Financial Aid Information Night S eptember 20, 2017
Topeka Public S chools Apply Kansas Campaign Each high school will host an event during the school day on October 18 t h S eniors will be encouraged to complete at least one college application during the event All students who complete at least one application during the event will be entered into a drawing for one of several $500 scholarship from GO Topeka
Thursday, Oct ober 12 th from 1-3PM at t he Kansas Expo Cent er All students must turn in a permission slip to attend S ee a counselor or college and career advocat e from your school t onight t o confirm eligibilit y and for a permission slip
Financing Your Education Jamie McEwen Financial Literacy Coordinator Financial Aid Morgan Hall Room 103 (785) 670-1151 www.washburn.edu/financial-aid
What is Financial Aid ?
Financial Aid is any resource used to pay for college: • Federal Programs • State Programs • Scholarships • Other Resources
Do you know your Priority Deadline? Priority Deadlines have changed. Why do schools have Priority Deadlines?
Scholarships • High School Counselor • Academic • Departmental • Activity • Athletic • Off-Campus • Religious Affiliations • Civic Organizations • Employers • Check the Internet www.washburn.edu/admissions/paying-for-college/financial-aid/types-of-aid/scholarships
w ww.saltmoney.org/washburn
State of Kansas Programs State of Kansas Application required before May 1 st FAFSA submitted prior to April 1 st $12 application fee Ethnic Minority Scholarship Nursing Service Scholarship State Scholarship Teacher Service Scholarship Career Technical Workforce Grant National Guard Educational Assistance Military Service Scholarship Kansas Comprehensive Grant* Applications online January 2018 at www.kansasregents.org/student_financial_aid *Application not required for this fund
Who Needs a Federal Student Aid ID?
Create a FSA ID studentaid.ed.gov
What does FAFSA stand for? What if you Google FAFSA?
FAFSA Application fafsa.ed.gov
If my parents are divorced, which parent’s information do I provide? Do I include Step-Parents information?
Parental Information • Grandparents, foster parents and legal guardians are not considered parents on the FAFSA unless they have legally adopted you. • If your parent is widowed or single, answer the questions about that parent. If your widowed parent is remarried, answer the questions about that parent and your stepparent. • If your parents are divorced or separated, answer the questions about the parent you lived with more during the past 12 months. • If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months. If this parent is remarried, answer the questions about that parent and your stepparent.
All applicants for federal student aid are considered either “independent” or “dependent.”
Dependent students are required to include information about their parents on the FAFSA . • Will you be 24 or older by Dec. 31 of the school year for which you are applying for financial aid? • Will you be working toward a master’s or doctorate degree (such as M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., etc.)? • Are you married or separated but not divorced? • Do you have children who receive more than half of their support from you? • Do you have dependents (other than children or a spouse) who live with you and receive more than half of their support from you? • Are you a veteran of the U.S. armed forces?
• At any time since you turned age 13, were both of your parents deceased, were you in foster care , or were you a ward or dependent of the court? • Are you an emancipated minor or are you in a legal guardianship as determined by a court? • Are you an unaccompanied youth who is homeless or self-supporting and at risk of being homeless? • Are you currently serving on active duty in the U.S. armed forces for purposes other than training? • If none of the criteria listed above apply to you, you may be considered a dependent student and may be required to provide your parents’ financial information when completing the FAFSA. If you answered yes to any of these questions, then you may be an independent student . You may not be required to provide parental information on your FAFSA.
IRS Data Retrieval Tool • The Data Retrieval Tool can be used by: • Dependent Students • Independent Students • Parents of dependent students who meet the following criteria: • Must have a valid SSN • Must have filed a 2016 IRS tax return • Only available if student/parent selects a tax filing statues of “Already Completed”
What is an Expected Family Contribution?
FAFSA Results EFC = Expected Family Contribution (EFC) is how much money your family is expected to contribute to your college education for the academic year
Determining Eligibility: Need Based Aid Cost of Attendance - Expected Family Contribution (Varies by Institution) (FAFSA Determined) Financial Need
Do I want a Grant or a Loan?
Federal Programs: Pell Grant • Foundation of financial aid package • Awarded to eligible undergraduates pursuing first baccalaureate degree • Maximum Award $5,775 with EFC of -0- • Aid administrator determines actual award amount based on COA, enrollment status, and EFC
Federal Programs: TEACH Grant • Up to $4,000 a year • Serve as a full-time teacher at certain schools and within certain high-need fields for at least four academic years within eight years after completing the course of study for which the candidate received a grant. • If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. • Undergraduate students may qualify if he or she has a 3.25 grade point average or scored above the 75 th percentile on the ACT/SAT
Federal Campus Based Programs • Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal Work Study (FWS)
Federal Loan Programs • Federal Stafford Loan • Subsidized & Unsubsidized 4.45% • Origination Fee 1.066% • Federal PLUS Loan • 7% Interest Rate • 4.264% Origination Fee
What does SUBSIDIZED mean?
Federal Programs: Stafford Loan • Subsidized Stafford Loans • Must demonstrate financial need • No interest is charged while in school at least half-time, during your grace period, and during deferment periods. • Six-month grace period before entering repayment • Unsubsidized Stafford Loans • Not based on financial need • Six-month grace period before entering repayment
Federal Programs: Stafford Loan Annua nnual L Loan L n Limits for D Dep epen enden dent Subsi sidi dized ed Unsu subsi sidi dized ed Und nderg rgra radua uate Studen dents 1 st Year $3500 $2000 2 nd Year $4500 $2000 Each Remaining Year $5500 $2000 $31, $31,000 000 Aggr ggrega gate Loa Loan Li Limits no m o mor ore than $23, $23,000 000 (Dep epen enden dent U Under dergradu duates) es) of of which can b be e su subsi sidi dized ed
Federal Programs: PLUS Loan • Borrowers are parents or step parents of dependent undergraduate students • Loan limits • Annual limit: cost of attendance less other aid • Aggregate limit: none • Repayment begins 60 days after second disbursement option to defer while student is enrolled or in grace period
SAP ( Satisfactory Academic Progress) or How I Lost My Federal Financial Aid!
Satisfactory Academic Progress • Cumulative Grade Point Average • Program Completion • Pace
Remember • You must submit a FAFSA annually October 1 st • Applications for 1 18-19 19 will b ll be a availa lable le O • Remember your school’s priority date.
FERPA • Family Educational Rights and Privacy Act • Once a student reaches 18 years of age or attends a postsecondary institution, he or she becomes an "eligible student," and all rights formerly given to parents under FERPA transfer to the student.
USD 501 FAFSA Workshops October 4 th November 9 th 6 p.m. – 8 p.m. Mabee Library Drawing for $1000 Washburn Scholarship
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