Ohio Wesleyan University Navigating the Financial Aid Process You Can Do It! 2017-2018
Contact the Financial Aid Office for Help! Your best source for FREE financial aid information and assistance Assist students with the application process. Determine eligibility for financial aid. Provide a balance of free aid, employment and student loans. Develop a working relationship with students and their families. KP
The Financial Aid Process First Things First: Apply for admission Research and apply for private scholarships File the FAFSA: http://fafsa.ed.gov (and the CSS Financial Aid/PROFILE,if needed) KP
The FAFSA! Complete the FAFSA http://fafsa.ed.gov Starting October 1st, 2017 It gets easier each year KP
Federal Student Aid ID You will need a user name and password You will create a login, using an FSA ID Both student and parent New for 18-19: Can enter cellphone numbers An FSA ID gives you access to Federal Student Aid s online systems and can serve as your legal signature. KP
What it Looks Like: Use the IRS data retrieval tool! Easy! Skip logic makes it Easy Help instructions throughout the process Simplified application process in the future KP
Why Complete the FAFSA? Many colleges require it for any non-merit aid consideration and some require it for all financial aid. You will need to complete it for any Federal Direct Student Loans and the Federal Direct Parent PLUS Loan. It may help if your family has more than one student in college. It may help if your parents are divorced. It may help if your financial situation changes. NS
Tips for Completing the FAFSA Apply Early Use the IRS Data retrieval process Complete All Items Divorced Parents: Use parent with whom the student lived most in during the previous year. Don t forget: Sign the FAFSA Electronically: Use your FSA ID. NS
Frequent FAFSA Errors Social Security Numbers FSA ID Divorced/remarried parental information Untaxed income U.S. income taxes paid Household size Number of household members in college NS
Early FAFSA I can do this! NS
CSS/Financial Aid PROFILE profileonline.collegeboard.com Some colleges require the PROFILE http://css.collegeboard.org/ The PROFILE requires additional information. There is a cost Beginning October 1 st. NS
How Much Aid Will I Receive? Congress uses Federal Methodology to determine your level of need for financial aid. Determination of Need: Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need KP
My situation has Changed.. Special Circumstances : - Job loss or reduction in pay - Excessive medical expenses - One time Expense, Rollover, Etc. - Private schooling costs, sibling - Loss of Child Support or Alimony - Death or Disability of a parent - Many More.ASK Please note that consumer related expenses do not apply KP
TYPES OF FINANCIAL AID Scholarships & Grants Student Loans Student Employment NS
Merit-based Scholarships Academic-based Talent-based (i.e. music, theater, art) Departmental Awards Athletic OWU does not offer Athletic Scholarships Division III NS
GRANT PROGRAMS Institutional Grants State Grants Federal Grants Private Grants NS
STUDENT EMPLOYMENT Federal Work-Study (FWS) The FAFSA is required for this program. Institutional Student Employment Students generally use money earned to help pay for their personal expenses. NS
FEDERAL STUDENT LOANS The FAFSA is required for these loans. Subsidized Direct Loans / 4.45% Unsubsidized Direct Loans / 4.45% Parent PLUS loans / 6.0 % NS
Private Resources Private Grants and Scholarships are offered by various organizations, businesses and foundations: - Students must apply separately for each program - Students compete locally, regionally and nationally - Apply, Apply, Apply! KP
Other Ways to Pay for College Consider Tuition Payment Plans Invest in 529 College Saving Plans Utilize investment income and home equity Select your college dorm and meal plan carefully Work and save your earning during the summer Buy used text books and books on line KP
FAFSA Help Receive assistance with completing the FAFSA form from financial aid professionals. Various locations throughout Ohio More information can be found at: http://www.fafsahelpoh.org/ NS
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Questions Kevin Paskvan Director of Financial Aid Nancy Sanford Associate Director of Financial Aid financialaid@owu.edu 740-368-3050