14-15 FA Night
1/4/2014
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Free Application for Federal Student Aid
(FAFSA)
IRS Data Retrieval Tool
Special Circumstances
Cost of Attendance and EFC
Categories, types, and sources of financial
aid
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Collects family’s personal and financial information used
to calculate student’s EFC
 Amount of money a student and his or her family may reasonably
be expected to contribute towards the cost of the student’s
education for an academic year
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Completed each year after January 1st
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Use IRS Data Retrieval to download income information
from your 2013 Federal Tax Return
 However, most W-2s will not be available until the end of January
◦ IRS will not start accepting and processing the Federal Tax
Forms until sometime between January 28 and February 4,
2014.
◦ From what we hear IRS Data Retrieval will be available starting
February 2, 2014
◦ If the student and parent file electronically, IRS Data Retrieval
would be available 2 weeks after they filed
◦ If the student and parent file by paper, IRS Data Retrieval
would be available 6-8 weeks after they filed
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Website:
www.pin.ed.gov
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Sign FAFSA
electronically
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Not required, but
speeds processing
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May be used by
students and parents
throughout aid process,
including subsequent
school years
Definition of Marriage:
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For both students and parents-marriage now
includes a same sex couple who are married
under the authority of a state (or foreign
country) that permits same-sex marriage,
even if the state (or foreign country) in which
they now live does not recognize same-sex
marriage.
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Never Married
Unmarried and both parents living together
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Biological Parents or Same Sex Parents (regardless of state
authority related to marriage) should use this response if
appropriate
Married or Remarried
Divorced or Separated
Widowed
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Biological parents
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Adoptive parents
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Stepparents, if they are married to the
student’s biological or adoptive parent and
the student is included in their household
size
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Foster parents
Legal guardians who have not adopted the
student
Relatives who have not adopted the student
Stepparents who have not adopted the
student and who would be the only person
providing parental information
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While completing FAFSA, student and parent may
submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity
 Need to remember the exact address and spelling of names
on the Federal Tax Return
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If match found, IRS sends real-time results to
applicant in new browser window
Applicant chooses whether or not to transfer data to
FAFSA
Available early February 2014 for 2014–15
processing cycle
Participation is voluntary
Reduces documents requested by financial aid office
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A student or parent who cannot remember the address
used on their 2013 Federal Tax Return.
Marital Status-Unmarried and both parents living
together
A married student or married parents who did not file
joint returns but instead filed separate tax returns
A married student or married parent who files as Head
of Household is not eligible to use the IRS Data Retrieval
tool
◦ This would mean they filed separate tax return
◦ However, a single student or single parent who files as Head of
Household is eligible to use the IRS Data Retrieval tool
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A student or parent(s) who had a change in marital
status after December 31, 2013
The student or parent(s) filed and amended tax return
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Students and parent can start completing their
FAFSA
In order to use the IRS Data Retrieval Tool the
Federal Tax Return has to be completed and
processed by the IRS
◦ However, most W-2s will not be available until the end of
January
◦ IRS will not start processing the Federal Tax Forms until
sometime between January 28 and February 4, 2014.
◦ If the student and parent file electronically, IRS Data
Retrieval would be available 2 weeks after they filed
◦ If the student and parent file by paper, IRS Data Retrieval
would be available 6-8 weeks after they filed
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From what we hear IRS Data Retrieval will be
available starting February 2, 2014
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Confirmation Number
Data Release Number (DRN)
EFC estimate
Pell Grant and Direct Loan estimates
Option for parents to transfer parent’s info to
another application for another child
Option for some states to apply for State
Grant
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CPS notifies student of FAFSA processing results
by:
E-mail notification containing a direct link to student’s
electronic SAR if student’s e-mail was provided on paper
or electronic FAFSA
Paper SAR sent if no student e-mail provided
Student with FSA PIN can view SAR online at
www.fafsa.gov
 Students should review SAR data for accuracy
and correct any errors
 Required to update estimated tax information
when actual figures become available
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Institutional Student Information Record (ISIR)
sent to colleges listed on FAFSA
approximately 10 to 14 days after FAFSA is
submitted
College reviews ISIR
◦ May request additional documentation:
 Verification
 proof of homelessness or ward of the court status
 proof that a sibling is enrolled in college
◦ Will generally not send you an award letter unless
an Admissions Application has been submitted
Students should only correct information that was
reported incorrectly when he or she completed the FAFSA
Corrections to FAFSA data may be made by:
Using FAFSA on the Web (www.fafsa.gov) if student has a
FSA PIN
Updating and mailing paper SAR
Submitting documentation to school’s financial aid office
Corrections required if “estimated income” used for
initial filing
Institutions will call it either Special
Circumstances or Professional Judgment
 Families cannot report special circumstances
on the FAFSA
 Professional judgment exercised after the
family files the FAFSA and completes
verification (if required)
 Professional judgment exercised by the
financial aid administrator
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Dependency Override
Abuse at home
Abandonment by parents
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Parents Refuse to Provide Information
◦ Student only eligible for Unsubsidized Loan
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Income Reduction
Non-Recurring Income
Unusually High Day Care Expenses
Unusually High Medical or Dental Expenses
Each Institution has their own process
 Institutional Forms
 Documentation from third party:
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Teacher
Social worker
Member of clergy
Court
Law enforcement
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www.fafsa.gov
Completing the FAFSA available at:
http://studentaid.ed.gov/fafsa
2014/15 FAFSA on the Web Worksheet:
http://studentaid.ed.gov/sites/default/files/
2014-15-fafsa-worksheet.pdf
Direct Cost + Indirect Cost = COA
Direct costs
Tuition
Fees
Books
Room and Board if On Campus
Indirect costs
Room and Board if Off Campus or With Parent
Transportation
Personal Expenses
COA varies widely from college to college
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www.fafsa4caster.ed.gov
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An index used to calculate eligibility for aid
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Stays the same regardless of college
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Two components
–Parent contribution
–Student contribution
Calculated using FAFSA data and a formula
specified in law
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Direct Costs
School A
School B School C
Tuition
$6,093
$10,368 $11,772
Fees
$1,524
$784.74 $410
Books
$1,100
$2,200
$1,350
Room (On Campus)
$3,060
$4,027
N/A
Meal Plan
$2,885
$4,244
N/A
- Grants
$5,645
$5,645
$5,645
- Scholarships
$1,500
$4,500
$1,500
Net Price (Out of Pocket or Loans?)
$7,517
$11,479 $6,387
Mix of grants and self-help aid
 Future award packages
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Gift Aid
Scholarships
 Money that does not have to be paid back
 Awarded on basis of merit, skill, or unique
characteristic
Grants
 Money that does not have to be paid back
 Usually awarded on the basis of financial need
 Self-Help
Aid
Federal Work Study
Loans
Money students and parents borrow to help pay
college expenses
Repayment usually begins after education is
finished
Only borrow what is really needed
Look at loans as an investment in the future
The Federal Pell Grant Program provides need-based
grants to low-income undergraduate students.
Grant amounts depend on the student’s:
Expected Family Contribution (EFC)
Enrollment status (full or part-time)
Attendance status (full academic year or less)
Pell Grant maximum award per academic year:
$5,645 (2013-2014)
Maximum award may be subject to change pending legislative budgetary
adjustments
*
The Federal Supplemental Educational Opportunity
Grant (FSEOG) Program provides need-based grants
to low-income undergraduate students (campus-based
aid).
Grant recipients must be:
Pell Grant-eligible
Current award amounts are from $100 - $4,000
Not all colleges participate in the FSEOG program
and funds depend on availability at the college
The Teacher Education Assistance for College and
Higher Education Grant Program (TEACH) provides
assistance to students who intend to teach in a
public or private elementary or secondary school
that serves students from low-income families.
Grant recipients must be:
Enrolled in an institution that participates in the TEACH
Grant Program
Enrolled in coursework that is necessary to being a
career in teaching
Able to demonstrate certain academic achievements
The Teach Grant:
 Is not based on financial need
 Is available to both undergraduate and graduate students
 Provides the following maximum award $4,000 (2013-14)
TEACH Grant recipients must sign an ‘Agreement to Serve’
which states that the student will:
 Teach at least four years in a public or private elementary
or secondary school
 Teach full-time in a high-need field
 Teach in a school that serves students from low-income
families
 If the teaching obligation is not completed, the entire
TEACH Grant must be repaid as a Direct Unsubsidized
Stafford Loan
Students whose parent or guardian died as a
result of military service in Iraq or Afghanistan
after September 11, 2001, may be eligible for
additional Title IV aid.
Additional Student Eligibility Requirements:
Less than 24 years old
Enrolled in college at least part-time at the time of
the parent’s or guardian’s death
Provides part-time jobs for undergraduate and graduate
students with financial need, allowing them to earn money
to help pay education expenses (campus-based)
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Eligible employers (On-campus or off-campus
employment)
 Schools
 Federal, state or local public agency
 Private nonprofit organization
 Community service activities
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Students are paid at least federal minimum wage
Not all colleges participate in the Federal Work-study
program and funding depends on availability at the
college
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Your college is the lender
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Payment is owed to the college that made the loan
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Interest charged on this loan is 5%
Funds depend on financial need and availability at the
college
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Undergraduate students – up to $5,500 a year
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Graduate and professional degree students – up to
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$8,000
Not all colleges participate in the Federal Perkins
Loan program
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Subsidized Loans
Government PAYS the borrowers accrued interest
while you are attending college and other eligible
periods
Based on Financial Need
Fee 1.072% on each loan
Interest currently 3.86%
Undergraduate students
Amount: $3,500-$5,500
If do not complete degree within 150% of the
published length of your lose interest subsidy
benefits on all Direct Subsidized loans and only
eligible for Direct Unsubsidized loans
Unsubsidized Loans
The borrowers is responsible for the interest
for the life of the loan
NOT Based on Financial Need
Fee 1.072% on each loan
Interest currently 3.86%
Undergraduate and graduate students qualify
Amount: $5,500-$12,500
PLUS loans originate through the William D. Ford
Federal Direct Loan Program (Direct Loans).
Loan characteristics:
For parents of dependent students; parent is the
borrower and loan cannot be transferred into
student’s name
Borrowers may receive loan amounts up to, but not
exceeding the college’s ‘Cost of Attendance’
Borrower is responsible for all the interest
Borrower must not have a negative credit history
(July 1, 2013 to
June 30, 2014) *
Fee +
Interest Rate
Repayment
Federal Perkins
No Fee
5% Fixed
9 Months after
school
Direct Stafford
Loan
1.072% Fee +
3.86% Fixed*
6 months after
school
Federal Parent
PLUS loan
4.288% +
6.41% Fixed*
May be deferred until
6 months student
drop ½ time or 60
days after loan is
fully disbursed
Additional Info
Subsidized: no
interest charged
while in school
Unsubsidized:
interest accrues while
in school
* Fee & Interest Rates subject to change July 1 each award year
http://sdos.sdbor.edu/
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Limited number of scholarships available
Being designated as a Regents Scholar does not
automatically qualify the student for the South Dakota
Opportunity Scholarship (SDOS).
Amount-$1,000 each year 1st – 3rd, $2,000 4th year
Reminder – To establish initial eligibility, the student
must complete an application form (now available in
electronic format) and submit this to the college he or
she will attend.
Due Date (complete application package):
 Recommended:
 Fall Term-June 1st
 Spring Term-November 1st
 Actual Deadline:
 Fall Term-September 1st
 Spring Term-January 15st
1.
2.
3.
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5.
6.
Be a resident of South Dakota at time of high school graduation.
Have an ACT composite score of 24 or higher before the beginning of post-secondary
education. If using a SAT score, the sum of the verbal and mathematics scores on the
SAT must be at least 1090.
Complete high school course requirements with no final grade below a "C" (2.0 on a 4.0
scale) and a cumulative high school GPA of 3.0 on a 4.0 scale (grade of "B") prior to
graduation (Note: One unit of high school credit equals 1 year of instruction).
If ACT composite score is at least 28 and meets the ACT college readiness benchmarks
scores equaling or exceeding 18 for English, 21 for Reading, 22 for Math, and 24 for
Science, the curriculum requirements specified in section 3 above are not required.
Attend a university, college, or technical school accredited by the Higher Learning
Commission of the North Central Association of Colleges and Schools and that provides
instruction from a campus located in South Dakota.
Enter into the program
1. within 5 years of high school graduation
2. within 1 year of the student's release from active duty military service (if that release
is within 5 years of the date of the student's high school graduation)
3. transfer from a regionally accredited university, college, or technical school located
outside of South Dakota may do so within two years following high school
graduation and be eligible to receive partial award.
http://www.state.sd.us/dakotacorps/default.html
 Limited number of scholarships available
 Graduate from an accredited South Dakota high school with
a Grade Point Average (GPA of) 2.8 or greater on a 4.0
scale.
 Have a composite ACT score of 24 or greater (or the SAT
equivalent).
 Apply for the Dakota Corps Scholarship for a school period
that begins within one year of high school graduation, or
within one year of release from active duty of an active
component of the armed forces.
 Deadline: applications must be postmarked by February 1st
 Amount: Amount equal to tuition and fees for 16
undergraduate credits hours (per fall and spring semester)
at a SD public four-year college or actual tuition and fees
for same time frame and credits whichever is less
Attend a participating South Dakota college as an
undergraduate student in a program that will prepare
the student to work in a critical need occupation.
Note: not all South Dakota colleges participate. See
website for participating colleges.
Be a U.S. citizen or U.S. national.
Agree, in writing, to stay in South Dakota and work in
a critical need occupation after graduation for as
many years as the scholarship was received, plus one
year
 Teacher (HS Math, Science, Career and Technical
Education)
 Teacher (Elementary or Secondary Special Education)
 Accountant/Auditor
 Engineer (Except Mining)
 Information Technology
 Registered Nurse
http://www.sdbor.edu/students/JumpStart.htm
◦ Resident of South Dakota
◦ Student graduates from High School within 3 years or less
from a public high school in South Dakota
◦ No student who enrolls in a high school for all or any part of
a fourth year is eligible for the Jump Start Scholarship
program.
◦ For 2013/14 eligible for $1866.45 for their first year of post
secondary enrollment, distributed equally amount the terms
of the year
◦ Within one year of graduating from high school, excluding
any time served on active duty in the armed forces of the
United States, enroll in a college, university, or technical
school accredited by the North Central Association of
Colleges and Schools that provides instruction from a
campus located in South Dakota
◦ Deadline September 1st
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Complete the Free Application for Federal
Student Aid
Institutionally awarded
Institutions may have their own application
Awarded by institution to those students who
have the highest amount of unmet need on
the campus
$500-$2000 per student
Student must be a South Dakota resident
Maintain Satisfactory Academic Progress
Foundation
 Private nonprofit foundation
 Created when Education Assistance Corporation
affiliated with Great Lakes Higher Ed Corporation
 http://www.sdeducationaccess.org/
Mission
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To expand access to postsecondary education
Programs
Grants to Postsecondary Students
 College Access Advising
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Corporation for National and Community Service
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U.S. Department of Veterans Affairs
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Reserve Officers Training Corps (ROTC)
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Bureau of Indian Affairs (BIA) Grants
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Vocational rehabilitation benefits
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U.S. Department of Health and Human Services
(HHS)
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Foundations, businesses, charitable
organizations, civic organizations, churches,
etc.
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Deadlines and application procedures vary
widely
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Begin researching private aid sources early
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Your College may also have scholarships
available
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Research what is available in community
To what organizations and churches do
student and family belong?
Application process usually occurs during
spring of senior year
Small scholarships add up!
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Companies may have scholarships available
to the children of employees
Companies may have educational benefits for
their employees
Employer-sponsored tuition plans
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Other family resources
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Home equity loans
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Private/alternative loans
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Tuition savings plans (529 plans)
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Always use free searches!
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Other resources available
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Guidelines on when and how to apply
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Applications, essays, videos, etc.
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DO NOT PAY FOR A SCHOLARSHIP SEARCH
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www.fafsa4caster.ed.gov
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http://studentaid.gov/types/grants-scholarships/findingscholarships
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http://www.careerinfonet.org/scholarshipsearch/Scholarship
Category.asp?searchtype=category&nodeid=22
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www.fastweb.com
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http://www.collegescholarships.org/
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http://www.scholarships.com/
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http://www.aie.org/paying-for-college/Financial-aid/How-to-Find-MoreScholarships.cfm