FINANCIAL AID NIGHT
PRESENTATION
Youngstown State University
Office of Financial Aid and Scholarships
Topics We Will Discuss Tonight
What is financial aid?
Cost of attendance (COA)
Expected Family Contribution (EFC)
What is financial need?
Categories, types, and sources of financial
aid
• Free Application for Federal Student Aid
(FAFSA)
• Special circumstances
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What is Financial Aid?
• Financial aid consists of funds provided to
students and families to help pay for
postsecondary educational expenses.
What is Cost of Attendance (COA)?
Direct costs + Indirect costs = COA
Costs include
• Tuition and fees
• Room and board
• Transportation
• Miscellaneous personal expenses
• Expenses related to a disability
• Dependent care expenses
*Remember! Costs vary widely from school to school.
What is Expected Family Contribution?
• Amount family can reasonably be expected to
contribute based on a formula passed by
congress
• Stays the same regardless of college
• Calculated using data from a federal
application form and a federal formula
• Two components
Parent contribution
 Student contribution

What is Financial Need?
Cost of Attendance
- Expected Family Contribution
= Financial Need
Categories of Financial Aid
• Need-based
• Non need-based
Types of Financial Aid
• Scholarships
• Grants
• Loans
• Employment
Gift Aid
Self-Help Options
Scholarships
• Money that does not have to be paid back
• Awarded on the basis of merit, skill, or
unique characteristic
YSU Scholarships for Excellence
• First Opportunity $1000.00 (3.0 GPA, 20 ACT* or 900 SAT**)
• Red and White $2000.00 (3.0 GPA, 22 ACT* or 1030 SAT**)
• Deans’ $3000.00 (Upper 15% of class, 25 ACT or 1140 SAT)
• President’s $4000.00 (Upper 10% of class, 27 ACT or 1220 SAT)
• Trustees’ $5000.00 (High School Valedictorian)
• University Scholars (Full cost scholarship, separate application
required, early deadlines)
*ACT use Composite Score
**SAT use combined Math and Verbal Score
www.ysu.edu/finaid
Scholarship Info
Online Tools
Grants
• Money that does not have to be paid back
• Usually awarded on the basis of financial need
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
Federal College Work Study
• Allows student to earn money to help pay
educational costs
• Federal Work-Study is need-based employment on
a part-time, hourly basis
• Rate of pay for such jobs is regulated by the federal
minimum wage law
• To qualify for Federal Work-Study, you must be
enrolled, be in good academic standing, and have a
demonstrated financial need.
• Early deadlines. Must complete the FAFSA
Sources of Financial Aid
• Federal government
• States
• Colleges and universities
• Private sources
• Civic organizations and churches
• Employers
Federal Government
• Largest source of financial aid
• Aid awarded primarily on the basis of financial
need
• Must apply every year using the Free Application
for Federal Student Aid (FAFSA)
Common Federal Aid Programs
• Federal Pell Grant
• Federal Supplemental Educational Opportunity
Grant
• Federal Perkins Loan
• Federal Work-Study
• Subsidized and Unsubsidized Federal Student
Loans (Direct Loans)
• PLUS Loans
States
• Residency requirements
• Award aid on the basis of both merit and need
• Use information from the FAFSA
• Deadlines vary by state (check FAFSA on the Web)
Ohio College Opportunity Grant
• State of Ohio need-based grant (OCOG)
• 2013-2014 maximum awards (full-time enrollment)
• $920 for students at most public university main campuses
• $2080 for students at private, non-profit schools
• $664 for students at private, for-profit schools
• Students are limited to 10 semesters or 15 quarters
of state, need-based grant aid (including combination
of OCOG and OIG)
Colleges and Universities
• Award aid on the basis of both merit and need
• Aid may be gift aid or self-help aid
• Use information from the FAFSA and/or
institutional applications
• Deadlines and application requirements vary by
institution
• Check with each college or university
Private Sources
• Foundations, businesses, charitable organizations
• Deadlines and application procedures vary widely
• Begin researching private aid sources early
Civic Organizations and Churches
• Research what is available in your community
• To what organizations and churches does student
and family belong?
• Application process usually occurs during spring of
senior year
• Small scholarships add up!
Employers
• Companies may have scholarships available to the
children of employees
• Companies may have educational benefits for their
employees
Free Application for Federal
Student Aid (FAFSA)
• A standard form that collects demographic and
financial information about the student and family
• May be filed electronically or using paper form
(Available in English and Spanish)
FAFSA
• Information used to calculate the Expected Family
Contribution or EFC
-The 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
• Colleges use EFC to award financial aid!!!
FAFSA
• May be filed at any time during an academic year,
but no earlier than the January 1st prior to the
academic year for which the student requests aid
• For the 2014-15 academic year, the FAFSA may be
filed beginning January 1, 2014
• Most colleges set FAFSA filing deadlines
YSU’s Priority Filing Date is Feb. 15th
Federal Student Aid Personal
Identification Number (FSA PIN)
• Web site:
• www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before
January 1, 2014
• Not required, but speeds
processing
• May be used by students
and parents throughout aid
process, including
subsequent school years
FAFSA on the Web
• Web site: www.fafsa.gov
• 2014-15 FAFSA on the Web available on January 1,2014
• FAFSA on the Web Worksheet:
• Used as “pre-application” worksheet
• Questions follow order of FAFSA on the Web
FAFSA on the Web
• Good reasons to file electronically:
• Internal Revenue Service (IRS) data retrieval tool
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip unnecessary
questions
• More timely submission of original application and any necessary
corrections
• More detailed instructions and “help” for common questions
• Ability to check application status online
• Simplified application process in the future
IRS Data Retrieval Tool
• While completing FOTW, applicant may submit
real-time requests to IRS for tax data
• IRS will authenticate taxpayer’s identity
• If match found, IRS sends real-time results to
applicant in a new browser window
• Applicant chooses whether or not to transfer data
to FOTW
IRS Data Retrieval Tool
• Available early February 2014 for 2014-2015
processing cycle
• Participation is strongly encouraged!
• Could greatly reduce documents requested by
financial aid office
IRS Data Retrieval Tool
• Some will be unable to use IRS DRT
• Examples include:
• Filed an amended tax return
• No SSN was entered
• Student or parent married but filed separately
Importance of Early Tax Return
Submission
• Especially if you are looking to compare financial
aid award packages from various schools before
determining what college to attend.
• Early filing could greatly reduce processing time in
case student’s fafsa is selected for verification.
• If selected for verification schools can no longer
accept a copy of the federal tax return. Schools
will need a copy of the Tax Return Transcript
from the IRS.
Federal Verification
• Verification is a process used to check the accuracy of the
information that a student has given when applying for
federal financial aid.
• Verification is used to ensure that the student is providing
accurate information about their need for financial aid, since
inaccurate information may result in the student receiving
less (or more) money than he/she should.
• Students selected for verification are notified on the Student
Aid Report (SAR) or by the Financial Aid office.
Even if the student is not selected by the government for
review the school can request additional documentation
to verify the accuracy of the FAFSA
Federal Verification
• Students will be instructed to send in specific
materials to verify their status, income, asset
information or other relevant documentation.
• Until all verification requirements are completed no
federal funds will be disbursed to the student.
Helpful Tip!
Secure copies of all personal and financial records
(including but not limited to) IRS Tax Return Transcripts,
untaxed statements, bank records, and marital
documentation
Making Corrections
• If necessary, corrections to FAFSA data may be
made by:
• Using FAFSA on the Web www.fafsa.ed.gov if student has a
PIN
• Updating paper SAR (SAR Information Acknowledgement
cannot be used to make corrections)
• Submitting documentation to college’s financial aid office
FAFSA on the Web Worksheet
• 2014-15 FAFSA on the
Web Worksheet is a 4page booklet containing
• Instructions
• 4 sections
• Student Information
• Student Dependency
Status
• Parent Financial Info
• Student Financial Info
FOTW Worksheet: Section 1
FOTW Worksheet: Section 1
FOTW Worksheet: Section 2
FOTW Worksheet: Section 3
FOTW Worksheet: Section 3
FOTW Worksheet: Section 3
FOTW Worksheet: Section 4
FOTW Worksheet: Section 4
Additional Information
• College and housing information
Signatures
• Required
• Student
• One parent (dependent students)
• Format
• Electronic using PIN
• Signature page
• Paper FAFSA
Frequent FAFSA Errors
• Social Security Numbers
• Divorced/remarried parental information
• Income earned by parent/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth
FAFSA Processing Results
Central Processing System (CPS) notifies student of
FAFSA processing results by:
• Paper Student Aid Report (SAR) if paper FAFSA was filed
and student’s e-mail address was not provided
• SAR Acknowledgement if filed FAFSA on the Web and
student’s e-mail address was not provided
• E-mail notification containing a direct link to student’s
online SAR if student’s email was provided on paper or
electronic FAFSA
Student with PIN may view SAR online at www.fafsa.gov
FAFSA Processing Results
• Institutional Student Information Record (ISIR)
sent to colleges listed on FAFSA approximately 10
to 14 days after FAFSA submitted
• College reviews ISIR
• May request additional documentation, such as copies of federal tax
return transcripts
Student Aid Report
• Review data for accuracy and correct any errors
• Update estimated information when actual figures
become available
Special Circumstances
• Situations that cannot be reported on FAFSA
• Change in employment status
• Medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parent information
• Special Circumstances must be done through a
scheduled appointment with a financial aid
counselor.
• Verification must be completed prior to filing a
special circumstance
Special Circumstances
• College reviews special circumstances
• Request additional documentation if necessary
Decisions are final and cannot be appealed to the U.S.
Department of Education
Questions????
Office Information
Counselor Appointments
Walk-in Hours
Available Monday through Friday
Call 330-941-3506 to schedule
Monday through Friday
10:00am to 12:00pm and 2:00pm to
4:00pm
Main Line 330-941-3505
Mailing Address
Fax Number 330-941-1659
Youngstown State University
Office Website www.ysu.edu/finaid Office of Financial Aid and Scholarships
One University Plaza
Office Email ysufinaid@ysu.edu
Youngstown, OH 44555
Building: Meshel Hall (Room 203)
Federal School Code: 003145