FINANCIAL AID
PRESENTATION
Bremen High School
Goals for Presentation…
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What is Financial Aid
Types of Financial Aid
Financial Aid Process
Award Letters
Where to find Scholarships
What is FAFSA4Caster
Financial Aid Defined…
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Assistance awarded to students which may be
based on:
 financial
need, which is determined by federal
methodology
 special qualities the student may have such as
academic or athletic talent
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Aid can come from Federal, State, College and
Private Sources
Types of Financial Aid
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Gift Aid: Does not have to be repaid
 Grants
(based on need)
 Scholarships (based on merit)
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Self Help:
 Work
Study: Earned (based on need)
 Loans: Borrowed (need and non-need based)
Financial Aid Process
Please use this information as a quick reference to track your progress:
Step 1 - Apply for an FSA ID – Today
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Student: Username
Password
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Parent: Username
Password
Step 2 - Complete your FAFSA Application – beginning January 1, 2016
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Make sure you select the 2016-2017 FAFSA
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If you have not yet filed your 2015 income tax return, submit your FAFSA using
estimated tax information (look at your 2014 income tax return). You must make
corrections to your FAFSA application after you file your 2015 income tax return.
Step 3 - View your Student Aid Report (SAR)
The FSA ID
An FSA ID is a username and password that can be
used for many federal student aid activities, such as
to:
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Electronically sign your student’s FAFSA.
Import your tax information from the Internal Revenue Service.
Prefill data in this year´s FAFSA if you filed a FAFSA last year.
That's called filling out a Renewal FAFSA.
Make online corrections to an existing FAFSA.
View or print an online copy of your Student Aid Report(SAR).
Both the student and one parent must apply for their
own FSA ID.
The FSA ID - https://fsaid.ed.gov
Completing the FAFSA application
You may need to refer to:
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Your Social Security card. It is important that you enter your Social Security Number
correctly!
Your alien registration or permanent resident card (if you are not a U.S. citizen)
Your 2015 W-2 forms and other records of money earned
Your (and if married, your spouse's) 2015 Federal Income Tax Return.
 IRS 1040, 1040A, 1040 EZ (You may be able to transfer your federal tax
information using the IRS Data Retrieval Tool)
Your Parents' 2015 Federal Income Tax Return (if you are a dependent student)
Your 2015 untaxed income records (if applicable)
You and your parents’ (if you are a dependent student) current bank statements
Your parents’ current business and investment mortgage information, business and
farm records, stock, bond and other investment records
Your FSA ID
Your parent’s FSA ID
Social Security Number
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The student must have a social security number in order
to complete a FAFSA application.
A social security number issued through DACA does not
qualify a student to submit a FAFSA.
If the parents do not have a social security number
enter 000-00-000. The student is still eligible for
financial aid.
An ITIN (taxpayer identification number)cannot be used
to complete the FAFSA. These can be identified by a
nine digit number beginning with the number 9 and the
middle digits range from 70-88 (9XX-7X-XXX).
The FAFSA Application - www.fafsa.ed.gov
(Complete and submit as soon as possible on or after January 1, 2016)
Dependency Questions (Section 3)
(if you answer YES to any of these statements you are considered independent)
You were born before January 1, 1993.
As of today you are married.
At the beginning of the 2016-2017 school
year, you will be working on a master’s or
doctorate program.
You are currently serving on active duty in
the U.S. Armed Forces for purposes other
than training.
You are a veteran of the U.S. Armed
Forces?
You have children who will receive more
than half of their support from you.
You have dependents (other than your
children or spouse) who live with you and
who will receive more than half of their
support from you.
At any time since you turned aged 13,
your parents were deceased, you were in
foster care or were a dependent or ward
of the court.
As determined by court in your legal state
of residence you are an emancipated
minor.
As determined by a court in your legal
state of residence you are or you were in
legal guardianship.
At any time on or after July 1, 2015 did your high school homeless liaison, an
emergency shelter director or a transitional housing program director determine you are
an unaccompanied youth or homeless.
Dependency Status
Dependent
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Answer NO to all
questions in section 3.
Parents’ income will be
used in determining
financial aid eligibility.
Independent
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Answer YES to one or
more questions in
section 3.
No parent information
needed.
Who is considered a parent?
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“Parent” refers to a biological or adoptive parent.
Grandparents, foster parents, legal guardians, older
siblings, and uncles or aunts are not considered parents on
this form unless they have legally adopted you.
In case of divorce or separation, give information about the
parent you lived with most in the last 12 months.
If you did not live with one parent more than the other, give
information about the parent who provided you the most
financial support during the last 12 months or during the
most recent year you received support.
If your divorced or widowed parent has remarried, also
provide information about your stepparent.
Expected Family Contribution
EFC
Expected Family
Contribution
•Calculated on the basis of
information reported on the FAFSA
and according to a formula
established by law.
•A family’s taxed and untaxed
income, assets, and benefits are all
considered in the formula.
What?
Why?
A measure of a family’s Schools use the EFC to
financial strength.
determine federal
student aid eligibility
and financial aid
award.
Where?
Shown on Student Aid
Report (SAR).
Student Aid Report (SAR)
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The official notification sent from the federal
government as a result receiving a FAFSA for a
student.
The SAR summarizes the applicant information,
provides the EFC for a student and displays other
special messages related to the student’s
application.
The SAR is sent to the student as well as any
colleges or universities listed on the FAFSA
application (up to 10).
Determining Cost of Attendance
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These costs are determined by the individual
schools.
Make sure when comparing schools that the same
costs have been included in the cost of attendance.
The cost of attendance for most students includes:
 Tuition
and Fees
 Books and Supplies
 Room and Board
 Transportation
 Miscellaneous Living Expenses
How is financial aid determined by
a school?
Cost of
Attendance
(COA)
Expected
Family
Contribution
(EFC)
Financial
Need
The general rule is that a student’s total aid
may not exceed a student’s financial need.
Federal & State Sources to Meet Need
2014-2015 Maximums
Federal Pell Grant
$5,730
Illinois Monetary Award Program
(MAP)
Maximum award is based on legislative action and
available funding every year (up to $4,968).
Federal Supplemental Educational Opportunity
Grant (SEOG)
$100-$4,000 annual maximum
Federal Work Study
No annual minimum or maximum amounts, however
students will be responsible for applying income
earned to pay tuition.
Federal Perkins Loan
$5,500 annual maximum
Direct Subsidized Loan
$3,500-$5,500 annually depending on grade
level
Direct Unsubsidized Loan
$5,500-$7,500 annually depending on grade
level
Direct Plus Loan
Parent Loan: Maximum amount is the cost of
attendance minus any other financial aid the
student receives.
The Award Letter
Sample University
Amount
Total Cost of Attendance
$44,000
Expected Family Contribution
-$3,000
Financial Need
$41,000
Federal Pell Grant
-$1,200
Illinois Map Grant
-$3,330
Federal SEOG
-$4,000
University Grant
-$6,500
Federal Work Study
-$1,500
Federal Perkins Loan
-$500
Subsidized Direct Loan
-$3,500
Unsubsidized Direct Loan
-$2,000
Unmet Need
$18,500
Parent Plus Loan
$18,500
Unmet Need
$0
Scholarships
Bremen Webpage
http://bhsd228.schoolwires.net/Page/6312
Other helpful websites
 www.careercruising.com
 www.cappex.com
 www.fastweb.com
 www.finaid.org
 www.scholarships.com
Check financial aid websites of the college you are attending
for additional university or college scholarships.
FAFSA4Caster
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A free financial aid calculator that gives you
an early estimate of your eligibility for
federal student aid. This information helps
families plan ahead for college.
Available at https://fafsa.ed.gov/ and
college/universities websites
Keep in mind…
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You may be asked to submit documentation to the financial aid office
for verification purposes.
The combination of student aid and EFC must not exceed student’s
COA.
If financial aid from any source becomes available after packaging,
awards must be reduced until the total package does not exceed
COA.
Outside Scholarships: Find out how this money will be treated in
each college’s financial aid award package.
Federal Work Study must be earned and the amount indicated on
your Award letter will need to be applied to the tuition bill by the
student.
ALL loans must be repaid and will require additional paperwork
including a Master Promissory Note.
Upcoming changes for 2017-2018
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Submit a FAFSA® Earlier.
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Students will be able to file a 2017–18 FAFSA as early as Oct. 1,
2016.
Use Earlier Income Information.
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Beginning with the 2017–18 FAFSA, students will report income
information from an earlier tax year. See the table provided below.
When a Student Is Attending College
(School Year)
When a Student
Can Submit a FAFSA
Which Year’s Income Information
Is Required
July 1, 2016–June 30, 2017
January 1, 2016–June 30, 2017
2015
July 1, 2017–June 30, 2018
October 1, 2016–June 30, 2018
2015
July 1, 2018–June 30, 2019
October 1, 2017–June 30, 2019
2016
Resources
www.fafsa.ed.gov Federal Student Aid, an
office of the U.S. Department of Education
•www.isac.org Illinois Student Assistance
Commission
•Some material adapted from a Powerpoint
created by Carl Zambo, former Oak Forest High
School counselor.
•