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Looking At The Financial Aid Process

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We’ll Discuss

    • Types of Aid
    • First Steps and Info.
    • FAFSA Overview
    • After You Submit
    • We’re Here to Help

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Types of �Financial Aid

Gift Aid

Grants

Scholarships

Self-Help Aid

Savings

Student Employment

Loans

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Grants

Federal

    • Pell Grant (max. $7,395 / yr.)
      • Supplemental Educational Opportunity Grant (SEOG) ($100 to $4,000)
      • TEACH Grant (max. $3,772 / yr.)

State

      • 21st Century Scholars
      • Frank O’Bannon Grant
      • Workforce Ready Grant

INvestEdIndiana.org/Grants

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Credit Completion

Complete 30 credit hours each year to maintain maximum grant eligibility & graduate on time.

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On Time

    • 15 Credits - Fall
    • 15 Credits - Spring
    • 15 Credits - Fall
    • 15 Credits - Spring
    • 15 Credits - Fall
    • 15 Credits - Spring
    • 15 Credits - Fall
    • 15 Credits - Spring

30

Credits

60

Credits

90

Credits

120

Credits

Full Time

    • 12 Credits - Fall
    • 12 Credits - Spring
    • 12 Credits - Fall
    • 12 Credits - Spring
    • 12 Credits - Fall
    • 12 Credits - Spring
    • 12 Credits - Fall
    • 12 Credits - Spring
    • 12 Credits - Fall
    • 12 Credits - Spring

24

Credits

48

Credits

72

Credits

96

Credits

120

Credits

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Scholarships

Need based vs. Merit based

Where to look for scholarships:

    • FREE National Search Sites
    • College/University
    • Local/Community
      • School Counselor
      • Community Foundation
      • Business & Employer
      • Church & Civic Organizations

INvestEdIndiana.org/Scholarships

National

College / University

Local / Community

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Scholarship�Drawing

INvestEdIndiana.org/1000

Five

$1,000 Scholarships Awarded

Must be 16 or older to enter

INvestEdIndiana.org/1000

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Saving for Education

  • Monetary Gifts
  • Job Earnings
  • 529 Direct Savings Plan
    • 20% tax credit up to $1,500
    • Account owner can change beneficiary
  • Coverdell Education Savings Account (ESA)
    • After-tax investment with tax free withdraws
    • Annual maximum contribution $2,000

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Student Employment

Benefits

    • Earn money to pay for college & minimize student loans
    • Job & interview experience
    • Build time management skills

Options

    • Federal Work-Study
    • Working Part-time
    • Internships

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Education Loans

Federal Direct Loans

    • Student's Loans
    • Subsidized & Unsubsidized
    • Annual Limits

Federal Direct PLUS Loans

    • Parent's Loan
    • Eligibility impacted by adverse credit

Private Loans

    • Student and Cosigner's loan
    • Eligibility based on credit score & income

Rate: 6.53% + Fee: 1.057% 

Rate: 9.08% + Fee: 4.228% 

Rate: Varies & Fee: None

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First Steps �and Info.

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FAFSA

Free Application for Federal Student Aid

    • Annual application for most forms of financial aid
    • Basis for determining
      • Federal Funds
        • Grants
        • Work-Study
        • Loans
      • State of Indiana Grants
      • Some institutional funds
    • Calculates student aid index

studentaid.gov

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Student Aid Index

FAFSA calculation 

    • Based on income, assets, & family data
    • Used by the college to calculate your financial aid offer

INvestEdIndiana.org/FAFSA

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SAI

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Federal Student Aid Account (FSA ID)

User account unique to each person

      • Student uses to login to FAFSA & sign electronically
      • Contributors (parent, parent’s spouse, student’s spouse) use to sign electronically
      • Student & contributors can NOT use the same email or phone number (used for two-step verification)

Note:

      • FSA ID must be set up & confirmed before filing the FAFSA

INvestEdIndiana.org/FAFSA

Need help creating your FSA ID?

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FAFSA Overview

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FAFSA

    • Opens on December 1st, 2024
    • Uses completed tax data

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    • Know deadlines
      • State of Indiana priority deadline - April 15th
      • Colleges - Ask them

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December

1

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Confirm Information�

  • Check Identity Info (SSN, Address, Etc.)

Provide Consent

  • Providing consent from both student & contributor(s) is required to receive aid

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  • Consent allows the FAFSA to pull IRS data

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Student Personal Circumstances

Dependency Determination:

    • Born before January 1, 2002
    • Graduate/professional student
    • Student marital status
    • Student dependents
    • At risk of being homeless
    • Additional situations

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Who is the Parent?

Biological or adoptive parents

Married or unmarried & living together

Divorced, separated or unmarried & not living together

Widowed &

not remarried

Both parents listed on the FAFSA

Who provided more financial support the last 12 months?

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If equal, which parent has the greater income & assets the last 12 months?

Single parent listed on the FAFSA

If parent single, then only person listed on the FAFSA

If parent remarried, then parent & step-parent listed on the FAFSA

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Student Financials

  • Only questions that need manual entry will appear

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  • All other questions will have transferred from the IRS

2023

2023

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School Selection

Select colleges you want to receive your FAFSA information

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    • List up to 20 colleges

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    • Encouraged to list at least one college from Indiana

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    • Can always update schools

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Parent Info.

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Contributor/Parent Info

  • Invitation Email

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  • Log In

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  • Accept Invitation

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Parent Financials

  • Tax Filing Status

Determines if one or both contributors

need FSA ID/Sign & Submit

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  • Family Size

Could need adjusting if different from

2023 tax forms

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  • Number in College

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Parent Asset Information

Assets do NOT include the values of:

    • The home you live in
    • Retirement plans�

Assets DO include the values of:

    • Child support received (last full calendar year)
    • Cash, savings, and checking
    • Business or family farm 
    • Real estate, stocks, bonds, 529 college savings plans*, and other investments�

* Education savings plans still counted as parental asset � but ONLY if the account is designated for the student

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After You Submit

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FAFSA Submission – Summary

    • Eligibility Overview - Includes Student Aid Index (SAI)

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    • FAFSA Form Answers

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    • Next Steps

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      • Correct any errors

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      • Update School Info

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      • Make sure school has needed documents

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        • Dependency paperwork (if needed)

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        • Additional financial aid forms

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All other aid determined by the college’s Financial Aid Office

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Special Circumstances

Changes to your situation not represented on the FAFSA may include:

    • Change in employment or income status
    • Medical expenses not covered by insurance
    • Change in parent marital status
    • Unusual dependent care expenses
    • Student unable to obtain parent information

If a special circumstance occurs, contact the college’s Financial Aid Office

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Financial Aid Offer

  • Timing & delivery of offer varies by college
      • Size of school
      • When FAFSA was submitted

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    • Each college provides a financial aid offer outlining the following:
      • Cost of attendance
      • Financial aid amounts (Grants, scholarships, work-study, & loans)
      • Options to pay remaining balance

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    • What you should do:
      • Review costs and financial aid offers
      • Clearly understand your obligations
      • Ask questions

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Sample Financial Aid Offer

Typical Sections:

    • Cost
    • Grants & Scholarships
    • Work Study
    • Student Loans
    • Remaining Balance
      • Outside Scholarships
      • Out of Pocket
      • Payment Plan
      • PLUS (Parent) Loan
      • Private Loan

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We’ll Help!

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INvestEdIndiana.org

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@INvestEdIndiana

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Stay Connected With Us:

317.715.9007

Outreach@INvestEdIndiana.org

Join our mailing list:

INvestEdIndiana.org/mailing-list