financial aid and scholarships a “how to” guide

Financial Aid and Scholarships

A “How To” Guide

January 10th, 2013

Kristina KlemensFinancial Aid Counselor

University of Wisconsin-Parkside

Step 1-Search for and Apply for Scholarships Step 2- Apply for a PIN Step 3-Complete the FAFSA Step 4-Review your Student Aid Report (SAR) Step 5-Respond to any requests from the Financial Aid Step 6-Review your eligibility/determine loan needs or

other payment arrangements

6 Steps to Financial Aid

Steps 5 and 6 May Interchange

Step 1:-Apply for Scholarships

• Where should I look?• School• Civic Organization• Church• College/University• Parent employer• Other companies


• What are scholarships for?• Merit• Need-based• Just for being you• Involvement/Leadership/Activity related


• What information is needed?• Essay• Application• Supporting documentation


• Scholarship Search Tips and Tidbits• Edit, edit, edit… and then edit again!• Create secondary email address• Don’t stop after first year!• Do NOT ever PAY for scholarships!


• Commonly Used Scholarship Websites:• College Board: CollegeBoard.org• FastWeb: FastWeb.org• College Connection: collegescholarships.com• CollegeScholarships.org• Go College: gocollege.com• And many, many, many more!

Step 2- Apply for a PIN

• Apply online by going to www.pin.ed.gov• Can be done at any time• Tied to Social Security Number, so keep it SAFE!• Pick your own, or have the system generate• One parent will ALSO need a PIN• PIN is needed for most

Step 3-Complete the FAFSACollege Goal Wisconsin

• Saturday, February 23rd-Sunday, February 24th• 31 locations throughout Wisconsin• Event starts at 2:00• UW-Parkside-Sunday, February 24th• FREE event!

• Provide assistance in filing the FAFSA

• Help review FAFSA information if already completed

• Scholarship raffle!

www.collegegoalwi.org

Step 3-Complete the FAFSA

• Web site: www.fafsa.gov• 2013-2014 FAFSA on the Web available January 1, 2013• Apply early--Don’t be late, guesstimate!

What does the first “F” in FAFSA stand for?


What information is needed?

• For the student and parents, you will need the following:• Driver’s license #’s• Social Security Number • Citizenship information (Alien registration number)• Savings/banking statements• 2012 Federal income tax returns/W-2 forms• 2012 investment records• 2012 untaxed income records (child support, IRA

deductions, veterans benefits)

• The first “F” in FAFSA stands for FREE!

• Apply as soon after January 1st as possible

• Gather all materials needed, and set aside an hour

• It can be filed on paper, but processing time is

significantly longer

• Purple=Parent, Blue=Student


Tips and Tidbits to help you on your way


Tips and Tidbits to help you on your way

• Help and Hints bar on side

• “Clear All Data” option

• Information automatically

saved between pages

• Menu bar at top to let you

know what section you’re in

• Dependency is NOT determined by:• Parent tax filing status• Student living arrangements (at home vs. apartment)• Student employment status

• In general, a student is considered DEPENDENT if:• They are under 24 years of age• They are NOT married• They do NOT have children or other dependents


Dependency clarification


Who is considered a “parent”?

• Who is considered a parent?• Biological or adoptive parent• Step-parent if parent is remarried

• Who is NOT considered a parent?• Grandparents• Foster parents• Legal guardians• Older siblings• Aunts/uncles

Unless the student has been legally adopted by

that individual

• For 2013-2014, use your 2012 tax information• Can use estimated information if not yet filed

• Use 2011 tax info if earnings are similar

• IRS Data Retrieval Tool—Available 2/3/2013


Entering Tax information

IRS Data Retrieval Tool is not required, but HIGHLY recommended


Tips to make sure the IRS Data Retrieval Works

• Enter your address exactly as it appears on your taxes• Make sure you know your tax filing status (married, single,

head of household, etc)• You cannot use the IRS Data Retrieval Tool if:

• You do not have a valid SSN• Didn’t file a 1040/1040A or 1040EZ• You have had a change in marital status since

December 31, 2012• You are married but file separately• You have filed an amended tax return


Additional Income and Assets

• Not sure what it is? Click the box!

• If the field is already populated and BOLD, it transferred from your taxes… DO NOT CHANGE IT!


Adding School Codes

• Look on the school/FAFSA website

• Search by state/city

• Add up to 10 codes

• Put WI schools towards the top!

• Required

• Student

• One parent (dependent students)

• Format

• Electronic using PIN

• Signature page

• Paper FAFSA


Sign away!

• The FAFSA generates an EFC

• EFC=Expected Family Contribution (0-99,999)

• EFC is NOT a dollar amount! It is NOT what you will be expected to pay!!

• A low EFC demonstrates that the family has a high level of financial need.

• More financial “need” means a student will likely be eligible for more “need based” aid


What does this information mean?

• Student notified of FAFSA processing results:

• E-mail notification containing SAR (Student Aid Report) if student e-mail is provided

• Student with PIN may view SAR on-line at www.fafsa.gov

• Review data for accuracy

Step 4-Review your SARStudent Aid Report

• Social Security Numbers• Divorced/remarried parental information• Income earned by parents/stepparents• Untaxed income• U.S. income taxes paid • Household size• Number from household that count as “in college”• Real estate and investment net worth• Social Security Benefits

Step 4-Review your SARFrequent FAFSA Errors

•Corrections can be made by:

•Using FAFSA on the Web (www.fafsa.gov) if student has a PIN

•Updating paper SAR (SAR Information Acknowledgment cannot be used to make corrections)

•Submitting documentation to college’s financial aid office

Step 4-Review your SARCorrecting Errors

• Sent to school – Are you ADMITTED?• School to process FAFSA information• If additional documentation required, student notified

Step 4-Review your SARWhat’s Happening with the information

How is the school notifying you? Use your email!

• Change in employment status

• Medical expenses not covered by insurance

• Change in parent marital status

• Unusual dependent care expenses

Step 4-Review your SARWhat if my 2012 info isn’t accurate anymore?

Reviewed by the Financial Aid Office!!

• Submit any documentation requested from each school Financial Aid Office

• Verification Documents• Tax info, W-2’s, Child Support Paid, SNAP benefits,

institutional form, etc.

• Citizenship• Passport, Cert of Naturalization, Cert of Citizenship

• Selective Service• Proof of registration, Documentation showing not

required

Step 5-Respond to FA Office

Is any documentation needed from you?

• Appeal changes in earnings• Change in marital status• Update information for the FAFSA due to error in

entering information• Know your deadlines!

• Scholarship requirements• Covenant-FAFSA filing date requirement (April 1, 2013)• When is paperwork due for max eligibility?

Step 5-Respond to FA Office

Are you requesting a review?

Remember: The Earlier, the Better!!!

Step 6-Review your Eligibility

Show me the money!

• What do you qualify for?• Grants

• Federal/State

• Pell, SEOG, WHEG, WTG, Covenant

• Scholarship• Loans

• Direct Loans: Subsidized/Unsubsidized

• Perkins

• Parent PLUS

• Federal Work Study

• Determine estimate of bill• Calculate all “free money” first (grant, scholarship)• Deduct free money from bill• Borrow as LITTLE AS POSSIBLE

• Debt will follow you, and there are LIMITS• For every $10,000 you borrow, you add

approximately $120 to your minimum payment after graduation


Calculate what to borrow

• Complete any loan paperwork required• Entrance Counseling• Master Promissory Note

• Are there other options to borrowing?• Payment plan• Do I need to live on campus?• Can I pay my loans while I’m in school?


Calculate what to borrow

Borrowing in moderation is key!

Final Tips for Financial Aid Success

• Check school deadlines/requirements• Complete the FAFSA as early as possible• Don’t be afraid to ask questions!• Limit borrowing as much as possible• Keep applying for scholarships, even after freshman

year

THANK YOU!!!!Kristina Klemens

Financial Aid Counselor

University of Wisconsin-Parkside Student Financial Aid Office

(262) [email protected]

website: www.uwp.edu

financial aid and scholarships a “how to” guide

Documents

fafsa step

scholarships step

parkside step

financial aid step

pin step

student aid report sar

scholarshipswhat information

fafsawhat information