2015 Counselor Update
What you need to know about financial aid
and EducationQuest Foundation
Agenda
Financial Aid Update
■ FAFSA changes
■ Types of financial aid
■ New FSA ID
■ Financial aid process
■ Financial aid formulas
Nebraska Coordinating Commission
■ ACE
■ GAP
■ Tracking FAFSA completions
EducationQuest Programs and Services
■ Resources for students
■ College Fairs
■ Scholarship tools
■ College Access Grants
About EducationQuest
EducationQuest Foundation is a nonprofit
organization with a mission to improve access
to higher education in Nebraska.
Nebraska Higher Education Pipeline
Of 10 students who start high school in 9th grade:
7.9 will graduate from high school in 4 years.
5.5 will enter college within 12 months of graduation.
4 will return for their sophomore year.
2.7 will graduate within 150% of time.
Where Nebraska students
are going to college
Community Colleges
36.7%
University of Nebraska System
33.5%
Independent Colleges
20.1%
State Colleges
6.6%
Private Career Schools
3.1%
FAFSA changes
■ College’s identification will be blocked
■ Adjustment to tax liability question:
– Allows for premium payments made to insurance
provider (per ACA)
– For example: Income tax amount is on IRS Form:
• 1040—line 56 minus line 46
• 1040A—line 28 minus line 36
• 1040EZ—line 10
FSA ID replaces PIN
■ Request at fsaid.ed.gov
–
–
–
–
Student and parent must each get one
Provide email, username and password
Provide SSN, name, address, date of birth
Answer 4 challenge questions and pick a unique date
■ Email will be verified
■ Use for:
– Data Retrieval from IRS
– Electronic signature for FAFSA and Promissory Notes
– Access to grant and loan history
FSAID.ED.GOV
Types of financial aid
■
■
■
■
Scholarships (merit and need-based)
Grants* (need-based)
Work-Study* (need-based)
Loans* (need-based and non-need-based)
* Based on FAFSA results
Common scholarship criteria
• GPA
• ACT/SAT
score
• Financial
need
• first-gen
• ethnicity
• Talents
• Activities
• Community
Service
• College
choice
• Field of
study
• Disability
Scholarship tips for students
Focus on collegebased and local
scholarships.
Review
ScholarshipQuest and
national search sites.
Begin scholarship
research in 10th &
11th grade.
Use College Funding
Estimator to determine
EFC that is used for
need-based awards.
Provide Activities Resume
when requesting a letter
of recommendation.
Financial Aid Program Scholarship
■ Three $500 scholarships
■ Winners selected in February
■ Parent or student (junior or
senior) must attend an FAP
■ Must attend nonprofit
Nebraska college
■ Last year’s winners were from:
− Friend
− Brownell Talbot
− St. Paul
Buffett Scholarship
www.buffettscholarships.org
■ New dates
– Online application opens: November 1, 2015
– Deadline: February 1, 2016
– Student Aid Report due March 15, 2016
■ Eligibility Requirements
– Recommendations must use online form
– Financial need = EFC below 15,000
■ Amount of Award
– Maximum - $4,350 per semester
– Varies at institution
Buffett Scholarship
www.buffettscholarships.org
■ Renewable
– Maintain 2.0 or higher GPA
– Earn at least 18 credit hours each calendar year
– Renewable up to five years (four-year college) or
three years (two-year college)
■ Watch counselor listserv for details and
training opportunities
Grants
■ Money students don’t repay; based on
financial need
– Federal
• Pell Grant (range $626 - $5,775)
– EFC - $5,198 or less
• SEOG
– State
• Nebraska Opportunity Grant
– College-based
Tuition Assistance Programs
If criteria is met, tuition is covered
Collegebound
Nebraska
− UNO, UNL, UNK,
UNMC
− NE resident, fulltime student,
Pell-eligible
− Complete FAFSA
by April 1
Advantage
− Wayne, Peru,
Chadron
− Must be freshman
or returning student
− NE resident, fulltime student, Pelleligible
− Complete FAFSA by
June 1
Access NWU
− NE resident, fulltime student
− ACT of 25 or
higher, GPA of 3.0
or higher
− Live on campus
− EFC of $1,000 or
less
− Complete FAFSA by
March 1
Work-Study
■ Based on financial
need
■ Allows students to earn
money while attending
college
■ Paid for hours worked
– Shouldn’t expect money up-front to pay tuition
■ Earnings will not impact financial aid the
following year
Student Loans
Type
Need-based
Non-needbased
Interest
accruing
while in
school?
No
Yes
Name
Perkins
Discontinued
Direct Subsidized
loan
Direct
Unsubsidized
loan
Parent PLUS loan
Student Loan Interest Rates
Subsidized
Stafford
4.29%
Unsubsidized
Stafford
4.29%
Parent
Loan
6.84%
■ Subsidized Stafford interest paid by student
during grace period
■ Interest rates change annually
Time-and-a-Half Limits
Pell Grants and Loans
■ Limited to 150%
– Associate Degree 2 years + 1
– Bachelor’s Degree 4 years + 2
NSLDS.ed.gov
■ Access with FSA ID
■ Grant and Student/Parent Loan History
Financial Aid Process
FSA ID
FAFSA
Processor
SAR
Student
College
Verification
Award Notification
Student Loan
Student Aid Report (SAR)
■ Provides Expected Family Contribution (EFC)
■ Indicates if chosen for verification
■ Identifies Pell Grant & loan eligibility
■ Lists grant and loan disbursement history
FAFSA results
■EFC = Expected Family Contribution
Lower
EFC
=
Greater
Financial
Need
■ College uses EFC to determine the type and
amount of aid to award the student
Cost of Education
Tuition & Fees
Books & Supplies
Room & Board
Personal &
Transportation
Financial aid formula
Cost of
Education
EFC
Financial Need
Tuition & Fees
Books & Supplies
Room & Board
Personal
Transportation
Parent Income/Assets
Student Income/Assets
Parent’s Age
# in Household
# in College
The amount of money
the college will
try to give you in
financial aid
Automatic Zero
Student automatically qualifies for zero EFC if both (1) and (2) are true
(1) In 2014 or 2015, anyone in parents’ household
received benefits from any of these federal programs:
• Supplemental Security Income (SSI)
• Supplemental Nutrition Assistance Program (SNAP)
• Free and Reduced Price School Lunch Program
• Temporary Assistance for Needy Families (TANF)
• Supplemental Nutrition Program for Women, Infants, and Children (WIC)
– OR parents were eligible to file 2015 IRS Form 1040A or 1040EZ
– OR parents were not required to file any income tax return
– OR parent is a dislocated worker
(2) 2015 income of student’s parents is $24,000 or less
Simplified Formula*
Used for dependent students if both (1) and (2) are true:
(1) In 2014 or 2015, anyone in parents’ household
received benefits from any federal program listed on
Automatic Zero slide
– OR the student’s parents could file a 2015 1040A or
1040 EZ IRS Form
– OR were not required to file any income tax return
– OR the student’s parent is a dislocated worker
(2) Parent(s) 2015 Adjusted Gross Income is
UNDER $49,999
*Assets excluded
Regular Formula*
Used for dependent students if both (1) and (2) are true:
(1) In 2014 or 2015, NO ONE in parents’
household received benefits from any federal
program listed on the Automatic Zero slide
(2) Parent(s) were required to file a 2015 IRS
Form 1040 AND Adjusted Gross Income was
OVER $49,999
*Assets are included – see table for Education Savings and
Asset Protection Allowance
$0
1,000
2,100
3,100
4,100
5,200
6,200
7,200
8,300
9,300
10,300
11,400
12,400
13,400
14,500
15,500
15,900
16,300
16,600
17,000
$0
500
1,100
1,600
2,100
2,600
3,200
3,700
4,200
4,700
5,300
5,800
6,300
6,800
7,400
7,900
8,100
8,300
8,500
8,600
17,400
17,800
18,300
18,700
19,200
19,700
20,200
20,700
21,300
21,800
22,400
23,000
23,700
24,300
25,000
25,700
26,400
27,200
27,900
13,900
29,600
8,800
9,000
9,200
9,400
9,700
9,900
10,100
10,400
10,600
10,900
11,100
11,400
11,700
12,000
12,300
12,600
12,900
13,200
13,600
13,900
14,300
$17,840
$14,790
22,220
19,180
$16,130
27,400
24,390
21,350
$18,300
32,380
29,320
26,290
23,240
$20,200
37,870
34,820
31,780
28,730
25,690
$4,270
$3,040
$25,000 to $380,000
$380,100 to $635,000
$177,500 + 60% of NW over $380,000
$635,001 or more
$330,500 + 100% of NW over $635,000
Income impact on EFC – family size 4
Income increases, assets remain level
Family A
Family B
Family C
$50,000
$100,000
$150,000
(excluding
retirement-specific
accounts)
$50,000
$50,000
$50,000
EFC
$3,120
$18,611
$33,498
Income
Assets
Asset impact on EFC – family size 4
Assets increase, income remains level
Family A
Family B
Family C
$50,000
$50,000
$50,000
(excluding
retirement-specific
accounts)
$0
$75,000
$100,000
EFC
$2,251
$3,798
$4,551
Income
Assets
CCPE Update
■ ACE Scholarship
■ Ace “Career Program of Study” Scholarship
■ Community College GAP Assistance Program
■ Tracking FAFSA Completions
ACE Scholarship
www.ccpe.ne.gov/ace
■ Pays tuition/fees for high school students enrolled in a
college course (dual-enrolled or concurrently-enrolled)
– No more than 2 classes per term
■ Student or parent/guardian must be eligible
–
–
–
–
–
–
Supplemental Security Income (SSI)
Free/Reduced Price Lunch
Temporary Assistance for Needy Families (TANF)
Food Stamps (SNAP)
Special Supplemental Nutrition Program (WIC)
Extreme Hardship
■ Eligibility documentation required with application
ACE “Career Program of Study”
Scholarship
■ For low-income students pursuing a career that
typically requires a diploma or certificate
■ Eligibility criteria:
– Family income at or under 200% of federal poverty
level
– Student enrolled in a Career Program of Study
• at least one course must be part of a sequence of courses
found at http://cestandards.education.ne.gov/
– A local business or industry must serve as an official
advisor to the program
■ Limited to $250 per term
New FAFSA Completion Project
■ Can now track FAFSA completions by student
■ Schools must register with CCPE to participate
– Submit contract by Dec. 15, 2015
■ CCPE will run weekly reports starting Jan. 2016
– Show students’ FAFSA status (started, submitted,
missing signature, completed, etc.)
■ Initiated by DOE to increase number of students
who complete the FAFSA and thus go on to
college
■ Watch bulletins and listserv for more details
Community College GAP
Assistance Program (GAP)
■ Effective for 2016-2017 school year
■ Funding for community colleges to award to students in
eligible “not-for-credit” programs such as certificate,
diploma or degree
■ Eligibility Criteria:
– Nebraska resident
– Family income at or below 250% of poverty
– Must complete readiness assessment
– Valid for six months
– Funding for only one eligible program
– Program must have 16 contact hours or more
GAP
■ In-demand occupation means:
–
–
–
–
–
–
–
–
–
–
–
–
Financial services
Transportation, warehousing, distribution logistics
Precision metals manufacturing
Biosciences
Renewable energy
Agriculture and food processing
Business management and administrative services
Software and computer services
Research, development, engineering services
Health services
Hospitality and tourism
Any other industry designated as an in-demand occupation
by the committee
GAP
■ Committee awards grant in any amount up to
eligible costs
– Tuition
– Direct training costs
– Required books and equipment
– Fees, including but not limited to
• Testing
• Background checks
■ Denied if funding from other source available
Questions?
EducationQuest Update
Resources for students
in grades 8-10
■ KnowHow2GO Handbook
■ 8th, 9th & 10th Grade section
at EducationQuest.org
■ KnowHow2GO Activities
‒ 20 activities that relate to each
KnowHow2GO step
■ Find resources in the Professionals section at
EducationQuest.org (under “KnowHow2GO to
College”
Resources for students
in grades 8-10
New videos:
Step to the Top of the Class
Demonstrates an activity that helps
students understand how their choices
can impact their future.
College students share stories
In 8th, 9th & 10th Grade section,
each step features a video of
students explaining how that step
impacted them.
Find resources in the Professionals section at EducationQuest.org (under
“KnowHow2GO to College”
Resources for 11th-12th Grade Students
EducationQuest has resources to help
students:
■ explore careers
■ search for colleges
■ Find scholarships
■ complete the FAFSA
■ learn about student loans
Resources for 11th-12th Grade Students
Handbooks
Website
Monthly Emails
Fall College Fairs
There will be spring fairs in Lincoln and Omaha, dates TBD
Barcodes and Scanners
■ Scanners – used by most
colleges at College Fairs
and EPPs
■ Barcodes – each student
should register at
NebraskaCollegeFairs.org
‒ Print and take the barcode to the fair, or download
to mobile device
‒ Can be reused at spring fairs
Scholarship Resources
■ ScholarshipQuest
– Database of over 2,000 local and state scholarships
at EducationQuest.org
– Send us your scholarships so we can include them!
■ Scavenger Hunt Scholarship
– To apply for this $500 scholarship, students in
9th-12th grade set up a ScholarshipQuest profile
• Deadline - March 31
Apply2College!
■ Statewide campaign
– Schools encouraged to
hold event during the
school day to help
seniors complete
applications
■ Official dates – Oct. 19-30
– Over 150 high schools have registered
■ Find details and resources under
“Professionals” at EducationQuest.org
College Access Grants
■ Will award a new round of grants next summer
– Funding is for 2016-17 to 2020-21
– Opportunity to develop and/or enhance college
access activities and programs at your school
■ Application available this fall
■ Schools interested in applying must send a
representative to our College Access
Symposium
– March 31 in Lincoln – save the date!
Outreach Services
■ Our Outreach Services team provides college
planning services to clients of community
agencies statewide
■ They’re a valuable resource for students who:
– are in foster care
– are wards of the state
– use Voc Rehab
Coffee Break Webinars
■ Will conduct three webinars this year:
– Financial Aid Update (September 24, 2015)
– Buffett Scholarship (November 2015)
– FAFSA completion/FSA ID (January 2016)
Financial Avenue
■ Financial literacy tool from
Inceptia
■ Newly revamped to make it
more student-friendly
– New look and tone
– Mobile-friendly
■ Free for Nebraska schools
– FinancialAvenue.org
– New access code is: pr3kq
Financial Avenue
Follow us!
■ Facebook.com/EducationQuest
■ Twitter: @FreeCollegeHelp
■ Instagram.com/EducationQuest
– Encourage students and parents to follow us, too!
Kearney
Lincoln
Omaha
800.666.3721
308.234.6310
800.303.3745
402.475.5222
888.357.6300
402.391.4033