Financial Aid & 2024-25 FAFSA
Greg Huss
Admission/Financial Aid Director
A Quality Education
is Affordable!
Tonight’s Goals
Understanding:
Overview
Major changes to the 2024–25 FAFSA® form include the following:
Overview
Major changes to the 2024–25 FAFSA® form include the following:
Overview
The following are key features of the FAFSA® form on StudentAid.gov:
The New
Simplified FAFSA
SAI: Student Aid Index
FADDX: Direct Data Exchange
CONTRIBUTORS
FSS: FAFSA Submission Summary
FTI: Federal Tax Information
AEAR: Applicants Exempt from Asset Reporting
Key FAFSA Terminology Changes
EFC: Expected Family Contribution
DRT: Data Retrieval Tool
PARENTS
SAR: Student Aid Report 1040
1040
SNT: Simplified Needs Test
Old Terms
New Terms
Step One�The FSA ID��Each Student & One Parent Must Have an FSA ID�(An FSA ID is your FAFSA Password)��*The FSA ID creation and the FAFSA are both found at:� www.studentaid.gov
Create Your FSA ID��Create an FSA ID or Reconfirm log-in credentials for each FSA ID that was previously created at �StudentAid.gov��Who will need an FSA ID?�Student Parent
This is the
Studentaid.gov
homepage
Create FSA ID Here
Step Two�Start your FAFSA��
Dependent Student FAFSA® Form Landing Page
This is the main FAFSA® form landing page. On this page, students are directed to "Start a New Form" or "Edit Existing Form." For the purpose of this presentation, the student is beginning a new application.
Dependent Student Log In
If the student selects "Start a New Form" from the FAFSA® landing page and they are not logged in to StudentAid.gov, they are taken to the “Log In” page to enter their log-in credentials. To access the FAFSA form, all students are required to have an FSA ID (account username and password). If the student doesn't have an FSA ID, they can select "Create an Account."
Log In
with your
FSA ID
Dependent Student Roles
After logging in, the student can select the applicable role to fill out the FAFSA® form: “Student,“ or "Parent.“ The student selects “Student."
Student Onboarding (1 of 4)
When the student starts the 2024–25 FAFSA® form for the first time, they are taken through the FAFSA onboarding process. The first onboarding page provides an overview of the FAFSA form and an accompanying video.
Dependent Student Onboarding (2 of 4)
The second FAFSA® onboarding page provides information about the different roles that may be required to participate in the student’s FAFSA form and documents that may be needed to fill out the form.
Dependent Student Onboarding (3 of 4)
The third FAFSA® onboarding page provides information about the types of questions the student can expect to see and how they can get additional help with filling out the FAFSA form.
Dependent Student Onboarding (4 of 4)
The last FAFSA® onboarding page provides information about what to expect once the FAFSA form is completed and submitted. On this page, the student can select "Start the FAFSA form" to begin.
Dependent Student Identity Information
This is the first page of the FAFSA within the student section. The student can verify that their personal information is correct. To update any of the personal information, the student must access their Account Settings on StudentAid.gov. For fields related to the student’s mailing address, the student can edit them directly on this page.
Dependent Student Identity Information (Continued)
Dependent Student State of Legal Residence
The student is asked about their state of legal residence. The student selects the state from a dropdown box and provides the month and year when they became a legal resident.
Dependent Student Provides Consent
This page informs the student about consent and their federal tax information. By providing consent, the student’s federal tax information is transferred directly into the FAFSA® form from the IRS to help complete the Student Financials section. The student selects "Approve" to provide consent and is taken to the next page.
Dependent Student Provides Consent (Continued)
Introduction: Dependent Personal Circumstances
This is the first page within the Student Personal Circumstances section. It provides an overview of the section.
Dependent Student Marital Status
The student is asked about their marital status. The student selects the "Single (Never Married)" option.
Dependent Student College or Career School Plans
The student is asked about their college grade level for the 2024–25 school year and if they will have their first bachelor’s degree. The student selects that they will be a "First Year (freshman)" and that they will not have their first bachelor’s degree.
Dependent Student Personal Circumstances
The student is asked if any of the listed personal circumstances apply to them. The student selects the "None of these apply" option.
Dependent Student Other Circumstances
The student is asked if they were homeless or at risk of being homeless. The student selects "No."
Dependent Student Unusual Circumstances
The student is asked if unusual circumstances prevent them from contacting their parent(s). The student selects "No."
Student Dependency Status: Dependent Student
Based on the answers provided by the student, they are considered a dependent student. The student is asked if they want a financial aid administrator to determine their eligibility for a Direct Unsubsidized Loan only. This is an option if the student’s parents are unwilling to provide information. The student selects "No."
Dependent Student: Tell Us About Your Parents
As the student is considered dependent, they are asked to provide information about their parents. The FAFSA® form considers their “Parent” to be their legal (biological or adoptive) parent. The student is asked if their parents are married. The student selects "Yes" and is required to invite their parents to their FAFSA form to complete the required parent sections.
Dependent Student Invites Parents to FAFSA® Form
The student is asked to enter personal information about their parents in order to send them an invite to their FAFSA® form. In this scenario, the student invites one parent.
Introduction: Dependent Student Demographics
This is the first view within the Student Demographics section. It provides an overview of the section.
Dependent Student Demographic Information
The student is asked about their gender identity and if they are transgender. The student selects their response from the options for both questions.
Dependent Student Race and Ethnicity
The student is asked if they are of Hispanic, Latino, or Spanish origin. They are also asked about their race. The student selects checkboxes to answer both questions.
Dependent Student Race and Ethnicity (Continued)
Dependent Student Citizenship Status
The student is asked about their citizenship status. The student selects the "U.S. citizen or national" option.
Dependent Student’s Parent Education Status
The student is asked about their parents’ education status. The student selects the “No” option.
Dependent Student’s Parent Killed in Line of Duty
The student is asked if their parent was killed in the line of duty. The student selects the “No” option.
Dependent Student High School Completion Status
The student is asked about what their high school completion status will be when they start the 2024–25 school year. The student selects the "High school diploma" option.
Dependent Student High School Information
The student is asked which high school they did or will graduate from. The student enters their high school’s state and city. After selecting "Search," they select the correct high school from the search results.
Dependent Student Confirms High School
The student has the option to edit the high school information presented on this page by selecting "Edit," which will return them to the high school information page. The student confirms their high school information and selects "Continue" to proceed to the next section.
Introduction: Dependent Student Financials
This is the first page within the Student Financials section. It provides an overview of the section.
Dependent Student Tax Return Information
The student is asked questions about their 2022 tax return. The student enters a response in each entry field.
Dependent Student Assets
The student is asked about their assets. The student enters a response in each entry field.
Introduction: Dependent Student Select Colleges
This is the first page in the Select Colleges section, which is the final part of the FAFSA® form’s student section to require information. It provides an overview of the section.
Dependent Student College Search
The student is asked to search for the colleges and/or career schools they would like to receive their FAFSA® information. The student searches for a school by entering a state, city, and/or school name. After selecting "Search," they select the correct school from the search results. Students can select to send their FAFSA information to a maximum of 20 schools.
Dependent Student Selected Colleges
The student can view which colleges and/or career schools they have selected. If the student has not selected 20 schools, they have the option to search and select more schools, and for students in some states, they have the option to change the position of their selected schools. When the student selects "Continue," they will have completed entering the required student information for their section and can proceed to review and sign their form.
Dependent Student Review Page
The review page displays the responses that the student has provided in the FAFSA® form. The student can view all their responses by selecting "Expand All" or expand each section individually. To edit a response, the student can select the question’s hyperlink and will be taken to the corresponding page. Additionally, since the student invited their parent into the form, they see the parent contributor section and the status of their parent’s invite.
Dependent Student Review Page (Continued)
Dependent Student Signature
On this page, the student acknowledges the terms and conditions of the FAFSA® form and signs their section. After agreeing and signing, the student is able to submit their section of the FAFSA form. Since parent information has not been provided, the FAFSA form is not considered complete and can’t be processed yet.
Dependent Student Signature (Continued)
Dependent Student Section Complete
Upon signing the student section, the student is presented the student section complete page. This page displays information for the student about next steps, including tracking their FAFSA® form. The student is reminded that their form is not completed and can’t be submitted until the parent completes the contributor section of the form and signs it. Next, in this scenario, the student’s invited parent will enter the FAFSA form and complete the parent section.
Dependent Student Section Complete (Continued)
Dependent Student’s Parent Email
This is NOT a view within StudentAid.gov nor the FAFSA® form. This view demonstrates a parent opening the FAFSA invitation from their email. The parent selects “Log In" and is taken to StudentAid.gov.
Dependent Student’s Parent Log In
The parent is taken from their email to the “Log In” page to enter their log-in credentials. To access the FAFSA® form, all users are required to have an FSA ID (account username and password). If the parent doesn't have an FSA ID, they can select "Create an Account."
Parent Status Center – My Activity
After successfully logging in, the parent is taken to their “My Activity” page. The parent sees an invitation to be a contributor on the student’s FAFSA® form.
Dependent Student’s Parent Contributing to the FAFSA® Form
This page provides information about being a contributor on a FAFSA® form.
Dependent Student’s Parent Onboarding (1 of 4)
When the parent enters a 2024–25 FAFSA® form for the first time, they are taken through the FAFSA onboarding process. The first onboarding page provides an overview of the FAFSA form and an accompanying video.
Dependent Student’s Parent Onboarding (2 of 4)
The second FAFSA® onboarding page provides information about the different roles that may be required to complete the student’s FAFSA form and the documents that may be needed to fill out the form.
Dependent Student’s Parent Onboarding (3 of 4)
The third onboarding page provides information about the types of questions the parent can expect to see and how they can get help in filling out the FAFSA® form.
Dependent Student’s Parent Onboarding (4 of 4)
The last onboarding page provides information about what to expect once the FAFSA® form is completed and submitted. On this page, the parent selects "Start the FAFSA form" to begin the parent section.
Dependent Student’s Parent Identity Information
This is the first page within the parent section. The parent can verify that their personal information is correct. To update any of the personal information, the parent must access their Account Settings on StudentAid.gov. For fields related to the parent’s mailing address, the parent can edit them directly on this page.
Dependent Student’s Parent Identity Information (Continued)
Dependent Student’s Parent Provides Consent
This page informs the parent about consent and their federal tax information. By providing consent, the parent’s federal tax information is transferred directly into the FAFSA® form from the IRS to help complete the Parent Financials section. The parent selects "Approve" to provide consent and is taken to the next page.
Dependent Student’s Parent Provides Consent (Continued)
Introduction: Dependent Student’s Parent Demographics
This is the first page in the Parent Demographics section. It provides an overview of the section.
Dependent Student’s Parent Current Marital Status
The parent is asked about their current marital status. They select the "Married (not Separated)" option.
Dependent Student’s Parent State of Legal Residence
The parent is asked about their state of legal residence. The parent selects the state from a dropdown box and provides the month and year when they became a legal resident.
Introduction: Dependent Student’s Parent Financials
This is the first page within the Parent Financials section. It provides an overview of the section.
Dependent Student’s Parent Federal Benefits Received
This page asks the parent if they or anyone in their family has received federal benefits. The parent selects "None of these apply."
Dependent Student’s Parent Tax Filing Status
This page asks the parent about their tax filing status. The parent selects "Yes" to "Did or will the parent file a 2022 joint tax return with their current spouse?"
Dependent Student’s Parent Family Size
This page asks the parent if their family size has changed. The parent selects the “Yes“ option.
Dependent Student’s Parent Number in College
This page asks the parent how many people in the family will be in college between July 1, 2024, and June 30, 2025. The parent enters a response into the entry field.
Dependent Student’s Parent Tax Return Information
The parent is asked questions about their 2022 tax return. The parent enters a response in each entry field.
Dependent Student’s Parent Assets
The parent is asked about their assets. The parent enters a response in each entry field.
Note: don’t include the value of your primary residence, nor any qualified retirement accounts under “investments” The government doesn’t expect you to sell your home, nor cash out retirement funds to pay for college. You must include all liquid assets and investments that aren’t in a qualified retirement fund, like a 401k, 403b, Roth IRA, etc.
Dependent Student’s Other Parent Information
The parent is asked to provide information about their spouse or partner.
Dependent Student’s Parent Review Page
The review page displays the responses that the parent has provided in the FAFSA® form. In this scenario, the parent can only view responses within the parent section of the student’s FAFSA form. The parent can view all their responses by selecting "Expand All" or expand each section individually. To edit a response, the parent can select the question’s hyperlink to be taken to the corresponding page.
Dependent Student’s Parent Signature
On this page, the parent acknowledges the terms and conditions of the FAFSA® form and signs their section. Since all required sections are complete, the parent can both sign and submit the student’s FAFSA form.
Dependent Student FAFSA® Confirmation
Upon submitting the student’s FAFSA® form, the parent is presented an abbreviated confirmation page. This page displays information about tracking the student’s FAFSA form and next steps. The student will receive an email with the full, detailed confirmation. With the student and parent sections completed and signed, the FAFSA form is now considered complete and submitted for processing.
FAFSA Submission Summary�(This will be Emailed to You)�It may go to spam
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FAFSA Submission Summary Landing Page
The student receives a FAFSA Submission Summary for their processed FAFSA® form and any subsequent corrections that they submit. The FAFSA Submission Summary is broken into four tabs: Eligibility Overview, FAFSA Form Answers, School Information, and Next Steps. At the top, the student will see information about when their form was received and processed. They also have the option to print their FAFSA Submission Summary to keep for their records.
Eligibility Overview
On the Eligibility Overview tab, the student sees information about what federal student aid they may be eligible for, such as a Federal Pell Grant and Federal Direct Loans. They are also able to view the Student Aid Index. Any amounts of financial aid that display on this tab are estimates and are not guaranteed. Final determination of the student’s financial aid eligibility is provided by their school’s financial aid office.
Eligibility Overview (Continued)
FAFSA Form Answers
On the FAFSA Form Answers tab, the student sees the answers that they and, if applicable, their contributor(s) provided on their FAFSA® form. If any of the provided answers are incorrect, the student can choose to start a correction.
FAFSA Form Answers (Continued)
School Information
On the School Information tab, the student sees information about the college(s) and/or career school(s) that they selected to send their FAFSA® information. The student can compare the graduation rate, retention rate, transfer rate, default rate, median debt upon completion, and average annual cost of their selected schools.
Next Steps
On the Next Steps tab, the student sees comments that pertain to their FAFSA® form. Some comments may require the student to start a correction or send additional documentation to their school. Other comments may be informational and do not require any further action from the student.
More Resources
Lastly, along the right side of their FAFSA Submission Summary, the student can choose from additional resources, including visiting Aid Summary or College Scorecard.
Beneficial Changes
-Replace the Expected Family Contribution (EFC) with Student Aid Index (SAI).
-Allows a minimum SAI of -$1,500
-Untaxed income contributions will no longer be reported.
-Child Support assessed as an asset instead of income.
-529 accounts assessed for current student only.
-Outside family support no longer be penalized; Grandparent 529s, Gifts, etc
-Easier for students with unusual family circumstances to receive aid.
|
Divorced and Separated Families
|
Applicants Unable to Provide Parental Information
But What If…………
But What If…….
Q: My current family financial situation in 2024 has been
negatively impacted or reduced compared to the
financials on the 2022 Federal tax info that was used
for this 2024-25 FAFSA
A: Contact the Financial Aid Office of the college that
you are planning to attend. They will have you
complete a FAFSA Appeal Form for any of the
Special Circumstances listed on the next slides.
Special Circumstances
Secondary school tuition
Unusual uncovered medical/dental expenses
Parent or spouse death
Extraordinary dependent care
Loss of employment
Divorce
Student cannot obtain parental information
College Financial Aid Overview
What Do I Need to Know?
Types of Financial Aid
Scholarships
Grants
Work-Study Employment
Loans
Gift Aid
Self-Help Aid
Doesn’t Get
Paid Back
Stafford Loan Eligibility
Freshman $5,500
Sophomore $6,500
Junior/Senior $7,500
Plan AHEAD
Current interest rate: 4.99%
Federal Stafford Loans
FINANCING A
COLLEGE EDUCATION
Parent Plus Loan vs. Alternative Student Loan
Two Categories of Student Loans
Building Blocks of FINANCIAL AID
PARENT CONTRIBUTION?
STUDENT CONTRIBUTION?
PAYMENT PLAN and/or FINANCING
Every Family is Different!
Have this conversation
early.
There are no right or
wrong answers here.
Example: $23,000 out of pocket
-5,000 ($450/month payment plan)
-2,000 Campus employment
-3,500 Student contribution
-6,250 PLUS Loan
-6,250 Student Alternative Loan
$0 Out of Pocket
How to Pay for College Example
(Shows that multiple options can be used to break up cost)
Campus Employment vs. Federal Work Study
Option to put money towards�account or pocket for living expenses
Tip: Have the conversation now, at home, in regards to expectations about having your student work on campus!
Employment OPPORTUNITIES
YOU CAN AFFORD
A CARTHAGE EDUCATION
Building Blocks of a FINANCIAL PLAN at Carthage
Renewable MERIT SCHOLARSHIPS UP TO $18,000 (automatically awarded)
COMPETITIVE SCHOLARSHIPS
OUTSIDE SCHOLARSHIPS
FAFSA
Carthage Awards More than
$20 Million in Scholarships/Grants
(Not including Federal/State Grants)
Note: Private colleges typically award
more scholarship money than public colleges.
Competitive Scholarship PROGRAMS
Presidential Scholarships & Kenosha Scholarship Program (8 full tuition awards)
• 9 at full tuition • 26 at $29,000
Math/Science Scholarships
• 2 at full tuition
Business Scholarships
• 2 at full tuition
Nursing Scholarship
• 1 at full tuition
Engineering Scholarships
• 1 at full tuition
Modern Languages Scholarships
• 10 at $29,000
Fine Arts Scholarships
• $500 to $13,000, majors & non-majors
Scholarship applications open: October 1 to December 3.
www.carthage.edu/scholarships
Carthage Commitment Grant
Wisconsin Residents
No app – Based on FAFSA
(No Out of Pocket Tuition Cost if Pell Eligible)
Federal Financial ASSISTANCE
Government-based aid (studentaid.gov)
Outside Scholarships – All Stackable
www.carthage.edu/admissions/afford
CARTHAGE FAFSA SCHOOL CODE: 003839
September 2023: Largest Freshman Class
In 176-year history of college arrives!
Carthage now has the largest undergraduate
enrollment in the County!
70% of Students Live On Campus!
98% Success Rate after Graduation
Action ITEMS
Plan a Carthage Visit Today
Contact me anytime
Greg Huss
ghuss@carthage.edu
BE a FIREBIRD!
#FiredUp
Application Fee Waiver
Code: BRIGHTFUTURE