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Cody McMillen – Executive Director, Transfer & Strategic Partnerships �Theresa Popelar – Associate Director, Recruitment and Admission

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Agenda

Key Terms
Types of Financial Aid
Determining Financial Need and Aid
Applying for Need Based Aid
Filling out the FAFSA
Types of Financial Aid
Special Circumstances
Net Price Calculator
Resources

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Key Terms

FAFSA = Standard FREE form that collects information about the student and the parent. Submission of the FAFSA is FREE. Caution to families to not pay to submit the application or to pay for any scholarship applications.

Financial aid = Funds provided to students and families to help pay for educational expenses.

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FAFSA

Information used to calculate the Expected Family Contribution

Measure of taxable and untaxable income (2020) and current assets of student and parent
Based on family size, # in college, other demographics such as marital status�

Colleges use the EFC to award financial aid
EFC stays the same regardless of where the student goes to college
For the 2022-2023 academic year, the FAFSA may be filed beginning OCTOBER 1, 2021

Remind student they must re-apply for financial aid every year
Earlier a student files, the earlier they may receive an aid package and more aid they may be eligible for
Most colleges set FAFSA PRIORITY DATES
Admission process vs Financial Aid process

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What is the Expected Family Contribution (EFC)?

Two components

Student contribution

(Income + Assets)

+

Parent contribution

(Income + Assets)

(for dependent students)

Amount family can reasonably be expected to contribute?

Index: “This is the number that is used to determine your eligibility for federal student financial aid.” The formula does not measure willingness to pay

Stays the same regardless of college
Calculated using a federal formula based on the information provided on the FAFSA

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Definition of Need

Cost of Attendance�

– Expected Family Contribution�

_________________________________________________________�

FINANCIAL NEED ELIGIBILITY �(Need-Based Aid)

�

www.StudentAid.gov/how-calculated

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Financial Need Examples

Private Public 2-Year

COA $60,000 $25,000 $4,000

EFC $10,000 $10,000 $10,000 __________________________________________

Need $50,000 $15,000 -$6,000

(No need)

�Some of your financial need may be met with merit or need-based aid. There may still be a balance after all financial aid has been applied.

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Multiple Ways to Complete FAFSA

www.FAFSA.gov

FAFSA

Paper

FOTW

(Mobile)*

FOTW (Desktop)*

My Student Aid App*

*IRS DRT Can Be Used

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First Step - Request an FSA ID

Process to obtain – 3 Steps

Student and parent will each need individual FSA IDs�

Step 1: Enter Log-in Information
Step 2: Enter Personal Information
Step 3: Enter Mailing Address, Email, Phone and �language preference, Challenge Questions

https://fsaid.ed.gov

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FOTW – Homepage�

Begin with “Start Here”

Once student record is established student will Log In each time

www.FAFSA.gov

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Frequent FAFSA Errors

Filing the wrong FASFA year
Missing signatures – most common reason for incomplete FAFSA
Failing to use student’s legal name
Missing financial aid deadlines
Transposing digits or inserting extra digits
Using incorrect social security numbers/date of birth
Submitting wrong parent’s financial information/not including step-parent
What untaxed income to report
Incorrectly reporting Household size/number of household members in college
What to include for investment net worth

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Making FAFSA Corrections

Corrections to FAFSA data may be made on FAFSA on the Web

Add more schools
Correct any mistakes (school may ask student to document the changes made)
UPDATES to data such as assets/savings is not permitted.

It is captured at the time the FAFSA is originally submitted and is not updateable.

Corrections may be made by submitting documentation to the financial aid office

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FAFSA Section Overview

Student Demographics
School Selection
Dependency Status
Parent Demographics
Parent Financials
Student Financials
Sign & Submit
Confirmation

Review DRT Tool – prompted to use at both Parent and Student Financials sections

Allows for certain tax return information to be transferred from the IRS database
Participation is voluntary and student/parent chooses whether to transfer data to FOTW
IRS will authenticate taxpayer’s identity
If tax record is found, IRS transfers information to populate the FAFSA
Reduces documents requested by FA office
Certain tax filers cannot use the DRT
You will see the fields populated with XXXXs and cannot see the dollar figures –that’s how you know it was successful.

Review assets/investments

For both student and parent
Question asks for “net worth of investments as of today.” up to this point using 2020 as a measure of income.
This question is AS OF THE DAY.
Cash Savings and checking – do the best you can in calculating how much money you have in each of these accounts and put that answer in the box.
Investments/Business/Farm Value

Current mark value minus debt = net worth (so adding in all investments together and add it in there)
Add in real estate that you own (not HOME YOU LIVE IN), INCLUDING trust funds, money market funds, CDs, stocks, bonds, and commodities
Education benefits/savings accounts (Coverdell, 529, refund value of prepaid tuition plans)

Asset of the parent not student
MUST include value of ALL accounts owned by the parent (so if you have another student in HS with a 529, you also have to report that).
If in aunts/uncles name, that 529 is not listed as an asset on the FAFSA form.
If parents are divorced/separated, and mom files fafsa, but 529 is in dad’s name…it’s not reported.
So be careful of where things belong and what you’re adding in.

ASSETS NOT INCLUDED ON THE FAFSA:

Value of your primary residence
Value of life insurance
Traditional retirement plans (401K, ex)
Cash, savings, checking already reported—don’t re-report!!
Business or farm with 100 or fewer fulltime or full time equivalent employees –do not list value.
Family farm you live on and operate –not listed.

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Dependency Questions

Independent Vs Dependent Student Resource

Who’s My Parent When I Fill Out My FAFSA?

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Submit the FAFSA

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Post Submission

School reviews the FAFSA and any requested additional verification documents
Determines the Financial Aid Offer

Financial aid offers may be mailed or emailed and may look different from college to college

Offer will include:

The cost of attendance and EFC used to determine the offer
The amount of aid awarded from each program
An explanation of how and when aid is disbursed
A reference to the terms and conditions of the offer

OASFAA College Comparison

Submit the FAFSA –

Receive SAR and what that will communicate --- this will be emailed to you but you can also access through the MY FAFSA view and select “View or Print your Student Aid Report”
FAFSA goes through several federal checkpoints, then arrives at each school 48-72 hours.
Ensure each school received your FASFA – can call or check admission portal – should receive a confirmation email that it’s been processed.
School Reviews the FAFSA
Determines the Financial Aid Offer

OASFAA College Cost comparison worksheet

To effectively read and compare award offers, it’s important to have a tool to help you. OASFAA has a great, free comparison tool at the URL on the slide: this will help you effectively compare the net price of multiple schools.

****Note: Counselors sometime ask about students’ and families’ ability to “negotiate” financial aid awards or offers with colleges and universities. While most institutions typically award their best financial aid offer upfront with little to no room for negotiation, there could be options for some families at some institutions in terms of receiving an updated award offer, including special circumstances appeals, applications for additional institutional scholarships or grants, or agreeing to participate in certain programs (i.e. honors, etc.)***

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Sources of Financial Aid

Federal Government

States

College and Universities

Private Sources

Employers

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��Types of Need-Based Financial Aid ��

Gift Aid

Federal or State Grants (Pell Grant, FSEOG, TEACH , OCOG, etc.)
Institutional Grants
Scholarships (need based) �

Merit Based

Scholarships (talent/performance) �

Self-Help Aid

Federal Direct Student Loans

Current interest rate of 3.73%, Origination fee 1.057
Interest rates are fixed for life of the loan
Can be subsidized or unsubsidized
First-year loan limit: $5,500 regardless of income

Federal Work Study or University Funded Employment
VA Benefits

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Other Types of Financial Aid

Federal PLUS Loan

Loan in parent(s) name for undergraduate student
Current interest rate of 7.08%, Origination fee: 4.236%

Interest rates are fixed for life of the loan

Eligibility based on credit check
If parent is denied student is eligible to borrow $4,000 in additional unsubsidized federal direct loan
STUDENTLOANS.GOV�

Private Student Loans

Offered to students from banks, credit unions, and lenders
Interest rates and loan terms vary
Generally require a creditworthy co-signer for student to be the primary borrower on the loan

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�APPLYING FOR MERIT-BASED AID��

Contact each college and university for their specific applications, deadlines and procedures for scholarships
Ask your high school guidance counselor about scholarships from local and regional sources
Use online resources to locate scholarship opportunities and apply directly
Some companies have scholarships available to children of employees

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Scholarship Searches & Scams

Scholarship Scams (free vs. paying a fee)

Buyer beware ☹

Pursue local scholarships!

Civic Organizations, Churches, Employers, Financial Institutions, etc.

Check with Colleges and Universities

They may be aware of external scholarships in addition to institutional scholarships

Scholarship Search Engines

Recommended by the US Dept. of ED

https://www.careeronestop.org/toolkit/training/find-scholarships.aspx

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Special Circumstances�

Child Support

Unusual uncovered medical/dental expenses

Parent or spouse death

Extraordinary dependent care

Loss of employment

Divorce

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Special Circumstances

The FAFSA calculates EFC based on financial data from prior-prior year (ex: 22-23 FAFSA uses 2020 tax data)
You may have special circumstances that may result in an EFC that does not reflect your family’s current financial situation
Federal law allows each school to use professional judgment to evaluate these circumstances and potentially adjust your EFC and aid
Tips

Schools are not required to accept special circumstances
Each school will have varying documentation requirements
Be early and proactive on your FA timeline
Be open to revisions

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Net Price Calculators

Tips

Net price calculators provide estimates only. To get an actual financial aid offer, you'll need to apply to the school for admission.
Not all net price calculators are the same. Some ask for financial information and academic information, some do not; some include merit scholarships in their estimates, some do not; some include loans and work study in their estimates, some do not.
Don't automatically rule out a school because you think it's too expensive. Check the net price first for an estimate, and then apply for an accurate financial aid offer.
Go to the U.S. Department of Education's website and enter the name of a college to easily find its net price calculator.

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Summary

Each school has their own deadline dates and requirements for scholarships and financial aid

If you miss a deadline, you could miss out on aid
Check with each school for necessary financial aid documents
Your Student Aid Report from the FAFSA will indicate any additional federal requirements

Once you have been accepted, each school will send you scholarship and financial aid information
Compare each financial aid award you receive as well as the final, total costs of each school

Some schools may assume loan borrowing when calculating costs
Consider anticipated tuition increases, textbooks, and fees

Final decision typically made by May 1

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Resources

FAFSA resources

Federal Student Aid Information Center

1-800-433-3243 (1-800-4fedaid)
Phone system available 24/7; Agents available 8AM-10PM EST (M-F)
Who is my parent when I fill out the FAFSA?

OASFAA/FAFSA Help Ohio website

FSA ID resources

https://fsaid.ed.gov/npas/pub/faq.htm

External scholarship resources

High school college counseling office for local scholarships
Online scholarship search: https://www.fastweb.com/
Sallie Mae Scholarship Search

College Search

College Navigator, National Center for Education Statistics

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THANK YOU!

Questions?

University of Dayton

Office of Recruitment and Admission

1-800-UD-PRIDE

admission@udayton.edu

Theresa Popelar

tpopelar1@udayton.edu