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Financing Education Beyond High School

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Complete your FAFSA before established deadlines. ... For FAFSA on the Web applicants, both student and parent of dependent student ... FAFSA ... – PowerPoint PPT presentation

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Title: Financing Education Beyond High School


1

What You Need to Know About Financial Aid
  • 2009 - 2010

2
Cynthia Davidson, M.Ed. Assistant
Director/Financial Aid Rutgers, The State
University of New Jersey Campus at
Camden Armitage Hall, B-44 311 N. Fifth
Street Camden, New Jersey 08102 (856)
225-6039 cynthiad_at_camden.rutgers.edu
3
HELPFUL HINTS
  • ? Complete your FAFSA before established
    deadlines.
  • ? Be sure your social security number is
    correct.
  • ? Dollar amounts should be rounded off to the
    nearest whole dollar.
  • ? For FAFSA on the Web applicants, both student
    and parent of dependent student must secure a
    PIN which will serve as your signature when
    applying each year and to make corrections.
    For paper FAFSA, remember
    to provide required signature(s).
  • Keep copies of all documents.
  • Remember to respond to all requests for
  • additional information to the appropriate
    agencies.
  • Maintain Satisfactory Academic Progress.

4
USEFUL PHONE
NUMBERS!
? Rutgers University Office of Financial Aid
1-732-932-7057 (New Brunswick) 1-973-353-5
151 (Newark) 1-856-225-6039 (Camden) ? U.S.
Department of Education
1-800-4FED AID
? NJ Higher Education
Student Assistance Authority 1-800-792-8670
5
USEFUL WEBSITES !
8 Rutgers University Home Page 8 Rutgers Office
of Financial Aid www.rutgers.edu
http//studentaid.rutgers.edu 8 FAFSA on
the Web 8 PIN Application or Update
www.fafsa.ed.gov www.pin.ed.gov 8 N.J. Higher
Education Student 8 Financial Aid Information
Assistance Authority www.finaid.org
www.hesaa.org …and ….Your High School WEBSITE!
6
Avoid Being Scammed
  • To check legitimacy of scholarship search
    services or individuals, for information about
    financial aid scams, and tips to avoid being
    scammed visit these Web sites
  • U.S. Department of Education www.studentaid.ed.go
    v/students/publications/lsa/index.html
  • Federal Trade Commission www.ftc.gov/bcp/conline/
    publs/alerts/ouchart.htm
  • Better Business Bureau www.bbb.com

7
What is Financial Aid?
  • Scholarships
  • Grants
  • Loans
  • Employment opportunities

8
What is the Expected Family Contribution (EFC)?
  • Amount family can reasonably be expected to
    contribute
  • Stays the same regardless of college
  • Two components
  • Parent contribution
  • Student contribution
  • Calculated using data from a federal application
    form and a federal formula

9
What is Cost of Attendance?
  • Tuition and fees
  • Room and board
  • Books, supplies, transportation, and
    miscellaneous personal expenses, including
    documented costs for a personal computer
  • Study abroad costs
  • Disability-related expenses

10
What is Financial Need?
  • Cost of attendance (COA)
  • Expected family contribution (EFC)
  • Financial Need

11
Need Varies Based on Cost
12
Common Federal Aid Programs
  • Federal Pell Grant
  • Academic Competitiveness Grant
  • Teacher Education Assistance for College and
    Higher Education Grant
  • Federal Supplemental Educational Opportunity
    Grant
  • Federal Perkins Loan
  • Federal Work-Study
  • Stafford Loans
  • PLUS Loans

13
New Jersey State Programs
  • Tuition Assistance Grant (TAG)
  • Distinguished Scholars Program
  • Educational Opportunity Fund
  • NJ STARS Program

14
ALTERNATIVE LOANS
  • Parent loan program for parents of dependent
    undergraduate students (PLUS)
  • NJCLASS Loan
  • Other Private Loans
  • Annual Alternative loan limit COA minus other
    aid

15
College and
University Sources
16
Application Process
  • Submit FAFSA prior to schools deadline
  • Most aid awarded on first-come, first-served
    basis
  • To ensure maximum consideration for federal,
    state, and institutional aid, check information
    from each school to determine
  • Required application materials (eg. CSS Profile
    Form
  • Application deadlines


17
Free Application for Federal Student Aid (FAFSA)
  • A standard form that collects demographic and
    financial information about the student and
    family
  • May be filed electronically or using paper form
  • Available in English and Spanish

18
FAFSA
  • Information used to calculate the Expected Family
    Contribution or EFC
  • The amount of money a student and his or her
    family may reasonably be expected to contribute
    towards the cost of the students education for
    an academic year
  • Colleges use EFC to award financial aid

19
FAFSA
  • May be filed at any time during an academic year,
    but no earlier than the January 1st prior to the
    academic year for which the student requests aid
  • For the 2009-10 academic year, the FAFSA may be
    filed beginning January 1, 2009
  • Colleges may set FAFSA filing deadlines

20
FAFSA on the Web
  • Web site www.fafsa.ed.gov
  • 2009-10 FAFSA on the Web available on January 1,
    2009
  • FAFSA on the Web Worksheet
  • Used as pre-application worksheet
  • Questions follow order of FAFSA on the Web

21
FAFSA on the Web
  • Good reasons to file electronically
  • Built-in edits to prevent costly errors
  • Skip-logic allows student and/or parent to skip
    unnecessary questions
  • More timely submission of original application
    and any necessary corrections
  • More detailed instructions and help for common
    questions
  • Ability to check application status on-line
  • Simplified application process in the future

22
Student Financial Aid Personal Identification
Number (SFA PIN)
  • Web site www.pin.ed.gov
  • Sign FAFSA electronically
  • Can request PIN before January 1, 2009
  • Not required, but speeds processing
  • May be used by students and parents throughout
    aid process, including subsequent school years

23
FAFSA on the Web Worksheet
  • 2009-10 FAFSA on the Web Worksheet 8-page
    booklet containing
  • Instructions
  • 93 questions in 5 sections

24
FOTW Worksheet Section 1
  • General student information
  • Name
  • Social Security Number
  • Drivers license number

25
FOTW Worksheet Section 1
  • General student information
  • Citizenship
  • Marital status
  • State and date of legal residence
  • Selective Service registration status

26
FOTW Worksheet Section 1
  • General student information
  • Drug conviction status
  • Parents educational background
  • Plans for the 2009-10 school year
  • Self-help preferences

27
FOTW Worksheet Section 2
  • Students dependency status
  • If all No responses, student is dependent
  • If Yes to any question, student is independent

28
FOTW Worksheet Section 3
  • Data for parents of dependent students
  • Parents marital status
  • Date of parents marital status
  • E-mail address (optional)

29
FOTW Worksheet Section 3
  • Data for parents of dependent students
  • Social Security Number
  • Last name
  • Date of birth
  • State and date of legal residence

30
FOTW Worksheet Section 3
  • Financial data for parents of dependent students
  • Tax filing status and return type
  • If parents filed or will file a 1040, were they
    eligible to file a 1040A or 1040EZ?

31
FOTW Worksheet Section 3
  • Data for parents of dependent students
  • Did anyone in the parents household receive
    benefits from any of the federal programs listed?
  • Dislocated worker status

32
FOTW Worksheet Section 3
  • Financial data for parents of dependent students
  • Adjusted Gross Income (AGI) for 2008
  • Income earned from work
  • Income tax paid for 2008

33
FOTW Worksheet Section 3
  • Data for parents of dependent students
  • Exemptions claimed for 2008
  • Household size
  • Number in college

34
FOTW Worksheet Section 3
  • Financial data for parents of dependent students
  • Complete the tables on page 8 (left-hand side)
  • Additional financial data
  • Untaxed income

35
FOTW Worksheet Section 3
  • Asset data for parents of dependent students
  • Cash, savings, and checking
  • Net worth of investments
  • Net worth of business and investment farms

36
FOTW Worksheet Section 4
  • Financial data for student
  • Tax filing status and return type
  • If student filed or will file a 1040, was he or
    she eligible to file a 1040A or 1040EZ?

37
FOTW Worksheet Section 4
  • Financial data for student
  • Adjusted gross income (AGI) for 2008
  • Income earned from work

38
FOTW Worksheet Section 4
  • Receipt of veterans educational benefits
  • Type of benefits that will be received

39
FOTW Worksheet Section 4
  • Financial data for the independent student
  • Household size
  • Number in college
  • Receipt of benefits from one of the federal
    programs listed
  • Dislocated worker status

40
FOTW Worksheet Section 4
  • Data about the student
  • Income tax paid for 2008
  • Exemptions for 2008

41
FOTW Worksheet Section 4
  • Financial data for student
  • Complete the worksheets on page 8 (right-hand
    side)
  • Additional financial information
  • Untaxed income

42
FOTW Worksheet Section 4
  • Asset information for the student
  • Cash, savings, and checking
  • Net worth of investments
  • Net worth of business and investment farms

43
FOTW Worksheet Section 5
  • List up to 10 colleges to receive FAFSA data
  • Federal School Code for each college
  • Housing plans for each college

44
Signatures
  • Required
  • Student
  • One parent (dependent students)
  • Format
  • Electronic using PIN
  • Signature page
  • Paper FAFSA

45
Frequent FAFSA Errors
  • Social Security Numbers
  • Divorced/remarried parental information
  • Income earned by parents/stepparents
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number of household members in college
  • Real estate and investment net worth

46
FAFSA Processing Results
  • CPS notifies student of FAFSA processing results
    by
  • E-mail notification containing a direct link to
    students on-line SAR if students e-mail was
    provided on paper or electronic FAFSA
  • Student with PIN may view SAR on-line at
    www.fafsa.ed.gov

47
Making Corrections
  • If necessary, corrections to FAFSA data may be
    made by
  • Using FAFSA on the Web (www.fafsa.ed.gov) if
    student has a PIN
  • Updating paper SAR (SAR Information
    Acknowledgement cannot be used to make
    corrections) or
  • Submitting documentation to schools financial
    aid office

48
Special Circumstances
  • Cannot report on FAFSA
  • Send explanation to financial aid office at each
    college
  • College will review special circumstances
  • Request additional documentation
  • Decisions are final and cannot be appealed to
    U.S. Department of Education

49
Special Circumstances
  • Change in employment status
  • Medical expenses not covered by insurance
  • Change in parent marital status
  • Unusual dependent care expenses
  • Student cannot obtain parent information

50
Good Luck!
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