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INvestEdIndiana.org

Navigating the Financial Aid Process

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We’ll Discuss…

Types of Aid

First Steps & Info.

FAFSA Overview

After You Submit

We’ll Help

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Types of Aid

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Grants

  • Federal
    • Pell Grant - Max $7,395
    • Supplemental Educational Opportunity Grant (SEOG) - $100-$4,000
    • TEACH Grant - $3,772

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  • State of Indiana
    • 21st Century Scholars
      • Income-based grant for qualified students attending Indiana colleges
    • Frank O’Bannon Grant Programs
      • Freedom of Choice Award or Higher Education Award

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  • Institutional Aid
    • Varies by college/university

Visit INvestEdIndiana.org/Grants

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Credit Completion

  • On-Time vs. Full-Time:
    • Complete 30 credit hours per year to maintain �maximum grant eligibility

30

Credits

On -Time

60

Credits

90

Credits

120

Credits

24

Credits

Full - Time

48

Credits

72

Credits

120

Credits

96

Credits

  • 15 Credits – Fall
  • 15 Credits – Spring

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  • 15 Credits – Fall
  • 15 Credits – Spring

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  • 15 Credits – Fall
  • 15 Credits – Spring

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  • 15 Credits – Fall
  • 15 Credits – Spring

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  • 12 Credits – Fall
  • 12 Credits – Spring

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  • 12 Credits – Fall
  • 12 Credits – Spring

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  • 12 Credits – Fall
  • 12 Credits – Spring

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  • 12 Credits – Fall
  • 12 Credits – Spring

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  • 12 Credits – Fall
  • 12 Credits – Spring

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Scholarships

  • Need Based vs. Merit Based
    • Where to look for scholarships

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Visit INvestEdIndiana.org/Scholarships for more information

          • School Counselor
          • Community Foundation
          • Business & Employer
          • Church & Civic Organizations

Local/Community

FREE National Search Sites

College/University

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    • No essay required
    • Need to be 16 or older
    • Not based on GPA
    • Must live in Indiana

Enter at: INvestEdIndiana.org/1000

Enter the INvestEd�$1,000�Scholarship Giveaway!

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Student Employment

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

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  • Options
    • Federal Work-Study
    • Part-Time Employment
    • Internships

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Education Loans

  • Federal Direct Loans Rate: 6.39% + 1.057% Fee
    • Student’s Loans
    • Subsidized & Unsubsidized
    • Annual Limits

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  • Federal Direct PLUS Loans Rate: 8.94% + 4.228% fee
    • Parent’s Loans
    • New Limits ($20,000/yr & $65,000/lifetime)

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  • Private Student Loans Rate: Based off credit,
    • Student and Cosigner’s Loan often no fees
    • Eligibility based on credit score and income

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Education Loan - Trends

  • Online Searches and AI compile results based on many sites including those that offer “Top Picks” or “10 Best…”

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  • Sponsored sites appear first

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  • “As low as” Marketing
    • Rates shown in ads emphasize lowest rates, �but actual rate is often in the double digits

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  • INvestEd Team can help
    • Review specifics of loan types
    • Discuss options for students/parents
    • Answer questions

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First Steps & Info.

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FAFSA

  • Free Application for Federal Student Aid
    • Annual Application for most types of financial aid

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    • Basis for determining:
      • Federal Funds
        • Grants
        • Work-study
        • Loans
      • State of Indiana Grants
      • Some Institutional funds�
    • Calculates Student Aid Index

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Visit studentaid.gov Or INvestEdIndiana.org/FAFSA

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StudentAid.gov Account

  • User account unique to each person
    • Student
      • Use to login to FAFSA & sign electronically

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    • Contributors (parent, parent’s spouse, student’s spouse)
      • Use to accept invitation and sign in electronically

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    • Student & Contributors can NOT use the same email or phone number (used for two-step verification)

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Need help creating your StudentAid.gov Account?

Visit INvestEdIndiana.org/FAFSA

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FAFSA Overview

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The FAFSA

  • Found at StudentAid.gov

• Opens on October 1st each year • Uses completed tax data (prior/prior)

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  • Know deadline:
    • State of Indiana Priority Deadline – April 15th
    • Colleges – Ask individual colleges

APRIL

15th

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Start the FAFSA

StudentAid.gov

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  • Login - Using your StudentAid.gov Account

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  • Select Role
    • Student
    • Contributor (Parent)

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  • FAFSA Onboarding

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Confirmation and Consent

  • Confirmation Info.
    • Check Identity Info (SSN, Address, etc)

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  • Provide Consent
    • Providing consent from both student and parent contributor(s) is required to receive aid

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    • Consent allows the FAFSA to automatically import IRS tax data

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  • After Consent
    • IRS Data is automatically imported into your FAFSA

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Student Sections

  • Personal Circumstances
  • Demographics
  • Financials
  • Colleges
  • Contributor Invite
  • Signature

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Inviting Contributors

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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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Review, Sign, & Submit

  • Student reviews all entered information
  • Student agrees and signs their part of the FAFSA

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Student Section Complete

  • Next steps for student: The form is not completed until the contributor(s) complete and sign their sections of the form

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Parent Info.

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Contributor / Parent Info.

  • Invitation Email
    • Log in / Accept invitation

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Confirmation and Consent

  • Confirmation Info.
    • Check Identity Info (SSN, Address, etc)

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  • Provide Consent
    • Providing consent from both student and parent contributor(s) is required to receive aid

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    • Consent allows the FAFSA to automatically import IRS tax data

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  • After Consent
    • IRS Data is automatically imported into your FAFSA

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Parent Demographic Information

  • Marital Status
  • State of Residence

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Parent Financials

  • Federal Benefits Received

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  • Tax Filing Status
    • Determines if one or both contributors need an StudentAid.gov Account to sign and submit

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  • Family Size
    • Could need adjusting if different from 2024 tax forms

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  • Number in College

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Parent Asset Information

  • Assets do NOT include:
    • The home you live in
    • Qualified retirement plans
    • Businesses with less than 100 full-time �equivalent employees�
  • Assets DO include:
    • Cash, savings, and checking accounts
    • Real estate
    • Stocks, Bonds, and other investments
    • 529 College Savings Plans
      • Education savings plans are counted as an asset �of the account owner ONLY if the account is �designated for the student whose FAFSA is �being completed

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Other Parent Info

  • Refers to the spouse of the parent contributor
    • Includes married stepparent

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  • Information needed
    • Email address
    • Date of Birth

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  • May be asked for FSA ID depending on tax filing status

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Review, Sign, and Submit

  • Review all entered information
  • Contributor agrees, signs and submits �the FAFSA

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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
      • Correct any errors
      • Update school info
      • Make sure school has needed �documents
        • Dependency paperwork (if needed)
        • 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

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

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Financial Aid Offer

Each college provides a financial aid offer outlining:

    • Cost of attendance
    • Financial aid amounts (grants, scholarships, work-study, and loans)
    • Options to pay remaining balance

Timing and delivery of offer varies by college

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 and Scholarships
    • Work-study
    • Student Loans
    • Remaining Balance
      • Outside Scholarships
      • Out of Pocket
        • Payment Plan
        • PLUS (Parent) Loan
        • Private Loan

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Award Advisor™

  • Free tool to help students and families understand and compare financial aid offers

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  • Step-by-step process for evaluating college costs

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  • Share standardized award letters and comparison results with family, counselors, or advisors

INvestEdIndiana.org/AwardAdvisor

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We’ll Help

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FREE Resources at:

INvestEdIndiana.org

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Stay Connected With Us!

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Follow @INvestEDIndiana

317.715.9007

Outreach@INvestEdIndiana.org

www.investedindiana.org

Join our mailing list:

InvestEdIndiana.org/mailing-list