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Guide to College Funding

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Teach students about the types of financial aid, the application process, how colleges award financial aid, and how to complete the FAFSA.

Teach students about the types of financial aid, the application process, how colleges award financial aid, and how to complete the FAFSA.

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  • **This slide can be moved to a different point in the presentation (personal preference). Preparing for college might mean shifting expenses and making choices (ex: downgrade to a cheaper car, shift other bills). Be realistic with yourself and your student! Talk to your student about what you can afford! (Ask how many people have had a conversation with their student about what they can realistically afford to pay toward college.)
    (Percentages roughly based on IFAP parent income protection allowance.)
  • Explain set costs vs. costs that vary. Make sure to direct families to the handbook to give an idea of what costs are for each of these areas.
  • Briefly define the types of financial aid.
    Click 1:Scholarships – Money for students based on talents such as academics or leadership. Tell them that the scholarships don’t go only to the best academic or athletic students. There are students available from religious organizations and community groups. There are scholarships based on your race/ethnicity, based on what you choose to study in college, and from your parents' work. There is even a scholarship for the best duct tape prom outfit!
    Click 2: Grants – Money for college that is based on financial need that students do not need to repay.
    Click 3: Work Study – A program that allows students to earn money at a job while attending college.
    Click 4: Student Loans – Money students borrow for college that must be repaid with interest.
    Click 5: Money is available to go to college buy you must APPLY to receive it.
    Share what types of aid you are receiving to help pay for college.
  • [Animations – 3 clicks: 1=merit/need, 2=leadership/community service, 3=talents/athletics/drama/music]

    Explain a little bit about the different types of scholarships. Many scholarships require a mix of all the above categories. Obviously these are some of the main types – there are others out there, ex: religion, ethnicity, military, etc.
  • My.EducationQuest.org is hyperlinked if during your presentation you have time to clink on the link. This is optional based on time allowed.
  • Beware of anything asking for money or very personal information (i.e. SSN, mother’s maiden name, bank account numbers, etc.). You should never pay for a scholarship.
  • Make sure not to say “free money.” (It’s not technically free, it’s someone’s tax dollars.) Instead, use “money you don’t repay,” or “gift money.”
  • [Animations – 6 clicks: 1=need-based, 2=no, 3=Perkins loan/Subsidized Stafford loan, 4=non-need-based, 5=yes, 6=Unsubsidized Stafford loan/Parent PLUS loan]
    Have them refer to handbook (pg. 15) while discussing this slide. Explain in general the main differences between the types of loans (ex: borrow money from school vs. government, in student name vs. parent name), but keep in mind they can read about the details (i.e. interest rate, repayment terms, grace period) in the handbook. Not talking about loan limits here.
  • [Animations – 1 click=Note]

    Don’t need to explain difference between dependent & independent here (will do so later). Main point of this slide is to bring attention to the fact that there are limits on the federal Stafford loans, and students won’t be able to borrow as much as they may want in order to cover costs. Point out that as an independent student, they can borrow a bit more, but most high schools students will be considered dependent (click to bring up Note as explaining this).
  • [Animations – 2 clicks: 1=all scholarship application bubbles, 2=FAFSA screenshot]

    This slide is meant to be a quick visual/explanation to point out that students will fill out multiple applications for scholarships, and just one application (FAFSA) for grants, work-study, and loans. May mention some colleges require other paperwork (ex: CSS profile) or other institutional forms.
    (Obviously, to actually get loans disbursed they will have to complete MPN, but don’t need to discuss that here.)
  • [Animations – 5 clicks: 1=arrow/FAFSA, 2=arrow/Processor, 3=diagonal arrows/SAR/College/Student, 4=arrow pointing right/Award Letter, 5=arrow pointing left/Award Letter]

    Give a general overview of each step here; most of them will be discussed in greater detail in the proceeding slides. However, this is the only slide that mentions the Central Processing System. Also, highlight the Student Aid Report (SAR) here. Talk about receiving it either in the postal mail or electronically, a confirmation summary for students, may need it for certain scholarships.
  • Green bullet point: If a parent already has a PIN (maybe they have an older child, or are a student themselves), they do not have to get a new one for a different child.

    Purple bullet points: the point of showing all these is not to go into great depth about what they are (MPN, NSLDS), but more to highlight that the PIN is very important and is used for multiple things (so don’t forget it!!). Just mention that the MPN is part of the loan process, and NSLDS is a website where students can track their loans. Do not need to go into more detail than that.
  • This is just a brief overview of the FAFSA – don’t need to take more than a minute on this slide. Much of it will be discussed on the following slides.
  • Do not read list – people can read for themselves. There are few different things to talk about with this slide. Identify that they will use the current year taxes and W2s. May want to talk about the Philosophy of Federal Aid here. Also, explain that the items on the list will be needed for both students and parents, except if a student is independent. NEXT SLIDE
  • Talk about what makes a student dependent vs. independent. After that, talk about “who is a parent?” Divorced parents, step parents – whose information is needed.
  • [Animations – 2 clicks: 1=EFC/Financial Need arrows, 2=last bullet point (“college uses…”)]

    Explain a bit about what the EFC is, the range, how it correlates to financial need, and how the colleges use the EFC.
  • [Animations – 2 clicks: 1=minus sign/EFC bubble/green arrow/green box, 2=equals sign/Financial Need bubble/orange arrow/orange box]

    Main point of slide is to explain the formula. The boxes under each section are a description of that part of the formula. The COE part is mostly review since we already went over that earlier. The green box is some review and some new information, but not much more detail is needed to explain it. The orange box will probably need the most explanation.
  • [Animations – 3 clicks: from left to right 1=first red box, 2=second red box, 3=third red box]

    Award letter: school receives FAFSA information then packages an financial aid award for the student. This is an example of an online award letter. [click 1] lists name and types of aid. [click 2] lists amount offered, then gives option to accept a different amount. Most common choice for accepting a different amount is in loans. [click 3] must accept or decline all aid offered. Often, the grants and scholarships are automatically accepted on the online awards.
  • [Animations – 4 clicks: 1=top red box, 2=second red box, 3=merit based/need-based/self help, 4=bottom red box and bottom underlines]

    Example of paper award letter. [click 1] This one has a date to return the award letter. [click 2] Also explains the cost of attendance so the student knows exactly what they will owe (did not have this on the online award letter). [click 3] This letter categorizes the awards, but uses some different terminology than the online award letter. [click 4] Gives the subtotal – note: this includes student loans!. Then shows how much more the student/parents need to come up with to meet the direct costs. At this point, talk about other funding options: PLUS loan, payment plans, alternative loans, home equity line of credit, military, savings, 529 plan, living at home, attending a more affordable college, etc…
  • My.EducationQuest.org is hyperlinked if during your presentation you have time to clink on the link. This is optional based on time allowed.
  • [Animation is automatic – delay of one second after slide comes up. (Purple arrow)]

    If student (or parent) is going to take out student (or PLUS) loans, they will need to complete entrance counseling and sign the Master Promissory Note at this website – StudentLoans.gov. Must sign in to do this, need PIN, cannot disburse loan money until this step is completed.

    This slide is more to mention the last step when borrowing loans, not to go into detail of the process (way too far in advance for details).
  • [Animations – 5 clicks: 1=resources box, 2=calculators, 3=college funding estimator, 4=FAFSA checklist 2013-14**, 5=FAFSA tools]

    Calculators: Award letter comparison
    College Funding Estimator: estimate results of the FAFSA any time with current tax info
    FAFSA tools: demo, tutorial, video, podcasts, steps to renew

    **Once the checklist for the 2013-14 school year is available we will add that to the resource list and update this slide
  • Transcript

    • 1. Your Journey to College Begins with Us Welcome to College Funding Presented by EducationQuest Foundation
    • 2. The Cost of Education The types of financial aid available How to apply for financial aid We will cover…
    • 3. The Cost of Education!
    • 4. Have a financial discussion as a family Household Bills Cars Other Debt Savings Other
    • 5. Direct Costs • Tuition & Fees • Room & Board* • Books & Supplies Indirect Costs • Personal • Transportation *Depends on student housing plan 16
    • 6. Types of Financial Aid
    • 7. Loans* Types of financial aid Scholarships Work-Study* Grants* *Based on FAFSA Results (Free Application for Federal Student Aid) $ $$ $ 7
    • 8. Scholarships Common criteria GPA Financial Need Ethnicity ACT/SAT score Field of study First- generation student Talents Community Service Employer College choice Leadership Activities Military service Disability State of residence Gender $
    • 9.  Begin research early  Colleges  School counselor  ScholarshipQuest at EducationQuest.org  Private organizations  The Internet $ Scholarships Search tips 8
    • 10. ! Scholarships WARNING! 8
    • 11. following directions meeting the deadline typing – or turning in a sloppy application proofreading including all necessary components answering the essay question as asked meeting the criteria $ Scholarships Common mistakes
    • 12. Financial Aid Program Scholarship!!  Students who attend an EducationQuest Financial Aid Program can register for a $500 scholarship!  Will conduct a drawing to select three student winners in February  See your packet for an information card
    • 13. Eligibility Financial need 2.5 GPA on a 4.0 scale Attend a Nebraska public college (two- or four-year) Amount Up to $4,250 per semester Dates to remember Online application opens: November 1, 2014 Deadline: February 1, 2015 Student Aid Report due: March 15, 2015 Susan Thompson Buffett Scholarship www.buffettscholarships.org ! !
    • 14. Money you don’t repay Based on financial need Federal Pell Grant (range $602-$5,730) State College-based Grants $ 7
    • 15. Tuition Assistance Programs Collegebound Nebraska – UNO, UNL, UNK, or UNMC – NE resident, full-time student, Pell eligible – Must complete FAFSA by April 1 If you meet the criteria, tuition is COVERED! $ ! 7 Advantage – Wayne, Peru, Chadron – NE resident, full-time student, Pell eligible – Must complete FAFSA by June 1
    • 16. Tuition Assistance Programs Access NWU www.nebrwesleyan.edu/accessNWU – NE resident, full-time student – ACT of 25 or higher, GPA of 3.0 or higher – Live on campus – EFC of $1,000 or less – Complete FAFSA by March 1 If you meet the criteria, tuition is COVERED! $ ! 7
    • 17. Must show financial need Part-time job, typically on campus Flexible schedule Money not available up-front Work-Study $ 7
    • 18. NameInterest accruing while in school? Type Need-based No Perkins loan Direct Subsidized loan Non-need- based Yes Direct Unsubsidized loan Parent PLUS loan Federal student loans $ 11
    • 19. Annual loan limits Freshman: $5,500 Sophomore: $6,500 Junior: $7,500 Senior: $7,500 Note 2014-15 student loan interest rate fixed at 4.66%. $ 11
    • 20. Applying for Financial Aid
    • 21. Applying for financial aid Scholarships Grants, Work-Study, Loans Deadlines Priority dates
    • 22. Financial aid process FAFSA & PIN Processor StudentCollege SAR Award Letter Verification? 9
    • 23. Applying for a Department of Education PIN  A PIN serves as your signature on the electronic FAFSA  The Department of Ed PIN process is changing  EducationQuest will provide updates on Facebook and Twitter (@FreeCollegeHelp) – so follow us!
    • 24. About the FAFSA  Free Application for Federal Student Aid  Apply at fafsa.gov  Complete after January 1 of senior year before college’s priority filing date  Use parent and student tax information  Renew yearly 9
    • 25. # # 2014 Taxes and W-2s PINs Social Security Numbers Birthdates 2014 child support paid or received Value of Savings and Checking Accounts Value of Investments (excluding retirement accounts) Items needed to complete the FAFSA Review the FAFSA Checklist at EducationQuest.org for a complete list of necessary items. !
    • 26. # # Born before Jan. 1, 1992? Are you considered a dependent student? Married? Working on a master’s or professional program? On active duty or a veteran of the US Armed Forces? Have children or dependents you are providing more than half the support for? An orphan, ward of the court, or in foster care at any time since age 13? Have a legal guardian or emancipated by the court? An unaccompanied youth who is homeless or in danger of becoming homeless? If you cannot answer YES to at least ONE question, you will be considered dependent ?
    • 27. Yes Biological – student lives with you Adoptive (before age 13) Step – married to biological parent with whom student lives No Biological – student does NOT live with you Foster parent Legal guardian Parents: Should you include your information on the FAFSA? ?
    • 28.  EFC = Expected Family Contribution Lower EFC Greater Financial Need FAFSA results  College uses EFC to determine the type and amount of aid to award the student =
    • 29. Financial aid formula Cost of Education Tuition & Fees Room & Board Books Personal Transportation Parent Income/Assets Student Income/Assets Parent’s Age # in Household # in College The amount of money the college will try to give you in financial aid EFC Financial Need 9
    • 30. About your award letter
    • 31. About your award letter
    • 32. For future reference…  IRS Data Retrieval  Electronically transfer tax information into the FAFSA  Verification  Turn in requested documentation to the school  Student Loans  To borrow student and/or parent loans, go to www.Studentloans.gov 10 !
    • 33. Applying for student loans

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