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Notre Dame High School Financial Aid Night

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Veteran of the armed forces. Orphan or Ward of the Court (prior to turning 18) ... Married (as of the day they complete the FAFSA) Parent Information. Who is a Parent? ... – PowerPoint PPT presentation

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Title: Notre Dame High School Financial Aid Night


1
Notre Dame High SchoolFinancial Aid Night
Welcome Parents and Students
Welcome Parents and Seniors!
2
Sources of Financial Aid
  • Gift Aid
  • Grants Scholarships
  • Self Help
  • Loans Work

3
Whats Available?
  • Federal Grants
  • Pell Grant
  • Academic Competitiveness Grant
  • SMART Grant
  • Supplemental Educational Opportunity Grant

4
Whats Available? Contd.
  • Federal Work Study
  • Federal Perkins Loans
  • Federal Stafford Subsidized Unsubsidized Loans
  • Direct Loans (are the same as Stafford)

5

Types of Applications
  • FAFSA
  • CSAC GPA Verification Form
  • For Cal Grant
  • From your High School
  • Private and other applications
  • Scholarships

6
Financial Aid PROFILE
  • Not used for awarding federal financial aid
  • Not all schools require
  • Online Registration only
  • 5 registration
  • 18 per school
  • Paper Profile Registration Guide will continue to
    be available

7
Basic Equation of Need
  • Cost of Attendance (COA)
  • Expected Family Contribution (EFC)
  • Students Financial Need (eligibility)

8
Cost of Attendance
  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Miscellaneous personal expenses
  • May cover cost of computers
  • May also include other extraordinary expenses

9
Expected Family Contribution
  • Need Analysis is the formula used in determining
    a familys EFC
  • EFC is the measure of a familys financial
    strength
  • The Financial Aid Office uses the EFC to
    determine the students overall need for
    financial aid

10
Calculating Eligibility
  • Federal EFC will be same at all schools
  • Federal financial aid eligibility varies based on
    institutions COA
  • Some schools may use institutional methodology to
    award their own institutional funds

11
Eligibility Varies Based on Cost
Private 4-year COA 38,979 - EFC 1,000
Need 37,979
Public 4-year COA 15,514 - EFC 1,000
Need 14,514
Public 2-year COA 13,422 - EFC 1,000
Need 12,422
12
Cal Grants
  • Student must meet
  • All federal eligibility criteria
  • Income asset limits
  • GPA requirement
  • Amount paid is determined by
  • Grant program school segment
  • Renewal is based on program participation

13
Stafford Loan
  • The school determines which program (Direct or
    FFEL) to participate in
  • Annual and aggregate loan limits
  • Freshman - 3500
  • Sophomore - 4500
  • Juniors/Seniors - 5500
  • Aggregate - 23000
  • Subsidized vs. Unsubsidized

14
Cost of Borrowing - Stafford
  • Interest rate
  • Fixed at 6.8
  • Fees
  • Up to 3 origination fee paid to the U.S.
    Department of Education (ED)
  • Up to 1 insurance premium paid to the guarantor

15
PLUS Loan
  • Parent borrows for dependent undergraduate
  • Approval subject to credit check
  • Loan limits
  • Annual COA less other aid
  • Aggregate none
  • Interest rate is 8.5 fixed
  • Repayment begins 60 days after final disbursement

16
Special Circumstances
  • Adjustments may be made to information on a
    case-by-case basis
  • Special circumstances include
  • Dependency status
  • Income and assets
  • Child support
  • Number in household or college
  • Medical or dental expenses
  • Private elementary/secondary tuition

17
Special Circumstances (cont.)
  • Presenting the case
  • First, call each Financial Aid Office for
    guidance and required forms
  • A detailed explanation may include
  • Students name and SSN
  • Give SPECIFIC financial details
  • Time period involved
  • Attach supporting documentation

18
Special Circumstances (cont.)
  • Follow up with Financial Aid Office (FAO)
  • Each FAO makes their own decision, results may
    vary from school to school
  • Once made, change may not necessarily affect
    students eligibility for certain types of aid

19
Awarding Packaging
  • Award letters may vary in composition
  • Listing of awards and amounts
  • COA, EFC, need and unmet need
  • Period of enrollment covered
  • Response may or may not be required

20
FAFSA
  • First year . . . Dont wait for admission!!!
  • Always apply
  • Yearly process
  • After January 1 prior to the fall term (ie.
    January 1, 2007 for fall 2007)
  • Student needs a PIN
  • Parent needs a PIN

21
Front Page
  • Yellow Section Student
  • Purple Section Parent
  • Who to call for questions
  • www.studentaid.ed.gov
  • 1.800.4.FEDAID
  • State scholarships
  • Dates
  • Forms

22
FAQs
  • 1-3 Name
  • No nicknames
  • Name must be listed as it appears on the Social
    Security card
  • Will be matched with Social Security
    Administration (SSA)

23
FAQs (cont.)
  • 26 Interested in Loans or Work-Study?
  • If unsure, answer yes then decline once aid is
    awarded
  • A yes does not obligate student to either
    program, nor will it cause them to lose out on
    gift aid
  • A no may restrict some of their options for
    certain limited loan and work-study funds

24
FAQs (cont.)
  • 48-51 Dependency Status
  • 24 years of age or older
  • Dependents other than a spouse for which a
    student provides 51 of the support
  • Veteran of the armed forces
  • Orphan or Ward of the Court (prior to turning 18)
  • Working toward a graduate degree
  • Married (as of the day they complete the FAFSA)

25
Parent Information
  • Who is a Parent?
  • Biological parent(s)
  • Adoptive parent(s)
  • Stepparent
  • Regardless of prenuptial agreements

26
Parent Information (cont.)
  • Who is not considered a parent for this section?
  • Foster parent(s)
  • The ward is automatically considered an
    independent student
  • Legal guardian(s)
  • Must attempt to get parental information
  • FAO may use Professional Judgment to make student
    independent

27
Parent Information (cont.)
  • 56-57 Parents Marital Status
  • As of date application is signed
  • Custodial Parent
  • Parent the student lived with
  • most in last 12 months
  • If unable to determine, who provided most of
    students support?

28
Parent Information (cont.)
  • 66 Number in Parents Household
  • Include student and parents
  • Parents other children
  • If parents provide more than 1/2 support from
    July 1, 2005 through June 30, 2006, or
  • Other children who are considered dependent for
    federal financial aid

29
Parent Information (cont.)
  • Other people if they now live with students
    parents and
  • Parents currently provide more than 1/2 support,
    and
  • Parents will continue to provide more than 1/2 of
    their support from July 1, 2007 through June 30,
    2008

30
Parent Information (cont.)
  • 67 Number in College
  • Write in number of people from question 65 who
    will be college students between July 1, 2005 and
    June 30, 2006
  • Always include student
  • Do not include parents

31
Parent Information (cont.)
  • 79-83 Income Information
  • Custodial parent filed with ex-spouse
  • Consider only income of custodial parent (which
    includes any child or spousal support received)
  • Custodial parent remarried
  • Stepparent information must be included

32
Parent Information (cont.)
  • 84-86 Complete Worksheets A, B and C on page 8
  • A and B are untaxed income items
  • C is exclusions from taxed income
  • Parents complete purple area
  • Students complete yellow area

33
Parent Information (cont.)
  • 87-89 General Asset Information
  • If net worth is one million or more, enter
    999,999
  • If negative, enter 0
  • Net worth means current
  • value minus debt

34
Parent Information (cont.)
  • 87 Total of Cash, Savings and
  • Checking Accounts
  • Total as of the day the
  • FAFSA is signed

35
Parent Information (cont.)
  • 88 Net Worth of Investments
  • Do not include home you live in, prepaid tuition
    plans or value of life insurance, and retirement
    plans
  • Include other real estate, Education IRAs, CDs,
    money market funds, mutual funds college
    savings plans
  • Trust funds must be reported even if access is
    restricted

36
Parent Information (cont.)
  • 89 Net Worth of a Business or Farm
  • Value means market value of land, buildings,
    machinery, equipment, inventory, etc.
  • Debt means only debts for which business or
    investment farm was used as collateral
  • Business with greater than 100 employees

37
Parent Information (cont.)
  • Good tax planning doesnt always mean good
    financial aid planning

Parents assets - 6 - 12 Students assets -
35 Grandparents assets - priceless
38
Prioritizing College Choices
  • List a CA school in one of the top three
  • boxes for Cal Grant consideration
  • List schools most likely to attend
  • Ways to add schools
  • Wait for Student Aid Report (SAR)
  • Add schools by phone or on the Web
  • 6 colleges at a time . . . Final Choice needs
  • electronic info

39
Step Seven
  • 98-99 Date and Sign
  • If filing electronically, dont forget PIN or
    signature page
  • If filed by a dependent student, student and 1
    parent must sign
  • If filed by an independent student, only student
    must sign

40
Specialized Use Boxes
  • Preparers Section
  • If parent or student pays an individual to
    complete FAFSA, that person must complete this
    part
  • School Use Only
  • Financial Aid Administrator uses this box in rare
    case of a dependency override

41
Paper FAFSA Filing Tips
  • File Early
  • Check completeness and accuracy
  • Sign and date form
  • Make a copy before mailing
  • Mail in envelope provided
  • Do not include any other forms
  • Use regular mail
  • Obtain a Certificate of Mailing

42
Online Filing Tips
  • Apply for PIN(s) NOW!
  • Gather necessary documents ahead of time
  • Complete a Pre-FAFSA Worksheet
  • Check browser requirements
  • Allow ample time to complete for on-time
    submission

43
Student Aid Report (SAR)
  • SAR will be yellow for 2007/2008
  • Expect SAR after filing
  • Up to 4 weeks for paper FAFSA
  • 1 to 2 weeks for Online FAFSA
  • Carefully review for any errors
  • Contact school before submitting corrections

44
What Happens Next? (cont.)
  • Alerts applicant and school
  • To possible database match problems
  • If application has been selected for verification
  • To whether or not EFC has been calculated

45
Outside Scholarships
  • Apply (investigate) early
  • Create a portfolio
  • No time to be modest
  • Personal statements
  • youre only one person
  • Letters of recommendation
  • make sure they like you
  • www.fastweb.com and www.fastaid.com

46
Scholarship Scams
  • Dont pay money to get money
  • Guaranteed!
  • Youve been selected!
  • For a small fee!
  • How to get help filling out the FAFSA and
    Scholarships Applications

47
Taxpayer Relief Act
  • HOPE Tax Credit
  • Available for the first two years of education
    (max 1500 per student per year)
  • Lifetime Learning
  • Available for all students and all years of
    enrollment (max 2000 per year per student)
  • Student Loan Interest Deduction
  • Available for the first 60 months that interest
    is required (max 2500)

48
Taxpayer Relief Act (cont.)
  • For more information about regulations and income
    levels
  • www.ed.gov/offices/OPE/PPI/HOPE/
  • www.irs.gov

49
Questions?
  • Susan Pace
  • Director of Student Financing
  • Notre Dame de Namur University
  • (650) 508-3600
  • space_at_ndnu.edu
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