov
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Formula for the EFC
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Income of both student and parents
Assets of both student and parents
Family size
Number in College
Age of the older parent
Financial Need Defined
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
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Financial Need Varies
by School Cost
School 1 School 2 School 3
Cost of
$ 39,028
Attendance
Less EFC $ 3,823
$ 19,388
$ 14,285
$ 3,823
$ 3,828
Need
$ 15,559
$ 10,457
$ 35,200
Cost of Attendance Source: College Board Trends in College Pricing 2008 - Average Estimated Undergraduate Budgets 2008-2009
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What is Financial Aid?
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Scholarships
Grants
Work Study Employment
Loans
Where does financial aid
come from?
■ Federal-US Department of Education
■ State- the Higher Educational Aids Board (HEAB) manages
state aid in Wisconsin.
■ Local-Colleges & Universities
 Schools may offer their own scholarship, grant, workstudy and loan programs, with each setting its own
requirements.
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Federal Grants
 Federal Pell Grant
 Federal Supplemental Educational Opportunity Grant
(SEOG)
 TEACH Grant
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State Grants
■ Wisconsin Higher Education Grant (WHEG)
■ Wisconsin Tuition Grant (WTG)
■ Wisconsin Covenant
[email protected]
■ Hearing and Visually Handicapped Student
Grant www.http://heab.wi.gov
■ Minnesota-Wisconsin Reciprocity Agreement
www.http://heab.wi.gov
■ Talent Incentive Program (TIP) Grant
www.dpi.wi.gov/weop/index.html
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Fund for Wisconsin Scholars
(FFWS)
■ The FFWS is a private charitable foundation that has
been funded with a $175 million founding gift. It will
provide grants to talented, lower-income graduates of
Wisconsin public high schools attending a public
college, university or technical school in Wisconsin.
Recipients are selected randomly out of those students
that meet basic eligibility criteria.
For More Information:
www.ffws.org
Contact:
Mary Gulbrandsen, Executive Director
P.O. Box 5506
Madison, WI 53705-0506
Ph: 608.238.2400
[email protected]
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The Wisconsin Covenant
■ The goal of the Wisconsin Covenant is for 8th grade
students to aspire to and prepare for higher
education.
■ Every Wisconsin student should know that if they
are willing to work hard in high school, stay out of
trouble and contribute to their community, college IS
possible
For more information: www.wisconsincovenant.wi.gov
2010-11Academic Year
The Confirmation Process
Students must verify that they met the
pledge requirements to be recognized
as a Wisconsin Covenant Scholar and
to receive the Wisconsin Covenant
Scholars Grant
A complete confirmation
checklist:
■ Student and/or family mails into Wisconsin
Covenant Office:
 Confirmation form, signed by:
 Student
 Parent
 Primary Contact
 A record of service form
 Two letters of recommendation, if necessary
Important dates to remember for seniors
to be confirmed:
November/December:
Lists of Wisconsin Covenant
students will be provided to Primary
Contacts
December 1:
Confirmation form will become
available online and will be mailed
to seniors
January 1:
Confirmation process begins
April 1:
Confirmation/FAFSA deadline
April 5:
Deadline for Primary Contacts to
send list of confirmed/not confirmed
Wisconsin Covenant students
July 1:
Deadline for Primary Contacts to
send list of students that
were confirmed, but did not
graduate
ESTIMATED Covenant Funding based on
Full-Time Enrollment (12 credits or more per term)
EFC
WI Covenant
Foundation Grant
WI Covenant
Scholars Grant
Total
$0
$1,500
$1,000
$2,500
$1 - $3,499
$0
$1,500
$1,500
$3,500 - $11,999
$0
$1,000
$1,000
$12,000 - $999,999
$0
$250
$250
Employment and
Scholarships
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Federal Work-Study
Institutional Work Programs
Off Campus employment
Scholarships
Federal Student Loans
Every family should file a FAFSA. Regardless of
income, every student qualifies for a Direct
Student Loan, if they meet the basic eligibility
requirements.
Benefits of a federal student loan:
 You don’t have to repay until you leave school
 Lower interest rates than private loans or credit cards
 Credit record is not needed
 Co-signer is not required
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2010-2011 Loan
Comparison Chart
Federal Perkins
Loan
(subsidized & unsubsidized)
Federal PLUS Loan
Private
Alternative Loan
Borrower
Student
Student
Parent
Student
Cosigner
None
None
Only if poor credit
Probable
Credit check
No
No
Yes
Yes
FAFSA required
Yes
Yes
Recommended
Recommended
5% Fixed
4.5% Fixed subsidized
6.8% Fixed unsubsidized
7.9% (Direct) Fixed
Variable
None
Origination Fee & Default Fee
Origination and Default
Fees
Vary by loan
program and credit
rating
Determined by school
based on need and
available funds
1st year - $5500 (up to $3500 sub)
2nd year - $6500 (up to $4500 sub)
3,4,5 years - $7500 (up to $5500 sub)
Graduate - $20500 (up to $8500 sub)
Cost of Attendance less
Aid
Cost of Attendance
less Aid
Interest Rate
Fees
Loan Limits
Direct Student Loan
Unsubsidized available to all
Repayment
Borrower Benefits
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9 months after leaving
school or dropping
below ½ time
6 months after leaving school or
dropping below ½ time
60 days after fully
disbursed (Upon request,
may delay payments until
after student graduates)
Check with lender
Not Applicable
Check with lender
Check with lender
Check with lender
Other Financing Options
■ School Payment Plans (spread over several
months)
■ Home Equity Loans (longer repayment, tax
deductible)
■ Life Insurance Policy Loans
■ Retirement Plan Loans
■ 529 Plan withdrawals
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Government Resources
■ Corporation for National and Community
Service
■ Hope and Lifetime Learning Credit
■ The American Opportunity Credit
■ Veteran’s benefits and tuition waivers
■ Bureau of Indian Affairs (BIA) Grants
■ State Divisions of Vocational Rehabilitation
(DVR)
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Other Sources of Funds
■ Parental Affiliations
 Employers & Labor Unions
 Religious and Community Organizations
 Clubs and Civic groups
■ Civic organization scholarships
 High School
 Local Public Library
■ Private business scholarships
■ Internet
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FREE RESOURCES
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http://www.fastweb.com
http://www.finaid.org/scholarships/other.phtml
http://www.brokescholar.com
http://www.collegeboard.com
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www.KnowHow2GO.org
www.heab.wi.gov
www.dpi.wi.gov
www.wasfaa.net
www.wicollegegoalsunday.org
http://www.sudents.gov
http://mappingyourfuture.org
http://www.americorps.gov
[email protected] (email address)
Proceed with Caution!
■ Complete the FAFSA online if possible
■ Never pay a fee to file the FAFSA
 When filing a FAFSA, make sure you go directly to:
www.fafsa.gov (not www.fafsa.com)
 Contact the financial aid office if you need help in
completing the FAFSA
■ Never pay for financial
aid assistance!
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Don’t Get Scammed on Your
Way to College
Be aware of tactics used to convince students to buy
services:
■ “If you use our services, you’re guaranteed to get at least
$2000 in student aid for college, or we’ll give you your
money back.”
■ “Applying for aid is complicated. We’re the only ones who
can help you through the process and find all the aid for
which you’re eligible.”
■ “I’d like to offer you a scholarship (or grant). All I need is
your bank account information so the money can be
deposited and a processing fee charged.”
Questions about a legitimate organization:
Call 1-866-653-4261 (Federal Trade Commission)
Call 1-800-647-8733 (US Department of Education Office of
Inspector General)
Or call your College Financial Aid office
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WANT A PAPER FORM?
Call 1-800-433-3243
Download online at:
www.fafsa.gov
FAFSA on the Web
Worksheet (FOTW)
Paper FAFSA
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Get Help
College Goal Wisconsin
 Free program to help families
complete the FAFSA
 February 19-20, 2011
 Scholarship drawing at each site
 30 sites throughout Wisconsin
 Sponsored by WASFAA, along with several other
partners
For location information:
visit www.wicollegegoalsunday.org
or call 1-866-578-4625
College Goal Wisconsin
Saturday Sites
February 19, 2011
Appleton
Fox Valley Technical
College
1825 N Bluemound
(Entrance 1, Room A105)
Beloit
Beloit Memorial High
School
1225 4th Street
Kenosha
Gateway Technical College
3520 30th Avenue
The Center for Bioscience
Keshena
College of Menominee
Nation
N172 State Hwy 47/55
Madison
Madison Area Technical
College
3550 Anderson Street
(Use Redsten Gym
Entrance)
Marinette
UW Marinette
750 W Bay Shore Street
(Enter Main Building)
Oshkosh
UW Oshkosh
800 Algoma Blvd
Wausau
Northcentral Technical
College
1000 Campus Drive
(Main Entrance Rooms,
E101 and E102)
Platteville
Platteville High School
710 E Madison Street
Commons Area
Wisconsin Rapids
Mid State Technical
College
500 32nd Street,
Building A
Elkhorn
Gateway
Technical College
400 County Road
H
Atrium – 200
Building
Lac du Flambeau
Lake of the
Torches
Hwy 47 N,
Convention
Center
(Questions,
contact the
Education Dept.)
Milwaukee
Alverno College
3400 S 43rd Street
(Free parking in
ramp. Enter
rotunda.)
Rice Lake
UW Barron
County
1800 College
Drive
Ritzinger Hall
Janesville
Hedberg Public Library
316 S Main Street
Madison
Edgewood College
1000 Edgewood College
Avenue
(Use Main Entrance)
Milwaukee
Custer High School
5075 N Sherman Blvd
(Park on south side of
school. Use Sherman
Blvd entrance)
Waukesha
UW Waukesha
1500 N University Drive
Commons Building
College Goal Wisconsin
Sunday Sites
February 20, 2011
Eau Claire
Chippewa Valley Technical
College
620 W Clairemont Avenue
Business Education Center
(Entrance by Parking Lot P1
at the front of the building or
P9 on the west side)
DeForest (Madison Area)
DeForest High School
815 Jefferson Street
Racine
Gateway Technical College
1001 S Main Street
Racine Conference Center
(Parking in Lake Level Parking
Lots. Lake Side Entrance.)
Fond du Lac
Marian University
45 S National Avenue
Stayer Center
Corner of 4th and
National
Green Bay
East High School
1415 E Walnut Street
(Use Front Entrance
off of Walnut Street)
Kenosha
UW Parkside
900 Wood Road
Student Center
Milwaukee
Riverside High School
1615 E Locust Street
(Main Entrance off of
Locust)
Rhinelander
Rhinelander High
School
665 Coolidge Avenue
(Entrance 1)
Sheboygan
UW Sheboygan
One University Drive
(Use West Entrance)
LaCrosse
UW LaCrosse
1705 State Street
Wing Technology
Center
Milwaukee
Pulaski High School
2500 W Oklahoma
Avenue
(Use Main Entrance
at 25th & Oklahoma)
Superior
Superior High
School
2600 Catlin Avenue
Library Computer
Lab
Frequent FAFSA Errors
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Check if the college has a financial aid priority date
Wrong Social Security Number
Divorced/remarried parent information
Incorrect reporting of U.S. income taxes paid
Household size
Number in postsecondary education
Not using name listed on Social Security card
Wrong state of residence; info will not go to HEAB
NOT APPLYING AT ALL
ITEMS YOU NEED TO
COMPLETE THE FAFSA
■ 2010 Federal Income Tax, if you need to fileparent and student if student is dependent
■ W-2 wage statements
■ Amount of non-taxable income such as child
support received or paid
■ Asset information
■ Parent(s) and student’s social security numbers
■ Parent(s) date of birth
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Dependency Status
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I was born before 1/1/88
I am married
I will be working on a master’s or doctorate program in the fall of 2011
I am serving on active duty in the U.S. Armed forces
I am a veteran of the U.S. Armed Forces
I have children and I provide more than half of their support
I have dependents (other than children or my spouse who live with me and
I provide more than half of their support)
Since I turned age 13, both of my parents were deceased
I was in foster care since turning age 13
I was a dependent or ward of the court since age 13
I am currently or I was an emancipated minor
I am currently or I was in legal guardianship
I am homeless or I am at risk of being homeless
(Parents refusal to provide support or financial data is insufficient to make a
student independent regardless of tax filing status)
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Who is a Parent?
■ Two biological parents married to each other
■ Divorced or separated parents
■ Stepparent
■ Widowed parent
■ Legal adoptive parent
Do not provide income information on:
 Legal guardians
 Grandparents
 Other relatives the student might live with
 Foster parents
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www.fafsa.gov Get Started
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Which School Year? 2011-12
New or Renewal FAFSA
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Password to return to FAFSA
Student Information
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High School Information
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Adding College Codes
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College Codes Selected
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Do you need to file an income
tax return?
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IRS Option
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Non taxable income
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Asset Questions
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ASSETS ARE NOT:
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Net worth of the home you are living
Qualified pension/retirement programs/annuities
Life insurance policies
Value of car, stereo, boat, etc.
Family farm net worth
Business net worth if there are less than 100
employees
■ Non educational IRAs
■ Keough Plans
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ASSETS ARE:
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Trust funds
Certificate of deposits
Mutual funds, stocks, and bonds
529 College Plans
Rental property
Second home/cottage
Land not associated with farming
Coverdell Saving Account
UGMA/UTMA Accounts
Signing the FAFSA
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Signing Electronically
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www.pin.ed.gov
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Personal identification number
Student and one parent needs a pin
Pin is reused year after year
Renewal application
Correction on the Web
National Student Loan Database
Signing promissory note for student/parent
loans
FAFSA SUMMARY BEFORE
YOU SUBMIT
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Confirmation Page
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Check on status of FAFSA
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NEXT STEPS
■ Be sure to hit SUBMIT.
■ Results are sent electronically to the college(s) the
student selected.
■ Verify if school has an institutional application.
■ Finalize college admission requirements.
■ Students will receive the results of their FAFSA by email (or regular mail) - Student Aid Report (SAR).
■ Students may be verified
(submit tax forms to college).
■ After the student is admitted to a
school, a financial aid package will be prepared.
■ Contact the school with any Special Circumstances.
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Special Circumstances?
Call the Financial Aid Office
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Divorce/Separation
Loss of income or benefits
One-time income
Death or Disability of student or parent
Medical/Dental expenses not covered by
insurance
■ Elementary or secondary school tuition
■ Dependency override
(Note: Professional Judgment is at the sole discretion of each institution.)
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Professional Judgment by
Financial Aid Administrators
■ Adjustments are determined by each institution
on a case by case basis.
■ Another institution may or may not automatically
accept a professional judgment made by
another institution.
■ The decision must recognize the unique
situation of the student and must be
documented.
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Student Responsibility
The
Student
• Files the FAFSA
• Is selected for verification
• Receives an award notification
• Is responsible for notifying FAO of outside scholarships
The
Student
• Accepts/Declines aid offer
• Signs the Master Promissory Note for Stafford Loans
• Completes Loan Entrance Counseling
The
Student
• Is responsible for their bill with the institution
• Is responsible for their student loans
• May choose to share information with their parent, or
others
How to Compare Financial Aid
Offers
■ Start with tuition, fees, room and
board
■ Subtract grant and scholarship offers
only
■ The difference is your “net cost”
■ Always compare net cost
■ Do not subtract Federal Work Study
as a lump sum disbursement because
students are paid for hours worked
and must apply this to their bill
AWARD LETTER
Cost of Attendance
EFC
Financial Need
Pell Grant
WHEG
SEOG
Perkins Loan
Direct Loan (sub)
Direct Loan (unsub)
Work Study
PLUS (Parent Loan)
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$18,000
3,500*
14,500
2,000
1,000
1,500
1,000
3,500
2,000
2,000
1,500
QUESTIONS???
■ Presented by:
Tammie Blaney
DPI-WEOP
[email protected]
(920)492-7180
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