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Financing Your Education


What is the role of the financial aid office? * ... – PowerPoint PPT presentation

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Title: Financing Your Education

Financing Your Education
  • Speaker Chris Beloin, MBA, MSE, GCDF UW
    Washington County, West Bend, (262)
    335-5201 or
  • The goal of financial aid bridging the gap
  • How financial need determined
  • How to apply
  • What aid is available?
  • What is the role of the financial aid office?

Principles of Needs Analysis
  • To the extent they are able, parents have primary
    responsibility to pay for their dependent
    childrens education.
  • Students also have a responsibility to contribute
    to their educational costs.
  • Families should be evaluated in their present
    financial condition.
  • A familys ability to pay for educational costs
    must be evaluated in an equitable and consistent
    manner, recognizing that special circumstances
    can and do affect a familys ability to pay.

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

Main Determinants of the EFC
  • Income of both student and parents
  • Assets of both student and parents
  • Family size
  • Number in College
  • Age of the older parent

Adjustments to EFC may be made by the Financial
Aid Office due to Verification and/or Special
Circumstances that limit ability to pay
Expected Family Contribution (EFC)
  • Is the sum of four separate calculations
  • Contribution from Parental Income
  • Contribution from Parental Assets
  • Contribution from Student Income
  • Contribution from Student Assets

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

EFC Calculation Example
  • Family Size 4
  • Number in college 1
  • Parent AGI 68,400
  • Parent Untaxed Income 3,500
  • Parents Assets 45,000
  • Students AGI 4,500
  • Students Assets 3,000
  • Parents Contribution 6,957
  • (Parents Contribution from Assets 0)
  • Students Contribution 1,070
  • (Student Income Contribution 470)
  • (Student Contribution from Assets 600)
  • Expected Family Contribution 8,027
  • (Note 2008-2009 FM formula used)

Financial Need Varies by School Cost
School 1 School 2 School 3
Cost of Attendance 27,394 17,425 12,056
Less EFC 8,027 8,027 8,027
Need 19,367 9,398 4,029
Financial Need Varies By School Cost
You may be eligible for aid, but..
  • And its free!
  • NEVER pay to file the FAFSA!
  • File the FAFSA each year.

Application Process
  • Apply for PIN through Department of Education
  • Submit the Free Application for Federal Student
    Aid (FAFSA) prior to your schools deadline
  • Submit any institutionalapplication
    materials(if required by your school)
  • Finalize school admission
  • Make sure to meet allrequired deadlines!

What is a PIN?
  • Personal Identification Number
  • Student and one parent must get their own PIN
  • Used to electronically sign the FAFSA
  • PIN delivery
  • Real time online (immediate)
  • By e-mail, with a link to retrieve your PIN
  • By regular mail in 7-10 days
  • Can also be used for
  • Renewal on the Web
  • Corrections on the Web
  • National Student Loan Database
  • Signing promissory notes for student/parent loans
    (Perkins, Stafford, PLUS)

FAFSA Processing Flowchart
Schools 1 - 10
Database Matches
Student Aid Report
Wisconsin Higher Educational Aids Board (HEAB)
College Scholarship Service /PROFILE (used by
some private schools)
  • Collects additional data
  • Targets non-federal funds
  • Supports Institutional Methodology (IM) as well
    as Federal Methodology (FM)
  • Supports early estimates/early admission

  • A PIN may be obtained at any time prior to filing
    the FAFSA.
  • The earliest a student can file the FAFSA for the
    2009-2010 academic year - January 1, 2009.
  • Check with schools for institutional deadlines
    and requirements.
  • Failure to apply early may result in less aid,
    even if eligible.
  • Students must renew the FAFSA every year.
    Renewal notification is sent to students towards
    the end of each calendar year.

What is Financial Aid?
  • Scholarships
  • Grants
  • Work Study Employment
  • Loans

Three primary sources of funding
  • US Department of Education
  • The federal agency that provides funding in the
    form of grants, scholarships and loans.
  • State
  • Most states have agencies that administer state
    scholarship and grant programs, college savings
    and prepaid tuition programs, and loans. The
    Higher Educational Aids Board (HEAB) manages
    state aid in Wisconsin.
  • Colleges Universities
  • Schools may offer their own scholarship, grant,
    work-study and loan programs, with each setting
    its own requirements.

Gift Aid (FREE )
  • Grants Scholarships (see red brochure)
  • Federal
  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity
    Grant (SEOG)
  • Academic Competitiveness Grant (ACG)
  • National SMART Grant
  • TEACH Grant
  • State
  • Institutional
  • Private/outside scholarships

Academic Competitiveness Grant (ACG)
  • First year grant is 750
  • For students who will be new freshman in 2009-10
    the following criteria are required
  • U.S. Citizen AND
  • Enrolled in a 2 or 4-year program AND
  • Pell eligible AND
  • Full Time AND
  • Graduated from high school after 1/1/2006 AND
  • Completed a rigorous high school curriculum as
    defined by the state
  • Second year grant is 1300
  • Same criteria as above AND
  • Must have a minimum 3.0 GPA AND
  • Graduated from high school after 1/1/2005

National Science and Mathematics Access to Retain
Talent (SMART) Grant
  • Up to 4000 in 3rd and 4th years of undergraduate
  • Eligibility requires include
  • U.S. Citizen
  • Pell Eligible
  • Full Time
  • 3.0 Cumulative G.P.A.
  • Enrolled in an eligible program of study
  • Computer Science, Engineering, Critical Foreign
    Languages, Life Sciences, Mathematics, Physical
    Sciences, Technology, or Multidisciplinary

ACG/SMART Grant Information
  • Academic Competitiveness Grant (ACG)
  • http//
  • National Science and Mathematics Access to Retain
    Talent (SMART) Grant
  • http//

Teacher Education Assistance for College and
Higher Education (TEACH) Grant
  • Created by College Cost Reduction and Access Act
    (9/27/07) and effective for the 2008-2009 award
  • Provides a TEACH grant of 4,000 for each
    academic year during which the teacher candidate
    is in full time attendance at a participating
  • Applicant must agree to serve as a full-time
    teacher for at least 4 academic years within 8
    years after completing education for which the
    applicant received a TEACH grant teach in a
    public or other qualified nonprofit private
    elementary or secondary school in a high-need
  • If a recipient fails or refuses to comply with
    this service obligation, the sum of the TEACH
    grant amounts the recipient received shall be
    treated as a Federal Direct Unsubsidized Stafford
    Loan and shall be subject to repayment with
    interest from the date of the grant award.
  • Check with specific schools to determine if they
    are participating in the TEACH Grant program
  • FAFSA is the TEACH Grant Application

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. Grants are gifts
    and do not need to be repaid.

For More Information
Contact Mary Gulbrandsen, Executive
DirectorP.O. Box 5506Madison, WI 53705-0506 Ph  
Wisconsin Covenant
  • Goal Make sure that every Wisconsin 8th grader
    knows that higher education is an option if they
    are willing to work hard during high school.
  • Students pledge to graduate, maintain at least a
    B average, take classes that prepare them for
    higher education, and be good citizens.
  • Students who fulfill the pledge are guaranteed a
    place in a Wisconsin college or university and a
    financial aid package based on the familys
    financial need that helps make college more
  • Students can sign the pledge between April of
    their 8th grade year and September of their 9th
    grade year. Students in the Class of 2011 were
    the first to sign the Wisconsin Covenant Pledge.
  • Wisconsin Covenant Students will apply for
    financial aid in the same way that other students

Wisconsin Covenant
  • For more information
  • Contact
  • Office of the Wisconsin Covenant
  • PO Box 7869
  • Madison, WI 53707
  • 608-267-9389

Self-Help Aid
  • Employment (must be earned as wages)
  • Federal Work-Study
  • Institutional Work Programs
  • Off Campus employment
  • Loans (must be repaid with interest)
  • Federal Perkins Loan
  • Federal Stafford Loans (school determines the
    loan program)
  • Federal Family Education Loan (FFEL) Program
  • William D. Ford Federal Direct Loan Program
  • Federal PLUS Loan (parent)
  • State Loans
  • Institutional Loans
  • Private-Alternative Loans

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

2009-2010 Loan Comparison Chart
Federal Perkins Loan Federal Stafford 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 5.6 Fixed subsidized6.8 Fixed unsubsidized 7.9 (Direct) Fixed 8.5 (FFELP) Fixed Variable
Fees None Origination Fee Default Fee may apply (up to 2.5) Origination and Default Fees apply (up to 4) 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
PLUS vs. Private/Alternative Loan
  • Compare the Differences
  • Interest Rate
  • Borrower/Cosigner requirements qualifications
  • Minimum and Maximum loan amounts
  • Interest accrual
  • Deferment Forbearance options
  • Fees (origination and repayment)
  • Repayment period
  • Consolidation options

Borrowing Tips!
  • Before borrowing, think about your ability to
  • the monthly payment when you leave school
  • Borrowers are free to choose any participating
  • Borrow only what is needed for direct educational
  • and avoid borrowing funds for discretionary

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

Award Package Comparison
Other Financing Options
  • School Payment Plans (spread over several months)
  • Home Equity Loans (longer repayment, tax
  • Life Insurance Policy Loans
  • Pension Plan Loans
  • 529 Plan withdrawals

Government Resources
  • Corporation for National and Community Service
  • Veterans benefits and tuition waivers
  • ROTC Scholarships and/or stipends
  • Bureau of Indian Affairs (BIA) Grants
  • State Divisions of Vocational Rehabilitation
  • Health and Human Services Loan and Scholarship

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

Sample Questions for the Financial Aid Office
  • 1) What is the average cost for the first year?
    Estimates for future years?
  • 2) Does applying for aid affect the admission
  • 3) What type of aid does the school have?
    Need-based or Merit?
  • 4) What applications, besides the FAFSA, are
    needed to apply for aid?
  • 5) What is the priority deadline date for all
    types of financial aid?
  • 6) When will I be notified about a financial aid
  • 7) How does the aid package normally change from
    year to year?
  • 8) What are the conditions of the aid package?
  • 9) Is there an opportunity to appeal if the
    package isnt enough?
  • 10) How is financial aid applied to your bill
    for tuition, fees, etc.?
  • If you have any other questions or concern
    aboutthe financial aid process, contact the
    financial aidoffice at your school. Your
    FinancialAid Administrator is there to help.

Take a Break
State of WisconsinHigher Educational Aids Board
Goals of State Financial Aid
  • Eliminate financial barriers and ensure
    educational opportunity for all Wisconsin
    citizens consistent with their individual
    abilities, interests, and ambitions.
  • Support educational diversity by allowing
    students freedom to choose among the various
    educational offerings.

Who May Receive State Aid?
  • State financial aid is available to residents of
    the State of Wisconsin enrolled at non-profit
    colleges and universities based in Wisconsin
  • University of Wisconsin System
  • Wisconsin Technical Colleges
  • Independent Colleges Universities
  • Tribal Colleges

Who May Not Receive State Aid?
  • State statutes prohibit students from receiving
    state financial aid who are
  • Not registered with Selective Service
  • Listed on the Dept. of Workforce Developments
    statewide Child Support Lien Docket
  • Students on the Lien Docket may still receive
    state loans

Applying for State Aid
  • Free Application for Federal Student Aid
  • HEAB receives FAFSA data for all Wisconsin
  • The FAFSA is the only application for Wisconsin's
    2 major grant programs
  • Wisconsin Higher Education Grant
  • (UW, Technical Colleges, Tribal Colleges)
  • Wisconsin Tuition Grant
  • (Independent Colleges Universities)

State Financial Aid Programs
  • Programs for Students with Financial Need
  • Student must file the Free Application for
    Federal Student Aid (FAFSA)
  • Wisconsin Higher Education Grant
  • Wisconsin Tuition Grant
  • Programs for Students with Financial Need who
    must also meet Additional Requirements - FAFSA
    and additional Application or Nomination
  • Hearing Visually Handicapped Student Grant
  • Indian Student Assistance Grant
  • Minority Undergraduate Retention Grant
  • Nursing Student Loan
  • Talent Incentive Program Grant
  • Programs Not Based on Financial Need - Do not
    require the FAFSA
  • Academic Excellence Scholarship
  • Minnesota-Wisconsin Tuition Reciprocity Program
  • Minority Teacher Loan
  • Teacher of the Visually Impaired Loan

Academic Excellence Scholarship (AES)
  • Awarded to Wisconsins top high school seniors
    who are Wisconsin residents and are US citizens
    or permanent US residents.
  • Earned by the high school senior with the highest
    cumulative grade point average in the class at
    the end of the fall semester of senior year.
  • Up to 2250 per year, for up to four years,
    toward tuition at participating Wisconsin
    colleges or universities. HEAB notifies the
    college of the students AES award, and the
    college and HEAB jointly disburse the money and
    apply it directly to the tuition.
  • Certificates are sent to the high schools for
    your AES winners. Alternates do not receive
  • The number of Academic Excellence Scholarships
    that may be awarded per school is based on
    student enrollment, as shown in the following
  • Enrollment Number of Scholarships
  • 1-79 total of 10 available
  • 80-499 1
  • 500-999 2
  • 1000-1499 3
  • 1500-1999 4
  • 2000-2499 5
  • Over 2500 6
  • HEAB determines the number of scholarships for
    each school based on Department of Public
    Instruction fall enrollment reports. Contact HEAB
    if you believe your number of scholarships is

AES High School Timeline
  • High schools receive forms, instructions,
    notification of number of scholarships available
    for individual schools (based on school
    enrollment), and a copy of the State of Wisconsin
    Statutes and Rules which pertain to the AES.
  • By February 15th of each school year the school
    board shall designate the Academic Excellence
    Scholar(s). These designations are final.
  • MARCH 1
  • High school counselors must submit nomination
    forms, with the names of the Academic Excellence
    Scholars and alternates, to HEAB no later than
    March 1.
  • Academic Excellence Scholarship recipients are
    contacted by HEAB asking them to verify their
    intent to accept the scholarship, and asking
    which participating school they plan to attend.
  • HEAB begins the alternate selection process.
  • MAY
  • HEAB sends AES certificates to high schools for
    presentation to the scholars. Alternates do not
    receive certificates.
  • Contact Nancy Wilkison, HEAB Grant Specialist,
    for any questions about AES.
  • Email Phone
    (608) 267-2213

AES Tips for Guidance Counselors
  • The scholarship recipient(s) you list should be
    the student(s) with the highest cumulative GPAs
    at the end of the fall semester of senior year,
    regardless of whether or not they plan to accept
    the Academic Excellence Scholarship.
  • Your districts are required to have a
    tie-breaking strategy in place in the event that
    more than one student shares the highest
    cumulative GPA.
  • The required number of semesters of enrollment
    for a student to be eligible for the AES is
    determined by each school district as part of
    your Board Policy.
  • If you have an un-weighted, or traditional,
    grading system, alternates for the AES must have
    the very same GPA as the winner of the AES.
  • If you have a weighted grading system,
    alternates are listed in order of the next
    highest GPAs.
  • The cumulative GPA for each student should be
    reported exactly as it is shown on your official
    high school transcript.
  • Student names should be written exactly as the
    student wishes it to appear on the certificate.
  • Schools should inform all recipients and
    alternates of their AES status as early as
  • Please encourage recipients to return their
    paperwork to HEAB as soon as possible. Those who
    will not be attending a participating school
    should be reminded that alternates may be waiting
    in the wings!

Receiving State Financial Aid
  • HEAB notifies the college or university financial
    aid offices of each students eligibility for
    state financial aid.
  • The financial aid offices include the state aid
    in the students financial aid package.

Contacting HEAB
  • State of Wisconsin
  • Higher Educational Aids Board
  • P.O. Box 7885
  • Madison, WI 53707-7885
  • (608) 267-2206 Fax (608) 267-2808
  • E-Mail
  • Web Page

Wisconsin Department of Public InstructionWiscons
in Educational Opportunity Programs
Seven WEOP Office Locations
  • Ashland - 715-682-7975
  • Eau-Claire - 715-836-3171
  • Green Bay - 920-492-5745
  • Madison - 608-267-1058
  • Milwaukee - 414-227-4466
  • Racine - 262-638-7370
  • Wausau - 715-842-0871

What is WEOP?
  • WEOP is a component of the Department of Public
  • Our purpose is to help educationally and
    economically disadvantaged students continue
    their education through select statewide

WEOP Programs
  • State Talent Search Program
  • Talent Incentive Program (TIP)
  • PreCollege Scholarship Program
  • Early Identification Program (EIP)
  • Federal GEAR UP Program (GU)
  • Federal Upward Bound Program
  • (Wausau Office only)
  • Federal Talent Search Program
  • (Ashland, Eau Claire, GreenBay, and Wausau
    offices only)

State Talent Search Program
  • Individual financial aid, admissions, scholarship
    and career advising
  • Assist with the college and financial aid
    application process
  • Identify and recommend students for the TIP
  • Recommend students for the GEAR UP scholarship
  • Assist students in identifying scholarship
  • Make financial aid presentations to parents,
    students, and community groups

Talent Incentive Program (TIP)
  • TIP Grant Purpose
  • Assist disadvantaged, low-income students with
    limited financial resources

Benefits of the TIP Grant
  • Grant ranges from 600-1800 per year
  • Automatically renewable if student applies for
    financial aid and is continuously enrolled
  • Available for 10 consecutive semesters

TIP Guidelines
  • Must be a WI resident
  • Attend a HEAB approved post-secondary institution
    (WI technical, public or private
  • Be a first time college freshman (A student who
    has been enrolled in a post-secondary institution
    for less than two semesters at half time or
    greater status since attending high school.)
  • Must meet the following criteria

TIP Criteria
  • A student must meet one criteria from Group A and
    one from Group B
  • Group A is based on financial need
  • Group B is based on other factors
  • The criteria is based on dependent or independent
    status for financial aid purposes as determined
    by the FAFSA

Group A
  • Dependent Student
  • 1. Parent contribution at or below 200
  • 2. Family receives TANF benefits
  • Parents unemployed and have no current income
    from employment and are ineligible for
    unemployment compensation

Group A
  • Independent Student
  • 1. A student contribution at or below 200
  • 2. A student receives TANF benefits
  • 3. A student and spouse, if married, is
    unemployed and receives no income from
    employment, and is/are ineligible for
    unemployment compensation

Group B
  • A student must meet one of these criteria
  • Is a member of a minority group as listed
  • Is enrolled in a special academic support program
    at college
  • Is first generation (neither parent graduated
    from a 4-year college)
  • Is disabled according to DHSF, DVR, or a special
    needs office at the college campus
  • Is currently or formerly incarcerated
  • Have special family circumstances that may deter
    the student from pursuing a post-secondary

Documentation that may be Requested to Complete
the TIP Application Process
  • College Letter of Acceptance or Class Schedule
  • Student Aid Report (SAR)
  • Prior Year Tax Forms
  • Verification of untaxed income
  • Financial Aid Award Letter

How to apply?
  • Contact your nearest WEOP office
  • Download the application at

PreCollege Scholarship Program
  • Available to Wisconsin students in grades 6-12
    who are eligible for free or reduced price school
  • Must be attending a Wisconsin academic
    pre-college program
  • Covers tuition, books, supplies, room and board
  • Application must be signed by guidance counselor,
    teacher, principal or WEOP counselor and a parent
    or legal guardian
  • The application is available at

EIP, FTS, UB, GU Guidelines
  • Grades 6-12
  • Programs are provided to
  • Targeted School Districts
  • Students who meet federalincome guidelines for
    federal programs
  • Programs emphasize
  • Academic Achievement
  • Tutoring
  • Mentoring
  • Parent Involvement
  • College Visits
  • Workshops

GEAR UP Scholarship
  • Eligible participants
  • Are GEAR UP, EIP or Federal Trio students who are
    Wisconsin residents
  • Must be nominated by a WEOP Counselor
  • Must attend a public, private, or technical
    college in Wisconsin
  • Must be eligible for a Pell Grant and a WHEG or
    WTG grant
  • Can receive this renewable scholarship for 10
    consecutive semesters of attendance

  • Madison
  • 125 South Webster Street, Room 309
  • Madison, WI 53707
  • (608) 267-1058
  • Racine
  • 2113 N. Wisconsin
  • Racine, WI 53402
  • (262) 638-7370
  • Wausau
  • 133 River Drive
  • Wausau, WI 54403
  • (715) 842-0871
  • Ashland
  • 620 Beaser Avenue
  • Ashland, WI 54806
  • (715) 682-7975
  • Eau Claire
  • 204 E. Grand Avenue, 5th Floor
  • Eau Claire, WI 54701
  • (715) 836-3171
  • Green Bay
  • 2140 Holmgren Way
  • Green Bay, WI 54304
  • (920) 492-5745
  • Milwaukee
  • 101 W. Pleasant Street, Suite 110
  • Milwaukee, WI 53212
  • (414) 227-4466

  • Questions or Comments?

FAFSA Filing Topics
FAFSA Filing Topics
  • Dont Get Scammed
  • Common Errors
  • Special Circumstances
  • Processing
  • Tool Kit
  • Internet Resources

Dont Get Scammed on Your Way to College
  • Consumer complaints are mainly about business
  • College prep/financial aid advice services
  • FAFSA for a fee
  • 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
  • Contact your nearest college financial aid office
    if you have questions regarding the legitimacy of
    any questionable offer

Proceed with Caution!
  • Never pay a fee to file the FAFSA
  • When filing a FAFSA, make sure you go directly
    to (not
  • Contact the financial aid office if you need help
    in completing the FAFSA
  • Never pay for financial aid assistance!
  • Financial aid nights
  • Campus tours
  • Scholarship searches

Frequent FAFSA Errors
  • Missing Signatures/PIN
  • Wrong Social Security Number
  • Divorced/remarried parent information
  • Income earned by parents/stepparents
  • Untaxed income
  • Incorrect reporting of U.S. income taxes paid
  • Household size
  • Number in postsecondary education
  • Real estate and investment net worth
  • Not using name listed on Social Security card

Assets FAFSA Questions
  • Student (and Spouse
  • Parents

Assets - Definitions
  • Net worth means current value minus debt.
  • Investments include real estate (do not include
    the home you live in), trust funds, UGMA and UTMA
    accounts, money market funds, mutual funds,
    certificates of deposit, stocks, stock options,
    bonds, other securities, installment and land
    sale contracts (including mortgages held),
    commodities, etc.
  • Investments also include qualified educational
    benefits or education savings accounts such as
    Coverdell savings accounts, 529 college savings
    plans and the refund value of 529 prepaid tuition
    plans. For a student who does not report parental
    information, the accounts owned by the student
    (and the students spouse) are reported as
    student investments in question 42. For a student
    who must report parental information, the
    accounts are reported as parental investments in
    question 92, including all accounts owned by the
    student and all accounts owned by the parents for
    any member of the household.
  • Investments do not include the home you live in,
    the value of life insurance, retirement plans
    (401k plans, pension funds, annuities,
    non-education IRAs, Keogh plans, etc.) or cash,
    savings and checking accounts already reported in
    41 and 91. Investment value means the current
    balance or market value of these investments as
    of today. Investment debt means only those debts
    that are related to the investments.
  • Business and/or investment farm value includes
    the market value of land, buildings, machinery,
    equipment, inventory, etc. Business and/or
    investment farm debt means only those debts for
    which the business or investment farm was used as
  • Business value does not include the value of a
    small business that you (your spouse and/or your
    parents) own and control and that has 100 or
    fewer full-time or full-time equivalent
    employees. Investment farm value does not
    include the value of a family farm that you (your
    spouse and/or your parents) live on and operate.

Dependency Status
  • At least 24 years old
  • Graduate or professional student
  • Married
  • Has child for whom student provides more than
    half support
  • Has dependent other than child or spouse who
    lives with student and for whom provides more
    than half support
  • Orphan
  • In foster care or a ward of the court, at any
    time when the individual is 13 years of age or
  • Is an emancipated minor or is in legal
  • Has been verified as an unaccompanied youth who
    is homeless or at risk of homelessness and is
  • Veteran of the U.S. Armed Forces or currently
    serving active duty for other than training
    purposes in the U.S. Armed forces or
  • Determined to be independent by the financial aid
    administrator via Professional Judgement
  • (Parents refusal to provide support or financial
    data is insufficient to make a student
    independent regardless of tax filing status)

FASFA Dependency Questions
Dependency Orphan, Foster Child or Ward of the
Dependency Emancipated Minor or in Legal
  • Emancipation is not available in every state in
    the United States.
  • There is no emancipation status in Wisconsin.

Dependency Unaccompanied Youth (homeless or at
risk of)
For Federal Methodology, Who is a Parent?
  • Two biological parents married to each other
  • Divorced or separated parents
  • Stepparent
  • Widowed parent
  • Legal adoptive parent

Divorced/Separated Issues
  • FAFSA is to be completed using parent with whom
    the student lived with more in the past 12
    months. If student did not live with one parent
    more than the other, give answers about the
    parent who provided more financial support during
    the past 12 months, or during the most recent
    year that the student actually received support
    from a parent.
  • If this parent has remarried, stepparent
    information must be included on the FAFSA.

After you file the FAFSA
  • Results are sent electronically to the school(s)
    the student selected.
  • Students Parents will receive the results of
    their FAFSA by e-mail (or regular mail) - Student
    Aid Report (SAR).
  • Students may be required to verify the
    information submitted on the FAFSA(submit tax
  • Contact the school with anySpecial
  • After the student is admitted to aschool, a
    financial aidpackage will be prepared.

Special Circumstances? Call the Financial Aid
  • 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 Judgement is at the sole
    discretion of each institution.)

Professional Judgment by Financial Aid
  • Adjustments are determined by each institution on
    a case by case basis.
  • Another institution may automatically accept a
    professional judgment made by another
  • The decision must recognize the unique situation
    of the student and must be documented.

FAFSA on the Web andRenewal FAFSA on the Web
  • Parents with multiple children in school can
    continue to transfer information to additional
  • Link on confirmation page to Begin a new
    application with parent data already filled in?
    will display only for
  • Dependent students
  • Independent students who provided parent data on
    the application

E-Mail Correspondence
  • When e-mails with links to SAR information on the
    Web are returned as undeliverable, a paper SAR or
    SAR Acknowledgement will be generated and mailed
    to student
  • Spanish e-mail notifications will be sent to
    students and parents who submitted
    Spanish-language applications and provided valid
    e-mail addresses

Whats So Great About Doing the FAFSA Online?
  • Its quick
  • Results back up to three weeks faster
  • Speed may be important for schools awarding
    limited resources
  • Instant access to EFC estimate
  • Electronic Student Aid Report (SAR) sent to email
  • Its easy
  • Detailed help screens for every question
  • Live, private online help is available
  • Skip logic asks only what you must answer
    skips questions that dont apply
  • Access from anywhere
  • Electronic signature using PIN
  • English or Spanish versions
  • Its accurate
  • Automatically edits data as you enter it and
    detects errors for correction before submission
  • Due to edits and online help, less likely to de
    delayed by the need for corrections

FAFSA on the Web Worksheet
  • Designed to use in preparing for On-Line FAFSA

2009-2010 Changes
  • TEACH Grant question added to FAFSA
  • Stafford Loan limits have increased
  • Undergraduate Subsidized Stafford Loan interest
    change (6.0 to 5.6)
  • Dependency criteria expanded
  • Educational Savings Accounts for dependents now
    considered in parental assets
  • Worksheet A deleted Worksheets B and C
    incorporated into the FAFSA
  • IF a paper FAFSA is needed, you may order one by
    calling 1-800-433-3243 or online at

2009-10 Renewal Application Process
  • Renewal Reminders sent in early January 2009
  • Students with a valid e-mail address will receive
    e-mail reminders
  • If no e-mail address or e-mail is undeliverable,
    paper reminder letter will be sent to applicant

FAFSA on the Web Toolkits
  • Mailed in October to
  • Postsecondary schools
  • High schools
  • State agencies
  • Libraries
  • PTAs
  • TRIO Centers
  • Gear Up
  • NCAN
  • Toolkits will include
  • FOTW Brochure
  • PIN Brochure
  • Poster
  • Tips Card
  • Web-Link Graphics Flyer
  • FAA Access Flyer

  • FAFSA4Caster was developed to
  • Foster early awareness with the financial aid
    application process and form
  • Serve as an early analysis tool informing college
  • Reduce the time requiredto submit the
    officialfinancial aid application inthe
    student's senior yearof high school

  • FAFSA4caster will
  • Automatically generate a Federal Student Aid PIN
    for use when signing the FAFSA
  • Instantly calculate eligibility for federal
    student aid
  • Generate a FAFSA a FAFSA populated withstudent
    FAFSA4casterdata will be availablewhen the
    student isready to file the officialFAFSA

Congratulations, THERESA! FAFSA4caster has
successfully calculated the information you
submitted. Below you will see an estimated
Expected Family Contribution (EFC). The EFC is
not the amount of money that your family must
provide. Rather, you should think of the EFC as
an index that colleges use to determine how much
financial aid you would receive if you were to
attend their school. When you officially apply
for financial aid, the colleges you list on your
Free Application for Federal Student Aid (FAFSA)
will determine your eligibility and then send you
award information that identifies the aid they
have determined you may receive. This award
information will vary from college to college
because the cost of attending each is different.
Your estimated EFC is 1060. Now that we have
calculated your EFC you can see what your college
education may cost for attending a certain type
of college in the United States. We will use your
estimated EFC of 1060 and the national average
for cost of attendance at each type of school.
FAFSA on the Web Demo Site
Helpful Websites

Questions? Comments?
How can we help you? What challenges do you
have? Do you need assistance with your financial
aid night?
the evaluation.
Pre-Collegiate School Relations Committee
Committee Objective To educate students,
parents, teachers, and school counselors about
the availability of financial aid and the aid
application process. Committee Members Lisa
Albers Connie Hutchison Paul Baldridge Jane
Lemke Triena Bodart Tom Martin Linda
Brumm Heather McGee Donna Dahlvang Amy
Schrader Bill Henderson David Sandra Michelle
Hermes Bill Trippett Sara Beth Holmen Kelly
Vander Wyst Sharon Hunter Margaret Zitzer
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