Ohio Wesleyan University Olentangy High School Financial Aid Presentation 2017-2018

Contact Us for Help • Your best source for FREE financial aid information and assistance • Assist students with the application process. • Determine eligibility for financial aid. • Provide a balance of free aid, employment and student loans. • Develop a working relationship with students and their families.

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The Financial Aid Process First Things First:

Anticipate Great Things:

• Apply for admission

• Receive Merit Scholarship Letters

http://apply.owu.edu/

Weigh Your Options:

Leave No Stone Unturned:

• Review your comprehensive Financial Aid Award Notices

• Research and apply for private scholarships

Make Your Decision:

Apply for Financial Aid:

Finish the Race Early:

• File the FAFSA: http://fafsa.ed.gov

• Complete any required financial aid forms over the summer

(and the CSS Financial Aid/PROFILE ,if needed)

• Submit your Enrollment Deposit

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Applying for Other Aid Resources • Most colleges use the Free Application for Federal Student Aid (FAFSA) as an application for most financial aid programs. • The FASFA can be completed after October 1st, 2016. • This is NEW. In the past, the FAFSA was enabled in January.

• You and a parent must have a FSA ID to sign the application. https://fsaid.ed.gov/npas/index.htm

• To receive full consideration for all institutional and federal financial aid programs at OWU, the FAFSA should be submitted in December. Other colleges or universities may have different deadlines. • Some colleges also require an institutional aid application or the CSS/Financial Aid PROFILE. LK

FAFSA on the Web • October 1st this year!

• The Early FAFSA requires applicants to use the 2015 tax information. (“Prior Prior Year”)

• Use the Internal Revenue Service (IRS) data retrieval tool! Easy! • Skip logic allows student and/or parent to skip unnecessary questions • Detailed instructions and “help” for common questions along the way. • Ability to check application status on-line • Simplified application process in the future AK

Federal Student Aid ID • Federal Student Aid (FSA) has adopted the best practice of using a username and password instead of personal information when logging into their computer systems.

• You will create a login, using an “FSA ID” • Both the student and parent must setup their own FSA ID's. Do not use the same email for both ID's. • More information on the FSA ID process can be found at:

https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid AK

Early FAFSA – Simplified?

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CSS/Financial Aid PROFILE profileonline.collegeboard.com • Some colleges use the PROFILE to determine eligibility for institutional aid. http://css.collegeboard.org/ • The PROFILE asks for the same information requested on the FAFSA, plus additional information. • There is a cost for completing the PROFILE. • $25 for the 1st school • $16 add on for each additional school

• The PROFILE can be completed starting October 1st each year. AK

Why Complete the FAFSA? • Many colleges require it for any non-merit aid consideration and some require it for all financial aid. • You will need to complete it for any Federal Direct Student Loans and the Federal Direct Parent PLUS Loan. • It may help if your family has more than one student in college. • It may help if your parents are divorced. • It may help if your financial situation changes. LK

Frequent FAFSA Errors • Social Security Numbers • FSA ID • Having a parent set this up for the student • Forgetting your password • Entering a bad email address, OR • Using the same email address for parent and student FSA ID • Divorced/remarried parental information • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college AK

Tips for Completing the FAFSA • Apply Early: It’s available October 1st !

• Use the IRS Data retrieval process • Complete All Items: Indicate (0) zero for items that do not pertain to you. • Divorced Parents: Use parent with whom the student lived most in during the previous year. • If remarried, household income includes the step parent. • Claimed on taxes, does not matter • Do not include ex-spouses income

• Untaxed Income: For Pre-taxed 401K and IRA withholdings, report only the amount saved in 2015. • Sign the FAFSA Electronically: Use your FSA ID. AK

How Eligibility for Financial Aid is Determined Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). This measurement of the family’s financial strength is comprised from many components including number of family members in household and college, age of oldest parent, and income and assets. Colleges use the EFC and other factors to determine need for aid.

Determination of Need: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

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Special Circumstances Many times students and parents can appeal for additional institutional aid if they have valid, documented circumstances. - Job loss or reduction in pay - Excessive medical expenses paid - One time rollover or capital gain - Private elementary or high school costs paid - Loss of income sources - Many others… Please note that consumer related expenses do not apply

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TYPES OF FINANCIAL AID Financial aid is offered in the form of scholarships, grants, loans, and student employment programs. Scholarships & Grants are free dollars.

Student Loans have to be paid back after enrollment ends. Student Employment programs allow students to earn wages during college.

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Merit-based Scholarships Rewarding academic and talent-based achievement with non-need-based scholarship programs. • Academic-based • Talent-based (i.e. music, theater, art) • Departmental Awards • Athletic • OWU does not offer Athletic Scholarships • Division III • Usually requires students to be admitted • Merit scholarships vary per college • Scholarships are usually renewable each year LK

GRANT PROGRAMS Institutional Grants - Usually based on need as determined by the FAFSA. - Priority FAFSA date is usually required.

State Financial Aid - Usually based on need as determined by the FAFSA.

Federal Grants - Pell Grant - Supplemental Educational Opportunity Grant (SEOG)

Private Grants AK

STUDENT EMPLOYMENT Federal Work-Study (FWS) provides part-time jobs for students demonstrating financial need. This program allows students to earn money to help pay education expenses. The program encourages community service work and work related to students’ discipline. The FAFSA is required for this program. Institutional Student Employment is usually available for students who do not qualify for the federal work study program. This program is usually earned and used in the same way as federal program. Colleges must use portion of FWS funds for community service activities. Students generally use money earned to help pay for their personal expenses.

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FEDERAL STUDENT LOANS Federal student loans are low-interest aid programs for students and parents. The FAFSA is required for these loans. • Subsidized Direct Loans are need-based loans where interest does not begin accruing until 6 months after graduation. The annual amount for first-time freshmen is $3,500. (3.76%) • Unsubsidized Direct Loans are non-need-based loans which accrue interest during enrollment. The annual amount for firsttime freshmen is $2,000. (3.76%) • Parent PLUS loans are borrowed by parents of dependent undergraduate students. Complete the application MPN after June 1, 2017. (6.31%) AK

Private Resources Private Grants and Scholarships are offered by various organizations, businesses and foundations: - Students must apply separately for each program - Students compete locally, regionally and nationally - Apply, Apply, Apply! Private student loans from commercial lenders: -

Variable application process and procedures Various criteria and requirements Various terms and conditions Usually requires a co-signer (e.g. parent) LK

Other Ways to Pay for College • Consider Tuition Payment Plans • Invest in 529 College Saving Plans • Utilize investment income and home equity • Select your college dorm and meal plan carefully

• Budget your money and reduce your expenses • Work and save your earning during the summer • Buy used text books and books on line LK

Net Price Calculator • All Title IV institutions are required to have an NPC posted on their website. • The NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula: Formula

Price of Attendance - Grant Aid Net Price

• Schools may use ED’s NPC template, create their own template, or purchase a template from a third party. • OWU’s is a Total Degree Cost Calculator! AK

FAFSA Help • Receive assistance with completing the 2017-2018 FAFSA form from financial aid professionals.

• Various locations throughout Ohio • Register online:

http://www.fafsahelpoh.org/

There are currently no locations listed at this time AK

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Questions Amy Kaple & Leann Kendzerski Ohio Wesleyan University [email protected] 740-368-3050