Solving the Financial Aid Puzzle 2012-2013 Presented by Brad Honious, Director of Financial Aid and...

Solving the Financial Aid Puzzle

2012-2013

Presented

by

Brad Honious,

Director of Financial Aid and Veteran’s Services

Applying for Financial Aid – Message to Students

• Meet earliest deadline of colleges in which you are interested

• Complete all questions accurately• Estimate if necessary to meet early

deadlines• Don’t wait until you are admitted to

file the FAFSA• Keep a photocopy of all documents

for your records

Federal GovernmentState GovernmentInstitutional FundsOutside AgenciesChurchesEmployee UnionsEmployers of ParentsFoundations

Where’s The Money?

Types of Financial AidGift Aid Self Help

Pell Grants Subsidized Loans

Supplemental Grants (SEOG) Unsubsidized Loans

State Grants Work Study (Federal or State)

Scholarships (Need & Merit) Parent Loans

Stipends Alternative (Private) Loans

www.fafsa.ed.gov

www.pin.ed.gov

Common Errors

• Social Security Numbers• Divorced/remarried parental information• Income earned by parents/stepparents• Untaxed income• U.S. taxes paid• Real estate and investment income• Household size / number in college

Dependency Questions

• Were you born before January 1, 1988?• As of today are you married? • At the beginning of the 2011-2012 school

year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?

Dependency Questions

• Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?

• Are you a veteran of the U.S. Armed Forces? • Do you have children who will receive more than

half of their support from you between July 1, 2011 and June 30, 2012?

• Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?

Dependency Questions

• At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?

• As determined by a court in your state of legal residence, are you or were you an emancipated minor?

• As determined by a court in your state of legal residence, are you or were you in legal guardianship?

Dependency Questions

• At any time on or after July 1, 2010, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?

• At any time on or after July 1, 2010, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?

• At any time on or after July 1, 2010, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Special Circumstances

If parents refuse to complete FAFSA:• Talk to aid office if situation occurs.• New provision allows student to submit

the FAFSA without parental information.• No aid will be awarded to the student

beyond an UNSUBSIDIZED Loan.

Parent section is not optional if the student wants total aid eligibility!!

IRS Data Retrieval

1040 or 1040A

1040EZ

If Transfer Now is selected, IRS session will end and the applicant will return to FOTW…

Change in Circumstances

• Unemployment of family member or student

• Death of a parent• Change in parents’ marital status• Medical expenses not covered by

insurance • Student cannot obtain parental

information

Significant change in your family Circumstances

Must be prepared to provide documentation of the change in circumstance – See a Financial Aid Office.

Analysis of Need

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

=Need (Per Regulation)

COA- EFC

= Need

ComponentsFixed or Estimated Cost (Check with your

Institution on the Specific Budget) Tuition and Fees Books and supplies Loan Fees Room and Board Personal Expenses Transportation Study Abroad Cost Dependent Care Expenses Disability Related Expenses

Room and Board $ 4,669Transportation $ 2,546

Personal $ 424

Tuition and Fees $ 2,228Books & Supplies $ 1,061

Total $10,928

Sample Cost of Attendance

Analysis of Need

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

=Need (Per Regulation)

$10928- 2000

= $ 8928

Other Things to Do

• Respond– Additional Documents– Verification

• Receive– Check schools procedures

• Remain Eligible– SAP

You must maintain Satisfactory Academic Progress (SAP)- regardless of Receiving Aid or Not!

GuidelinesComplete Successfully 67% of all

attempted credit hoursMaintain a 2.0 GPA (C Average)Not attempted 150% of the length of

your program of studyCheck your School’s SAP Policy

Resources

• www.fafsa.ed.gov• www.floridastudentfinancialaid.org• www.facts.org• www.studentaid.ed.gov • www.finaid.org• www.fastweb.com• www.collegeboard.com• www.valenciacollege.edu/finaid

Resources

• http://fsa4counselors.ed.gov/clcf/counselorsHandbook.html (Counselor’s Handbook)

• FAFSA Demo – currently 2011-12– www.fafsademo.test.ed.gov

• Username: eddemo• Password: fafsatest

OK, I’ll help you out here

Questions & Discussion

Contact Information: Brad Honious, Director of Financial Aid 407-582-1458 bhonious@valenciacollege.edu

Cheryl Ricardo, Assistant Director 407-582-5602 cricardo@valenciacollege.edu