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Solving the Financial Aid Puzzle 2012-2013

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

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Solving the Financial Aid Puzzle 2012-2013

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  1. Solving the Financial Aid Puzzle2012-2013

    Presented by Brad Honious, Director of Financial Aid and Veteran’s Services
  2. 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
  3. Where’s The Money? Federal Government State Government Institutional Funds Outside Agencies Churches Employee Unions Employers of Parents Foundations
  4. Types of Financial Aid
  5. www.fafsa.ed.gov
  6. www.pin.ed.gov
  7. 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
  8. 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.)?
  9. 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?
  10. 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?
  11. 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?
  12. 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!!
  13. IRS Data Retrieval
  14. 1040 or 1040A
  15. 1040EZ
  16. If Transfer Now is selected, IRS session will end and the applicant will return to FOTW…
  17. Significant change in your family Circumstances 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 Must be prepared to provide documentation of the change in circumstance – See a Financial Aid Office.
  18. Analysis of Need Cost of Attendance (COA) (college) - Expected Family Contribution (EFC) =Need (Per Regulation) COA EFC = Need
  19. Components Fixed 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
  20. Sample Cost of Attendance Room and Board $ 4,669 Transportation $ 2,546 Personal $ 424 Tuition and Fees $ 2,228 Books & Supplies $ 1,061 Total $10,928
  21. Analysis of Need Cost of Attendance (COA) (college) - Expected Family Contribution (EFC) =Need (Per Regulation) $10928 2000 = $ 8928
  22. Other Things to Do Respond Additional Documents Verification Receive Check schools procedures Remain Eligible SAP
  23. You must maintain Satisfactory Academic Progress (SAP)- regardless of Receiving Aid or Not! Guidelines Complete Successfully 67% of all attempted credit hours Maintain a 2.0 GPA (C Average) Not attempted 150% of the length of your program of study Check your School’s SAP Policy
  24. 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
  25. 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
  26. OK, I’ll help you out here 
  27. 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
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