2014 Counselor Update
What you need to know about financial aid and EducationQuest Foundation
Agenda
■ Financial Aid Update
– Types of aid
– Financial aid process
– Financial aid formulas
■ EducationQuest Programs and Services
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Resources for 8th - 10th grade students
Resources for 11th - 12th grade students
College Fairs
Scholarship Resources
College Access Grants
■ Coming soon … a new website!
About EducationQuest
EducationQuest Foundation is a nonprofit
organization with a mission to improve access
to higher education in Nebraska.
EducationQuest Update
■ Through a permanent endowment, we fund:
— Free college planning services
— Need-based scholarship programs
— Grants that help high schools increase their
college-going rate
— Outreach services for community agencies
Fast Facts
By 2018, nearly 70% of Nebraska job openings
will require postsecondary education.
Nationwide, employers will need nearly
22 million new workers with postsecondary
degrees.
Colleges will fall short of that mark by
3 million graduates.
"Help Wanted: Projections of Jobs and Education
Requirements Through 2018." DC: The Georgetown
University Center of Education and the Workforce.
Unemployment Rate
by educational attainment (as of August 2013)
Education Level
Unemployment Rate
Less than
high school diploma
11.0%
High school graduate
7.6%
Some college or
associate’s degree
6.0%
Bachelor’s degree
3.8%
Bureau of Labor Statistics, August 2013. http://www.bls.gov/news.release/empsit.t04.htm
Types of financial aid
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■
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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
Financial
Need
Ethnicity
ACT/SAT
score
Field of
study
Leadership
College
choice
Community
Service
Employer
First
generation
student
Talents
Activities
Disability
State of
residence
Gender
GPA
Military
service
Scholarships
Tips for students:
Focus on collegebased and local
scholarships.
Review
ScholarshipQuest at
EducationQuest.org.
Search free sites to
find national awards.
Use College Funding
Estimator to determine
if eligible for needbased awards.
Request letters of
recommendation in
advance.
EducationQuest
Financial Aid Program Scholarship
■ Three $500 scholarships across the state
■ Random selection begins in February
■ Parent or Student must attend an FAP
(Student must be a junior or senior)
■ Must attend a not for profit Nebraska College
■ Last Year’s Winners:
■ Grand Island High School
■ Pender
■ Lincoln Southeast
Buffett Scholarship
www.buffettscholarships.org
■ New dates
– Online application opens: November 1, 2014
– Deadline: February 1, 2015
– Student Aid Report due March 15, 2015
■ Eligibility Requirements
– Recommendations must use online form
– Financial need = EFC below 15,000
■ Amount of Award
– Maximum - $4,250/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
ACE Scholarship
https://ecmp.nebraska.gov/CCPE-ACE/Login.aspx
■ Pays tuition/fees for high school students enrolled in a
college course (dual-enrolled or concurrently-enrolled)
■ Student or parent/guardian must be eligible
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–
–
–
–
–
Supplemental Security Income (SSI)
Free/Reduced Price Lunch
Temporary Assistance for Needy Families (TANF)
Food Stamps (SNAP)
Special Supplemental Nutrition Program (WIC)
Extreme Hardship
■ Documentation verifying eligibility required with
application
Grants
■ Money students don’t repay; based on
financial need
– Federal
• Pell Grant (range $602 - $5,730)
– EFC - $5,157 or less
• SEOG
– State
• Nebraska Opportunity Grant
– College-based
Tuition Assistance Programs
■ Collegebound Nebraska
– UNO, UNL, UNK, or UNMC
– NE resident, full-time student,
Pell eligible
– Must complete FAFSA by April 1
■ Advantage
– Wayne, Peru, Chadron
– NE resident, full-time student,
Pell eligible
– Must complete FAFSA by June 1
If criteria is
met,
tuition is
COVERED!
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 loan
Direct Subsidized
loan
Direct
Unsubsidized
loan
Parent PLUS loan
Student Loan Interest Rates
Subsidized
Stafford
4.66%
Unsubsidized
Stafford
4.66%
Parent
Loan
7.21%
■ Subsidized Stafford interest now 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 PIN
–Grant and Student/Parent Loan History
Financial Aid Process
PIN
FAFSA
Processor
SAR
Student
College
Verification
Award Notification
Student Loan
Personal Identification Number (PIN)
■ Request at pin.ed.gov
– Student and parent must register
– Must provide SSN, name, address, date of birth
– Select a challenge question
■ Use for data Retrieval from IRS
■ Serves as electronic signature for FAFSA and
Loan Promissory Notes
■ Allows online access to grant and loan history
PIN…continued
■ Effective April 2015, PIN will be replaced with
PAS: Public Access System
■ Students and parents will set up a user ID
and password
■ Personally identifiable information will be collected
and matched during this process
Student Aid Report (SAR)
■ Provides Expected Family Contribution (EFC)
■ Indicates if chosen for verification
■ Identifies Pell Grant 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
Direct
Costs
• Tuition & Fees
• Room & Board*
• Books & Supplies
Indirect
Costs
• Personal
& Transportation
*Depends on student housing plan
Financial aid formula
Cost of
Education
EFC
Financial Need
Tuition & Fees
Room & Board
Books
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 2013 or 2014, 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 2014 IRS Form 1040A or 1040EZ
– OR parents were not required to file any income tax return
– OR parent is a dislocated worker
(2) 2014 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 2013 or 2014, anyone in parents’ household
received benefits from any federal program listed on
Automatic Zero slide
– OR the student’s parents could file a 2014 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) 2014 Adjusted Gross Income is
UNDER $49,999
*Assets excluded
Regular Formula*
Used for dependent students if both (1) and (2) are true:
(1) In 2013 or 2014, 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 2014 IRS
Form 1040 AND Adjusted Gross Income was
OVER $49,999
*Assets are included – see table for Education Savings and
Asset Protection Allowance
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
$2,487
$18,031
$36,912
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
$2,196
$3,147
$3,867
Income
Assets
Questions?
EducationQuest Update
Resources for 8th-10th Grade Students
■ KnowHow2GO Program
■ KnowHow2GO Handbook
■ 8th, 9th & 10th Grade section at
EducationQuest.org
■ Countdown2College monthly
emails
Resources for 8th-10th Grade Students
■ KnowHow2GO Activities
‒ Student activities that reinforce the 4 steps
■ 8th Grade Campus Visit Grants
‒ Applications available this fall for winter and spring
college visits
■ KnowHow2GO Ambassador Program
‒ Currently available in Beatrice, Grand
Island/Hastings, Kearney, Lincoln, Norfolk, North
Platte, Omaha, Peru, Scottsbluff, Wayne
To learn more about these resources, visit the Middle School /
High School Professionals section at EducationQuest.org.
Resources for 11th-12th Grade Students
■ Explore careers
■ Search for colleges
■ Scholarship resources
■ Complete the FAFSA
■ Learn about student loans
Resources for 11th-12th Grade Students
■ College Prep Handbook
‒ College Planning for Students
with Disabilities
■ 11th & 12th Grade section at
EducationQuest.org
■ Countdown2College
monthly emails
Fall College Fairs
■ Scottsbluff/Gering – Sept. 7
■ Grand Island – Sept. 14
■ Norfolk – Sept. 21
■ South Sioux City – Oct. 5
■ Lincoln – Oct. 19
■ Omaha – Oct. 26
Spring College Fairs
■ Kearney – March 8
■ Omaha – March 29
■ Lincoln – April 19
Especially valuable for juniors and sophomores.
Thank you for your promotional efforts!
Bar Codes and Scanners
■ Scanners – used by most
colleges at College Fairs
and EPPs
■ Barcodes – each student
should register at
NebraskaCollegeFairs.org
‒ Barcodes for Fall College Fairs and EPPs can be
used at Spring College Fairs
‒ Students may display their barcode on
mobile devices
Scholarship Resources
■ ScholarshipQuest
– Database of over 2,000 local and state
scholarships at EducationQuest.org
■ Scavenger Hunt Scholarship
– To apply for this $500 scholarship, students in 9th12th grade set up a ScholarshipQuest profile
■ Financial Aid Program Scholarship
– Juniors and seniors who attend an FAP are eligible
to apply for a $500 scholarship
College Access Grants
■ Every two years, EducationQuest awards
College Access Grants to Nebraska high schools
■ Grant amounts range from $2,500 to $20,000
per year for four years
■ 22 Nebraska high schools received funding
starting in 2014-15
– Goal is to increase college-going rate by 10
percentage points during four years
– New applications will be accepted in 2016
2014 Grant Schools
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Bancroft Rosalie
Blue Hill
Central City
Columbus Public
Crete
David City
Diller-Odell
Garden County
Harvard
Kenesaw
Lincoln High
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Lincoln Southeast
Logan View Public
Norfolk Senior
North Bend Central
Omaha North Magnet
Omaha South Magnet
Omaha Benson
Raymond Central
Santee
West Point-Beemer
Weeping Water
Coming soon…a new website!
■ Should be ready by early 2015
■ Will be mobile-friendly
Follow us!
■ Facebook.com/EducationQuest
■ Twitter: @FreeCollegeHelp
– Encourage student 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
EducationQuest.org
Facebook.com/EducationQuest
Twitter - @FreeCollegeHelp