Student Financial Aid Workshops

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Student Financial Aid
Kent State University
103 Schwartz Center
www.kent.edu/financialaid
330-672-2972
Overview
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Philosophy
Application Process
Types of Financial Aid
Determination of Financial Need
Examples of Awarding
Upcoming events
Philosophy of Financial Aid
• Financial aid is available to all families
regardless of family income or college
cost.
• It is the primary responsibility of the
family to pay the educational costs to
the extent that they are able.
Application Process
• Apply
• Both parent
and student
• Does not need
to be renewed
www.pin.ed.gov
Application Process
www.FAFSA.gov
Application Process
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The 2013-2014 FAFSA will use 2012 W2 and federal tax information
•
You do not need a completed tax return in order to complete the FAFSA
•
Submit the Free Application for Federal Student Aid (FAFSA) as soon
after January 1st as possible
•
Complete FAFSA every year
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Priority deadline for Kent State University is March 1 to ensure maximum
consideration for institutional aid
FAFSA on the Web Worksheet
• The FAFSA on the Web
Worksheet presents the
questions in the same
order as they are
presented within FAFSA
on the Web
• 4 sections of questions
Avoid Errors!!
• Read instructions and complete all
forms carefully
• Errors on the FAFSA or supplemental
forms may DELAY application
processing and result in LOSS of
financial aid funds
Section 2 –
Student Dependency Status
Section 3 –
Parent Information
Section 3 –
Parent Information (Income)
Section 3 –
Parent Information
529 College Savings Plans
and Prepaid Tuition Plans
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Treated same as
mutual funds,
CD’s and other
investments
If the student is
dependent (for
financial aid
purposes) the 529
Plan is a parent
asset
Section 4 –
Student Income Information
Reminder….
FAFSA on the Web
Worksheet is a guide to
completing the FAFSA online
Frequent FAFSA errors
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Divorced/remarried parental information
Income earned by parents / stepparents
Untaxed income
US income taxes paid
Household size
Social Security numbers / dates of birth
Number of household members in college
Real estate and investment net worth
Application Process
Avoid being charged a fee to file the FAFSA!
• Completing and processing the FAFSA is FREE!
• If filing FAFSA on the Web, make sure you go
directly to www.FAFSA.gov
• Contact the financial aid office if you need help
completing the FAFSA
FAFSA filing
• www.FAFSA.gov
• FAFSA submitted
online
• 2-3 weeks
processing time until
awarding
FAFSA filing
Student receives
eSAR
Student Aid Report
Summarizes the information you
submitted on your 2013-2014
FAFSA
•Gives you the application status
•Expected Family Contribution
(EFC)
•Emailed to student
NOTE: A paper SAR is mailed
only to students without email or
DOB, SS # or FIRST and LAST
name errors
FAFSA filing
Student receives
eSAR
Colleges receive
electric version of
SAR
Awarding Process
KSU
College
receives
electronic
version of
SAR
College runs
information
through the
awarding
program
College mails
out the initial
award letter
Types of Financial Aid
• Gift Aid
– Grants
– Scholarships
• Self Help Aid
– Loans
– Work
Types of Financial Aid
Gift Aid: Grants
Pell Grant
• Awarded to undergraduate students pursuing first
bachelor’s degree
• EFC between 0 - 4995
• Award amount based on EFC and enrollment status
• Maximum award $5,550*
*Amounts based on 2012-2013
Types of Financial Aid
Gift Aid: Grants
Federal Supplemental Educational
Opportunity Grant (FSEOG)
• EFC = 0
• Limited funding
• Award amount $ 600 - $2000*
*Amounts based on 2012-2013
Types of Financial Aid
Gift Aid: Grants
Teacher Education Assistance for College and
Higher Education Grant Program (TEACH)
• Must agree to teach in high-need subject in designated
schools that serve low-income students.
• Must meet academic qualifications. (GPA or test scores)
• Grant converts to unsubsidized loan if teaching
obligation is not complete
• Up to maximum of $4,000 per year
Types of Financial Aid
Gift Aid: Grants
Ohio College Opportunity Grant
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Eligibility based on EFC
Award amount based on enrollment status
Award amount $214-$856*
Kent campus enrollment
*Amounts based on 2012-2013
Types of Financial Aid
Gift Aid: Scholarships
Start Searching EARLY!
Timing is Everything!
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Business and Industry
Faith Based Organizations
Parents’ Employment
Local Library Resources
Types of Financial Aid
Gift Aid: Scholarships
KSU Scholarship Priority Dates:
• New Freshmen Scholarships:
• Continuing/Transfer Scholarships:
• Departmental Scholarships:
January 15
February 15
Varies
Types of Financial Aid
Freshman
Scholarships
• Apply for Admission
• Accepted by January 15
• No additional application
required!
• www.admissions.kent.edu
Types of Financial Aid
Gift Aid:
Scholarships
• Scholarship Search
Qualifier
– Department scholarships
– Additional scholarship
opportunities
www.kent.edu/financialaid
Types of Financial Aid
Self-Help Aid: Work
Federal Work Study
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Campus Based Aid
Student can work part time while enrolled in school
Award maximum Freshman $2000 for year
NOT applied to the students bill
Hired to work hourly and paid at least once a month
Earnings cannot exceed the awarded amount
University Funded Work
• Available to students not awarded work study
Types of Financial Aid
Self-Help Aid: Loans
Federal Perkins and Nursing Loans
• Campus Based Aid
• Repayment begins 9 months after graduation
or dropping below halftime status
• Fixed interest rate of 5%
• Award amount $1000 - $2000
• Nursing loan available to students admitted
to the Nursing Program
*Amounts based on 2012-2013
Types of Financial Aid
Self-Help Aid: Loans
Direct Stafford Loans
• Subsidized (3.4%) and Unsubsidized (6.8%)*
• Student enrolled at least half time
• Repayment begins 6 months after graduation or
dropping below halftime status
• Fixed interest rate
*Loans disbursed after 7/1/12
Types of Financial Aid
Self-Help Aid: Loans
Direct Stafford Loans
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Freshman (0-29 credit hours) $5500
Sophomores (30-59 credit hours) $6500
Juniors (60-89 credit hours) $7500
Seniors (90 + credit hours) $7500
Types of Financial Aid
Self Help Aid: Loans
Parent PLUS Loan
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Parent of dependent undergraduate student
Student enrolled at least half time
Credit based*
Fixed interest rate 7.9 %
Repayment begins while the student is in school but
may be deferred
*If denied for credit reasons student is eligible for limited
unsubsidized funds
Types of Financial Aid
Self Help Aid: Alternative Loans
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Student applies for loan from a private lender
May need co-signer
Interest rate is variable
Repayment generally begins 6 months after
graduation
• Maximum amount is COA minus all other aid
Determination of Financial Need
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
Cost of Attendance (Budget)
Kent
Campus
Commuter
Kent
Campus
Out of
State
Regional
Campus
Tuition*
9,672
9,672
17,632
5,472
Room and Board*
9,178
4,260
9,178
4,260
Books
1,420
1,420
1,420
1,420
Transportation
2,000
3,018
2,000
2,698
Miscellaneous &
Personal
2,670
2,670
2,670
2,550
Loan fees
40
40
40
40
Total
$24,980
$21,080
$32,940
$16,440
*Direct costs are based on 2012-2013
Determination of Financial Need
Expected Family Contribution
(EFC)
The number used to determine the
eligibility for various types of financial aid.
Determination of Financial Need
This number is
based on
results from the
FAFSA
The EFC is
reported to you
on your SAR
Awarding Process
High Need Student
Cost of Attendance
-EFC
= Financial Need
$24,140
400
$23,740
Pell Grant
Direct Loan
*Perkins Loan
*FWS
$5,100
5,500
2,000
2,000
Total Financial Aid
$14,600
Awarding Process
High Need continued
Cost of Attendance
-Financial Aid
PLUS/Alternative Loan Eligibility
$24,140
- 14,600
$9,540
Awarding Process
Low Need Student
Cost of Attendance
- EFC
= Financial Need
$24,140
-12,700
$11,440
Scholarship
Direct Loan
$4,000
5,500
Total Financial Aid
$9,500
Awarding Process
Low Need continued
Cost of Attendance
-Financial Aid
$24,140
- 9,500
PLUS/Alternative Loan Eligibility
$14,640
Review
• Apply for admission
• Apply for PIN numbers
• Complete the FAFSA as soon as
possible after January 1st
• Investigate other sources of aid
• www.kent.edu/financialaid
Student Financial Aid Workshops
Admitted students will be invited
January 2013 Kent Campus
College Goal Sunday
February 10, 2013
www.collegegoalsunday.org
Contact Information
Kent State University
Student Financial Aid Office
103 Schwartz Center
Kent, OH. 44242
330-672-2972
www.kent.edu/financialaid
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