Federal Student Aid 2017-2018 FAFSA Updates & Resources Lori A. Blust Wharton County Junior College Financial Aid
TOPICS 1. FAFSA History
2. FSA ID
3. 2017-2018 FAFSA Updates
4. Parent/Student Resources
FAFSA History
Federal Student Aid’s (FSA) Mission To ensure that all eligible individuals benefit from $150 billion dollars of federal financial assistance in the form of grants, work-study, and loans for education beyond high school “Funding America’s Future, One Student at a Time”
FAFSA Evolution • 1992 – Free Application for Federal Student Aid (FAFSA)
• 1997 – FAFSA on the Web • 2008 – IRS Data Retrieval Tool (2009-10 FAFSA) • 2009 – Skip/Smart Logic (2010-11 FAFSA) • 2016 – Earlier Launch & Collection of Earlier Income and Tax Information (2017-18 FAFSA)
FSA ID
FSA ID: Electronically sign FAFSA
WHERE CAN I USE MY FSA ID? fafsa.gov
StudentAid.gov/log in or nslds.ed.gov
StudentLoans.gov
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Electronically sign your (or your child’s FAFSA.
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View a history of any federal student aid that you have received.
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Complete entrance counseling, The Financial Awareness Counseling Tool, or exit counseling.
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Import your tax information from the IRS.
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Look up your loan servicer’s contact information.
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Electronically sign a Master Promissory Note (MPN).
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Prefill data in this year’s FAFSA if you filed a FAFSA lasat year. That’s called filing out a Renewal FAFSA
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Complete PLUS loan requests.
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Make online corrections to an existing FAFSA.
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Estimate your student loan payments using the Repayment Estimator.
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View or print an online copy of yoru Student Aid Report (SAR).
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Apply for an income-driven repayment plan or a consolidation loan.
teach-ats.ed.gov •
Sign your Agreement to Serve for the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program.
Studentaid.gov/FSAID
FSAID.ed.gov
FAFSA.gov
2017-2018 FAFSA UPDATES
2017-18 FAFSA Updates Change #1: Earlier FAFSA Launch • 2017–18 FAFSA available Oct. 1, 2016, at fafsa.gov • Change to October 1 launch will be permanent
Change #2: Earlier Income Info Required • 2015 tax/income information required • IRS Data Retrieval Tool available at time of launch
Benefits of FAFSA Updates Benefit #1: Alignment • Many college application deadlines occur in the fall • Alignment of FAFSA availability = less confusion
Benefit #2: Alignment • No need to estimate tax information • IRS Data Retrieval Tool available at launch • Earlier receipt of Expected Family Contribution (helps with assessing net costs)
Benefit #3: Less Pressure •
More time before (most) state and school financial aid deadlines
• More time to compare school offers before College Signing Day
2017–18 FAFSA Updates
Other FAFSA Updates • Added Medicaid to list of Means-Tested Benefits • Addition of Medicaid to FAFSA questions 75 & 97 • Printed FAFSA availability • Income threshold for Auto Zero EFC = $25,000
Get Started Page
Parent & Student Resources
FAFSA4caster on FAFSA.GOV
StudentAid.ed.gov
Detailed College Info and Comparison • College’s website • School type • Tuition and fees • Net price average • Graduation rates • Retention rates • Transfer rates
College Navigator
2017-18 “Early FAFSA” FAQs Website
Repayment Estimator
Repayment Estimator You have a choice of repayment plans. The chart below provides details about repayment plans and your estimated repayment information under each of the different plans. Your loan servicer will determine your eligibility for the repayment plans. Estimated total loan s of $30,000. REPAYMENT PLAN
REPAYMEN T PERIOD
MONTHLY PAYMENT
PROJECTED LOAN FORGIVENESS
TOTAL INTEREST PAID
TOTAL AMOUNT PAID
Standard
120 months
$338 to $338
$0
$10,512
$40,512
Graduated
120 months
$194 to $581
$0
$13,358
$43,358
Pay As you Earn
131 months
$270 to $338
$0
$12,020
$42,020
Income Contingent Repayment (ICR)
133 MONTHS
$297 TO $354
$0
$12,228
$42,228
Twitter Homepage
@FAFSA
www.twitter.com/FAFSA
Facebook www.facebook.com/FederalStudentAid
YouTube www.youtube.com/FederalStudentAid
Factsheets
Why Go to College?
Who is My Parent?
Studentaid.ed.gov
Federal Student Information Center (FSAIC) • FSAIC can answer questions via: • oE-mail • oLive Chat • oToll Free Hotline
• 1-800-4FED-AID • (1-800-433-3243) • • • •
Monday through Friday 8:00am – 11:00pm ET Saturday and Sunday 11:00am – 5:00pm ET
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Questions???
Contact Information Lori A. Blust Financial Aid Coordinator/Counselor Wharton County Junior College 14004 University Blvd Sugar Land, TX 77479 281-243-8431
[email protected]