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2011 High School Financial aid Night

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Title: 2008 High School Counselor Drive In Workshop Author: WASFAA Pre Collegiate Description: Orig. 2003 BH Last modified by: setupuser Created Date – PowerPoint PPT presentation

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Title: 2011 High School Financial aid Night


1
2011 High School Financial aid Night
2
  • Tammie Blaney, Presenter
  • Education Specialist
  • Department of Public Instruction
  • Wisconsin Educational Opportunity Programs
  • Green Bay

3
AGENDA
  • What is the goal of financial aid?
  • How is financial need determined?
  • What aid is available?
  • How do I apply?

4
Goal of Financial Aid
  • To assist students in paying for school.
  • To provide opportunity and access to higher
    education.
  • To help bridge the gap between what the family
    can pay and the cost of education.

5
What Are the Costs?
  • Tuition and Fees
  • Room and Board
  • Transportation
  • Books Supplies
  • Miscellaneous Living Expenses
  • Cost of Attendance (COA)

6
Expected Family Contribution (EFC)
  • Determined by filing the FAFSA
  • www.FAFSA.gov

7
Formula for the EFC
  • Income of both student and parents
  • Assets of both student and parents
  • Family size
  • Number in College
  • Age of the older parent

8
Financial Need Defined
  • Cost of Attendance (COA)
  • Expected Family Contribution (EFC)
  • Financial Need

9
Financial Need Varies by School Cost
School 1 School 2 School 3
Cost of Attendance 39,028 19,388 14,285
Less EFC 3,823 3,823 3,828
Need 35,200 15,559 10,457
Cost of Attendance Source College Board Trends
in College Pricing 2008 - Average Estimated
Undergraduate Budgets 2008-2009
10
What is Financial Aid?
  • Scholarships
  • Grants
  • Work Study Employment
  • Loans

11
Where does financial aid come from?
  • Federal-US Department of Education
  • State- the Higher Educational Aids Board (HEAB)
    manages state aid in Wisconsin.
  • Local-Colleges Universities
  • Schools may offer their own scholarship, grant,
    work-study and loan programs, with each setting
    its own requirements.

12
Federal Grants
  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity
    Grant (SEOG)
  • TEACH Grant

13
State Grants
  • Wisconsin Higher Education Grant (WHEG)
  • Wisconsin Tuition Grant (WTG)
  • Wisconsin Covenant www.wisconsincovenant_at_wi.gov
  • Hearing and Visually Handicapped Student Grant
    www.http//heab.wi.gov
  • Minnesota-Wisconsin Reciprocity Agreement
  • www.http//heab.wi.gov
  • Talent Incentive Program (TIP) Grant
  • www.dpi.wi.gov/weop/index.html

14
Fund for Wisconsin Scholars (FFWS)
  • The FFWS is a private charitable foundation that
    has been funded with a 175 million founding
    gift. It will provide grants to talented,
    lower-income graduates of Wisconsin public high
    schools attending a public college, university or
    technical school in Wisconsin. Recipients are
    selected randomly out of those students that meet
    basic eligibility criteria.

For More Information www.ffws.org
Contact Mary Gulbrandsen, Executive
Director P.O. Box 5506 Madison, WI 53705-0506 Ph
608.238.2400 mgulbrandsen_at_ffws.org  
15
The Wisconsin Covenant
  • The goal of the Wisconsin Covenant is for 8th
    grade students to aspire to and prepare for
    higher education.
  • Every Wisconsin student should know that if they
    are willing to work hard in high school, stay out
    of trouble and contribute to their community,
    college IS possible
  • For more information www.wisconsincovenant.wi.gov

16
2010-11Academic Year
The Confirmation Process Students must verify
that they met the pledge requirements to be
recognized as a Wisconsin Covenant Scholar and to
receive the Wisconsin Covenant Scholars Grant
17
A complete confirmation checklist
  • Student and/or family mails into Wisconsin
    Covenant Office
  • Confirmation form, signed by
  • Student
  • Parent
  • Primary Contact
  • A record of service form
  • Two letters of recommendation, if necessary

18
Important dates to remember for seniors to be
confirmed

November/December Lists of Wisconsin Covenant students will be provided to Primary Contacts
December 1 Confirmation form will become available online and will be mailed to seniors
January 1 Confirmation process begins
April 1 Confirmation/FAFSA deadline
April 5 Deadline for Primary Contacts to send list of confirmed/not confirmed Wisconsin Covenant students
July 1 Deadline for Primary Contacts to send list of students that were confirmed, but did not graduate
19
ESTIMATED Covenant Funding based on Full-Time
Enrollment (12 credits or more per term)
EFC WI Covenant Foundation Grant WI Covenant Scholars Grant Total
0 1,500 1,000 2,500
1 - 3,499 0 1,500 1,500
3,500 - 11,999 0 1,000 1,000
12,000 - 999,999 0 250 250
20
Employment and Scholarships
  • Federal Work-Study
  • Institutional Work Programs
  • Off Campus employment
  • Scholarships

21
Federal Student Loans
  • Every family should file a FAFSA. Regardless of
    income, every student qualifies for a Direct
    Student Loan, if they meet the basic eligibility
    requirements.
  • Benefits of a federal student loan
  • You dont have to repay until you leave school
  • Lower interest rates than private loans or credit
    cards
  • Credit record is not needed
  • Co-signer is not required

22
2010-2011 Loan Comparison Chart
Federal Perkins Loan Direct Student Loan (subsidized unsubsidized) Federal PLUS Loan Private Alternative Loan
Borrower Student Student Parent Student
Cosigner None None Only if poor credit Probable
Credit check No No Yes Yes
FAFSA required Yes Yes Recommended Recommended
Interest Rate 5 Fixed 4.5 Fixed subsidized 6.8 Fixed unsubsidized 7.9 (Direct) Fixed Variable
Fees None Origination Fee Default Fee Origination and Default Fees Vary by loan program and credit rating
Loan Limits Determined by school based on need and available funds 1st year - 5500 (up to 3500 sub) 2nd year - 6500 (up to 4500 sub) 3,4,5 years - 7500 (up to 5500 sub) Graduate - 20500 (up to 8500 sub) Unsubsidized available to all Cost of Attendance less Aid Cost of Attendance less Aid
Repayment 9 months after leaving school or dropping below ½ time 6 months after leaving school or dropping below ½ time 60 days after fully disbursed (Upon request, may delay payments until after student graduates) Check with lender
Borrower Benefits Not Applicable Check with lender Check with lender Check with lender
22
23
Other Financing Options
  • School Payment Plans (spread over several months)
  • Home Equity Loans (longer repayment, tax
    deductible)
  • Life Insurance Policy Loans
  • Retirement Plan Loans
  • 529 Plan withdrawals

24
Government Resources
  • Corporation for National and Community Service
  • Hope and Lifetime Learning Credit
  • The American Opportunity Credit
  • Veterans benefits and tuition waivers
  • Bureau of Indian Affairs (BIA) Grants
  • State Divisions of Vocational Rehabilitation (DVR)

25
Other Sources of Funds
  • Parental Affiliations
  • Employers Labor Unions
  • Religious and Community Organizations
  • Clubs and Civic groups
  • Civic organization scholarships
  • High School
  • Local Public Library
  • Private business scholarships
  • Internet

26
FREE RESOURCES
  • http//www.fastweb.com
  • http//www.finaid.org/scholarships/other.phtml
  • http//www.brokescholar.com
  • http//www.collegeboard.com
  • www.KnowHow2GO.org
  • www.heab.wi.gov
  • www.dpi.wi.gov
  • www.wasfaa.net
  • www.wicollegegoalsunday.org
  • http//www.sudents.gov
  • http//mappingyourfuture.org
  • http//www.americorps.gov
  • CollegeAccessAdvising_at_glhec.org (email address)

27
Proceed with Caution!
  • Complete the FAFSA online if possible
  • Never pay a fee to file the FAFSA
  • When filing a FAFSA, make sure you go directly
    to www.fafsa.gov (not www.fafsa.com)
  • Contact the financial aid office if you need help
    in completing the FAFSA
  • Never pay for financial
  • aid assistance!

28
Dont Get Scammed on Your Way to College
  • Be aware of tactics used to convince students to
    buy services
  • If you use our services, youre guaranteed to
    get at least 2000 in student aid for college, or
    well give you your money back.
  • Applying for aid is complicated. Were the only
    ones who can help you through the process and
    find all the aid for which youre eligible.
  • Id like to offer you a scholarship (or grant).
    All I need is your bank account information so
    the money can be deposited and a processing fee
    charged.
  • Questions about a legitimate organization
  • Call 1-866-653-4261 (Federal Trade Commission)
  • Call 1-800-647-8733 (US Department of Education
    Office of Inspector General)
  • Or call your College Financial Aid office

29
WANT A PAPER FORM?
  • Call 1-800-433-3243
  • Download online at www.fafsa.gov
  • FAFSA on the Web Worksheet (FOTW)
  • Paper FAFSA

30
Get Help
  • College Goal Wisconsin
  • Free program to help families
  • complete the FAFSA
  • February 19-20, 2011
  • Scholarship drawing at each site
  • 30 sites throughout Wisconsin
  • Sponsored by WASFAA, along with several other
    partners
  • For location information
  • visit www.wicollegegoalsunday.org
  • or call 1-866-578-4625

31
College Goal Wisconsin Saturday Sites February
19, 2011
Janesville Hedberg Public Library 316 S Main
Street Madison Edgewood College 1000 Edgewood
College Avenue (Use Main Entrance) Milwaukee Cust
er High School 5075 N Sherman Blvd (Park on
south side of school. Use Sherman Blvd
entrance) Waukesha UW Waukesha 1500 N University
Drive Commons Building
Appleton Fox Valley Technical College 1825 N
Bluemound (Entrance 1, Room A105) Kenosha Gateway
Technical College 3520 30th Avenue The Center for
Bioscience Madison Madison Area Technical
College 3550 Anderson Street (Use Redsten Gym
Entrance) Oshkosh UW Oshkosh 800 Algoma
Blvd Wausau Northcentral Technical College 1000
Campus Drive (Main Entrance Rooms, E101 and
E102)
Beloit Beloit Memorial High School 1225 4th
Street Keshena College of Menominee Nation N172
State Hwy 47/55 Marinette UW Marinette 750 W Bay
Shore Street (Enter Main Building) Platteville Pla
tteville High School 710 E Madison Street Commons
Area Wisconsin Rapids Mid State Technical
College 500 32nd Street, Building A
Elkhorn Gateway Technical College 400 County Road
H Atrium 200 Building Lac du Flambeau Lake of
the Torches Hwy 47 N, Convention
Center (Questions, contact the Education
Dept.) Milwaukee Alverno College 3400 S 43rd
Street (Free parking in ramp. Enter
rotunda.) Rice Lake UW Barron County 1800 College
Drive Ritzinger Hall
32
College Goal Wisconsin Sunday Sites February 20,
2011
Eau Claire Chippewa Valley Technical College 620
W Clairemont Avenue Business Education
Center (Entrance by Parking Lot P1 at the front
of the building or P9 on the west side) DeForest
(Madison Area) DeForest High School 815 Jefferson
Street Racine Gateway Technical College 1001 S
Main Street Racine Conference Center (Parking in
Lake Level Parking Lots. Lake Side Entrance.)
Fond du Lac Marian University 45 S National
Avenue Stayer Center Corner of 4th and
National Kenosha UW Parkside 900 Wood
Road Student Center Rhinelander Rhinelander High
School 665 Coolidge Avenue (Entrance 1)
Green Bay East High School 1415 E Walnut
Street (Use Front Entrance off of Walnut
Street) Milwaukee Riverside High School 1615 E
Locust Street (Main Entrance off of
Locust) Sheboygan UW Sheboygan One University
Drive (Use West Entrance)
LaCrosse UW LaCrosse 1705 State Street Wing
Technology Center Milwaukee Pulaski High
School 2500 W Oklahoma Avenue (Use Main Entrance
at 25th Oklahoma) Superior Superior High
School 2600 Catlin Avenue Library Computer Lab
33
Frequent FAFSA Errors
  • Check if the college has a financial aid priority
    date
  • Wrong Social Security Number
  • Divorced/remarried parent information
  • Incorrect reporting of U.S. income taxes paid
  • Household size
  • Number in postsecondary education
  • Not using name listed on Social Security card
  • Wrong state of residence info will not go to
    HEAB
  • NOT APPLYING AT ALL

34
ITEMS YOU NEED TO COMPLETE THE FAFSA
  • 2010 Federal Income Tax, if you need to
    file-parent and student if student is dependent
  • W-2 wage statements
  • Amount of non-taxable income such as child
    support received or paid
  • Asset information
  • Parent(s) and students social security numbers
  • Parent(s) date of birth

35
Dependency Status
  • I was born before 1/1/88
  • I am married
  • I will be working on a masters or doctorate
    program in the fall of 2011
  • I am serving on active duty in the U.S. Armed
    forces
  • I am a veteran of the U.S. Armed Forces
  • I have children and I provide more than half of
    their support
  • I have dependents (other than children or my
    spouse who live with me and I provide more than
    half of their support)
  • Since I turned age 13, both of my parents were
    deceased
  • I was in foster care since turning age 13
  • I was a dependent or ward of the court since age
    13
  • I am currently or I was an emancipated minor
  • I am currently or I was in legal guardianship
  • I am homeless or I am at risk of being homeless
  • (Parents refusal to provide support or financial
    data is insufficient to make a student
    independent regardless of tax filing status)

36
Who is a Parent?
  • Two biological parents married to each other
  • Divorced or separated parents
  • Stepparent
  • Widowed parent
  • Legal adoptive parent
  • Do not provide income information on
  • Legal guardians
  • Grandparents
  • Other relatives the student might live with
  • Foster parents

37
www.fafsa.gov Get Started
38
Which School Year? 2011-12
39
New or Renewal FAFSA
40
Password to return to FAFSA
41
Student Information
42
High School Information
43
Adding College Codes
44
College Codes Selected
45
Do you need to file an income tax return?
46
IRS Option
47
Non taxable income
48
Asset Questions
49
ASSETS ARE NOT
  • Net worth of the home you are living
  • Qualified pension/retirement programs/annuities
  • Life insurance policies
  • Value of car, stereo, boat, etc.
  • Family farm net worth
  • Business net worth if there are less than 100
    employees
  • Non educational IRAs
  • Keough Plans

50
ASSETS ARE
  • Trust funds
  • Certificate of deposits
  • Mutual funds, stocks, and bonds
  • 529 College Plans
  • Rental property
  • Second home/cottage
  • Land not associated with farming
  • Coverdell Saving Account
  • UGMA/UTMA Accounts

51
Signing the FAFSA
52
Signing Electronically
53
www.pin.ed.gov
  • Personal identification number
  • Student and one parent needs a pin
  • Pin is reused year after year
  • Renewal application
  • Correction on the Web
  • National Student Loan Database
  • Signing promissory note for student/parent loans

54
FAFSA SUMMARY BEFORE YOU SUBMIT
55
Confirmation Page
56
Check on status of FAFSA
57
NEXT STEPS
  • Be sure to hit SUBMIT.
  • Results are sent electronically to the college(s)
    the student selected.
  • Verify if school has an institutional
    application.
  • Finalize college admission requirements.
  • Students will receive the results of their FAFSA
    by e-mail (or regular mail) - Student Aid Report
    (SAR).
  • Students may be verified (submit tax forms to
    college).
  • After the student is admitted to a school, a
    financial aid package will be prepared.
  • Contact the school with any Special Circumstances.

58
Special Circumstances? Call the Financial Aid
Office
  • Divorce/Separation
  • Loss of income or benefits
  • One-time income
  • Death or Disability of student or parent
  • Medical/Dental expenses not covered by insurance
  • Elementary or secondary school tuition
  • Dependency override
  • (Note Professional Judgment is at the sole
    discretion of each institution.)

59
Professional Judgment by Financial Aid
Administrators
  • Adjustments are determined by each institution on
    a case by case basis.
  • Another institution may or may not automatically
    accept a professional judgment made by another
    institution.
  • The decision must recognize the unique situation
    of the student and must be documented.

60
Student Responsibility
61
How to Compare Financial Aid Offers
  • Start with tuition, fees, room and board
  • Subtract grant and scholarship offers only
  • The difference is your net cost
  • Always compare net cost
  • Do not subtract Federal Work Study as a lump sum
    disbursement because students are paid for hours
    worked and must apply this to their bill

62
AWARD LETTER
  • Cost of Attendance 18,000
  • EFC 3,500
  • Financial Need 14,500
  • Pell Grant 2,000
  • WHEG 1,000
  • SEOG 1,500
  • Perkins Loan 1,000
  • Direct Loan (sub) 3,500
  • Direct Loan (unsub) 2,000
  • Work Study 2,000
  • PLUS (Parent Loan) 1,500

63
QUESTIONS???
  • Presented by
  • Tammie Blaney
  • DPI-WEOP
  • Tammie.blaney_at_dpi.wi.gov
  • (920)492-7180
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