Financial Aid Night

District 112 - 1/9/2024

LOCAL SCHOLARSHIP PROGRAM

• Collection of scholarships from our Chaska, Chanhassen, Victoria, and Carver communities. Only available for District 112 Seniors!
• Over 60+ Scholarships with $300,000 in awards
• Best opportunity for students to earn real scholarship dollars
• All information will be provided to students via email, CRC website, social media, google classroom, and during classes. Encourage your student to apply!

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Local Scholarship Program Website goes live: Tuesday, January 23

All Applications are Due no later than: 3:00pm on Thursday, February 29

Very strict deadline - No late applications accepted; No exceptions made!

Navigating

Neil Leibundguth

Assistant Director of Financial Aid

Financial Aid

Agenda

Application Tips

Scholarship Search

Your Questions

Types of Financial Aid

• Scholarships (merit-based)

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• Grants (need-based)

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• Work-study (must be earned)

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• Student loans (must be repaid)

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• Education Tax Credits

Talk to your tax professional or go to irs.gov and search “tax benefits for education”.

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Application Tips

Prioritize your applications

1. College applications
2. FAFSA
3. CSS Profile (if required)
4. College scholarship applications
5. External scholarship applications

Deadlines are important and it is always best to apply early!

1. Visit each campus (Explore Virtual Options)�
2. Speak with a financial aid counselor�
3. Think about what really concerns you and ask us – we’re on your side!!

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• Use a net price calculator to get more out of your visit

Do your research

Net Price Calculators

• Most scholarships for high school seniors have deadlines in Jan. – April

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• Start locally, think globally

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• Never pay for services that “guarantee” they will find you scholarships

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• Set realistic goals and stick to them

• Only use free searches�
• Answer optional questions – this will increase number/quality of results�
• Set up a free email account (i.e. Gmail, Yahoo, etc.) to use exclusively for scholarship searches�
• Never provide a social security number or credit card number

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fafsa.gov

2024-25 FAFSA

Opened

December 31st

Free to complete!

• Universal application�
• 99.9% of students file online �
• Students must re-apply each year�
• Determines Student Aid Index (SAI)

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• Regardless of SAI, all students are awarded financial aid

$0

1. Required to participate in federal loan programs�
2. Colleges simply cannot provide a student with a complete picture of the aid available to help pay educational expenses without a FAFSA.�
3. Colleges focus resources on students who file the FAFSA because these students are perceived to be actively seeking assistance.�
4. Every school may use this information differently

With financial aid, the only thing that is guaranteed is that you will get nothing if you don’t apply!

1. Both the student and one parent need an FSA ID to sign the FAFSA electronically�
2. Create your own FSA ID using your email (don’t use a high school provided email)

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• Verify your email/phone ASAP

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• All contributors are required to consent to the Direct Data Exchange

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• Step-parents or unmarried and living together parents also contributors

Other FAFSA Tips

• Questions Reduced from 108 to 46

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• EFC is now called SAI �
• Number of students in college no longer part of calculation�
• Report net value of all businesses and farms

FAFSA Required Tax Data

2024-25

FAFSA

Even if you are filing the FAFSA after 2022 tax information is available

The 2023-24 FAFSA should be filed using your 2021 tax data

Parents and students must use the prior-prior tax year (2022) data to file the FAFSA

IRS Direct Data Exchange

**Some families will need to supply tax information to institutions separately.

1. Both parents are married and living in the same household: List both parents�
2. Parents are divorced/separated and living in separate households: List the parent who provided more financial support in the last 12 months�
3. Custodial parent is remarried: List both custodial parent and step-parent

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• Birth parents are unmarried but living together: List both birth parents

Which Parent(s) Do I List?

Which Parent(s) Do I List?

Reporting Assets on FAFSA

• Investment real estate (net value)
• Trust funds
• Money market funds
• Mutual funds
• Certificates of deposit
• Stocks and bonds
• 529 College savings plans
• Business value

Only “unprotected” assets must be reported on the FAFSA

CSS / Financial Aid Profile

• Required by some private colleges and scholarships.
• The Profile collects and uses information about assets, liabilities, and income not reported on the FAFSA, such as non-custodial parent income.
• The CSS Profile is available as of Oct. 1 each year.
• Cost is $25 for first school report and $16 for additional reports.

Used to Award Institutional Aid Only

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Students still must complete FAFSA to be considered for federal/state need-based aid

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How is financial need determined?

Reading Award Letters

Reading Award Letters

Doesn’t include Books, Travel, Personal expenses

Keep in mind that loans must be repaid

Can use savings, work-study and additional loans to help pay

Reading Award Letters

Includes indirect costs

Remember:

EFC/SAI ≠ What you will pay

Total COA –

Scholarships + Grants

Options to reduce

Net Price

Do I have to file using 2022 tax data?

Yes. Initially, you must use prior-prior year, but schools may adjust FAFSA data in certain situations.

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Special Circumstances

2024-25

FAFSA

1. File the FAFSA using prior-prior year tax data
2. Contact each school to talk about their process
3. Provide documentation to each Financial Aid Office.�

Special Circumstances

Schools are allowed to adjust FAFSA results for:

• Changes in household size (divorce, death, etc.)
• Medical, dental or dependent care expenses not paid or reimbursed by insurance
• Private education expenses (K-12)
• Reductions in income or unemployment of a parent

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www.studentaid.gov

www.studentaid.gov/aid-estimator

www.ohe.state.mn.us

bigfuture.collegeboard.org

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Other Resources

@FAFSA

Federal Student Aid