Paying for College
Paying for College: Providing a Strong Foundation for Youth and Connecting to the Experts January 17, 2018
Tracy Butler, IYI Director of College and Career Connections Marvin Smith, Director of Student Financial Services - IUPUI Colby Shank, Assistant Commissioner, Financial Aid and Student Support Services - CHE
,
IYI Webinar Series: College and Career Connections
Why does this topic matter? Tuition and fees have increased 3.5% over the past five years. College Costs for Two-and Four-Year Colleges, Indiana: 2016 Two-year Colleges
Four-year Colleges
$16,648 $21,924
Average debt at graudation (for students with debt)
Average annual cost after financial aid
Average annual cost before financial aid
$9,004 $11,246 $18,392
$27,214
Source: Indiana Commission for Higher Education
How does Indiana Help?
In 2015, 31% of Hoosier High School Students files FAFSA on-time • More than half (56.1%) of Hoosier FAFSA filers are eligible for a Pell Grant.
• 190,122 Indiana students received a Pell Grant in 2016
Indiana has two main grant programs: Frank O’Bannon Grant and the 21st Century Scholarship Students Received vs. Average Amount, Indiana 2016
21st Century Scholarship
20,530
Frank O'Bannon Grant
$7,410 40,299
0%
10%
20%
30%
Received
40%
50%
Average Award
$3,332 60%
70%
80%
90%
100%
Source: Indiana Commission for Higher Education
PAYING FOR COLLEGE: OVERVIEW AND SPECIFICS ON HELPING AT-RISK YOUTH MARVIN SMITH, DIRECTOR OF STUDENT FINANCIAL SERVICES IUPUI
4
AGENDA • REVIEW NASFAA PRESENTATION • PROVIDE SPECIFIC GUIDANCE FOR SOME AT-RISK YOUTH SITUATIONS • DISCUSS NASFAA TOOLS FOR COUNSELORS
5
NASFAA Topics • Financial aid awarding process • Categories, types, and sources of financial aid • Overview of the Free Application for Federal Student Aid (FAFSA®) • Special circumstances
© 2017 NASFAA Slide 6
What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
© 2017 NASFAA Slide 7
What is Cost of Attendance (COA)? • Direct costs • Indirect costs • Direct and indirect costs combined into cost of attendance • Varies widely from college to college © 2017 NASFAA Slide 8
What is Expected Family Contribution (EFC)? • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components – Parent contribution – Student contribution
• Calculated using data from a federal application form and a federal formula © 2017 NASFAA Slide 9
What is Financial Need?
Cost of Attendance –
Expected Family Contribution
=
Financial Need © 2017 NASFAA Slide 10
Categories of Financial Aid • Need-based aid
• Non-need-based aid
© 2017 NASFAA Slide 11
Types of Financial Aid • Scholarships • Grants
Gift Aid
• Loans Self-Help Aid • Employment © 2017 NASFAA Slide 12
Gift Aid: Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristic
© 2017 NASFAA Slide 13
Gift Aid: Grants • Money that does not have to be paid back • Usually awarded on the basis of financial need
© 2017 NASFAA Slide 14
Self-Help Aid: Loans • Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future © 2017 NASFAA Slide 15
Self-Help Aid: Work-Study Employment • Allows student to earn money to help pay educational costs – A paycheck; or – Nonmonetary compensation, such as room and board
• Student may opt whether or not to work or number of hours to work © 2017 NASFAA Slide 16
Sources of Financial Aid • Federal government • States • Colleges and universities • Private sources • Civic organizations and churches • Employers © 2017 NASFAA Slide 17
Federal Government • Largest source of financial aid • Aid awarded primarily on the basis of financial need • Must apply each year using the FAFSA
© 2017 NASFAA Slide 18
Federal Student Aid Programs • Federal Pell Grant • Iraq and Afghanistan Service Grant (IASG) • Teacher Education Assistance for College and Higher Education (TEACH) Grant • Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work-Study (FWS) • Federal Direct Student Loans (Direct Loans) – Subsidized – Unsubsidized
• Federal PLUS Loans
© 2017 NASFAA Slide 19
States • Residency requirements usually apply • Award aid on the basis of both merit and need • Use information from the FAFSA and/or state aid applications • Deadlines vary by state – Check PDF FAFSA or FAFSA on the Web website © 2017 NASFAA Slide 20
Colleges and Universities • Award aid on the basis of both merit and need • Aid may be gift aid or self-help aid • Use information from the FAFSA and/or institutional applications • Deadlines and application requirements vary by institution – Check with each college or university © 2017 NASFAA Slide 21
Private Sources • Foundations, businesses, charitable organizations • Deadlines and application procedures vary widely • Begin researching private aid sources early © 2017 NASFAA Slide 22
Civic Organizations and Churches • Research what is available in community • To what organizations and churches do student and family belong? • Application process usually occurs during spring of senior year • Small scholarships add up! © 2017 NASFAA Slide 23
Employers • Companies may have scholarships available to the children of employees • Companies may have educational benefits for their employees
© 2017 NASFAA Slide 24
Free Application for Federal Student Aid (FAFSA®) • A standard form that collects demographic and financial information about the student and family • May be filed electronically or using paper form – Available in English and Spanish
© 2017 NASFAA Slide 25
FAFSA • Information used to calculate the expected family contribution (EFC) – Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
• Colleges use EFC to award financial aid © 2017 NASFAA Slide 26
FAFSA • May be filed at any time during an academic year, but no earlier than October 1st prior to the academic year for which the student requests aid • For the 2018–19 academic year, the FAFSA may be filed beginning October 1, 2017 • Most colleges set FAFSA filing deadlines © 2017 NASFAA Slide 27
IRS Data Retrieval Tool • While completing FOTW, 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 browser window • Applicant chooses whether or not to transfer data to FOTW © 2017 NASFAA Slide 28
IRS Data Retrieval Tool • Available October 2017 for 2018–19 processing cycle • Participation is voluntary • Reduces documents requested by financial aid office
© 2017 NASFAA Slide 29
FSA ID • Sign FAFSA electronically • Not required, but speeds up processing • May be used by students and parents throughout aid process, including subsequent school year • Only the owner should create a FSA ID
https://fsaid.ed.gov/npas/index.htm © 2017 NASFAA Slide 30
Student Dependency Status FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes: • If all “No” responses, student is dependent • If “Yes” to any question, student is independent
© 2017 NASFAA Slide 31
Signatures • Required – Student – One parent (dependent students)
• Format for submitting signatures – Electronic using FSA ID – Signature page – Paper FAFSA © 2017 NASFAA Slide 32
Frequent FAFSA Errors • • • • • • • •
Social Security Numbers Divorced/widowed/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth © 2017 NASFAA Slide 33
Student Aid Report or Student Aid Report Acknowledgement • Review data for accuracy and correct any errors • Update estimated tax information when actual figures become available
© 2017 NASFAA Slide 34
Special Circumstances • Cannot be documented using FAFSA • Send written explanation and documentation to financial aid office at each college • College will review and request additional information if necessary • Decisions are final and cannot be appealed to U.S. Department of Education © 2017 NASFAA Slide 35
Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parental information © 2017 NASFAA Slide 36
SERVING AT-RISK STUDENT POPULATIONS • DEPENDENCY STATUS REVIEW • DEPENDENCY STATUS APPEAL PROCESS • STUDENTS IN UNIQUE SITUATIONS • UNDOCUMENTED STUDENTS
37
FAFSA DEPENDENCY STATUS • INDEPENDENT IF MEET CERTAIN… • 24 OR OLDER • GRADUATE/PROFESSIONAL DEGREE • MARRIED • DEPENDENTS RECEIVING MORE THAN 50% SUPPORT • SINCE TURNING 13 • PARENTS DECEASED • ORPHAN/WARD OF THE COURT • IN FOSTER CARE
38
FAFSA DEPENDENCY STATUS (CONT’D) • INDEPENDENT IF… • SERVING ON ACTIVE DUTY OR VETERAN OF THE U.S. ARMED FORCES • IN LEGAL GUARDIANSHIP • EMANCIPATED MINOR AS DETERMINED BY A COURT PRIOR TO REACHING AGE OF MAJORITY (18 IN INDIANA) • UNACCOMPANIED YOUTH THAT IS HOMELESS OR SELF-SUPPORTING AND AT RISK OF BEING HOMELESS
39
WHO IS A PARENT? • STARTING POINT IS LEGAL PARENTS (BIOLOGICAL OR ADOPTIVE)
If married or unmarried & living together, both parents are listed on the FAFSA.
40
WHO IS A PARENT? (CONT’D) • IF DIVORCED, SEPARATED OR NEVER MARRIED & NOT LIVING TOGETHER… • WHO DID STUDENT LIVE WITH MORE THE LAST 12 MONTHS? IF TIME IS SPLIT EVENLY THEN ASK:
• WHO PROVIDED MORE FINANCIAL SUPPORT THE LAST 12 MONTHS? • ANSWER DETERMINES WHICH PARENT IS LISTED. • IF THIS PARENT HAS REMARRIED, THEN PARENT & STEPPARENT ARE BOTH LISTED.
41
WHO IS A PARENT? (CONT’D) • NOT A FACTOR IN DETERMINING A PARENT: • WHO CLAIMS STUDENT ON TAXES • WHO MAKES MORE MONEY
• NEVER CONSIDERED A PARENT (UNLESS THEY HAVE LEGALLY ADOPTED THE STUDENT:
Grandparents Foster Parents Legal Guardians Aunts/Uncles
Older Siblings Widowed Stepparent 42
DEPENDENCY STATUS APPEAL PROCESS • IF STUDENT SHOULD FILE THE FAFSA WITH PARENT(S) BUT CANNOT • APPEAL DIRECTLY WITH FINANCIAL AID OFFICE • DOCUMENTATION OF SITUATION IS CRITICAL • EVALUATING CLAIMS OF ABANDONMENT/NEGLECT • EVERY SITUATION IS UNIQUE • CLAIMING CHILD AS INCOME TAX EXEMPTION IS TYPICALLY IRRELEVANT
43
NASFAA TOOL REVIEW • STUDENTS IN UNIQUE SITUATIONS • UNDOCUMENTED STUDENTS • FINANCIAL AID CONSULTANTS AND SCHOLARSHIP SEARCH SERVICES • FEDERAL STUDENT AID SUMMARY FOR 2018-19 • FINANCIAL AID GLOSSARY
44
QUESTIONS AND CONTACT INFO • MARVIN SMITH, DIRECTOR OF STUDENT FINANCIAL SERVICES, IUPUI • EMAIL ANY FOLLOW UP QUESTIONS TO [email protected]
45
Panel Discussion: Remember to submit questions for our presenters!
,
IYI Webinar Series: College and Career Connections
Paying for College Providing a Strong Foundation for Youth and Connecting to the Experts
Colby Shank Assistant Commissioner for Financial Aid and Student Support Services Indiana Commission for Higher Education
File the FAFSA – Before April 15th! • State of Indiana’s FAFSA Filing Deadline is now April 15th. • Colleges and universities may have earlier filing deadlines. • See how your school compares using our FAFSA Completion Dashboard.
Use ScholarTrack to Support 21st Century Scholars – and All Students! • ScholarTrack.IN.gov • Check 21st Century Scholar enrollment status • Monitor Scholar Success Program activity completion • Create PINs to quickly enable access to ScholarTrack by your students • Track FAFSA completion for all of your students
Scholar Success Program • All students – not just 21st Century Scholars – can create ScholarTrack accounts and participate in the Scholar Success Program. • Best practice: Host ScholarTrack Labs where students can access computer labs and school staff are available to assist with account creation and activity completion. • See how your school and county compares using our Scholar Success Program Dashboard.
Scholar Success Program 2017 Cohort 47% Statewide
2018 Cohort 48% Statewide
Data comparing cohort 2017 in December 2016 to cohort 2018 in December 2017.
A Closer Look at Cohort 2018 86% have a ScholarTrack Account 74% Statewide 63% Statewide 48% Statewide 9th Grade Activities
9th – 10th Grade Activities
9th – 11th Grade Activities
As of December 2017
52
Frank O’Bannon Grant • Second-largest, need-based financial aid program provided by the State of Indiana, after the 21st Century Scholars Program. • No additional application – just file the FAFSA by 4/15/2018 to qualify. • Up to $3,400 base award at Ivy Tech; up to $4,500 at four-year public colleges; up to $9,000 at private colleges. • Students can earn an additional $800 Academic Honors Incentive in their first year if they graduate with an Academic or Technical Honors Diploma.
Mitch Daniels Early Graduation Scholarship • Up to $4,000 for students that graduate with at least a Core 40 high school diploma by the end of grade 11. • File the FAFSA and complete the application in ScholarTrack by 9/1/2018. • High Schools: Report Graduate Report (GR) data to IDOE as soon as possible for these students!
Next Generation Hoosier Educators Scholarship • Provides 200 high-achieving high school and college students up to $7,500 each year for four academic years. • In exchange, students agree to teach for five years at an eligible Indiana school. • Application for 2018-2019 closed on November 30, 2018; however, 2019-2020 application will be available this fall.
William A. Crawford Minority Teacher Scholarship
• Up to $4,000 each year for four academic years for minority students (defined as black and/or Hispanic individuals) • In exchange, students agree to teach for three years at an eligible Indiana school. • Students must file the FAFSA and complete an additional application in ScholarTrack by 9/1/2018.
Tuition and Fee Exemption for Children of Disabled Veterans
• Up to full tuition and fees for 124 credit hours at Indiana public colleges and universities. • One-time application available in ScholarTrack; once approved, students must file the FAFSA each year to qualify.
National Guard Supplemental Grant
• Available to members of the Indiana National Guard. • Up to full tuition and fees during fall and spring semesters at Indiana public colleges and universities. • Students must file the FAFSA and an additional application each calendar year in ScholarTrack to qualify.
529 College Savings Plan • CollegeChoiceDirect.com • Tax-deferred investment growth • Tax-free withdrawals for qualified expenses, like tuition, room and board, computers, and books. • Indiana residents are eligible for a state tax credit ($1 tax credit for every $5 contributed; $1,000 maximum tax credit).
Additional Resources LearnMoreIndiana.org Scholars.IN.gov IndianaINTERN.net
Contact Info Colby Shank [email protected] 317-232-1023 For Students and Parents: Student Support Center [email protected] or [email protected] 1-888-528-4719
Indiana County Level Data
IYI Data Resources • KIDS COUNT® in Indiana Data Book • Issue Briefs • Custom Data Requests
Sources • Federal Student Aid, An Office of the U.S. Department of Education. (n.d.). Federal Pell Grants. Retrieved from https://studentaid.ed.gov/sa/types/grantsscholarships/pell • Gallup-Purdue Index Report (2014). Great Jobs Great Lives. Retrieved from http://www.wsac.wa.gov/sites/default/files/2014.ptw.(60 ).pdf • Gallup (2016). GPI 2015/2016 Scorecard: All Participating Indiana Schools. Retrieved from http://www.in.gov/che/files/GPI_Scorecard_All_Schools_ Aggregate_FINAL.pptx.pdf • Indiana Commission on Higher Education (2016). 2016 State Financial Aid Report. Retrieved from https://www.in.gov/che/3155.htm • Indiana Commission for Higher Education (2016). College Readiness Dashboard. Retrieved from http://www.in.gov/che/files/2016_ROI_Data_at_a_ Glance.pdf
• Indiana Commission for Higher Education (2016). ROI: Data-At-A-Glance. Retrieved from http://www.in.gov/che/files/2016_ROI_Data_ at_a_Glance.pdf • Indiana Commission on Higher Education (n.d.). State Financial Aid- General Information. Retrieved from https://www.in.gov/che/4497.htm • U.S. Department of Education (2016). Federal Pell Grant Program 2015-2015 End of Year Report. Retrieved from https://www2.ed.gov/finaid/prof/resources/ data/pell-data.html • Urban Institute. (2015) Student Debt. Who Borrows Most? What Lies Ahead? Retrieved from https://www.urban.org/sites/default/files/alf resco/publication-pdfs/2000191-Student-DebtWho-Borrows-Most-What-Lies-Ahead.pdf
Tracy Butler, IYI Director of College and Career Connections Marvin Smith, Director of Student Financial Services - IUPUI Colby Shank, Assistant Commissioner, Financial Aid and Student Support Services - CHE
,
IYI Webinar Series: College and Career Connections
Why does this topic matter? Tuition and fees have increased 3.5% over the past five years. College Costs for Two-and Four-Year Colleges, Indiana: 2016 Two-year Colleges
Four-year Colleges
$16,648 $21,924
Average debt at graudation (for students with debt)
Average annual cost after financial aid
Average annual cost before financial aid
$9,004 $11,246 $18,392
$27,214
Source: Indiana Commission for Higher Education
How does Indiana Help?
In 2015, 31% of Hoosier High School Students files FAFSA on-time • More than half (56.1%) of Hoosier FAFSA filers are eligible for a Pell Grant.
• 190,122 Indiana students received a Pell Grant in 2016
Indiana has two main grant programs: Frank O’Bannon Grant and the 21st Century Scholarship Students Received vs. Average Amount, Indiana 2016
21st Century Scholarship
20,530
Frank O'Bannon Grant
$7,410 40,299
0%
10%
20%
30%
Received
40%
50%
Average Award
$3,332 60%
70%
80%
90%
100%
Source: Indiana Commission for Higher Education
PAYING FOR COLLEGE: OVERVIEW AND SPECIFICS ON HELPING AT-RISK YOUTH MARVIN SMITH, DIRECTOR OF STUDENT FINANCIAL SERVICES IUPUI
4
AGENDA • REVIEW NASFAA PRESENTATION • PROVIDE SPECIFIC GUIDANCE FOR SOME AT-RISK YOUTH SITUATIONS • DISCUSS NASFAA TOOLS FOR COUNSELORS
5
NASFAA Topics • Financial aid awarding process • Categories, types, and sources of financial aid • Overview of the Free Application for Federal Student Aid (FAFSA®) • Special circumstances
© 2017 NASFAA Slide 6
What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
© 2017 NASFAA Slide 7
What is Cost of Attendance (COA)? • Direct costs • Indirect costs • Direct and indirect costs combined into cost of attendance • Varies widely from college to college © 2017 NASFAA Slide 8
What is Expected Family Contribution (EFC)? • Amount family can reasonably be expected to contribute • Stays the same regardless of college • Two components – Parent contribution – Student contribution
• Calculated using data from a federal application form and a federal formula © 2017 NASFAA Slide 9
What is Financial Need?
Cost of Attendance –
Expected Family Contribution
=
Financial Need © 2017 NASFAA Slide 10
Categories of Financial Aid • Need-based aid
• Non-need-based aid
© 2017 NASFAA Slide 11
Types of Financial Aid • Scholarships • Grants
Gift Aid
• Loans Self-Help Aid • Employment © 2017 NASFAA Slide 12
Gift Aid: Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill, or unique characteristic
© 2017 NASFAA Slide 13
Gift Aid: Grants • Money that does not have to be paid back • Usually awarded on the basis of financial need
© 2017 NASFAA Slide 14
Self-Help Aid: Loans • Money students and parents borrow to help pay college expenses • Repayment usually begins after education is finished • Only borrow what is really needed • Look at loans as an investment in the future © 2017 NASFAA Slide 15
Self-Help Aid: Work-Study Employment • Allows student to earn money to help pay educational costs – A paycheck; or – Nonmonetary compensation, such as room and board
• Student may opt whether or not to work or number of hours to work © 2017 NASFAA Slide 16
Sources of Financial Aid • Federal government • States • Colleges and universities • Private sources • Civic organizations and churches • Employers © 2017 NASFAA Slide 17
Federal Government • Largest source of financial aid • Aid awarded primarily on the basis of financial need • Must apply each year using the FAFSA
© 2017 NASFAA Slide 18
Federal Student Aid Programs • Federal Pell Grant • Iraq and Afghanistan Service Grant (IASG) • Teacher Education Assistance for College and Higher Education (TEACH) Grant • Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work-Study (FWS) • Federal Direct Student Loans (Direct Loans) – Subsidized – Unsubsidized
• Federal PLUS Loans
© 2017 NASFAA Slide 19
States • Residency requirements usually apply • Award aid on the basis of both merit and need • Use information from the FAFSA and/or state aid applications • Deadlines vary by state – Check PDF FAFSA or FAFSA on the Web website © 2017 NASFAA Slide 20
Colleges and Universities • Award aid on the basis of both merit and need • Aid may be gift aid or self-help aid • Use information from the FAFSA and/or institutional applications • Deadlines and application requirements vary by institution – Check with each college or university © 2017 NASFAA Slide 21
Private Sources • Foundations, businesses, charitable organizations • Deadlines and application procedures vary widely • Begin researching private aid sources early © 2017 NASFAA Slide 22
Civic Organizations and Churches • Research what is available in community • To what organizations and churches do student and family belong? • Application process usually occurs during spring of senior year • Small scholarships add up! © 2017 NASFAA Slide 23
Employers • Companies may have scholarships available to the children of employees • Companies may have educational benefits for their employees
© 2017 NASFAA Slide 24
Free Application for Federal Student Aid (FAFSA®) • A standard form that collects demographic and financial information about the student and family • May be filed electronically or using paper form – Available in English and Spanish
© 2017 NASFAA Slide 25
FAFSA • Information used to calculate the expected family contribution (EFC) – Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
• Colleges use EFC to award financial aid © 2017 NASFAA Slide 26
FAFSA • May be filed at any time during an academic year, but no earlier than October 1st prior to the academic year for which the student requests aid • For the 2018–19 academic year, the FAFSA may be filed beginning October 1, 2017 • Most colleges set FAFSA filing deadlines © 2017 NASFAA Slide 27
IRS Data Retrieval Tool • While completing FOTW, 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 browser window • Applicant chooses whether or not to transfer data to FOTW © 2017 NASFAA Slide 28
IRS Data Retrieval Tool • Available October 2017 for 2018–19 processing cycle • Participation is voluntary • Reduces documents requested by financial aid office
© 2017 NASFAA Slide 29
FSA ID • Sign FAFSA electronically • Not required, but speeds up processing • May be used by students and parents throughout aid process, including subsequent school year • Only the owner should create a FSA ID
https://fsaid.ed.gov/npas/index.htm © 2017 NASFAA Slide 30
Student Dependency Status FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes: • If all “No” responses, student is dependent • If “Yes” to any question, student is independent
© 2017 NASFAA Slide 31
Signatures • Required – Student – One parent (dependent students)
• Format for submitting signatures – Electronic using FSA ID – Signature page – Paper FAFSA © 2017 NASFAA Slide 32
Frequent FAFSA Errors • • • • • • • •
Social Security Numbers Divorced/widowed/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth © 2017 NASFAA Slide 33
Student Aid Report or Student Aid Report Acknowledgement • Review data for accuracy and correct any errors • Update estimated tax information when actual figures become available
© 2017 NASFAA Slide 34
Special Circumstances • Cannot be documented using FAFSA • Send written explanation and documentation to financial aid office at each college • College will review and request additional information if necessary • Decisions are final and cannot be appealed to U.S. Department of Education © 2017 NASFAA Slide 35
Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parental information © 2017 NASFAA Slide 36
SERVING AT-RISK STUDENT POPULATIONS • DEPENDENCY STATUS REVIEW • DEPENDENCY STATUS APPEAL PROCESS • STUDENTS IN UNIQUE SITUATIONS • UNDOCUMENTED STUDENTS
37
FAFSA DEPENDENCY STATUS • INDEPENDENT IF MEET CERTAIN… • 24 OR OLDER • GRADUATE/PROFESSIONAL DEGREE • MARRIED • DEPENDENTS RECEIVING MORE THAN 50% SUPPORT • SINCE TURNING 13 • PARENTS DECEASED • ORPHAN/WARD OF THE COURT • IN FOSTER CARE
38
FAFSA DEPENDENCY STATUS (CONT’D) • INDEPENDENT IF… • SERVING ON ACTIVE DUTY OR VETERAN OF THE U.S. ARMED FORCES • IN LEGAL GUARDIANSHIP • EMANCIPATED MINOR AS DETERMINED BY A COURT PRIOR TO REACHING AGE OF MAJORITY (18 IN INDIANA) • UNACCOMPANIED YOUTH THAT IS HOMELESS OR SELF-SUPPORTING AND AT RISK OF BEING HOMELESS
39
WHO IS A PARENT? • STARTING POINT IS LEGAL PARENTS (BIOLOGICAL OR ADOPTIVE)
If married or unmarried & living together, both parents are listed on the FAFSA.
40
WHO IS A PARENT? (CONT’D) • IF DIVORCED, SEPARATED OR NEVER MARRIED & NOT LIVING TOGETHER… • WHO DID STUDENT LIVE WITH MORE THE LAST 12 MONTHS? IF TIME IS SPLIT EVENLY THEN ASK:
• WHO PROVIDED MORE FINANCIAL SUPPORT THE LAST 12 MONTHS? • ANSWER DETERMINES WHICH PARENT IS LISTED. • IF THIS PARENT HAS REMARRIED, THEN PARENT & STEPPARENT ARE BOTH LISTED.
41
WHO IS A PARENT? (CONT’D) • NOT A FACTOR IN DETERMINING A PARENT: • WHO CLAIMS STUDENT ON TAXES • WHO MAKES MORE MONEY
• NEVER CONSIDERED A PARENT (UNLESS THEY HAVE LEGALLY ADOPTED THE STUDENT:
Grandparents Foster Parents Legal Guardians Aunts/Uncles
Older Siblings Widowed Stepparent 42
DEPENDENCY STATUS APPEAL PROCESS • IF STUDENT SHOULD FILE THE FAFSA WITH PARENT(S) BUT CANNOT • APPEAL DIRECTLY WITH FINANCIAL AID OFFICE • DOCUMENTATION OF SITUATION IS CRITICAL • EVALUATING CLAIMS OF ABANDONMENT/NEGLECT • EVERY SITUATION IS UNIQUE • CLAIMING CHILD AS INCOME TAX EXEMPTION IS TYPICALLY IRRELEVANT
43
NASFAA TOOL REVIEW • STUDENTS IN UNIQUE SITUATIONS • UNDOCUMENTED STUDENTS • FINANCIAL AID CONSULTANTS AND SCHOLARSHIP SEARCH SERVICES • FEDERAL STUDENT AID SUMMARY FOR 2018-19 • FINANCIAL AID GLOSSARY
44
QUESTIONS AND CONTACT INFO • MARVIN SMITH, DIRECTOR OF STUDENT FINANCIAL SERVICES, IUPUI • EMAIL ANY FOLLOW UP QUESTIONS TO [email protected]
45
Panel Discussion: Remember to submit questions for our presenters!
,
IYI Webinar Series: College and Career Connections
Paying for College Providing a Strong Foundation for Youth and Connecting to the Experts
Colby Shank Assistant Commissioner for Financial Aid and Student Support Services Indiana Commission for Higher Education
File the FAFSA – Before April 15th! • State of Indiana’s FAFSA Filing Deadline is now April 15th. • Colleges and universities may have earlier filing deadlines. • See how your school compares using our FAFSA Completion Dashboard.
Use ScholarTrack to Support 21st Century Scholars – and All Students! • ScholarTrack.IN.gov • Check 21st Century Scholar enrollment status • Monitor Scholar Success Program activity completion • Create PINs to quickly enable access to ScholarTrack by your students • Track FAFSA completion for all of your students
Scholar Success Program • All students – not just 21st Century Scholars – can create ScholarTrack accounts and participate in the Scholar Success Program. • Best practice: Host ScholarTrack Labs where students can access computer labs and school staff are available to assist with account creation and activity completion. • See how your school and county compares using our Scholar Success Program Dashboard.
Scholar Success Program 2017 Cohort 47% Statewide
2018 Cohort 48% Statewide
Data comparing cohort 2017 in December 2016 to cohort 2018 in December 2017.
A Closer Look at Cohort 2018 86% have a ScholarTrack Account 74% Statewide 63% Statewide 48% Statewide 9th Grade Activities
9th – 10th Grade Activities
9th – 11th Grade Activities
As of December 2017
52
Frank O’Bannon Grant • Second-largest, need-based financial aid program provided by the State of Indiana, after the 21st Century Scholars Program. • No additional application – just file the FAFSA by 4/15/2018 to qualify. • Up to $3,400 base award at Ivy Tech; up to $4,500 at four-year public colleges; up to $9,000 at private colleges. • Students can earn an additional $800 Academic Honors Incentive in their first year if they graduate with an Academic or Technical Honors Diploma.
Mitch Daniels Early Graduation Scholarship • Up to $4,000 for students that graduate with at least a Core 40 high school diploma by the end of grade 11. • File the FAFSA and complete the application in ScholarTrack by 9/1/2018. • High Schools: Report Graduate Report (GR) data to IDOE as soon as possible for these students!
Next Generation Hoosier Educators Scholarship • Provides 200 high-achieving high school and college students up to $7,500 each year for four academic years. • In exchange, students agree to teach for five years at an eligible Indiana school. • Application for 2018-2019 closed on November 30, 2018; however, 2019-2020 application will be available this fall.
William A. Crawford Minority Teacher Scholarship
• Up to $4,000 each year for four academic years for minority students (defined as black and/or Hispanic individuals) • In exchange, students agree to teach for three years at an eligible Indiana school. • Students must file the FAFSA and complete an additional application in ScholarTrack by 9/1/2018.
Tuition and Fee Exemption for Children of Disabled Veterans
• Up to full tuition and fees for 124 credit hours at Indiana public colleges and universities. • One-time application available in ScholarTrack; once approved, students must file the FAFSA each year to qualify.
National Guard Supplemental Grant
• Available to members of the Indiana National Guard. • Up to full tuition and fees during fall and spring semesters at Indiana public colleges and universities. • Students must file the FAFSA and an additional application each calendar year in ScholarTrack to qualify.
529 College Savings Plan • CollegeChoiceDirect.com • Tax-deferred investment growth • Tax-free withdrawals for qualified expenses, like tuition, room and board, computers, and books. • Indiana residents are eligible for a state tax credit ($1 tax credit for every $5 contributed; $1,000 maximum tax credit).
Additional Resources LearnMoreIndiana.org Scholars.IN.gov IndianaINTERN.net
Contact Info Colby Shank [email protected] 317-232-1023 For Students and Parents: Student Support Center [email protected] or [email protected] 1-888-528-4719
Indiana County Level Data
IYI Data Resources • KIDS COUNT® in Indiana Data Book • Issue Briefs • Custom Data Requests
Sources • Federal Student Aid, An Office of the U.S. Department of Education. (n.d.). Federal Pell Grants. Retrieved from https://studentaid.ed.gov/sa/types/grantsscholarships/pell • Gallup-Purdue Index Report (2014). Great Jobs Great Lives. Retrieved from http://www.wsac.wa.gov/sites/default/files/2014.ptw.(60 ).pdf • Gallup (2016). GPI 2015/2016 Scorecard: All Participating Indiana Schools. Retrieved from http://www.in.gov/che/files/GPI_Scorecard_All_Schools_ Aggregate_FINAL.pptx.pdf • Indiana Commission on Higher Education (2016). 2016 State Financial Aid Report. Retrieved from https://www.in.gov/che/3155.htm • Indiana Commission for Higher Education (2016). College Readiness Dashboard. Retrieved from http://www.in.gov/che/files/2016_ROI_Data_at_a_ Glance.pdf
• Indiana Commission for Higher Education (2016). ROI: Data-At-A-Glance. Retrieved from http://www.in.gov/che/files/2016_ROI_Data_ at_a_Glance.pdf • Indiana Commission on Higher Education (n.d.). State Financial Aid- General Information. Retrieved from https://www.in.gov/che/4497.htm • U.S. Department of Education (2016). Federal Pell Grant Program 2015-2015 End of Year Report. Retrieved from https://www2.ed.gov/finaid/prof/resources/ data/pell-data.html • Urban Institute. (2015) Student Debt. Who Borrows Most? What Lies Ahead? Retrieved from https://www.urban.org/sites/default/files/alf resco/publication-pdfs/2000191-Student-DebtWho-Borrows-Most-What-Lies-Ahead.pdf
