jshs financial aid night

8/20/2019 JSHS Financial Aid Night

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FINDING MONEY FOR COLLEGE

Financial Aid High School Night

Elizabeth LeMaster

Student Financial Aid

Bowling Green State University


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Agenda

Free Application for Federal Student Aid (FAFSA)

Federal loan/grant programs

Campus Based Aid

Additional loan sources

Scholarship search


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Where do I start? Different schools require different applications, check with the

Financial Aid Office and Admissions Office at each school.

Some standard applications are:

1. Admission Application

2. Free Application for Federal Student Aid (FAFSA)

3. Other Institutional Application forms (if required)4. Applications for scholarships


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Free Application for Federal Student Aid

(FAFSA)Application for federal, state, and

some institutional aid

www.fafsa.govBecomes available January 1st

File a new application every year

If you have multiple college

students in your family? Eachstudent will file their own

application.

http://www.fafsa.gov/http://www.fafsa.gov/


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To complete the FAFSA…

Student and one parent will need to create their own FSA ID

to electronically sign the FAFSAApply online at www.fsaid.ed.gov

You cannot make an FSA ID for someone else

Complete your 2015 federal tax returns ASAP

If your taxes are not completed, you can file the FAFSA using

estimated 2015 incomeEstimate based on 2014 taxes, or any 2015 earning statements

If you used estimated income – UPDATE the FAFSA onceyour taxes are completed

http://www.fsaid.ed.gov/http://www.fsaid.ed.gov/


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FAFSA Deadlines

FAFSA can be filed at any time after January 1st ,

however, there are funding limitations on some aid

programs.Be aware of priority deadlines. These may vary from

institution to institution.

It is best to begin filing the FAFSA as soon after

January 1st as possible


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Sections to the FAFSA


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Independent vs. Dependent StudentsIf you can answer yes to any of the following, you can file as

an Independent student:

24 years of ageGraduate student or seeking a

professional degree

Married

Serving active duty in U.S.

Armed Forces

Veteran of U.S. Armed Forces

Have a child you provide more

than half of the support for

Both parents were deceasedsince turning age of 13

Foster care since turning age 13

Dependent/Ward of Court since

turning age of 13

Emancipated minor

Legal Guardianship appointed

Homeless/at risk of being

homeless


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Parental Information

Who are the parents on the FAFSA?

If your parents are divorced or separated, put

information on the FAFSA about the parent you livedwith more during the past 12 months (and their

spouse, if remarried)

FAFSA will request information for “Parent 1” and

“Parent 2”


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FAFSA Filing Help

College Goal Sunday!

February 14, 2016

Line by line instruction and hands-on help forcompleting FAFSA

www.ohiocollegegoalsunday.org

“Help and Hints” located within application

IRS Data Retrieval Tool


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After the FAFSA is submitted

The student receives notification from FAFSA and is

issued a summary of the FAFSA called a Student Aid

Report (SAR)The Student Aid Report includes the calculated

Expected Family Contribution (EFC)

Student will receive an Award Letter


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Expected Family Contribution

EFC is an index number used to determine “financial need” of the student

The EFC estimates a families ability to pay for college as determined by a

formula created by Congress called the Federal Methodology

Assumes that the primary responsibility for paying for college falls to the

student and parents

Factors include:

Family Income (including taxed and untaxed income)

Family Size

Number of students in college in family

Etc.

The lower your EFC, the more likely you are to qualify for need-based aid

programs at any school

The EFC is not a specific amount the family is expected to pay at any one

specific college


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HOW A FINANCIAL AID

PACKAGE IS CREATEDBASED ON YOUR EFC


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Definition of “Financial Need”

Cost of attendance (COA)

– Expected family contribution (EFC)

= Financial need


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Need Comparison

Higher Cost Mid Cost Lower Cost

Institution Institution Institution

Cost of Attendance $30,000 $20,000 $13,000

- EFC $10,000 $ 10,000 $10,000

=Need-based Eligibility $20,000 $ 10,000 $ 3,000


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Need vs. Non-Need Based Aid

Need-based aid:

Some forms of aid are

only available to students

that have demonstratedfinancial need:

Pell Grant, FSEOG (very

high need only)

Direct SubsidizedLoans

Federal Work Study

Some scholarships

Non-Need Based Aid:

Other forms of aid are

not dependent on a

student’s financial need:

Most Scholarships

Unsubsidized Student

Loans

Parent PLUS loans,alternative/private

loans


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STUDENT AID PROGRAMS:

Awards through the FAFSA


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Federal Direct Stafford Loans

Federal Direct Stafford student loans

Direct Subsidized Loan – No interest accrues on this

need-based loan during undergraduate study.Direct Unsubsidized Loan – Interest accrues on this

non need-based loan while in school.

Interest rates are currently fixed at 4.29% or lower

Repayment occurs 6 months after the student:Graduates

Leaves school

Falls below ½ time enrollment


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Federal Direct Loans Limits

Dependent, Undergraduate Students

Class Year Base Amount

Additional

Unsubsidized

Amount

Total Availableto Borrow

Freshman $3,500 $2,000 $5,500

Sophomore $4,500 $2,000 $6,500

Junior $5,500 $2,000 $7,500

Senior $5,500 $2,000 $7,500


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Grant ProgramsFederal Pell Grant - 2015-16 academic year

Need based

Award amount: up to $5775

EFC: 0 – 5198

Ohio College Opportunity Grant 2015-16 academic year

Need based

$1296 for students at most public university main campuses

Funding not available for students at community colleges &regional campuses

EFC: 0 - 2190


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Campus-Based Aid

To be considered for these awards students must file

FAFSA by priority deadline and amounts may vary

between institutions.

Supplemental Educational Opportunity Grant (SEOG)

Awarded to Pell eligible students with a very low EFC

Award ranges between $100-$4000


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Campus-Based Aid, continued Federal Work-Study

Earnings are not automatically applied to your

college billFWS funds will be provided to the student in the

form of a paycheck for actual hours worked

When the student applies for financial aid for the

next academic year, questions on the FAFSA will

exclude Work-Study income so those earnings

will not have a negative effect on the EFC


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What if I’m not awardedenough money from FAFSA?


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You have choices!

Federal Parent Loan for Undergraduate Students (PLUS)

Loan in parent’s name

Repayment begins while student is in school, but parent can

defer payment as long as student continues to be enrolled

half-timeInterest rate: 6.84% fixed

Alternative/Private loan programs

Loan in student’s name

Repayment generally begins 6 months after graduation/leaveschool

Various terms, credit-worthy signer or co-signer

Search and apply for scholarships


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Searching for ScholarshipsSearch locally:

High School Guidance

Counselor

Library Listings

Places of Worship

Chamber of Commerce

Finally, consider free, national searches:

www.fastweb.com

www.finaid.com

www.careerinfonet.org/scholarshipsearch

At every college you want toattend, check with:

Financial Aid Office

Admissions Office

http://www.fastweb.com/http://www.finaid.com/http://www.careerinfonet.org/scholarshipsearchhttp://www.careerinfonet.org/scholarshipsearchhttp://www.finaid.com/http://www.fastweb.com/


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Timing - start early and search often year round! Complete each application carefully—check for specific criteria

Be aware of deadlines (postmarked, received by)

Submit all application requirements by deadline

Maintain a scholarship search folderIf an essay is required or even optional, do it!

Apply even if you think it’s a long-shot; who knows, you might be the

only applicant!

Check out “Top Twelve Tips on Winning a Scholarship” Worksheet

from fastweb!

Applying for scholarships – general tips


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Financial Aid TO DO:Complete the Admissions process

Complete 2016-17 FAFSA at www.fafsa.gov

Search and apply for scholarships

Respond promptly to requests from college offices

Review all financial aid award letters from each schoolCompare institutional costs to financial aid offered at each

school

Determine your true out-of-pocket costsCollege Board Net Price Calculator Worksheet


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CONTACT INFORMATION

Bowling Green State University

Student Financial Aid

419-372-2651

Email AskSFA: https://sfa.bgsu.edu/asksfa

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