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FAFSA Training
Philadelphia, PA
          Presented by
B. Fred Stennis and Susan Thares


 U.S. Department of Education
 Office of Federal Student Aid
Today’s Topics
            • Mission and Myths
      • Federal Financial Aid Programs
    • The FAFSA: When and How to Apply
       • What to Expect After Applying
             • Federal Updates
    • Federal Student Aid (FSA)Resources
          • FAFSA Demo/Updates
                • Scenarios
                • Questions


2
Federal Student Aid’s Mission

    •    To ensure that all eligible
         individuals benefit from federal
         financial assistance, grants, work-
         study, and loans for education
         beyond high school




3
Myths About Financial Aid

•   “…my parents make too much
    money, so I won’t qualify for aid.”

•   Reality: There is no income cutoff to
    qualify for federal student aid.




4                                           4
Myths About Financial Aid

•   “...the form is too hard to fill out.”

•   Reality: The FAFSA is easier than ever,
    especially if you fill it out online at
    www.fafsa.gov




5                                             5
Financial Aid 101




    Federal Financial Aid Programs




6
Federal Financial Aid Programs

          1. Federal Grants
          2. Federal Work-Study
          3. Federal Student Loans

     There is more than $150 billion available
     in Federal aid to help students pay for college




7                          7                           15
                                                        7
Federal Pell Grant
The Federal Pell Grant Program provides need-based grants
to low-income undergraduate students.

   Grant amounts depend on the student’s:
      Expected Family Contribution (EFC)
      Enrollment status (full or part-time)
      Attendance status (full academic year or less)
      Pell Grant maximum award:
         $5,550 (2012-2013)




              8
FSEOG
The Federal Supplemental Educational
Opportunity Grant (FSEOG) Program provides
need-based grants to low-income undergraduate
students.
 Grant recipients must be:
   • Pell Grant-eligible
   • Current award amounts are from $100 - $4,000
   • Not all colleges participate in the FSEOG
      program
     and funds depend on availability at the college



           9
TEACH Grant (Cont’d)
The Teach Grant:
            Is not based on financial need
            Is available to both undergraduate and graduate students
            Provides the following maximum award
               $4,000 (2012-2013)


TEACH Grant recipients must sign an ‘Agreement to Serve’ which
states that the student will:
          Teach at least four years in a public or private elementary school
          Teach full-time in a high-need field
          Teach in a school that serves students from low-income families
          If the teaching obligation is not completed, the TEACH Grant must be
           repaid as a Direct Unsubsidized Stafford Loan




                            10
Iraq/Afghanistan Service Grant

Students whose parent or guardian died as a result of
military service in Iraq or Afghanistan after September
11, 2001, may be eligible for additional Title IV aid.



Additional Student Eligibility Requirements:
- Less than 24 years old
- Enrolled in college at least part-time at the time of the parent’s
or guardian’s death




                11
Federal Financial Aid
                                  Work-Study
                                   Loans
Provides part-time jobs for undergraduate and graduate
students with Perkinsneed, allowing them to earn money to
   Federal financial Loan
help pay education expenses

•         Subsidized Direct Loan
         Eligible employers (On-campus or off-campus employment)
             Schools
             Federal, state or local public agency
              Private nonprofit organization
              Unsubsidized Direct Loan
          
         
             Community service activities

         Students are paid at least federal minimum wage
              PLUS Direct Loans (Parents)
•
         
•        Not all colleges participate in the Federal Work-study program and
         funding depends on availability at the college

    12                                     12                           15
                                                                        12
Stafford Direct Loans
Subsidized Loans                     Unsubsidized Loans
 Government PAYS the                 The borrowers is responsible for
  borrowers accrued interest while     the interest for the life of the
  you are attending college and        loan
  other eligible periods
                                      NOT Based on Financial
 Based on Financial Need              Need


 Fixed Rate                          Fixed Rate


 Undergraduate and graduate          Undergraduate and graduate
  students qualify                     students qualify


 Amount: $3,500-$8,000               Amount: $5,500-$20,500
PLUS Direct Loans

PLUS loans originate through the William D.
 Ford Federal Direct Loan Program (Direct
                  Loans).
Loan characteristics:
   For parents of dependent students
   Borrowers may receive loan amounts up to, but not
    exceeding the college’s ‘Cost of Attendance’
   Borrower is responsible for all the interest
   Borrower must not have a negative credit history



              14
Financial Aid 101




         The FAFSA:
     When and How to apply



15
What You Need to Know
•    Free Application for Federal Student Aid
     (FAFSA)
•    Eligibility is determined by info provided
•    Must file every year in college
•    Can file Jan. 1st of your senior year
•    PIN (Parent/Student)
•    The earlier the BETTER!!


16
FAFSA.gov Homepage




17
FAFSA Statistics
                           FAFSAs Processed
2011-2012:           Applications 21.9 million (Jan. 2011- Jul. 2012)
2012:                Applications:19.4 million ( Jan. 2012- Nov. 7, 2012)

                     Average FAFSA Submission Time
2011-2012:           22 Minutes
2012-2013:           23 Minutes

                          IRS Data Retrieval Tool
2011-2012:           5,198,417 users
2012:                7,499,679 users

(As of November 4, 2012)



18
Basic Eligibility Requirements/Documentation

Students must have:
• High school diploma, GED or home schooling
  credential
• Social Security Number (with limited exceptions)

• U.S. citizenship or be an eligible noncitizen

• Registered with the Selective Service (males)


Students also need to:
• Be enrolled or accepted for enrollment in an eligible
  program
• Be pursuing a degree, certificate or credential

• Maintain ‘Satisfactory Academic Progress’

19                          19                            15
                                                          19
IRS Data Retrieval Tool
•    IRS Data Retrieval Tool is Available
•    Transfer Tax Information directly into FAFSA
•    Takes 2-3 weeks for information to become
     available in Retrieval Tool Database
•    Easiest way to provide tax information
•    Availability of IRS Retrieval Tool in 2013:
     February 3, 2013




20
Enhanced IRS DRT Questions
 • The format of the
   IRS Data
   Retrieval Tool
   filtering question
   will be enhanced
 • Question labels
   will be improved
   for clarity
New Messaging for Estimators
 • Instructional text will display for applicants who indicate
   they “Will file” their taxes
Dependency Status
     •   If any of the following criteria applies, the student is
                        considered independent :
                                          24 years or older
                                                Married
                               Master’s or Doctorate Program
                           Children and you provide ½ support
                In foster care since turning 13 (parents deceased)
                                      Emancipated minor
                       Currently or was in legal guardianship
                                               Homeless
                      Serving Active Duty in U.S. Armed Force

23
Special Circumstances
• Parents are Incarcerated

• Left Home due to an Abusive Family
  Environment

• Unsure of parents whereabouts

• Circumstances Must be Well Documented

• Financial Aid Director Has Final Say…

24
Financial Aid 101




     What to Expect After Applying




25
What To Expect
                  High Level Overview

                                            Student
     Student     FAFSA is       College
                                            reviews
     completes   processed      reviews
                                            award
     the         by FSA;        info and
                 Student                    package;
     FAFSA                      assembles
                 receives a                 compares to
     and signs                  award
                 SAR;                       other award
     with FSA                   package
                 College                    letters;
     PIN                        for the
                 receives                   student
                 information    student
                                            determines
                 if listed on               which
                 the FAFSA
                                            college to
                                            attend


26
College Costs and Financial Need
Cost of Attendance
•   Tuition & Fees                             Parent Contribution
    Room & Board
                                          +    Student Contribution
•
•   Books & Supplies
•   Equipment & Transportation            =    Expected Family
•   Miscellaneous Personal Expenses            Contribution (EFC)
•   Child Care




                            Cost of Attendance (COA)
                      -     Expected Family Contribution
                            (EFC)

                     =      Financial Need



    27
How Much Aid will I Receive?

     Financial Need = $13,000
       Scholarships          $2,000
       Institutional Grant   $2,000
       Federal Grants        $5,000
       State Grants          $2,000
       Loans                 $2,000 - Unmet need
             TOTAL = $13,000
     Estimated


28
FAFSA College Info and Comparison
• College’s website
• School type
• Tuition and fees
• Net price average
• Graduation rates
• Retention rates
• Transfer rates




 29
Financial Aid 101



     Federal Policy Updates




30
Federal Aid Update
 •   Pell Grant maintained maximum at $5,550 for 12-13
 •   EFC to qualify reduced from 5273 in 2011-2012 to
     4995 in 2012-2013;
 •   Income to qualify for Automatic Zero EFC reduced to
     $23,000 from $32,000;
 •   Students can receive Pell for 12 semesters;
 •   Maximum Pell estimated to go to 5,635 for 13-14 in
     President’s Budget.
Federal Aid Update
 Direct Student Loan Changes
  • Subsidized Stafford loans for graduate students
    eliminated for 2012-2013;
  • Subsidy during grace period eliminated temporarily
    on new loans between July 1, 2012 and June 30,
    2014;
  • Interest rate on Subsidized Stafford Loan for
    undergraduates set to increase from 3.4% to 6.8% on
    July 1, 2013.
Financial Aid 101



      FSA Resources




33
StudentAid.gov Homepage




34
Connect With Us!




        FACEBOOK                       TWITTER                       YOUTUBE
    Federal Student Aid                   @FAFSA                 Federal Student Aid
                                     www.twitter.com/FAFSA
www.facebook.com/FederalStudentAid                           www.youtube.com/FederalStudentAid




   35
Facebook




36
Twitter Homepage   @FAFSA




37
YouTube




38
Mobile-Optimized




39
Infographics/Videos




40
FAFSA Completion by High School
www.federalstudentaid.ed.gov/datacenter/fafsahs
www.fsa4counselors.ed.gov
•    FAFSA Materials and Updates
•    Planning a Financial Aid Night
•    Links to organizations
•    Training information
•    Publication ordering
•    News items




42
Counselor Resources: www.fsa4counselors.ed.gov




           43
  43
www.EDpubs.ed.gov




44
FSAIC
The Federal Student Aid Information Center (FSAIC) operates a toll-
free hotline to provide:
        o Information about federal student aid programs;
        o Help completing the FAFSA
        o Information about the process of determining financial need
           and awarding aid
        o For those not eligible, State and/or Institutional Aid
           may be available
 1-800-4-FED-AID (1-800-433-3243)
 www.StudentAid.gov (new website)
 www.fafsa.ed.gov
 www.fsa4counselors.ed.gov

 Hours: Monday – Friday: 8:00am – Midnight ET
           Saturday:     9:00am – 6:00pm ET
           Sunday:       Closed

 45
FAFSA Training- Philadelphia, PA


 Questions or Comments?

  Thank you for your participation in
    FAFSA on the Web Training!!!

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Philadelphia pa training 12.4.12

  • 1. FAFSA Training Philadelphia, PA Presented by B. Fred Stennis and Susan Thares U.S. Department of Education Office of Federal Student Aid
  • 2. Today’s Topics • Mission and Myths • Federal Financial Aid Programs • The FAFSA: When and How to Apply • What to Expect After Applying • Federal Updates • Federal Student Aid (FSA)Resources • FAFSA Demo/Updates • Scenarios • Questions 2
  • 3. Federal Student Aid’s Mission • To ensure that all eligible individuals benefit from federal financial assistance, grants, work- study, and loans for education beyond high school 3
  • 4. Myths About Financial Aid • “…my parents make too much money, so I won’t qualify for aid.” • Reality: There is no income cutoff to qualify for federal student aid. 4 4
  • 5. Myths About Financial Aid • “...the form is too hard to fill out.” • Reality: The FAFSA is easier than ever, especially if you fill it out online at www.fafsa.gov 5 5
  • 6. Financial Aid 101 Federal Financial Aid Programs 6
  • 7. Federal Financial Aid Programs 1. Federal Grants 2. Federal Work-Study 3. Federal Student Loans There is more than $150 billion available in Federal aid to help students pay for college 7 7 15 7
  • 8. Federal Pell Grant The Federal Pell Grant Program provides need-based grants to low-income undergraduate students. Grant amounts depend on the student’s:  Expected Family Contribution (EFC)  Enrollment status (full or part-time)  Attendance status (full academic year or less)  Pell Grant maximum award: $5,550 (2012-2013) 8
  • 9. FSEOG The Federal Supplemental Educational Opportunity Grant (FSEOG) Program provides need-based grants to low-income undergraduate students. Grant recipients must be: • Pell Grant-eligible • Current award amounts are from $100 - $4,000 • Not all colleges participate in the FSEOG program and funds depend on availability at the college 9
  • 10. TEACH Grant (Cont’d) The Teach Grant:  Is not based on financial need  Is available to both undergraduate and graduate students  Provides the following maximum award $4,000 (2012-2013) TEACH Grant recipients must sign an ‘Agreement to Serve’ which states that the student will:  Teach at least four years in a public or private elementary school  Teach full-time in a high-need field  Teach in a school that serves students from low-income families  If the teaching obligation is not completed, the TEACH Grant must be repaid as a Direct Unsubsidized Stafford Loan 10
  • 11. Iraq/Afghanistan Service Grant Students whose parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001, may be eligible for additional Title IV aid. Additional Student Eligibility Requirements: - Less than 24 years old - Enrolled in college at least part-time at the time of the parent’s or guardian’s death 11
  • 12. Federal Financial Aid Work-Study Loans Provides part-time jobs for undergraduate and graduate students with Perkinsneed, allowing them to earn money to  Federal financial Loan help pay education expenses •  Subsidized Direct Loan Eligible employers (On-campus or off-campus employment)  Schools  Federal, state or local public agency Private nonprofit organization Unsubsidized Direct Loan    Community service activities Students are paid at least federal minimum wage PLUS Direct Loans (Parents) •  • Not all colleges participate in the Federal Work-study program and funding depends on availability at the college 12 12 15 12
  • 13. Stafford Direct Loans Subsidized Loans Unsubsidized Loans  Government PAYS the  The borrowers is responsible for borrowers accrued interest while the interest for the life of the you are attending college and loan other eligible periods  NOT Based on Financial  Based on Financial Need Need  Fixed Rate  Fixed Rate  Undergraduate and graduate  Undergraduate and graduate students qualify students qualify  Amount: $3,500-$8,000  Amount: $5,500-$20,500
  • 14. PLUS Direct Loans PLUS loans originate through the William D. Ford Federal Direct Loan Program (Direct Loans). Loan characteristics:  For parents of dependent students  Borrowers may receive loan amounts up to, but not exceeding the college’s ‘Cost of Attendance’  Borrower is responsible for all the interest  Borrower must not have a negative credit history 14
  • 15. Financial Aid 101 The FAFSA: When and How to apply 15
  • 16. What You Need to Know • Free Application for Federal Student Aid (FAFSA) • Eligibility is determined by info provided • Must file every year in college • Can file Jan. 1st of your senior year • PIN (Parent/Student) • The earlier the BETTER!! 16
  • 18. FAFSA Statistics FAFSAs Processed 2011-2012: Applications 21.9 million (Jan. 2011- Jul. 2012) 2012: Applications:19.4 million ( Jan. 2012- Nov. 7, 2012) Average FAFSA Submission Time 2011-2012: 22 Minutes 2012-2013: 23 Minutes IRS Data Retrieval Tool 2011-2012: 5,198,417 users 2012: 7,499,679 users (As of November 4, 2012) 18
  • 19. Basic Eligibility Requirements/Documentation Students must have: • High school diploma, GED or home schooling credential • Social Security Number (with limited exceptions) • U.S. citizenship or be an eligible noncitizen • Registered with the Selective Service (males) Students also need to: • Be enrolled or accepted for enrollment in an eligible program • Be pursuing a degree, certificate or credential • Maintain ‘Satisfactory Academic Progress’ 19 19 15 19
  • 20. IRS Data Retrieval Tool • IRS Data Retrieval Tool is Available • Transfer Tax Information directly into FAFSA • Takes 2-3 weeks for information to become available in Retrieval Tool Database • Easiest way to provide tax information • Availability of IRS Retrieval Tool in 2013: February 3, 2013 20
  • 21. Enhanced IRS DRT Questions • The format of the IRS Data Retrieval Tool filtering question will be enhanced • Question labels will be improved for clarity
  • 22. New Messaging for Estimators • Instructional text will display for applicants who indicate they “Will file” their taxes
  • 23. Dependency Status • If any of the following criteria applies, the student is considered independent :  24 years or older  Married  Master’s or Doctorate Program  Children and you provide ½ support  In foster care since turning 13 (parents deceased)  Emancipated minor  Currently or was in legal guardianship  Homeless  Serving Active Duty in U.S. Armed Force 23
  • 24. Special Circumstances • Parents are Incarcerated • Left Home due to an Abusive Family Environment • Unsure of parents whereabouts • Circumstances Must be Well Documented • Financial Aid Director Has Final Say… 24
  • 25. Financial Aid 101 What to Expect After Applying 25
  • 26. What To Expect High Level Overview Student Student FAFSA is College reviews completes processed reviews award the by FSA; info and Student package; FAFSA assembles receives a compares to and signs award SAR; other award with FSA package College letters; PIN for the receives student information student determines if listed on which the FAFSA college to attend 26
  • 27. College Costs and Financial Need Cost of Attendance • Tuition & Fees Parent Contribution Room & Board + Student Contribution • • Books & Supplies • Equipment & Transportation = Expected Family • Miscellaneous Personal Expenses Contribution (EFC) • Child Care Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need 27
  • 28. How Much Aid will I Receive? Financial Need = $13,000 Scholarships $2,000 Institutional Grant $2,000 Federal Grants $5,000 State Grants $2,000 Loans $2,000 - Unmet need TOTAL = $13,000 Estimated 28
  • 29. FAFSA College Info and Comparison • College’s website • School type • Tuition and fees • Net price average • Graduation rates • Retention rates • Transfer rates 29
  • 30. Financial Aid 101 Federal Policy Updates 30
  • 31. Federal Aid Update • Pell Grant maintained maximum at $5,550 for 12-13 • EFC to qualify reduced from 5273 in 2011-2012 to 4995 in 2012-2013; • Income to qualify for Automatic Zero EFC reduced to $23,000 from $32,000; • Students can receive Pell for 12 semesters; • Maximum Pell estimated to go to 5,635 for 13-14 in President’s Budget.
  • 32. Federal Aid Update Direct Student Loan Changes • Subsidized Stafford loans for graduate students eliminated for 2012-2013; • Subsidy during grace period eliminated temporarily on new loans between July 1, 2012 and June 30, 2014; • Interest rate on Subsidized Stafford Loan for undergraduates set to increase from 3.4% to 6.8% on July 1, 2013.
  • 33. Financial Aid 101 FSA Resources 33
  • 35. Connect With Us! FACEBOOK TWITTER YOUTUBE Federal Student Aid @FAFSA Federal Student Aid www.twitter.com/FAFSA www.facebook.com/FederalStudentAid www.youtube.com/FederalStudentAid 35
  • 37. Twitter Homepage @FAFSA 37
  • 41. FAFSA Completion by High School www.federalstudentaid.ed.gov/datacenter/fafsahs
  • 42. www.fsa4counselors.ed.gov • FAFSA Materials and Updates • Planning a Financial Aid Night • Links to organizations • Training information • Publication ordering • News items 42
  • 45. FSAIC The Federal Student Aid Information Center (FSAIC) operates a toll- free hotline to provide: o Information about federal student aid programs; o Help completing the FAFSA o Information about the process of determining financial need and awarding aid o For those not eligible, State and/or Institutional Aid may be available 1-800-4-FED-AID (1-800-433-3243) www.StudentAid.gov (new website) www.fafsa.ed.gov www.fsa4counselors.ed.gov Hours: Monday – Friday: 8:00am – Midnight ET Saturday: 9:00am – 6:00pm ET Sunday: Closed 45
  • 46. FAFSA Training- Philadelphia, PA Questions or Comments? Thank you for your participation in FAFSA on the Web Training!!!