FINANCINGYOUR EDUCATION - PRESENTED BY: MARGARITA V. NAUMCHIK FINANCIAL AID COUNSELOR
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FINANCING Y O U R E D U C AT I O N
P R E S E N T E D B Y: M A R G A R I TA V. N A U M C H I K
FINANCIAL AID COUNSELOR
2020-21 TOPICS
• What is financial aid?
• Cost of attendance (COA)
• Expected Family Contribution (EFC)
• What is financial need
• Types, and sources of financial aid
• Applying for financial aid —
Free Application for Federal
Student Aid (FAFSA)
• Special circumstances
• Release of Information
WHAT IS FINANCIAL AID? Financial aid is money provided to students and families to help pay for postsecondary educational expenses.
GIFT AID LOANS EMPLOYMENT
“FREE MONEY”
> Need & Non-Need > Work-Study
> Grants > Low Interest > Institutional
> Federal, state, or > Deferred Repayment > On or Off Campus
institutional money
> Scholarships
TYPES OF FINANCIAL AID
GENERAL ELIGIBILITY REQUIREMENTS • Must be enrolled/accepted in an eligible program of study • Must be pursuing a degree, certificate, or other recognized credential • Must be a U.S. citizen or eligible non-citizen (1079/DACA exceptions) • Must be registered with Selective Service (if male) over age 18 • Must have a valid Social Security Number
All aid is awarded based on the Free Application for
Federal Student Aid (FAFSA) or Washington State Federal
Student Aid (WASFA)
> For the UW, the priority filing deadline is January 15th
> Please check with each individual school for FAFSA
priority filing deadline dates
> 2020-2021 FAFSA available October 1, 2019. Use 2018
income information.
> You must submit the FAFSA or WASFA EACH school
year!
WASFA
FAFSA http://readysetgrad
www.fafsa.gov .org/WASFAelig H O W A N D W H E N T O A P P LY
IRS DATA RETRIEVAL TOOL • While completing the FAFSA on-line, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new window • We recommend the use of DRT as the easiest way to apply and could reduce documents requested by a financial aid office
Each school has a different definition for “priority” applications. Check with all schools of interest for their specific priority application date > List all schools interested in on FAFSA > Get your FAFSA submitted early > Submit any institutional applications/forms for financial aid FACT For UW priority consideration, submit prior to January 15th P R I O R I T Y A P P L I C AT I O N
UW is committed to ensuring that low and lower middle-income students can afford to choose the UW. To ensure the UW remains affordable the Husky Promise guarantees that full tuition will be covered by grant or scholarship support if you are a low or lower middle-income student. Your tuition will be covered first by your federal and state grants—like the Pell Grant or State Need Grant. If your eligibility for these programs does not cover the full cost of your tuition, the University will make up the difference with institutional grants or scholarships. > Be a Washington State Resident > Meet current eligibility criteria for either the Pell Grant or State Need Grant programs. > Submit the Free Application for Federal Student Aid (FAFSA) by the UW’s priority > filing date of January 15th for the following academic year > Enroll full-time > Be pursuing a first bachelor’s degree > Maintain satisfactory academic progress while at the University HUSKY PROMISE
FAFSA MYTHS
> My parents and I must have our taxes done before we can
complete the FAFSA
> IRS Data Retrieval Tool (IRS DRT)
> I can file my FAFSA as an independent student (without my parents
information) if my parents do not claim me as a dependent on
their taxes
> I’m 18 years old, so I don’t need my parents’ information when
completing the FAFSA
> The FAFSA, and financial aid in general, is processed the same way
at every school
> My financial aid eligibility will be the same regardless of when I
submit my FAFSANot living with parents or not being claimed by them on tax forms does not make individual an independent student for purposes of applying for federal student aid. > 24 years old > Married > Support Child/Dependent more than 50% > Have BA/BS > Orphan/ Ward of Court > Military Veteran > Emancipated Minor > Homeless VISIT http://studentaid.ed.gov/fafsa/ filling-out/dependency I N D E P E N D E N T S TAT U S
> If parents are divorced or separated
the parent with whom the student
lived with the most during the
previous 12 months completes the
FAFSA
> Step-parent’s income and assets
must be included if the parent is
remarried
PA R E N T SSTUDENTS
CONSIDERED FOR
GRANTS, LOANS, & ACCEPT
UW RECEIVES WORK-STUDY FINANCIAL IF
YOUR FAFSA AID AWARD BORROWING
INFO STUDENT
LOANS
ON
3-5 WEEKS MyUW STUDENT SIGNS
AFTER FILED ACCOUNT PROMISSORY
NOTE (MPN)
Aid is disbursed
evenly over Leftover funds
autumn, winter, paid directly to Priority FAFSA
and spring student for books date for
quarters, and and other Summer/Autumn
automatically educational 2018 is January
pays your tuition. expenses. 15, 2018. AWARD PROCESSCOST OF - EXPECTED = FINANCIAL NEED
ATTENDANCE FAMILY
The maximum amount of
(COA) CONTRIBUTION aid a family may received
(EFC)
> Tuition
> Room
> Parent income
> Board
> Parent assets
> Books
> Student Income
> Living Expenses
> Student assets
> Transportation
> # in college
> Parents’ age
> # in household
THE FINANCIAL AID FORMULA4-YEAR COMMUNITY 4-YEAR
PUBLIC COLLEGE PRIVATE
TUITION $10,690 $3,756 $38,980
ROOM & BOARD $10,833 10,140 $11,158
BOOKS & SUPPLIES $825 $825 $1,098
TRANSPORTATION $1,524 $1,140 $1,470
PERSONAL $2,265 $2,271 $2,676
Total AY $26,407 $18,132 $55,382
TUITIONTHINK OF IT AS A “PACKAGE”
It is not really important which source (Pell, State Need
Grant, College Bound) pays for which expense (tuition,
housing).
> Ask yourself, “Are my college expenses covered?”
> If the answer is yes, then you received the best
financial award you were eligible to receive.
> Each campus will determine which funds pay which
expense.
> College Bound may/may not be listed on your award
letter.
> Could be the college/university doesn’t know
student is eligible.
F I N A N C I A L A I D AWA R DF I N A N C I A L A I D AWA R D
Read carefully
> What are the next steps?
> Are more forms required?
Grants and scholarships
> Are they renewable? For how many years?
Loans
> How much will you need to borrow to cover expenses
until you earn your degree/certificate?
Out-of-pocket expenses
> Does the offer meet the needs for your personal
budget?
EVALUATING THE AWARD LETTER> Change in employment status after filing FAFSA.
> Medical expenses not covered by insurance.
> Change in parents’ marital status after filing FAFSA.
> Unusual dependent care expenses.
These cannot be reported on the FAFSA therefore:
> Parents or student should send an explanation to
financial aid office at each college or university.
> College will review special circumstances and may
request additional documentation.
S P E C I A L C I R C U M S TA N C E SFinancial Aid is available to help you pay for Study Abroad expenses
> Will need to complete additional request form to be
considered for funding
> Majority of additional funds typically consists of Federal
Student Loans
L I M I TAT I O N S
> You cannot use tuition waivers, work-study awards, or
scholarships specifically designated for tuition.
> Financial aid and most scholarships are disbursed on the
first day of each academic quarter. If your program starts
earlier than the financial aid disbursement date, you must
finance the start of your program abroad on your own.
> If your program starts after the start of the UW quarter,
your aid will be held until the start date of your program.
ADVICE
Visit the Office of Student Financial Aid early in your planning
process to get more financial aid information and assistance. STUDY ABROADSCHOLARSHIPS Begin process at least one academic year prior to need. Applications are generally requested 2-3 months before deadline. What kinds of sources are available: • Need-Based Scholarships • Merit-Based Scholarships • Local Scholarships • National Scholarships
SCHOLARSHIP APPLICATIONS • Scholarships are self-search — check with HS Counselor, Library and college search services • Don’t pay for scholarship searches! • Some schools also require scholarship applications.
SCHOLARSHIP TIMELINE PLAN AHEAD! Meet with mentors during summer and autumn quarters, keeping in mind that deadlines generally occur during winter quarter and interviews occur in the spring.
UW BOTHELL SCHOLARSHIP FREE ONLINE SCHOLARSHIP
> General UWB Scholarship Managed by Financial Aid RESOURCES
office
> Application available twice a year in Autumn and
Spring quarters FASTWEB
www.fastweb.com
MERIT SCHOLARSHIP
> Awarded by departments
SRN EXPRESS (SCHOLARSHIP RESOURCE
> Check with your department to see how to qualify
for one NETWORK)
www.srnexpress.com/index.cfm
EXTERNAL SCHOLARSHIPS
Parent’s place of work, Local civic organizations/ COLLEGE NET
businesses in which student may participate, Local www.collegenet.com/about/index.html
library resources, Free online searches (you should
never have to pay money to get money, if so, it’s
probably a scam)
SCHOLARSHIPSRELEASE OF INFORMATION Remember, a student’s financial aid record and account is their private information. In accordance with U.S. privacy laws, University offices cannot give out information to parents or any 3rd party without the student’s written permission — even if they are paying tuition for the student. Please check with each school to find out their individual process.
MARGARITA V. NAUMCHIK FINANCIAL AID OFFICE
425-352-5240 uwbfaid@uw.edu
WWW.UWB.EDU/STUDENTS/FINAIDYou can also read
