College Night

Presentation

Applying for
Financial Aid
for the Academic Year
2015 2016

Financial Aid Contact

Information
Kimberly Clevenger
Financial Aid Assistant Director
University of Northwestern Ohio
financialaid@unoh.edu
419-998-8890
There is in this world no such force as the force of a man
determined to rise. The human soul cannot be permanently
chained.
-W.E.B. DuBois (founder NAACP)

Topics Covered During This

Presentation
What is financial aid
Free Application for Federal
Student Aid (FAFSA)
Expected Family Contribution
(EFC)
Categories, types, and sources of
financial aid
3

General Student Eligibility Criteria

Must be enrolled or accepted for enrollment in
eligible program of study
Must be pursuing degree, certificate, or other
recognized credential
Must be U.S. citizen or eligible non-citizen
Must be registered with Selective Service (if
male and required)
May not have eligibility suspended or
terminated due to drug-related conviction
Must have a valid Social Security Number (SSN)

Financial Aid
One source of money for postsecondary
expenses
Pays direct educational costs and living
expenses
Pays for education or training
Varies widely from college
to college

Basic Steps First Time Filers

Apply for Admission
Apply for PIN (Personal Identification
Number)

Complete & Transmit the FAFSA

after January 1 of High School
Senior Year
Review your Student Aid Report
(SAR)

Financial Aid Application Process

Student

Free Application for Federal Student Aid

(Start Here)

(FAFSA)

Student Aid Report

(SAR)

Financial Aid
Award
Financial Information for Pell Grant & Acknowledgement

Need Analysis
Service

Review Data
Prepare Award

(Dept. of Education)

Electronic Transmission

College

PIN Registration
Federal Student Aid
Personal Identification
Number

(FSA PIN)
Web site:
www.pin.ed.gov
Can request FSA PIN
before January 1, 2015
Not required, but speeds
processing
May be used by students

Free Application for Federal

Student Aid (FAFSA)

Familys personal and financial

information required to perform need
analysis is collected on FAFSA

File FAFSA:
Electronic version FAFSA
www.fafsa.gov
FAFSA on the Web (FOTW)

FAFSA on the Web

Web site: www.fafsa.gov

201516 FAFSA on the Web available on
January 1, 2015
FAFSA on the Web Worksheet:
- Used as pre-application worksheet

FAFSA on the Web Worksheet

2014-2015

201516 FAFSA on the Web Worksheet

4-page booklet containing:
Instructions
22 questions in 4 sections

FOTW Signatures
Required
Student
One parent (dependent students)

Format
Electronic using PIN
Signature page

12

2015-2016 FOTW Confirmation

Page

FAFSA on the Webs Homepage

14

7 Easy Steps to the FAFSA

Go to this web site to get

instructions at home:
http://www.youtube.com/UCSBFinaid

IRS Data Retrieval Tool

While completing FOTW, applicant may
submit real-time request to IRS for tax data
IRS will authenticate taxpayers identity
If match found, IRS sends real-time results to
applicant in new window
Applicant chooses whether or not to transfer
data to FOTW

IRS Data Retrieval Tool

Available early February, 2015 for the 2015
2016 processing cycle
Participation is voluntary
Could reduce documents requested by
financial aid office
IRS Data Retrival Tool Website:

http://www.youtube.com/UCSBFinaid

FAFSA Correction Information

If necessary, corrections to FAFSA data
may be made:
~ Using FOTW (www.fafsa.gov) if
student has a PIN;
~ IRS Retrival; or
~ Submitting documentation to
colleges financial aid office

Principles of Need Analysis

To the extent they are able, parents have
primary responsibility to pay for their
dependent childrens education
Students have a responsibility to contribute to
their educational costs
Families should be evaluated in their present
financial condition
A familys estimated ability to pay for
educational costs must be evaluated in an
equitable and consistent manner, recognizing
that special circumstances may affect a
familys ability to pay

Definition of Need
Cost of Attendance (COA)
Expected Family Contribution
(EFC)
= Financial Need

Need Varies Based on Cost

Higher Cost
institution
Cost of
Attendance
- EFC
= Need/Eligibility

Mid Cost
Institution

Lower Cost
Institution

$40,000

$25,000

$13,000

$8,000

$8,000

$8,000

$32,000

$17,000

$5,000

The Federal EFC is the same at each institution

Cost of
Attendance
(Variable)

Expected Federal
Contribution
(Constant)

Need

(Variable)

Cost of Attendance
includes:

Tuition and fees

Room and board
Books and supplies
Equipment, transportation, and
miscellaneous personal expenses
Loan fees
Study abroad costs
Expenses for cooperative education
program

Expected Family Contribution

for Dependent Student
PARENTS:

1. Determine available parent income:

Total income (taxable and untaxed)
Excludable income (e.g., child support paid)
Taxes (i.e., federal, state, local, Social Security)
Income protection allowance for basic living
expenses (e.g., food, shelter, etc.)
Employment allowance (if eligible)
= Parents Available Income

EFC for
Dependent Student

(contd)

2. Determine available parental assets:

Value of cash, savings, checking account
+ Adjusted business/farm net worth (total value
minus debt against business/farm if required to be reported )

+ Investment/real estate net worth (excluding

home)

Education savings and asset protection allowance

(amount determined by age of older parent)
x Asset conversion rate (12%)
= Parents contribution from assets

Expected Family Contribution

for Dependent Student
+ Contribution from income
+ Contribution from assets
= Total parental contribution
Number attending college

(excluding

parents)

= Parental contribution for student

EFC for
Dependent Student

(contd)
(contd

STUDENTS:
4. Determine student contribution:
Total income (i.e., taxable and untaxed)
Taxes (federal, state, local, Social Security)
Income protection allowance of $6,260
x 50% assessment rate
= Income contribution from student
+ 20% of the students assets
= Students contribution

Expected Family Contribution

for Dependent Student
Parental contribution from
income and assets
(as adjusted, if more than one household
member in college)
+ Student contribution from available income
and assets
= EFC

What is Financial Aid?

Scholarships
Grants
Loans
Employment Opportunities

Types of Need-Based Aid

Gift Aid do

Grants or scholarships that

not have to be repaid

Self-help aid

Loans - borrowed money to be repaid

with interest

Work - money earned as payment

for a job

Gift Aid (Non-repayable)

Grants & Scholarships
Federal
Federal Pell Grant
Federal SEOG Grant

State (Ohio)
Ohio College Opportunity
Grant
Ohio War Orphans

Institutional
Need-based Grants
Scholarships
Academic
Athletic
Talent
Performance

Private

Federal Pell Grant

Program
Awarded to eligible undergraduates
pursuing first baccalaureate degree
Maximum is $5,730 for 2014-2015 (9
months)
Requires academic progression
EFC Range is 00000 - 05157

Federal Supplemental
Educational Opportunity Grant
(FSEOG)
Eligible students
Funds must be available to award
Awarded first to students with exceptional
financial need
Priority to Federal Pell Grant recipients

Annual award amounts

$100 minimum up to $4,000 maximum

Ohio College Opportunity

Grant
Must be an Ohio resident - 12 months
preceding the start of the academic year
Must attend an Ohio college
Maximum is $2568 at private non-profit; $1048
at public main campus and $744 at proprietary
colleges for 2014-2015
EFC of 02190 or lower will qualify
Adjusted gross income under $75,000
Maximum eligibility = 15 quarters / 10
semesters
FAFSA is the application
Students at regional & community
colleges, are not eligible.

Institutional Scholarships
and Grants
Need-based Grants - awarded subject
to having financial need (FAFSA)

Scholarships
Academic - requires a good GPA
and good ACT/SAT
Athletic - requires exceptional
athletic ability & participation
Talent/Performance - requires
talent in music or performance

Local / Private
Grants & Scholarships
Local/Private funds can be applied for :

High School Guidance Office

Parents employer
Organizations parents are members of
Scholarship search books in the library
Web sites:
www.fastweb.com
www.collegequest.com
www.collegenet.com

Do Not Pay a Fee !!

Self-Help Aid
Loans
Federal Perkins Loans
Health Professions
Loans Federal Direct Student
Loans
Subsidized
Unsubsidized

PLUS Loans (Parents)

Alternative Private
Loans

Employment
FWS
Federal
Institutional

Federal Perkins L

an

Priority to exceptional need students

Funds must be available to award
Annual and aggregate loan limits:
$5,500 annually for undergraduates
$11,000 until first 2 years successfully completed
$27,500 aggregate for baccalaureate

Interest rate: 5%
Nine month grace period - after graduation or
withdrawal
Deferment and cancellation provisions
available
FAFSA is the application

Health Professions Student Loan

Program (HPSL)
Accepted in Medical Field
Priority to exceptional need students
Funds must be available to award
Annual loan limits up to tuition +
$2,500
Interest rate: 5%
Twelve-month grace period - after
graduation or withdrawal
FAFSA is the application

Federal Direct Student Loan

(Subsidized and Unsubsidized)
FAFSA is the application
Annual Loan Limits
$3,500 (Subsidized/Unsubsidized)+ $2,000 (Unsubsidized)1st year
$4,500 (Subsidized/Unsubsidized)+ $2,000 (Unsubsidized)2nd year
$5,500 (Subsidized/Unsubsidized)+ $2,000 (Unsubsidized)each remaining year of undergraduate study

Costs of Borrowing
Federal Stafford Loan
Subsidized: Must demonstrate need
Unsubsidized: Need - not a factor
Annual fixed interest rate 4.66% (adjusted
annually not to exceed 8.25%)
Up to 1.5% Federal Government processing
fee
Delayed repayment and
deferment provisions

Federal PLUS Loan

Borrowers - parents or step-parents of
dependent undergraduate students
Loan limits
Annual limit: cost of attendance less other aid
Aggregate limit: none

Annual fixed interest rate 7.21%

(Adjusted annually not to exceed 10.50%)
Up to 3% origination fee and 1% default fee
Repayment begins 60 days after the last
disbursement for the loan period, but
payments may be deferred while the
student is in school.

Alternative/Private Loan
- Borrower - the student & a credit-worthy co-signer
- Loan Limits
- annual limit - cost of attendance less other aid
- aggregate limit - $100,000 (without a cosigner)
- Interest rate is variable or fixed based on credit score
(Variable LIBOR + percentage ranging from 2.25% to 9.37%)
(Fixed interest rates from 5.74% - 11.85%)

- Origination fee is as low as 0%

- Repayment begins 6 months after graduation or
leaving school
- Satisfactory credit history is a requirement
- Co-borrower release option after 24 consecutive
payments with no derogatory credit

Federal Work-Study
Undergraduate students are eligible
Employment can be on or off campus
Current wage rate = minimum wage
Funds must be earned - generally not
deducted from the bill
FAFSA is the application

Thank you !
Guidance Office
Office
Guidance
Staff
Staff

Question Time