Chris George Dean of Admissions and Financial Aid St. Olaf College

Transcription

1 Chris George Dean of Admissions and Financial Aid St. Olaf College

2 1. Apply for a FSA ID 2. Collect the documents you ll need and File the FAFSA 3. File other materials, if required 4. Research scholarship opportunities 5. Review and compare financial aid awards

3 Apply for a FSA ID This is the username and password for the student and one parent to log in to the FAFSA web site and to legally sign the document.

4 2016 W-2 forms (student and parents) 2016 student and parent federal tax returns Bank/investment account balance information

5 Completing and processing the FAFSA is free! Never pay a fee to file the FAFSA (avoid fafsa.com) Complete the FAFSA any time after October 1 -- deadlines matter! Check each institution s deadline. Contact your school s financial aid office -if you need help.

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7 Colleges have varying deadlines Financial Aid Admission Scholarships Supplemental Documents Tax Returns W-2 s Verification Forms

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9 You will be asked if you want to transfer your tax data from the IRS Available now for filing Participation is voluntary, but Makes it easier to accurately answer income questions. Is considered to be verified information and can eliminate the need to provide other IRS documents to the financial aid office.

10 Put your name and SSN on FAFSA exactly how it appears on your social security card Refer to completed federal income tax return and consult instructions for proper line reference If entry is zero or none, enter 0--don t leave blank Enter school code(s), send to the correct school Student and one parent must both sign dependent student s FAFSA using the FSA ID

11 The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. You can get an estimate of your EFC using the FAFSA 4- caster tool at:

12 Included (will be reported on FAFSA): Adjusted gross income Household size Number in college Non-retirement savings and investments Equity in a second home, cabin or property Equity in an investment farm or a business that has more than 100 employees Not Included (should not be reported on FAFSA): Equity in the primary residence Value of retirement accounts Value of a farm (if you live on and operate it) Value of a family business (if there are fewer than 100 employees)

13 When the numbers don t tell the whole story Family situation Prior debt When the situation has changed (or is expected to change) Change in employment Medical expenses Marital status Must be able to provide documentation Copies of bills, canceled checks, termination letters, etc. Write to EACH financial aid office to explain the situation

14 Review website and read s from institution (i.e., tell your student to) CSS PROFILE ( Required by Carleton, Macalester, St. Olaf, and over 200 other institutions Institutional application Scholarship application Tax returns

15 Use multiple FREE scholarship search sites bigfuture.collegeboard.org Search and apply to scholarships as soon as possible Apply to every scholarship for which you are eligible Scholarships for less than $1,000 often have fewer applicants Adapted from Mark Kantrowitz & FinAid.org

16 Complete applications Oct 1 - March 1 Institutional scholarship notifications sent on a rolling basis beginning in late fall Need-based financial aid awards sent in January to March (earlier ones might be estimates) National Candidate Reply Date: May 1

17 Comparing Financial Aid Offers Cost of Attendance Total Aid Offered Grants and Scholarships Self-help Aid Work Study Direct Stafford Loans Additional Loan Resources Parent PLUS or Private Loans Multi-year investment and costs Tuition increases

18 Is the grant and/or scholarship renewable? What are the terms for renewing? (GPA, number of credits, course of study, etc.) Is the amount of work-study realistic? Will aid change from year to year? Will aid increase if cost of attendance increases?

19 No, but excessive borrowing is! How much will your payment be? Loan Balance of $10, % interest rate Standard 10 year Repayment Plan A. $89 B. $103 C. $120 D. $145 For every $10,000 in loan balance, you will pay ~$103 per month for 10 years. $2,516 in interest

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21 Chris George Dean of Admission and Financial Aid St. Olaf College Phil Trout College Counselor Minnetonka High School