Steps to Receive and Manage Financial Aid and Scholarships Office - PowerPoint PPT Presentation

Steps to Receive and Manage Financial Aid and Scholarships Office of Student Financial Assistance Powercat Financial Cal Boren Jodi Kaus Assistant Director for OSFA Director of Powercat Financial 785-532-6420 785-532-2889 finaid@ksu.edu powercatfinancial@ksu.edu 1

Welcome to the K-State Family! K-State Orientation Expo Noon to 4:00 P.M. First Floor of the Student Union Presentation Link k-state.edu/sfa/orientation.html 2

Collaboration is Key Office of Student Financial Assistance K-State’s student service office that administers scholarships, grants, work study, and student loans. Goal: To leverage all available financial resources so that students may realize the successful completion of their chosen program of study Powercat Financial K-State’s financial education center providing FREE student-to-student help with: Budgeting, Student Loan Planning & Repayment, Understanding Credit, Saving, Transitioning into Work Financially 3

Designated Access Allows students to grant • parents or others permission to access their student records Students can give parents or • others the ability to: Pay Bills – View Tax Information – View Financial Aid – 4

Check your To-Do List in KSIS Each student has a To-Do • List in their KSIS Student Center This area serves as a • communication between the OSFA and your student 5

Types of Financial Aid Gift Aid Self-Help Aid Grants Scholarships Work-Study Loans 6

Scholarships K-State scholarships are automatically • applied to the student bill – Commonly split between the fall and spring semesters Any private scholarships should be reported • using our private scholarships form – If private scholarships will be received after the K-State bill due date, inform the OSFA 7

Grants • Eligibility determined by the FAFSA; Varies based on income. • Maximum Pell Grant award for 2017-18 = $5,920 • Other Grants include: • Kansas Comprehensive Grant • Freshmen Wildcat Grant • Eisenhower Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Teacher Education Assistance for College and Higher Education Grant (TEACH) 8

Work-Study Provides access to part-time jobs while students are attending school. • Eligibility is determined by the FAFSA • Students must have accepted a Work-Study award in KSIS and have been offered and • accepted a Work-Study eligible position of employment (see employer). If you were not offered or do not qualify for Work-Study you are generally still be able • to have an on campus job! Available FWS positions can be found by creating a personal Career Center account • 9

Loans Direct Stafford Loans • – Subsidized : need-based, interest covered by the federal government while enrolled at least half-time – Unsubsidized : interest accrues after the first disbursement Split when applied to the student account • – Half in the fall and half in the spring Repayment commonly begins 6 months after graduation • Interest rate for 2017-18 – 4.45% 10

Parent PLUS Loans • Parent(s) is/are the borrower • Once a PLUS loan is submitted, a credit evaluation is performed and the parent or step-parent who applies must demonstrate good credit history in order to borrow the loan – If a parent is unable to borrow (denied) a parent PLUS loan, a student may be eligible for additional unsubsidized loan • Repayment begins immediately but can be deferred upon request Interest rate for 2017-18 – 7.0% 11

Loan Entrance Counseling & Master Promissory Note Completed after accepting (or approval of) a loan For Students For Parents 12

Award Notification Letter Students receive notification via e-mail • that their award package is ready Students then login to KSIS to view and • accept their awards Important: All communications are sent to the K-State E-mail Account 13

Accept Financial Aid in KSIS All students are offered Federal Direct • loans and Parent PLUS loans Students must accept offered financial • aid in KSIS Students are not required to accept – the full amount of aid offered 14

Borrow Only What Is Needed Create a semester budget & stick to it • – Use budget form at ksu.edu/powercatfinancial/budgeting Take scholarships, grants, work-study first • If you must borrow: take only what is needed starting first with • subsidized loans If must borrow unsubsidized loans: pay interest along the way to avoid • capitalization 15

Have Student Budget for Completion 16

Can Student Afford Final Loan Payments? Total Loans Assume Standard Percent of Monthly Total Amount Paid Borrowed Monthly Payment Gross Income Including Interest over 10 Years at Assuming $35,000 Costs Over Life of 4.3% Interest Annual Income the Loans Upon Graduation $20,000 $205 monthly 7.0% $24,642 $25,000 $257 monthly 8.8% $30,803 $35,000 $359 monthly 12.3% $43,124 $45,000 $462 monthly 15.8% $55,446 *Note: these are assumptions are for illustration purposes only and actual interest rates, loan balances and income will vary for each student borrower 17

Keep Track of Total Loan Balances View all loans in KSIS Student • Information System – Go to Student Center > View Financial Aid > Aid Year > My Financial Aid Details – Loan History Tab Or use Federal Student Aid • Repayment Estimator – at studentaid.gov 18

View Your K-State Bill Your student may view their K-State • bill in mid-July( scheduled for July 15 th ), in the Student Center, in KSIS Anticipated financial aid that is • ready to be applied to the student’s K-State account will appear on the bill – If anticipated financial aid does not appear on the bill, check the To-Do List in KSIS 19

Tips on your K-State Bill Have all To-Do List items in KSIS • completed by early July Waitlisted courses will not be • assessed on the original K-State bill – If a refund is issued and waitlisted courses are added, additional charges will appear on the following K-State bill Optional enrollment in the Tuition • Installment Payment Plan (TIPP) can be completed in KSIS 20

K-State Bill Due Date Anticipated financial aid (scholarships, grants, work-study, and loans) will be applied to your students’ K-State bill 10 days before the fall term payment is due, or August 11 th Payment of your K-State bill is due Monday, August 21 st (first day of fall term) 21

Remaining Financial Aid Any remaining financial aid that is present on the your students’ • account will be issued as refund Refunds may be delivered two ways: • – Direct Deposit – If requested through KSIS by the Monday prior to the first day of the term, funds will be scheduled for deposit the following Friday – Paper Check – Available for pickup in Anderson Hall on the first day of the term • Checks not picked up during the first week of the term will be mailed to the local address the following Friday 22

Purpose of Financial Aid Refund Purchase books and supplies • Housing expenses or rent • Groceries and personal expenses • Travel expenses • Student are encouraged to meet with Powercat Financial to receive assistance creating a spending plan incorporating their financial aid refund 23

Federal Verification If selected to complete the federal verification • process, the OSFA will inform students of the necessary documentation required – Required documentation will also be listed in the student's To-Do list within the Student Center in KSIS Students cannot receive federal or state financial • aid until the federal verification process is complete 24

Special Financial Circumstances If a significant change to the family’s financial situation has occurred, • contact the OSFA In certain circumstances, the student’s financial aid advisor may be • able to make an adjustment to the student’s financial aid eligibility Submit a Professional Judgment Appeal Form if a significant change • has occurred to the student's and/or parents' financial condition from the previous year k-state.edu/sfa/forms/pj.pdf 25

Maintaining Eligibility Each semester, the OSFA will verify a student’s eligibility to receive • financial aid Eligibility requirements include but are not limited to: • (A full list of eligibility requirements are available on the OSFA website.) Financial need (except for certain loans) – Documented academic credentials (transcripts) – Enrolled at least half-time (minimum of 6 credit hours) – Scholarship Renewal (most scholarships require a 3.5 cumulative GPA to renew) – Satisfactory Academic Progress (SAP) toward a degree or certificate – Students should check with both their academic and financial aid advisor prior to • dropping or withdrawing from a course as it may negatively affect eligibility for aid 26

Powercat Financial partners with American Student Assistance to offer Salt™ to all our students and alumni for FREE Salt™ provides: • Student loan advice from expert counselors • Scholarship, internship, and job searches • Tools to take control of finances • Tips on building smart financial habits • Helpful, neutral guidance of a nonprofit • Proactive debt management assistance 27