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Financial Aid Information Session

Middletown High School

Evan Runkle

SFA Advisor

Office of Student Financial Assistance

runkleea@miamioh.edu

(513) 727-3418

Diana Irving

Associate Director

Office of Student Financial Assistance

irvingda@miamioh.edu

(513) 529-5626

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Goals for Tonight’s Presentation

What is financial aid?

The Free Application for Federal Student Aid (FAFSA)

What is financial need?

Categories, types, and sources of aid

What if you have special or unusual circumstances?

Timeline of financial aid

Resources available

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Financial aid�is the money provided to students and families to help pay for postsecondary education expenses.

Federal Government

Colleges or

Universities

Private

Sources

Employers

State Government

Federal government- largest source of aid; aid awarded primarily on the basis of financial need; must apply each year using FAFSA, eligibility requirements must be met

State government- residency requirements usually apply; uses information from the FAFSA; awarded primarily based on need

Colleges and Universities- Aid provided based on merit and need; could be gift aid or self-help; use information from FAFSA or other institutional apps to determine eligibility; deadlines & application requirements vary by institution

Private sources- foundations, businesses, churches, civic and charitable organizations; deadlines and application procedures vary; research early; research what is available in your community; applications usually available spring of each year

Employers- may have scholarships available to dependents of employees or educational benefits like tuition assistance, tuition reimbursement

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An application completed and filed by a student (along with parents, if necessary) every academic year in order to receive financial aid. It collects household and financial information to calculate the Student Aid Index (SAI).

FILE THE FAFSA

F

REE

A

PPLICATION

FOR

F

EDERAL

S

TUDENT

A

ID

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SAI

When your family completes the FAFSA, it will calculate your SAI.

SAI is the evaluation of a student’s financial resources available to contribute toward their postsecondary education.

SAI is the same regardless of what college or university the student attends.

The SAI took the place of the old Expected Family Contribution (EFC).

SAI =

Student Aid Index

The SAI is not an indication of what a family can, should, or will pay for college in a given year. It is, rather, a mechanism used by the Dept of Ed and colleges and Universities for allocating federal dollars. Ultimately, the financial aid offer from each college/university determines what the student will pay to attend.

The SAI can be as low as -1,500 and is directly used to determine Pell grant eligibility and a student’s level of financial need. Students with a 0 or negative SAI will receive a maximum Pell grant for that year. However, this does not equate to the student receiving a full ride, or for the family, indicate how “affordable” individual colleges will be. Example: A -1,500 SAI does not mean the student will not need to pay anything out of pocket. If a particular college is costly and the student is not offered scholarships to attend there, while the student will be offered the maximum amount of some federal grants, much of the financial responsibility to attend could fall on the student/family. Oppositely, a very high SAI does not automatically mean the student will have to pay a large amount out of pocket. The student could be offered large scholarships due to academics, athletics, etc. and all costs could be paid.

Each student’s aid package is different and will vary from college to college.

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26/27 FAFSA AVAILABLE

FAFSA filing will coincide with the college admission process.

The 26/27 FAFSA will collect 2024 income information.

October 1, 2025

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WHAT IS REQUIRED TO COMPLETE THE FAFSA?

Student

Parent(s)

2024 federal tax return(s)

2024 federal W-2s

Social Security numbers

Records of untaxed income

Asset information

Computer/Tablet

Patience

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Create an Account Username and Password (FSA ID)

The student and a parent must each create a separate FSA ID using different email addresses and mobile numbers.

studentaid.gov

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HOW IS THE FAFSA COMPLETED?

Go to FAFSA.gov and click on “Start a New Form”
Students can select up to 20 schools to receive FAFSA.

FAFSA can take up to an hour or less to complete

The FAFSA form will ask demographic and financial questions of the student and parent. As well as other information, such as citizenship status, college selection, high school completion, family size, and asset information. Parents with multiple children completing the FAFSA may see much of their application information already completed after completing the initial application for the school year.

Most of the financial tax information will be transferred into the application via the data exchange. Any information that is transferred will not be viewable within the FAFSA application and cannot be changed.

Once the application is complete, it will be sent to all of the schools the student indicated on the FAFSA. These institutions will create financial aid offers and make them available to students (typically January-April)

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HOW IS THE FAFSA COMPLETED?

Students select “Student” to complete the application as a student applicant
Legal parent(s) select “Parent” to complete the application as a parent contributor

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PROVIDE CONSENT FOR FEDERAL TAX INFORMATION

All FAFSA contributors must provide consent to retrieve and disclose federal tax information (FTI) for federal student aid eligibility

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INVITE CONTRIBUTORS

From a series of questions regarding the student’s personal circumstances, the student’s dependency status will be determined. If the student is determined to be a dependent student, they are asked to provide information about their parent(s)

The FAFSA^® form considers a “Parent” to be the student’s legal (biological or adoptive) parent.

The student is asked questions to determine the parent(s) marital status, and based on the answers provided, student is then directed to invite (parent(s) to their FAFSA form to complete the required parent sections.

To invite parent(s)- or contributor(s), the student is asked to enter personal information about their parents in order to send them an invite to their FAFSA^® form. Student should provide parent contributor’s name, DOB, social security number, mailing address, as well as email address.

If a dependent student's parents are unmarried and living together, both parents will be contributors, need separate FSA IDs, and need to provide consent. Dependent student's parents who filed their U.S. income tax return as Married Filing Jointly only require one parent contributor to complete the FAFSA. If the student's parents filed separately, both parents will be considered contributors and therefore need separate FSA IDs and both must provide consent.

Invited contributors should complete their portion of the application within 45 days of being invited.

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UPDATE FAMILY SIZE

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FAFSA FREQUENTLY ASKED QUESTIONS

What if my parents�are divorced?

If I provide my own support,�do I have to list parents?

Do I include the income�of my stepparent?

What if my parents are separated/divorced, never married (and not living together)?

Parental income and assets for a student whose parents are divorced or separated, but not remarried, is determined by including only the income and assets of the parent who provides the greater portion of the student's financial support. Use the parent that provided the most financial support in the last 12 months. If both parents provided equal support, use parent with higher income

In situations where one parent is paying child support and the other parent does not have income, the parent paying child support would be the parent of record.

If neither parent provided support in the 12-month period, the parent of record is the parent who provided the greater portion of support during the most recent year that the student received financial support from a parent.

Do I include the income of my stepparent?

Yes, if the stepparent is married to the parent who is required to provide information on the FAFSA.

If the student provides his/her own support, do I have to list parental income?

In most cases, students will be required to complete the FAFSA with parent(s) if they are not over the age of 24, married, or have dependents of their own. However, there are some instances that justify an institution making an adjustment to a student’s dependency status, such as the student experiencing circumstances that prevent them from contacting their parents, or when contacting their parents would pose a risk to the student. If a student does is unable to provide parental data on the FAFSA due to these types of circumstances, they are considered provisionally independent and will need to follows their institution’s process for dependency override determination

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FAFSA FREQUENTLY ASKED QUESTIONS

Cash, savings, checking
Real estate (but not the home you live in)
Child support received
Trust funds
Money market funds
Certificates of deposit
Mutual funds
Stocks
Stock options
Bonds
UGMA & UTMA accounts
Other securities held
Education savings accounts (i.e. Coverdell & 529 savings)
Businesses
For-profit agricultural operations (farms)

The home you live in
Value of life insurance
Retirement plans (401k plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.)

What is NOT included as an asset?

What is included as an asset?

Investments DO include:

real estate (do not include the home in which you live), rental property

installment and land sale contracts (including mortgages held),

commodities, etc.

Child support- annual amount of child support received. The recipient of the child support will be asked to report the amount received in the last complete calendar year. For example, if the student is completing the FAFSA in October 2025, they will report child support received for the prior calendar year--2024. If the student is completing the FAFSA in January 2026, they will be reporting child support received for a different calendar year--2025.
Qualified educational benefits or education savings accounts such as (e.g., Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). . For a student who must report parental information, the accounts are reported as parent assets, including all accounts owned by the student or parent. Parents are not required to report the value of 529/education savings plans they own for other members of the household. If a parent or family member that is not reported on the FAFSA owns the 529, the value of the asset is not reported on the FAFSA. Students are not required to report distributions from a 529 as untaxed income.

Investments DO NOT include:

the home you live in,

the value of life insurance,

ABLE accounts,

retirement plans such as (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.)

UGMA and UTMA accounts for which you are the custodian, but not the owner.

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FAFSA Common Errors

Social Security numbers

Parent/Step Parent information

Updating family size

Reporting IRA rollovers

Missed deadlines

Not signing FAFSA form

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COST OF ATTENDANCE

COA

Tuition and Fees

Housing and Meals

Books, Supplies, and Equipment

Miscellaneous Personal Expenses

Transportation

Direct Costs

Indirect Costs

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WHAT IS FINANCIAL NEED

COA

SAI

financial need

It’s the difference between the cost of attendance and the Student Aid Index.

Financial need is used to determine how much aid a student may receive.

A college may not be able to offer enough aid to meet each student’s demonstrated financial need, however it is the GOAL!

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FINANCIAL NEED COMPARISON

The COA differs depending on the school, whereas the SAI is the same at every institution.

	Private 4 Year College or University	Public 4 Year College or University	Public 2 Year College or University
Cost of Attendance (COA)	$45,080	$29,770	$10,818
- Student Aid Index (SAI)	$12,000	$12,000	$12,000
Financial Need	$33,080	$17,770	$0

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NEED-BASED

Awarded to students based on their family’s financial and economic status.

MERIT-BASED

Awarded to students based on academic achievement and other accomplishments or activities.

THE BASICS

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FINANCIAL AID CATEGORIES

Grants

Scholarships

Work

Loans

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Scholarships

A financial award given to a student based on merit. Some scholarships may have a need-based component to qualify.

Each scholarship has its own unique criteria and requirements, but many are based on a student’s talents and abilities. Scholarships do not need to be repaid.

Talk with your high school guidance counselor for local scholarship searches.

Contact the colleges you are interested in to check the college’s scholarship application.

Check with civic organizations and your employer.

Use online search engines such as fastweb.com.

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High school guidance counselors will be most familiar with local schp opportunities and have a good deal of information about the student’s academic history to be able to help identify scholarships specific to their strengths and interests.
Some colleges and universities have scholarships or grants that you must apply for, others have specific criteria a student must meet to be considered for scholarships, but may not have an application. Some colleges may also offer scholarship search assistance.
Organizations may be ones the student/family is associated with, i.e. fraternities/sororities; religious/cultural institutions the family may belong to; non-profits or organizations the student may volunteer for; groups such as Boy/Girl Scouts, 4H, or corporations that might award scholarships.

Employers may offer scholarships to employees or dependents of employees, or may offer tuition discounts, reimbursements, or waivers.

Scholarship search engines or apps allow students to create a profile and receive scholarship matches or perform searches. Seek databases that are free, update frequently, and keep student information private. Typically with scholarship searches students are competing nationally for funds, and could potentially have to write essays, etc. Other on-line search engines/apps:

CollegeBoard.com

CollegeNet.com

Scholarships.com

Going Merry

ScholarshipOwl

Bold.org

Cappex

Scholly

CareerOneStop

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Grants

A financial award based on need that does not require repayment.

How do I qualify?

Fill out the FAFSA (Free Application for Federal Student Aid) as early as possible.

Federal Pell Grant

Maximum of $7,395/year for 2025-2026
Students must have high need to qualify

Federal Supplemental Education Opportunity Grant (SEOG)

Amount varies per school
Students must have high need & be Pell eligible to qualify

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Grant Types

Ohio College Opportunity Grant (OCOG)

Students must be Ohio residents & have high need
Amount varies based on type of school:

Public main campuses: $4,000/year for 2025-2026
Most private non-profits: $5,000/year for 2025-2026
Most private for-profits: $2,000/year for 2025-2026

Federal TEACH Grant

Up to $4,000/year
Students must serve as a full-time teacher for at least 4 years in a high-need field in a public or private elementary or secondary school that serves low income students within 8 years of completing their degree.
Turns into a loan if obligations are not met!

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Work Study

Front desk at an office on campus

Lab assistant

Grounds crew

Recreation center

Scorekeeper for Athletic Department

Campus ambassadors

Money earned by a student who works at a job on campus. The government pays a portion of the wages.

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Work Study

How do I get a work study job?

Typically awarded based on financial need.

What are the benefits?

Increases employment opportunities.
These wages are excluded from consideration in SAI calculation.

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Loans

Financial aid available to all students that requires repayment.

Federal loans are obtained through the FAFSA, but private lenders offer loans as well.

Everyone is entitled to some federal loan money.

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Loans

Federal Direct Stafford Loan

SUBSIDIZED

U.S. Department of Education pays interest while borrower is in school.

UNSUBSIDIZED

Borrower is responsible for all interest accrued while in and out of school.

First year:

$5,500

(up to $3,500 subsidized)

Second year:

$6,500

(up to $4,500 subsidized)

Third year & on:

$7,500

(up to $5,500 subsidized)

What are the different types of federal loans available?

6.39%

For 2025-2026

*Repayment must begin six months after last date of attendance.

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Federal Direct PLUS Loan

*Repayment begins 60 days after full disbursement (typically spring)�OR you can choose to defer repayment while the student is in school.

8.94%

For 2025-2026

A federal loan that can be taken out by the parents of a dependent student
Effective July 1, 2026, for the 26/27 academic year:

A $20,000 per child annual limit

Previously, parents could borrow up to the student’s Cost of Attendance minus any other aid

A total (aggregate) limit of $65,000 per child
Previously, there was no aggregate limit
PLUS loans disbursed after July 1, 2026, will no longer be eligible for Income Driven Repayment (IDR) plans; borrowers will be restricted to the standard repayment plan
Legacy Provision: Parents who borrowed a PLUS loan at least once before July 1, 2026, can continue to borrow under the old rules for up to three additional years

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Private Education Loans

*Repayment usually deferred until after graduation.�Sometimes interest-only payments are required while in school.

Interest rate: fixed or variable

Loan in student’s name with credit-worthy�co-signer

Amount borrowed cannot exceed total costs minus other aid.

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SPECIAL CIRCUMSTANCES

Change in employment status

Medical bills not covered by insurance

Change in marital status

Student cannot obtain information from parents due to incarceration or abusive situation

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FINANCIAL AID TIMELINE

Fill out FAFSA & send to schools.

Receive student aid report & make any corrections.

Receive financial aid offer from school.

Accept or decline aid as desired.

Send in any additional documentation requested by school.

Decide where you are attending!

Register for your classes

Aid applies toward your bill! (approximately 1 week prior to class starting)

Aid in excess of billed amount is sent to you as a refund.

October through December

March –

April

May 1

Summer

Don’t forget to re-apply next year!

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DEADLINES ARE IMPORTANT

26/27 FAFSA becomes available

October 1, 2025

Check with each college and note their priority deadline(s).

PRIORITY DEADLINES

DO NOT MISS DEADLINES

Missing deadlines will prohibit you from maximizing your aid!

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ADDITIONAL RESOURCES

studentaid.gov

1-800-4-FED-AID

FEDERAL STUDENT AID

finaid.org

GENERAL FINANCIAL AID

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QUESTIONS?

�Office of Student Financial Assistance

Nellie Craig Walker Hall

301 S. Campus Avenue

Website: MiamiOH.edu/OneStop

Email: OneStop@MiamiOH.edu

Phone: (513) 529-0001