Dr. Ray Hoheisel,
Board Chairman
2014-2015 School Year
Financing Your College
Education
Investing in Your Future
What does college cost?
How do I apply for financial aid?
What types of aid are available?
Where can I get more information?
What does college cost?
Based on 2014-2015 - average for 30 tuition/fee credits
ATC/ARCC Average
State Universities
University of Minnesota Twin Cities
Private Career Colleges
Private Colleges & Universities
Source – MN Office of Higher Education
www.getreadyforcollege.org
$5,285
$7,681
$13,620
$14,270
$34,534
Cost of Attendance
Direct Costs – such as:
Tuition and Fees
Books and supplies
Room and Board (if you are living on campus)
Indirect Costs – such as:
Transportation
Personal/Misc.
Varies from college to college
How Do I Apply for Financial Aid?
Complete the FAFSA (Free Application for Federal Student
Aid) online www.fafsa.gov
A standard form that collects demographic and
financial information about the student and family
Never pay a fee to file the FAFSA
Based on 2014 income for 2015-2016
Enter school code – ATC 007350 or ARCC 002332
FAFSA on the Web
www.fafsa.gov
General Eligibility Requirements
 Must be enrolled or accepted for
enrollment in an eligible institution
 Must be admitted in a degree,
certificate, or other recognized
credential program
 Must be a U.S. citizen or eligible
non-citizen
 Must be registered with Selective
Service (males age 18-25)
How FAFSA Determines
Financial Need
Cost of Attendance
– Expected Family Contribution (EFC)
______________________________________________________________
= Financial Need
 Your EFC is calculated by the Department of
Education based on the information provided
on the FAFSA.
 Your school financial aid office will use this
information to determine your financial aid
award eligibility (award letter).
Frequent FAFSA Errors
 Missing signatures
 Social Security Numbers
 Divorced/Remarried parent
information
 Missing school code
 Untaxed Income
 Household size
 U.S. income taxes paid
 Number of household members
in college
Dependent or Independent ?
 Born before January 1, 1991
 Married
 Graduate or Professional Student
 Children you support more than 50%
 Orphan or ward of the court
 Currently serving on active duty in the U.S. Armed Forces
for purposes other than training
 Veteran of the U.S. Armed Forces
 Homeless or at risk of being homeless
IRS Data Retrieval Tool
 While completing the FAFSA Student and Parent tax
information are required.
 The IRS Data Retrieval tool automatically loads your tax
information into the FAFSA from the IRS.
 Participation is voluntary but may reduce documents
requested by financial aid office.
 Some will be unable to use IRS Data Retrieval:
Filed an amended tax return
No SSN was entered
Student or parent married but filed separately
Verification
The Department of Education selects 30% of
FAFSA applicants to submit additional
information to be reviewed.
• Student/Family must complete required documentation and
return to the financial aid office. Examples include:
– Household Size/Number in College
– 2014 Tax Return Transcript (if tax information was not
received by the IRS data retrieval process)
– Untaxed/W-2/1099 income documentation
– SNAP documentation
– Proof of child support
Special Circumstances
 Contact your school’s financial aid office for instructions
on how to appeal for special circumstances.
Common reasons to request an adjustment due to
special circumstances:
Change in employment status,
Medical expenses not covered by insurance,
Change in parent marital status, and
Unusual dependent care expenses.
Types of Financial Aid
 Grants or Scholarships: Gift
aid you do not have repay.
 Loans: Borrowed funds that
must be repaid with interest,
usually after your education
is completed. Interest rates
can differ depending on the
loan.
 Work-Study: Funds earned
through campus employment.
Where does it come from?
Federal and state government
tax revenue, schools,
employers, and other public
and private sources.
Common Federal Aid
Programs
Federal Pell Grant
Federal SEOG Grant
Work-Study
MN State Grant &
Child Care Grant
Federal Subsidized
and Unsubsidized
Loans
Federal Parent PLUS
Loan
Scholarship Resources
 Your college of choice
 High School
 Private business
scholarships
 Civic organization
scholarships
 Local library resources
 Place of employment
Free Scholarship Search
Databases
 www.studentaid.gov
 www.getreadyforcollege.org
 www.fastweb.com
 www.finaid.org
What’s Next?
1. Sign and submit FAFSA.
2. Your school’s financial aid office will contact you if
further information is required.
3. Follow up on additional information if required.
4. Make sure you’ve applied for admission and are meeting
the necessary deadlines.
5. An award letter will be issued after processing is
completed.
6. Disbursement occurs after the semester begins. Aid will
be applied (disbursed) toward tuition and fee charges.
Helpful Hints
 APPLY EARLY!
 Use IRS Data Retrieval tool to import tax information.
 Review your application before submitting.
 Complete a new FAFSA every year.
 Make the grade to keep the aid.
 Set up your student email account and monitor frequently
for notifications.
Avoid Scholarship Scams
• For information and tips visit:
Minnesota Attorney General’s Office:
www.ag.state.mn.us
Federal Trade Commission: www.consumer.ftc.gov
U. S. Department of Education:
www.studentaid.gov
More Information?
U.S. Department of Education:
www.studentaid.gov
Minnesota Office of Higher
Education:
www.ohe.state.mn.us
FinAid - The Financial Aid
Information Page:
www.finaid.org
The College Board:
www.collegeboard.org
Questions?
Anoka Technical College
763-576-7730
Anoka-Ramsey Community College
763-433-1500