Student Financial Aid

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Student Financial Aid

• Kent State University
• 103 Michael Schwartz Center
• www.sfa.kent.edu 330-672-2972

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• Tara Jackson
• Financial Aid Coordinator
• Marsha Krause
• Financial Aid Counselor

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Overview

• Philosophy
• Application Process
• Types of Financial Aid
• Determination of Financial Need
• Examples of Awarding

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Philosophy of Financial Aid

• Financial aid is available to all families
  regardless of family income or college cost.
• It is the primary responsibility of the family to
  pay the educational costs to the extent that they
  are able.

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Application Process

• Apply for PIN numbers
• PIN personal identification number
• Both parent and student need to apply for a PIN
  number to sign the FAFSA
• PIN numbers do not need to be renewed every year
• www.pin.ed.gov

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Application Process

• 2009-2010 Free Application for Federal Student
  Aid (FAFSA)

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Application Process

• Submit the Free Application for Federal Student
  Aid (FAFSA) as soon after January 1st as possible
• Complete FAFSA every year
• Priority deadline for Kent State University is
  March 1 to ensure maximum consideration for
  institutional aid
• The 2009-2010 FAFSA will use 2008 W2 and tax
  information
• You do not need a completed tax return in order
  to complete the FAFSA

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Application Process

• Avoid being charged a fee to file the FAFSA!
• Completing and processing the FAFSA is FREE!
• If filing FAFSA on the Web, make sure you go
  directly to www.fafsa.ed.gov
• Contact the financial aid office if you need help
  completing the FAFSA

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FAFSA Step One

• General Student Information Questions 1-13
• Name Address
• SSN DOB
• Telephone Number
• Drivers license
• Email address

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FAFSA Step One

• Student Information Questions 14-27
• Citizenship
• Marital Status
• State date of
• legal residence
• Selective service
• Parents educational
• background
• Drug conviction?
• High School Diploma
• Bachelors Degree?

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FAFSA Step One

• General Student Information Questions 28-31
• Self-Help preferences
• Degree Type
• Grade level
• Loans and or work?
• Teacher

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FAFSA Step Two

• Questions 33-38
• Students Financial Data 2008
• Federal Tax Return type and status
• Federal Adjusted Gross Income
• Income Tax paid in 2008

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FAFSA Step Two

• Questions 39- 45
• Student Financial Data 2008
• Total cash, savings and checking
• Net worth of investments
• Net worth of businesses and investment farms
• Veterans education monthly benefit amount

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FAFSA Step Two

• Questions 46
• Education credits
• Earnings from Federal Work Study/Fellowships/Assis
  tantships

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FAFSA Step Three

• Questions 47
• Student untaxed income information

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FAFSA Step Three

• Questions 48-60
• Dependency Determination

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FAFSA Step Four

• Questions 61-71
• Parents Marital Status
• Social Security Numbers
• Last Names, First Initials
• Dates of Birth
• Parent e-mail

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FAFSA Step Four

• Questions 72-81
• State and date Legal Residence
• Household Size
• Number in College
• Benefits received from SSI, Food stamps, TANF,
  WIC

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FAFSA Step Four

• Questions 82 85 PARENTS
• Federal Tax Return type and status
• Dislocated worker?

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FAFSA Step Four

• Total cash, savings and checking
• Net worth of investments
• Net worth of businesses and/or investment farms

• Questions 86 - 93
• 2008 Federal Adjusted Gross Income
• 2008 Income tax
• 2008 Exemptions

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FAFSA Step Four

• Questions 94
• Parent additional financial information
• Education credits
• Child support paid
• Combat pay

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• Question 95
• Parent 2008 untaxed income information

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FAFSA Step Five

• Questions 96 -103
• Independent Students only
• Household Size
• Number in College
• Benefits received from SSI, Food Stamps, TANF,
  WIC

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FAFSA Step Six

• Questions 104a 104h
• List up to four college codes with housing plans
• Each school will receive your FAFSA results

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FAFSA Step Seven

• Questions 105 106
• Date
• Signatures of Student and Parent

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Avoid Errors!!

• Please read instructions and complete all forms
  carefully
• Errors on the FAFSA or supplemental forms may
  DELAY application processing and result in LOSS
  of Financial Aid funds

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Frequent FAFSA errors

• Divorced/remarried parental information
• Income earned by parents / stepparents
• Untaxed income
• US income taxes paid
• Household size
• Social Security numbers / dates of birth
• Number of household members in college
• Real estate and investment net worth

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FAFSA filing

• Obtained only by calling the Federal Processor
  1-800-4FED- AID
• Paper Application mailed to Federal Processor
• 4-6 weeks processing time until awarding

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FAFSA filing

• www.fafsa.ed.gov
• FAFSA submitted online
• 2-3 weeks processing time until awarding

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FAFSA filing
Student receives eSAR
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Student Aid Report

• Summarizes the information you submitted on your
  2009-2010 FAFSA
• Gives you the application status
• Expected Family Contribution (EFC)
• Emailed to student

NOTEA paper SAR is mailed only to students
without email or DOB, SS or FIRST and LAST name
errors
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FAFSA filing
Student receives eSAR
Colleges receive electric version of SAR
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Awarding Process
KSU
College mails out the initial award letter
College runs information through the awarding
program

• College receives electronic version of SAR

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Types of Financial Aid

• Gift Aid
• Grants
• Scholarships
• Self Help Aid
• Loans
• Work

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Types of Financial Aid

• Gift Aid Grants
• Pell Grant
• Awarded to undergraduate students pursuing first
  bachelors degree
• EFC between 0 - 4041
• Award amount based on EFC and enrollment status
• Maximum award for 2008-2009 year - 4731

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Types of Financial Aid

• Gift Aid Grants
• Academic Competitiveness Grant
• US citizen
• Grant eligible
• Fulltime
• Completion of rigorous secondary school program
  verified by school
• High School graduation after January 2005
• Freshman and Sophomore standing
• First year 750
• Second year 1300

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Types of Financial Aid

• Gift Aid Grants
• Federal Supplemental Educational Opportunity
  Grant (FSEOG)
• EFC 0
• Campus Based Aid
• Award amount for 2008-2009 600 - 2000

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Types of Financial Aid

• Gift Aid Grants
• Ohio College Opportunity Grant
• Eligibility based on EFC
• Award amount based on enrollment status
• Award amount for 2008-2009 78 - 2496

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Types of Financial Aid

• Gift Aid Grants
• National Science Math Access to Retain Talent
  Grant (SMART)
• Undergraduate fulltime US citizen
• Junior and Senior standing
• Pell Grant eligible
• GPA 3.00
• Majoring in Physical, Life or computer sciences,
  Math, Engineering, Technology or a critical need
  Foreign Language
• Award amount 4000 a year

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Types of Financial Aid

• Gift Aid Scholarships
• Start Searching EARLY!
• Timing is Everything!
• Business and Industry
• Faith Based Organizations
• Parents Employment
• Local Library Resources

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Types of Financial Aid

• Gift Aid Scholarships
• KSU Scholarship Priority Dates
• New Freshmen Scholarships January 15
• Continuing/Transfer Scholarships February 15
• Departmental Scholarships Varies

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Types of Financial Aid

• Freshman Scholarships
• Apply for Admission
• Accepted by January 15
• No additional application required!
• www.admissions.kent.edu

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Types of Financial Aid

• Gift Aid Scholarships
• Scholarship Search Qualifier
• Department scholarships
• Additional scholarship opportunities
• www.sfa.kent.edu

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Types of Financial Aid

• Gift Aid Scholarships
• Use these Top 10 Scholarship Search Sites!
• 1. http//www.scholarships.com
• 2. http//apps.collegeboard.com
• 3. http//www.collegeanswer.com
• 4. http//www.fastweb.com
• 5. http//petersons.com

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Types of Financial Aid

• 6. http//www.nextstudent.com
• 7. http//www.collegetoolkit.com
• 8. http//www.brokescholar.com
• 9. http//www.collegedata.com
• 10. http//www.studentawards.com

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Types of Financial Aid

• Self-Help Aid Work
• Federal Work Study
• Campus Based Aid
• Student can work part time while enrolled in
  school
• Award maximum Freshman 2000 for year
• Dollar amount not applied to the students bill
• Hired to work hourly and paid at least once a
  month
• Earnings cannot exceed the awarded amount
• University Funded Work
• Available to students not awarded work study

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Types of Financial Aid

• Self-Help Aid Loans
• Federal Perkins and Nursing Loans
• Campus Based Aid
• Repayment begins 9 months after graduation or
  dropping below halftime status
• Fixed interest rate of 5
• Award amount 1000 - 4000
• Nursing loan available to students admitted to
  the Nursing Program

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Types of Financial Aid

• Self-Help Aid Loans
• Direct Stafford Loans
• Subsidized and Unsubsidized
• Student enrolled at least half time
• Repayment begins 6 months after graduation or
  dropping below halftime status
• Fixed interest rate 6.0 subsidized

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Types of Financial Aid

• Self-Help Aid Loans
• Direct Stafford Loans
• FRESHMEN 5500
• SOPHOMORES 6500
• JUNIORS AND SENIORS 7500

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Types of Financial Aid

• Self Help Aid Loans
• Parent Loan for Undergraduate Students
• Parent of dependent undergraduate student
• Student enrolled at least half time
• Credit based
• Fixed interest rate 7.9
• Repayment begins while the student is in school
  but can be deferred
• Maximum loan amount is COA minus all other aid
• If denied for credit reasons student is eligible
  for limited unsubsidized funds

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Types of Financial Aid

• Self Help Aid Alternative Loans
• Student applies for loan from a private lender
• May need co-signer
• Interest rate is variable
• Repayment generally begins 6 months after
  graduation
• Maximum amount is COA minus all other aid

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Determination of Financial Need

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Financial Need

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Determination of Financial Need

• 2008-2009
• Cost of Attendance Kent State University

Tuitions and Fees 8430 Room and Board
(Food) 7456 Books and Supplies
1200 Transportation 1974 Miscellaneous
Personal 2340 21400 Denotes Direct
Cost
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Cost of Attendance
Direct costs are based on 2008-2009
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Determination of Financial Need

• Expected Family Contribution
• (EFC)
• The number used to determine the eligibility for
  various types student financial aid.

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Determination of Financial Need

• This number results from the FAFSA application
• Your EFC is reported to you on your SAR

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Awarding Process

• Low Need Student
• Cost of Attendance 21,400
• - EFC -15,900
• Financial Need 5,500
• Direct Loan Eligibility 5,500 Total
  Financial Aid 5,500

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Awarding Process

• Low Need continued
• Cost of Attendance 21,400
• -Financial Aid - 5,500
• PLUS/Alternative Loan Eligibility 15,900

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Awarding Process

• High Need Student
• Cost of Attendance 21,400
• -EFC - 400
• Financial Need 21,000
• Pell Grant 4,381
• OCOG 2,100
• Direct Loan 5,500
• Perkins Loan 2,000
• FWS 2,000
• Total Financial Aid 15,981

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Awarding Process

• High Need continued
• Cost of Attendance 21,400
• -Financial Aid - 15,981
• PLUS/Alternative Loan Eligibility 5,419

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Review

• Apply for admission
• Apply for PIN numbers
• Complete FAFSA as soon as possible after January
  1st
• Investigate other sources of aid
• Bookmark www.sfa.kent.edu

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Contact Information

• Kent State University
• Student Financial Aid Office
• 103 Michael Schwartz Center
• Kent, OH. 44242
• 330-672-2972 finaid_at_kent.edu
• www.sfa.kent.edu