T o da y s Pre se nta tio n Ge ne ra l info rma tio n a nd tips to - PowerPoint PPT Presentation

T o da y’ s Pre se nta tio n • Ge ne ra l info rma tio n a nd tips to pre pa re yo u to c o mple te the F AF SA • Diffe re nt type s o f fina nc ia l a id funding a nd ho w e lig ib ility is de te rmine d • Ho w the fina nc ia l a id pro c e ss wo rks, fro m c o mple ting the F AF SA to re c e iving funds • Que stio ns

Wha t is a F AF SA? • F re e Applic a tio n fo r F e de ra l Stude nt Aid • Co mple te d a t F AF SA.g o v • Use d fo r F e de ra l a nd Sta te g ra nts, F e de ra l lo a ns a nd F e de ra l wo rk study • Also use d fo r o the r sta te a id, institutio na l a id, a nd sc ho la rships. • Must b e c o mple te d e a c h ye a r • Co mple te a s e a rly a s po ssib le .

T he 19/ 20 F AF SA • Ava ila b le o nline sta rting Oc to b e r 1st, 2018. • 2017 ta x/ inc o me info rma tio n will b e re q uire d. • Ma diso n Co lle g e do e s no t ha ve a spe c ific F AF SA de a dline – e a rlie r is b e tte r fo r limite d funds. • Use the Da ta Re trie va l T o o l (DRT ) whe ne ve r po ssib le .

T he 19/ 20 F AF SA F AQ’ s Ca n a stude nt c ho o se to re po rt 2018 info rma tio n? • – 2017 info rma tio n must b e use d to c o mple te the a pplic a tio n. – Co nta c t the institutio n to a sk a b o ut ma king c ha ng e s b a se d o n c urre nt info . Ho w c a n I g e t he lp c o mple ting the 19/ 20 F AF SA? • – Daily F AF SA Wor kshops @ MC T r uax Campus • Ma diso nc o lle g e .e du/ pa ying -fo r-c o lle g e

De pe nde nt o r I nde pe nde nt? Pa re nts will NOT ha ve to pro vide a ny info rma tio n o n the F AF SA if a ny o f the fo llo wing a pply to the stude nt: – Bo rn b e fo re Ja nua ry 1 st , 1996 – Ma rrie d – Ha ve c hildre n and pro vide mo re tha n ha lf o f the ir suppo rt – Ha ve de pe nde nts (o the r tha n c hildre n o r spo use ) who live with the stude nt and the stude nt pro vide s mo re tha n ha lf o f the ir suppo rt – Bo th pa re nts de c e a se d sinc e a g e 13 – De pe nde nt/ wa rd o f the c o urt sinc e a g e 13 – I n fo ste r c a re sinc e a g e 13 – Una c c o mpa nie d ho me le ss yo uth – Curre ntly in le g a l g ua rdia nship – Ve te ra n o r o n a c tive duty

De pe nde nc y Sta tus Stude nt a nd the fa mily’ s re spo nsib ility to pa y fo r the • stude nt’ s e duc a tio n. A de pe nde nt stude nt is a ssume d to ha ve the • suppo rt o f pa re nts. Pa re nt a nd stude nt info rma tio n ha s to b e a sse sse d • to de te rmine fa mily fina nc ia l stre ng th. Pa re nts a re no t re spo nsib le fo r a ny a id the stude nt • re c e ive s. Go a l is to e nsure c o nsiste nc y in e va lua tio n a c ro ss a ll • stude nts a nd situa tio ns.

Wha t I nfo rma tio n Do I Ne e d Whe n Co mple ting the F AF SA? • Ac tive e ma il a c c o unt a nd lo g -in info rma tio n • So c ia l Se c urity Numb e r o r Alie n Re g istra tio n Numb e r • Pe rso na l I nfo rma tio n (DOB, a ddre ss, ma rita l sta tus da te s, e tc .) • T a x a nd inc o me info rma tio n fo r 2017 (W-2’ s, Sc he dule C, 1099-MI SC, T a x Re turns) • Re c o rds o f inve stme nts a nd unta xe d inc o me • Curre nt b a la nc e o f c a sh, c he c king , & sa ving s • F SA I D

Who Pro vide s Pa re nt I nfo ? Bo th b io lo g ic a l o r a do ptive pa re nts if the y a re : – Ma rrie d – L iving to g e the r, re g a rdle ss o f ma rita l sta tus o r g e nde r I n the c a se o f divo rc e , se pa ra tio n, o r pa re nts who do no t live to g e the r, pro vide pa re nt info rma tio n fo r: – T he pa re nt the stude nt live d with mo re during the la st 12 mo nths OR the pa re nt who pro vide d the mo st fina nc ia l suppo rt, if the stude nt live d with e a c h pa re nt e q ua lly – Inc lude the ste ppa r e nt if the pa r e nt is r e ma r r ie d

F ina nc ia l Aid Applic a tio n Pro c e dure s Co mple te the F AF SA Applic a tio n • Pro c e ssing b e g ins a t the sc ho o l Sub mit a ny a dditio na l do c ume nta tio n • Mo nito r stude nt e ma il a nd T o Do list Re c e ive Awa rd No tic e • De te rmine whic h type s o f a id to a c c e pt • Co mple te a ny ne xt ste ps (E ntra nc e L o a n Co unse ling & Ma ste r Pro misso ry No te )

Ac c e ss o f Stude nt’ s Ac c o unt T he F a mily E duc a tio na l Rig hts Priva c y Ac t (c o mmo nly kno wn a s F E RPA) is the la w tha t pro te c ts the priva c y o f stude nt e duc a tio n re c o rds. I t a pplie s to a ll sc ho o ls tha t re c e ive funds thro ug h the US De pa rtme nt o f E duc a tio n. I n a c c o rda nc e with F E RPA, Ma diso n Co lle g e c a nno t re le a se spe c ific stude nt e duc a tio n info rma tio n to a nyo ne o the r tha n the stude nt. Ma diso n Co lle g e do e s ha ve a Co nse nt to Re le a se Stude nt I nfo rma tio n F o rm tha t c a n b e use d to g ra nt so me a c c o unt a c c e ss to pa re nts. Ma diso nc o lle g e .e du/ fe rpa

E F C, COA & Ne e d • E xpe c te d F a mily Co ntrib utio n (E F C) is a me a sure me nt o f the fa mily fina nc ia l stre ng th pe r a F e de ra l fo rmula . Not the a mo unt yo u a re e xpe c te d to pa y. • Co st o f Atte nda nc e (COA) is the e stima te d c o st o f a tte nding a n institutio n. Will va ry a mo ng sc ho o ls. • “Ne e d” is COA-E F C. I f a stude nt’ s ne e d is hig he r, the y ma y b e e lig ib le fo r mo re ne e d-b a se d funding suc h a s Pe ll g ra nt.

T ype s o f Aid – Gift Aid • F e de ra l Gra nts – Pe ll Gra nt (ne e d- ba se d) – F e de ra l Supple me nta l E duc a tio na l Oppo rtunity Gra nt (F SE OG) (ne e d- ba se d) • Sta te Gra nts – Wisc o nsin Gra nt, e tc . (ne e d ba se d) • Sc ho la rships (var ie s)

Sc ho la rships • Use a fre e o nline sc ho la rship ma tc h se rvic e – F a stwe b .c o m • Hig h-sc ho o l o r Co lle g e s – Ma diso n Co lle g e F o unda tio n – Ma diso nc o lle g e .e du/ sc ho la rships • Othe r so urc e s: – Civic Org a niza tio ns – Priva te Busine sse s – Pa re nta l a ffilia tio ns

T ype s o f Aid - Se lf-He lp Aid • F e de ra l L o a ns – Sub sidize d – ne e d- base d lo a ns, inte re st fre e while in sc ho o l a nd thro ug h g ra c e pe rio d – Unsub sidize d – non- ne e d b a se d lo a ns whe re inte re st a c c rue s rig ht a wa y • F e de ra l PL US L o a ns – Mo ne y in the pa re nt’ s na me whe re inte re st a c c rue s rig ht a wa y • Priva te / Alte rna tive L o a ns – No n-fe de ra l e duc a tio na l lo a ns a va ila b le fro m a va rie ty o f le nding institutio ns (ie : UWCU)

F e de ra l Dire c t L o a ns Re g a rdle ss o f inc o me , E RY stude nt q ua lifie s VE fo r a n Unsub sidize d F e de ra l Dire c t lo a n if the y me e t the b a sic e lig ib ility re q uire me nts. Be ne fits o f F e de ra l Dire c t L o a ns: 6 mo nth g ra c e pe rio d • T ypic a lly lo we r inte re st ra te tha n c re dit c a rds • F ixe d ve rsus va ria b le inte re st ra te s • Cre dit sc o re / histo ry is no t ne e de d • Co -sig ne rs a re no t ne e de d/ re q uire d • Va rie ty o f re pa yme nt pla ns to c ho o se fro m •

T ype s o f Aid - Se lf-He lp Aid • E mplo yme nt – F e de ra l Wo rk Study Pro g ra m (ne e d- ba se d) – Stude nt He lp Pro g ra m – Off c a mpus/ summe r e mplo yme nt • Sa ving s

Pe ll Re c a lc ula tio n Da te Stude nt’ s Pe ll g ra nt e lig ib ility is b a se d o n the • numb e r o f e lig ib le c re dits the y a re e nro lle d in a s o f 4:30 p.m. o n the Pe ll Re c a lc ula tio n Da te fo r e a c h se me ste r. As o f the Pe ll Re c a lc ula tio n Da te , stude nts must • b e re mo ve d fro m a ny c la ss wa itlists a nd o ffic ia lly e nro lle d, re g a rdle ss o f the sta rt da te o f tha t c la ss. Approxima te ly two we e ks a fte r the sta rt of the te rm. Da te s for 19/ 20 T BD.

Disb urse me nt F unds b e g in disb ursing a fte r the Pe ll Re c a lc ula tio n • Da te . F irst time b o rro we rs a re sub je c t to a 30 da y de la y in • the disb urse me nt o f lo a n funds. Re funds a re se nt a ppro xima te ly 1 we e k a fte r • disb urse me nt. T ypic a lly mid Se pte mb e r fo r fa ll. T he de fa ult re fund me tho d is a c he c k b y ma il. E - • Re funding c a n b e se t up fo r dire c t de po sit to a c he c king a c c o unt. E xc e ss fina nc ia l a id funds c a n b e use d fo r a ny • e duc a tio n re la te d e xpe nse .

Bo o k Cha rg e Pro c e ss T ypic a lly a va ila b le a we e k prio r to the sta rt o f c la sse s thro ug h the Pe ll Re c a lc ula tio n Da te . Da te s fo r 19/ 20 T BD. Allo ws stude nts to “c ha rg e ” te xtb o o ks to the ir • fina nc ia l a id. Bo o ks c a n b e c ha rg e d in-pe rso n o r o nline a t the • Ma diso n Co lle g e b o o ksto re we b site

T uitio n a nd F e e s Stude nts must pa y the ir tuitio n a nd fe e s b y the due • da te sta te d o n the ir invo ic e . Ac c o unt b a la nc e info rma tio n is a va ila b le o nline a t the myMa diso nCo lle g e Stude nt Ce nte r. Pa yme nt due da te s fo r 19/ 20 a re T BD. T ypic a lly • a b o ut a mo nth a fte r the sta rt o f the te rm. Pa yme nts c a n b e ma de • – Online – I n Pe rso n – Autho rize d third pa rty – Ma il