|
|
|
|
|
Scholarships |
|
Grants |
|
Loans |
|
Employment Opportunities |
|
|
|
|
Merit-based Aid: Usually related to good grades,
high test scores, or special talent/ability; usually requires separate
application process |
|
Need-based Aid: Eligibility based on family
financial strength; awarded as gift aid and self-help aid from a variety of
sources (federal, state, institutional, and private) |
|
|
|
|
To the extent they are able, parents have
primary responsibility to pay for their dependent children’s education |
|
Students also have a responsibility to
contribute to their educational costs |
|
Families should be evaluated in their present
financial condition |
|
A family’s ability to pay for educational costs
must be evaluated in an equitable and consistent manner, recognizing that
special circumstances can and do affect a family’s ability to pay |
|
|
|
|
|
Family’s personal and financial information
required to perform need analysis is collected on FAFSA |
|
Paper versions of FAFSA |
|
“Regular” FAFSA |
|
Renewal FAFSA |
|
Electronic versions of FAFSA |
|
FAFSA on the Web |
|
EDE |
|
|
|
|
Mail by March 1 for priority consideration |
|
Get a Certificate of Mailing and send the
postcard with the FAFSA |
|
Use estimated tax returns if necessary |
|
File FAFSA regardless of financial circumstances |
|
If filing FAFSA-on-the-Web, print out proof and
obtain Certificate of Mailing for signature page |
|
|
|
|
Cost of Attendance (variable) |
|
– Expected Family Contribution (constant) |
|
= Financial Need (variable) |
|
|
|
|
Tuition and fees |
|
Room and board |
|
Books and supplies |
|
Transportation allowance |
|
Personal expense allowance |
|
|
|
|
|
|
|
The
expected family contribution (EFC) calculation is a measure of the
financial strength of the family based on various financial aid form
data elements, including… |
|
|
|
Household
size and number in college |
|
Student
and parent income |
|
Student
and parent assets |
|
|
|
|
|
|
Household definitions can be complicated; ask a
financial aid administrator if questions |
|
Students under age 24 are generally required to
file financial aid form with parents unless they meet specific criteria
(married, veteran, grad student, orphaned, or have dependents) |
|
Household size number should include student,
parents, others who live in household and receive more than half support |
|
Number in college should NOT include parents |
|
|
|
|
Taxable income determined from most recent
federal income tax form information |
|
Untaxed income (such as child support or Social
Security received) is to be reported on FAFSA worksheets |
|
Allowances for living expenses, taxes paid, etc.
are provided in the EFC calculation |
|
|
|
|
|
Assets include: |
|
Value of cash/savings/checking accounts |
|
Net worth of investments, business, investment
farm |
|
Do NOT need to report value of home, family
farm, retirement plans (i.e., pension, IRA, 401K) |
|
35% of the student’s assets used in EFC
calculation |
|
12% of the parents’ assets used in EFC
calculation after allowance made for savings/asset protection (as
determined by age of older parent) |
|
|
|
|
|
|
|
|
|
Determines eligibility for financial aid and
packages aid |
|
Sends an award notification which details: |
|
Student’s cost of attendance |
|
How the student’s need was determined |
|
Amount of student’s financial “need” |
|
Types and amounts of aid offered |
|
How and when aid will be disbursed |
|
Student/parent loan procedures |
|
Student employment conditions |
|
Terms and conditions of offer |
|
|
|
|
|
Pell Grant: “Foundation” of financial aid
package |
|
SEOG Grant: “Supplements” the Pell Grant |
|
Work-Study: Part-time work program |
|
Perkins Loan: Student borrows at 5% interest |
|
Stafford Loan: Student borrows at 8.25% interest
cap |
|
Freshman max=$2625, Sophomore=$3500, JR/SR=$5500 |
|
Parent PLUS Loan: Parent borrows at 9% interest
cap |
|
Eligibility based on creditworthiness; payments
NOT deferred |
|
Only cap is estimated cost of attendance less
other aid |
|
|
|
|
|
|
State Student Assistance Commission of Indiana
(SSACI) administers two major grant programs: |
|
Higher Education Award (HEA) |
|
Public Colleges |
|
Freedom of Choice Grant (FOC) |
|
Private Colleges |
|
HEA/FOC increased for Core 40 and Academic
Honors graduates |
|
FAFSA must be filed by March 1 for the HEA/FOC |
|
|
|
|
These state programs require separate
applications available from SSACI, financial aid offices, or high school
guidance offices: |
|
21st Century Scholars Program |
|
Hoosier Scholar Award |
|
|
|
Special Education Services Scholarship |
|
|
|
Minority Teacher Program |
|
|
|
Summer State Work Study Program |
|
|
|
Nursing Scholarship |
|
|
|
Robert C. Byrd Honors Scholarship |
|
|
|
|
|
|
|
Fees remitted for students at public
colleges in Indiana who are children of: |
|
Disabled veterans |
|
Purple Heart recipients |
|
POW/MIA’s |
|
State policemen/firemen killed in line of duty |
|
|
|
|
|
Health and Human Services Programs |
|
National and Community Service |
|
Veterans Benefits |
|
G.I. Bill benefits |
|
Dependent Educational Assistance Program (DEAP) |
|
Veterans Educational Assistance Program (VEAP) |
|
Military Service Scholarships (ROTC) |
|
Bureau of Indian Affairs (BIA) Grants |
|
Vocational Rehabilitation |
|
|
|
|
|
Utilize free scholarship information at the
library, in guidance offices, and on the web |
|
Two excellent websites: |
|
www.finaid.org |
|
www.fastweb.com |
|
Scholarship search services that charge fees are
NOT recommended |
|
|
|
|
Consult your tax advisor and/or the Internal
Revenue Service |
|
HOPE Scholarship |
|
Lifetime Learning tax credit |
|
No penalty for IRA withdrawals for higher
education expenses |
|
Deductions for student loan interest |
|
|
|
|
Contact individual colleges about merit aid
programs and procedures; processes vary widely |
|
Sometimes separate applications, forms, essays,
etc. are required |
|
Consider retaking tests |
|
Utilize the internet |
|
|
|
|
|
|
|
Notes