Counselor Update 2018 Webinar
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Learn about: Early FAFSA timeline Types of financial aid Financial aid process and formulas Tracking your students’ FAFSA completions EducationQuest updates
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Counselor Update 2018 Webinar
- 1. COUNSELOR UPDATE What you need to know about FINANCIAL AID
- 2. Types of financial aid Financial aid process FAFSA has a new look EducationQuest updates 4 THINGS YOU NEED TO KNOW 1. 2. 3. 4.
- 3. Loans* Scholarships Work-Study* Grants* *Based on FAFSA results Types of financial aid
- 4. Common scholarship 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
- 5. Scholarship tips for students ■ Focus on college-based and local ■ Review ScholarshipQuest and national sites ■ Begin research in 10th/11th grade ■ Use College Funding Estimator to determine EFC ■ Provide Activities Resume for letters of recommendation
- 6. Scavenger Hunt Scholarship • For students in grades 9-12 • They complete a ScholarshipQuest profile to find the scholarship ‒ Deadlines to apply are Jan. 15 and March 31 • Two $500 scholarships awarded EducationQuest SCHOLARSHIPS Financial Aid Program Scholarship • Juniors & seniors register at a Financial Aid Program ‒ Parents/guardians may register for their student • Six $500 scholarships awarded in December
- 7. EducationQuest SCHOLARSHIPS Get Social Scholarship • For students in grades 9-12 who follow us on Facebook, Twitter & Instagram ‒ Parents of 9th-12th graders may also apply • Enter to win a $500 scholarship each time we hit another 500 followers Winners of these scholarships must have/create a NEST 529 College Savings Account to receive funds.
- 8. 2017-18 Winners! Scavenger Hunt Scholarship Financial Aid Program Scholarship Get Social Scholarship Skyler Gubbels, Norfolk High School Adyson Otte, Ravenna High School Tristian Peter, Lourdes Central High School Shailece Porter, UmónHon Nation Public School Katelyn Schneider, Nebraska City High School Kiarha Yepez-Meza, Gibbon High School Grant Holst, Elkhorn South High School Lydia Mike, Millard West High School Katrina Thomassen, Weeping Water High School Jasmine Xochiwua, Boys Town High School A second recipient wished to remain anonymous
- 9. Susan Thompson Buffett SCHOLARSHIP • Financial need (EFC < $10,000) • 2.5 GPA on 4.0 scale • Attend a public 2- or 4-year college in Nebraska ELIGIBILITY IMPORTANT DATES • November 1: Application opens (online) • February 1: Application deadline (5 p.m. CT) • Up to $5,000 per semester AMOUNT BuffettScholarships.org
- 10. Susan Thompson Buffett SCHOLARSHIP Learn more during an EducationQuest Webinar November 7th at 10 a.m. CT. Watch for an invitation from EducationQuest
- 11. TUITION ASSISTANCE Programs All University of Nebraska campuses collegeboundnebraska.com Chadron, Peru, Wayne State Colleges nscs.edu/nscs-advantage.htm Nebraska Wesleyan University nebrwesleyan.edu/scholarships- and-financial-aid
- 12. Federal – Pell Grant ($652-$6,095) – Supplemental Educational Opportunity Grant State – Nebraska State Opportunity Grant College-based GRANTS Based on financial need; you don’t repay them
- 13. WORK-STUDY • Based on financial need • Part-time job, typically on campus • Earn as you work
- 14. DIRECT LOAN for students How much can they borrow? 1st year - $5,500 2nd year - $6,500 3rd year - $7,500 4th year - $7,500 Interest rate? 5.045% (changes annually) Who pays the interest? Subsidized – Government pays while student’s in school Unsubsidized – Student pays
- 15. DIRECT PLUS LOAN for parents How much can they borrow? Determined by the college When does repayment begin? 60 days after loan is disbursed What’s the interest rate? 7.595% (changes annually)
- 16. Financial aid PROCESS FSA ID & FAFSA Processor StudentCollege SAR Award Letter Verification
- 17. WHO is included in the process? • Dependent students and their parents ‒ Which parent is included? • Married - both • Divorced or separated - custodial parent where student lives the most • Divorced w/ equal custody - parent who provides the most financial support • Remarried - custodial parent & step-parent • Unmarried legal parents living together - both
- 18. Create an FSA ID • Student and parent must each create one! • Username and password • They’ll need them for: ‒ The FAFSA ‒ IRS Data Retrieval ‒ Student/PLUS loans fsaid.ed.gov Yes, Dad…we BOTH need an FSA ID.
- 19. FSAID.ED.GOV
- 20. FSAID.ED.GOV
- 21. FSAID.ED.GOV
- 22. About the 2019-20 FAFSA • Apply on or after October 1 ‒ Renew each year • Use 2017 tax information • Include assets fafsa.gov
- 23. About the 2019-20 FAFSA New design
- 24. myStudentAid – mobile app • Mobile-friendly FAFSA • myFAFSA component (complete FAFSA) • Must have FSA ID
- 25. STUDENT AID REPORT (SAR) Provides: • Expected Family Contribution • Verification notification • Pell Grant/loan eligibility Financial information is masked when using IRS Data Retrieval.
- 26. Verification • College randomly selects approx. 1/3 of students – Requested via online student portal, email, or mail… students must check them often! • Colleges will NOT award financial aid until student submits required documents • May also need to provide: – IRS tax transcript – W2s – Court filing for proof of state ward/guardianship – Death certificate
- 27. How colleges award financial aid Cost of Education • Tuition & Fees • Books & Supplies • Room & Board • Personal & Transportation Expected Family Contribution (FAFSA Results) Factors include: • Parent Income/Assets • Student Income/Assets • Parents’ Age • Number in Household • Number in College Financial Need Amount the college will try to award you in financial aid.
- 28. Financial Aid Award Notification • College sends notification to student ‒ Via online student portal, email, or mail • Provides types and amounts of aid to be awarded • Student should respond by deadline
- 29. Sample AWARD LETTER Fall Spring Total Accept Decline Scholarships: Institutional $1,500 $1,500 $3,000 ______ _____ Grants: Institutional $650 $650 $1,300 ______ _____ Work-Study: $1,250 $1,250 $2,500 ______ _____ Loans: Direct Subsidized Loan Direct Unsubsidized Loan $1,750 $1,000 $1,750 $1,000 $3,500 $2,000 ______ ______ _____ _____ Total Aid: $12,300 Unmet Need: $ 9,600 Tuition & Fees: $ 7,800 Books & Supplies: $ 1,100 4-year PUBLIC college Room & Board: $ 9,500 Personal & Transportation: $ 3,500 Total Cost: $21,900 Criteria: 25 ACT 3.75 GPA Top ¼ class rank $10,800 EFC
- 30. Income and Assets OH MY…
- 31. What assets must be included? Checking Savings Stocks Bonds CDs Mutual Funds Rental Property 2nd Residence College Savings Plans
- 32. *Qualified Retirement Accounts *Primary Residence What assets are EXCLUDED?
- 33. What if family owns a BUSINESS? EXCLUDE value if: – Ownership is 50% or more – Have less than 100 employees – Actively participate in operation of the business
- 34. EXCLUDE value if: – Family lives on and operates the farm – It’s main source of family income INCLUDE value if: – Rent is received for farm ground or pasture – Student’s parent is part of a family farm partnership or corporation – Parents do not participate in running the farm What if family owns a FARM?
- 35. INCOME impact on EFC – family of 4 Family A Family B Family C Income $50,000 $100,000 $150,000 $50,000 $50,000 $50,000 EFC $3,120 $18,611 $33,498 Assets
- 36. ASSET impact on EFC – family of 4 Family A Family B Family C Income $50,000 $50,000 $50,000 $0 $75,000 $100,000 EFC $2,251 $3,798 $4,551 Assets
- 38. • Activities Resume • College Funding Estimator • College Planning Timeline • College Profiles • FAFSA Tools • Reality Check • ScholarshipQuest • Spanish Resources Blog Upcoming Events other Website resources
- 39. One convenient location to find resources for: Find it under “Professionals” at EducationQuest.org
- 40. • Official 2018 campaign dates: October 1-31 • All high schools encouraged to participate 138 schools registered thus far! • See “Professionals” at EducationQuest.org for details
- 41. • REGISTER with the Coordinating Commission • Track your students’ FAFSA completions • CCPE will run weekly reports beginning in October – Shows students’ FAFSA status (started, submitted, missing signature, completed, etc.) • Watch Counselor Bulletins, listserv for details
- 42. What’s new for students? EducationQuest EducationQuest App! Provides easy access to: • Activities Resume • College Profiles • College Timeline • FAFSA Tools • Reality Check • ScholarshipQuest There’s also a College Planning Calendar that students can personalize with their own tasks.
- 43. Follow us!
Editor's Notes
- General Notes: Introduce yourself – if not already done Explain that EQF is a nonprofit organization that helps with college planning and financial aid Provide a quick overview of the CP Handbook – point out the Getting Started, Finding a College, and Nebraska Colleges sections – focus will be on the Paying for College section
- Use this slide if video won’t work
- At an FAP, refer them to the FAP Scholarship handout For other two scholarships, refer to website for details.
- At an FAP, refer them to the FAP Scholarship handout For other two scholarships, refer to website for details.
- Refer to the loan chart on page 10. Interest rate is for undergrad.
- Refer to the loan chart of page 10.
- See bottom of page 10 for criteria that would make a student independent.
- Apparently answers are not case sensitive any more. Maybe point out some of the “better” choices for challenge questions/answers (ex: something that will never change, answers that are one word).
- Apparently answers are not case sensitive any more. Maybe point out some of the “better” choices for challenge questions/answers (ex: something that will never change, answers that are one word).
- Apparently answers are not case sensitive any more. Maybe point out some of the “better” choices for challenge questions/answers (ex: something that will never change, answers that are one word).
- Assets include Checking Savings Stocks and Bonds CDs and Mutual Funds Rental property 2nd residence College Savings Plan
- Assets include Checking Savings Stocks and Bonds CDs and Mutual Funds Rental property 2nd residence College Savings Plan
- College sends verification form via mail, email, or college-based student account
- Show Pell-eligible award letter from public college
- This webpage has links to resources and promotional materials that counselors can use for A2C, FSA ID, FAFSA, and College Signing Day. It also includes details about the FAFSA Completion Initiative.
- Even if you don’t hold an event, you may use the free resources including a College Application Checklist.
- Research suggests that 90% of students who complete a FAFSA enroll in college within 12 months of filing it