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Financial AidIUPUC - ISFAA

Jennifer Chandler

IUPUC

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FINANCIAL AID

Financial Aid: Funds provided to student/families to help pay for postsecondary educational expenses

www.fafsa.gov (or www.fafsa.ed.gov)

Provides a snapshot of the students/family’s personal & financial information (marriage, number in household or college, income & assets)

IUPUC

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PERSONAL IDENTIFICATION NUMBER (PIN)

www.pin.ed.gov

Sign FAFSA electronically

Used throughout aid process including subsequent school years

Parents (if applicable) will use same PIN if a student themselves, or another child completing FAFSA

IUPUC - ISFAA

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FAFSA submitted each year. 21st Century

MUST complete every year even if not

attending! Include accurate email address.

Processor receives FASFA

Student receives Student Aid Report (SAR) from processor

College/University receives student FAFSA data from

the processor.

Financial Aid Office requests additional information from student and/or parent(s).

YESIs additional information

needed?

NO

Requested information

received from student/parent(s).

Financial aid file completed

and the student is awarded.

FINANCIAL AID PROCESS

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IMPORTANT DATES

January 1st

FAFSA available (submit every year) www.fafsa.gov March 1st

IU priority deadline (important for institutional funds)▪ check date with the University student will attend

March 10th

State aid deadline (federal aid still available after this date)

May 15th

ALL edits must be made to FAFSA for state aid consideration ▪ including electronic signatures

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DATA BASE MATCHES

Confirms applicant meets certain eligibility criteria

Social Security Administration

Selective Service

National Student Loan Data System (NSLDS)

If FAFSA does not pass a database match, it will cause delays in processing (federal, state and institutional) funds

IUPUC

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COST OF ATTENDANCE (COA)

Direct & Indirect costs Direct is billed by or paid directly to college▪ Tuition & fees▪ On-campus housing

Indirect are necessary expenses▪ Transportation▪ Personal care items

Varies widely from college to college Puts a cap on the amount of financial aid

a student can receive IUPUC

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ESTIMATED FAMILY CONTRIBUTION (EFC)

Amount family can reasonably be expected to contribute towards COA

Stays same regardless of college

Calculated using data from a federal application form and a federal formula

This is NOT what a student owes the University. Is used to determine need based aid

IUPUC

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FINANCIAL NEED

Your financial need determines how much financial aid you may receive

Financial need is the difference between the COA and the EFC

Will vary based on the cost of different

colleges

Cost of Attendance – Expected Family Contribution

= Financial Need IUPUC

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TYPES OF AID

Scholarships – Do not need repaid Criteria: merit, skill or unique characteristic

Grants – Do not need repaid Usually awarded on the basis of financial need

Loans – Borrowed money All FAFSA applicants offered Stafford loans

Employment Students earn money to help pay educational costs▪ Paycheck▪ Non-monetary compensation, such as room & board

IUPUC

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ENROLLMENT REQUIREMENTS

Student Loans (any) Minimum ½ time (6 credits for undergrad & 4 for

graduate) Pell Grant

No requirement (is pro-rated based on enrollment) State Grant (O’Bannon, 21st Century & National Guard Supplemental

Grant)

Full time (12 credits) Child of Disabled Veteran (CVO or CDV)

No requirement ▪ MUST have FAFSA on file and a remission of fees form with the

university

Contact Financial Aid before making any schedule changes! IUPUC - ISFAA

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LOANS FOR UNDERGRADUATES

Stafford Loans (every FAFSA applicant offered) Repayment starts 6 months after enrollment below ½

time Subsidized loans▪ 3.86% interest▪ government pays interest until enrollment below half-

time▪ determined by financial need

Unsubsidized loans▪ 3.86% interest; starts accruing as soon as disbursed

Perkins Loans (awarded through University) 5%▪ 9 month grace period

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LOANS

Private Loans Varies upon credit (might need co-signer) Flexible repayment

Parent PLUS loans (for dependent students) Denial allows student additional unsubsidized

loans 7.9%▪ Repayment starts 60 days after final disbursement ▪ parent can request deferment through lender IUPUC - ISFAA

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Dep Ind

Fresh $5,500 +$4,000

Soph $6,500 +$4,000

Junior $7,500 +$5,000

Senior $7,500 +$5,000

STAFFORD LOANS

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FAFSA ON THE WEB (FOTW)

General student information Name & SSN exactly as it appears on SS Card Must meet citizenship/eligible noncitizen

criteria, does not verify status of parents. Parents of dependent students

Does not include grandparents, foster parents & legal guardians (unless a legal adoption has occurred)

If parents divorced use parent that contributes more than 51% of care (if parent is remarried step-parent will also be included) IUPUC

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FOTW

Students dependency status If all “NO’ responses, student is dependent If “Yes” to any question, student is

independent

Can list up to 10 school codes

Signatures (with PIN) Required by student (and parent if

dependent) IUPUC

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IRS Data Retrieval Tool

While completing FOTW, applicant may submit real-time request to IRS for tax data

IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to

applicant in new window Applicant chooses whether or not to transfer

data to FOTW Available late January Participation is voluntary Could reduce documents requested by school

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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 Missing signature, parent and/or student

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SPECIAL CIRCUMSTANCES

Appeal that allows you to report things that cannot be reported on

the FAFSA: Change in employment status Death or divorce Medical bills not covered by insurance Change in parent marital status Unusual dependent care expenses

Ask financial aid office for Special Circumstances Appeal form to report this information IUPUC - ISFAA

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TIMELINE

Complete FAFSA - Receive Student Aid Report (SAR)

3-5 days school receives information - if student is admitted

4-6 weeks for FAFSA to process

Award Letter will be mailed/emailed to student

Check with University how aid will post/award

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Make sure there is a date and time by the confirmation.

DRN is important if university is having issues finding the FAFSA in the computer system

Estimated awards will be listed

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Resources

Filing FAFSA early: www.FAFSA4caster.ed.gov

Financial Awareness Counseling Tool (FACT): studentloans.gov

Help filing FAFSA: College Goal Sunday; February 23, 2014 www.collegegoalsunday.org. Columbus Learning Center

Track Stafford Loans: www.nslds.ed.gov

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THANK YOU

IUPUCOffice of Financial Aid and Scholarships

Jennifer ChandlerFinancial Aid @ IUPUC: 812-348-7231

financialaid@iupuc.edu

IUPUC - ISFAA