Finding Money for CollegeFinancial Aid and the FAFSA

Gary Schindler – Dean of Student Affairs and

Financial Aid Director

Riverland Commuity College

We will talk about:

• Types of Aid Available

• Eligibility Criteria

• FAFSA overview….How to avoid trouble and assure SPEED in the processing of our financial aid.

• START YOUR CONVERSATIONS

What is financial aid?

Money to HELP Pay for College

(Cost of Attendance)

• Grants – Federal and State

• Loans – Federal, State, and Private

• Work-study – Federal, State, and Institutional

• Scholarships – Local, Regional, State, and National

NOTE…#1 source Parent and Student

Who can get federal student aid?

• U.S. citizen or permanent resident• High school graduate/GED holder• Eligible degree/certificate program• Valid Social Security number• Males registered for Selective Service

Key to eligibilityIncome, Assets, Family Size

How much federal student aid can I get?

In general, depends on your financial need (eligibility).

•Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)•EFC comes from what you report on FAFSA•COA is tuition, fees, room and board, transportation, etc.

COA – EFC = Financial Need (Eligibility)

Cost of Attendance

• Two-year public - $5,500• State University - $8,000• University of MN - $14,000

& Private Career• Private College/U - $30,000+

Note – Reciprocity (ND, SD, WI)

How much federal student aid can I get?

For early estimate, use FAFSA4caster:•Go to www.fafsa4caster.ed.gov •Enter some financial information•Get an estimate

How much state, school, and private scholarship money can I get?

Do your research!

•Ask college financial aid offices •High school counselors•Free scholarship search at:

StudentAid.gov/scholarships

Fastweb.com

Minnesota Office of Higher Education

How do I apply for aid?

• Federal student aid: fill out Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov

• College application: contact financial aid offices at schools you are considering

How do I apply for federal student aid?

1. Get a PIN at www.pin.ed.gov.

• Your parent might need a PIN too.• Choose your own PIN or let the site choose one for you.

How do I apply for federal student aid?

2. Gather the documents you need to apply.

• Use FAFSA on the Web Worksheet to prepare your

answers. (Get the Worksheet at StudentAid.gov/resources#worksheet)

• 2013 taxes

• Untaxed income docs, retirement contribution docs, child care related payments/receipts

How do I apply for federal student aid?

3. Fill out your FAFSA at www.fafsa.gov.

• Apply on or after January 1 but as early as possible to meet all deadlines.

FAFSA Tips and Trouble Spots

Page One: •IRS Data Retrieval•Do the PIN•NOTE – state deadlines

Page Two:•Citizenship Status•Selective Service•Dependency

FAFSA Tips and Trouble Spots

Page Three – Parent Page •Biggest Change – Parent Status•Dislocated Worker•Tax filing•Did anyone….receive?•Additional Financials - Subtraction•Untaxed Income – Addition•Assets

FAFSA Tips and Trouble Spots

Page Four – Student Page

•Ditto•Recommendation….file a tax form

Financial Aid – Process Notes

1. FAFSA

(Student e-mail Dept. of Ed)

2. Data to college

3. Verification – 30% of students

(Tracking letters or notices)

4. Award letter

(e-services, outline of awards)

Questions?

Thanks for coming

Contact information:

Gary Schindler

• Phone: (507) 433-0829• E-mail: gary.schindler@riverland.edu