FINANCIAL AID PRESENTATION - Midwestern State University

Report
A Guide to Help You
Through the Financial Aid
Process
Presented by:
Midwestern State University
Financial Aid Office
What is Financial Aid?
Money from a source, other than the
family, to assist with the cost of attending
college, which includes:
Scholarships
Grants
Loans
Employment
Tuition Exemptions
What is the FAFSA?
“FREE Application for Federal Student Aid”
•
A standard form that collects demographic and financial
information about the student and family
•
FAFSA dependency questions
•
Information used to calculate the Expected Family
Contribution (or, EFC)
•
Students must complete FAFSA for each school year
•
Colleges may set FAFSA filing deadlines
•
Title IV School Code – MSU is 003592; other school
codes are available from your counselor or the FAFSA
online search
Tips for the FAFSA
 Apply EARLY in the Spring, around 1st of February of
each year, if possible
 FAFSA email address is the Financial Aid Office’s
mode of communication with student
 Know your school’s priority deadline date; MSU =
March 1st for Fall/Spring
 File Tax returns early – we encourage you to use the
IRS Data Retrieval Tool to download your tax
information onto the FAFSA; otherwise, you may be
selected for ‘verification’.
FAFSA on the Web
Website: www.fafsa.ed.gov
2014‒15 FAFSA on the Web available NOW
FAFSA on the Web Worksheet:
– Used as optional “pre-application” checklist
– Questions follow order of FAFSA on the Web
Signature page needed OR Electronic Signature Option w/PIN
PIN Registration
Website: www.pin.ed.gov
Not required, but speeds
processing
May be used by students
and parents throughout
aid process, including
subsequent school years
Ability to retrieve PIN
immediately or via email
IRS Data Retrieval Tool
Students completing a 2014–15 FAFSA are STRONGLY
ENCOURAGED to utilize IRS Data Retrieval Tool beginning
EARLY February, 2014!
• Student/parent will transfer 2013 income tax return onto the
2014-15 FAFSA while completing the application.
• Must allow 2-3 weeks after you/parent electronically file your
tax return (but not before EARLY February) before you will be
able to download tax return information onto the 2014-15
FAFSA application.
• If you/parent file a paper tax return, you must allow
8-11 weeks before you will be able to download tax return
information onto the 2014-15 FAFSA application.
IRS Data Retrieval Tool
Students NOT using the IRS DRT will most likely be selected for ‘verification’
and, if selected, student/parent MUST submit an IRS TAX TRANSCRIPT to
the MSU Financial Aid Office.
NOTE: copies of signed tax returns will no longer be accepted unless a
foreign tax return is filed or identity theft has occurred.
IRS TAX TRANSCRIPT Options:
• ‘Get Transcript’ – www.irs.gov/transcript
•
•
•
•
•
•
•
New service which is accessible after taxpayer authentication
Provides immediate display of transcript via PDF file
Users view, print and save the file
Online – www.irs.gov (5-10 calendar days)
By phone – 1-800-908-9946 (5-10 calendar days)
By mail – IRS Form 4506T (up to 10 calendar days)
IRS2Go – mobile app (5-10 calendar days)
What is the Expected Family
Contribution (EFC)?
*The amount of money a student and his/her
family may reasonably be expected to
contribute toward the cost of education for
an academic year
*Stays the same regardless of college you
choose, but is calculated with new
information each new year you file the FAFSA
*Calculated using data from the FAFSA and a
pre-set federal formula
MSU’s Cost of Attendance 2013-14
Off Campus / In Dorm:
• Tuition and Fees
• Books and Supplies
• Room & Board
• Transportation
• Personal/Miscellaneous
• Loan Fee Allowance
•
TOTAL
With Parent:
• Tuition and Fees
• Books and Supplies
• Room & Board
• Transportation
• Personal/Miscellaneous
• Loan Fee Allowance
•
TOTAL
$7,764
1,200
7,229
1,909
1,630
110
$19,842
$7,764
1,200
3,220
1,909
937
110
$15,140
Cost of Attendance
Estimates
Two-Year College
$10,895
Private University
$51,610
Undocumented Students
“SB 1528”
This law permits some non-citizens to be classified
as Texas residents for financial aid and
admission purposes. May receive
• In-state tuition
• Texas Financial Aid (some programs)
Application
• Submit a Texas Application for State Financial Aid (TASFA) and submit
to the financial aid office at the institution for processing
• www.collegefortexans.com
Scholarships
Free Money!!!! Does not have to be repaid
Academic
Talent
Athletic
Community Groups
MSU Scholarship Considerations
• Students admitted to MSU are automatically
considered for General Merit scholarships which
can range from $500 to $2500 per academic year.
• Award consideration is based on SAT/ACT
entrance exam scores.
• Incoming freshman are encouraged to apply by
our priority application date, March 1st, in order
to guarantee consideration for these awards.
• Scholarships will not be awarded after April 1st.
MSU Scholarship Considerations
• Information regarding Athletic scholarships
can be obtained from the Head Coach of the
particular sport.
• Or seek additional information from the
academic departments and university Donor
Services.
• For additional information contact MSU
Admissions at [email protected] or
(940) 397-4334 or (800) 842-1922
Notify the Financial Aid Office of
Scholarships Received
You must advise the Financial Aid Office of any
scholarships/benefits you may receive in 2014-15; otherwise,
adjustments may be necessary to your award(s) if the
Financial Aid Office is made aware of any scholarship(s) or
additional benefits you will receive AFTER your award(s) are
determined.
MSU’s ‘Additional Benefits/Expenses’ form must be submitted
online to the MSU Financial Aid Office: available at
http://www.mwsu.edu/finaid/financial-aid-forms
Grants and Workstudy
Free Money!!!! Does not have to be repaid
Federal Grants
Workstudy
State Grants
Institutional Grants
Federal Grants
 Pell Grant = 2014-15 ranges from $602 - $5730 per year for
a full-time student. Student may receive Pell for no more
than 6 years.
TIME IS LIMITED!
Pell amounts will be reduced for less-than-full-time students.
EFC ranges from $0 - $5157
 SEOG = Schools receive limited amount of money; funds
exhausted early. Must be Pell-eligible.
 TEACH Grant = assist students that are seeking degrees in
the high need fields of Math, Science, Foreign Language,
Bilingual Education, Special Education, Reading Specialist
http://www.mwsu.edu/finaid/teach-grant
 U.S. Department of Veteran Affairs (GI Bill, Chapter 30,
etc...) – Contact MSU Veteran Affairs Office
Federal/State Workstudy
 Need-based work program
 Typically pays minimum wage, but wage varies at
college/university
 Student allowed to work up to 20hrs/week and
must be enrolled at least half-time
 Typically on-campus jobs
 Can exclude this income on following year’s
financial aid application
 Apply early!! Jobs go fast!
State Grants
TEXAS Grant (Toward Excellence, Access & Success)
Need-Based Award for Texas Residents
Must meet state priority FAFSA deadline of March 15
Completed the ‘Foundation’, ‘Recommended’ or
‘Distinguished’ Achievement Program in high school
EFC must be <= ??? (TBD); currently, 4620 or less
Enroll at least three-quarter-time in a baccalaureate
degree program within 16 months of HS graduation
Not been convicted of a felony or crime involving a
controlled substance
Student seeking an Associate Degree is NOT eligible
TEXAS Grant (continued)
In addition to the basic eligibility requirements, students must
meet requirements in at least 2 of the following 4 areas for
priority consideration:
* Advanced Academic Program – 12 hours of college credit
(dual credit or AP credit), complete the Distinguished
Achievement Program (DAP), or complete the International
Baccalaureate Program (IB).
* TSI Readiness – Meet the TEXAS Success Initiatives (TSI)
assessment thresholds or qualify for an exemption.
* Class Standing – Graduate in the top 1/3 of the HS graduating
class or have a B average.
* Advanced Math – Complete at least one math course beyond
Algebra II.
Top 10% Scholarship
Encourage students who graduate in the top 10% of
high school class to attend Texas public universities
Texas Resident
Must enroll full-time
Complete Recommended or Distinguished
Achievement Program in high school
Current award amount: first-year =$1500 per year
and renewal = $2000; these are Fall awards ONLY
1415 first year and renewal award amounts TBD
Must submit FAFSA or TASFA and have a valid
SAR on file at the university by March 15, 2014
(FAFSA or TASFA submitted after March 15 will not be considered
for Top10)
MSU
Mustangs Guarantee Program
 Beginning freshman student OR new Transfer student
 Pell Grant eligible student who is a Texas Resident
 Must submit FAFSA and have a completed financial aid file
(including all verification documents) on/before May 31 (for
Fall semester) or December 15 (for Spring semester)
 Family’s combined AGI is $50,000 or less
 Covers remaining balance of tuition & mandatory fees (for 15
credit hours or more) that are not paid by other grants,
scholarships, exemptions, benefits or waivers
 Maintain a minimum of 15 credit hours through 12th class day
for each Fall and Spring semester
 Complete at least 12 hours AND maintain a cumulative grade
point average of 2.5 at end of EACH fall and spring semester.
 Available up to 4 academic years (excluding summer terms)
Student Loans
Must Be Repaid!!!!
Federal Loans
State Loans
Alternative/Private
Loans
Federal Direct Loans
Subsidized
Need-based
Current Interest:
Fixed – 3.86% for loans
disbursed after July 1, 2013
Government pays interest
while student enrolled at
least half time
Unsubsidized
Not need-based
Current Interest:
Fixed – 3.86%
Student responsible for all
interest that accrues
(subject to change on July 1, 2014)
(subject to change on July 1, 2014)
Repayment begins 6 months after graduation or dropping below
half-time enrollment. For Direct loans, the “lender” is the
Department of Education
Annual Loan Limits




$3,500 Freshman
$4,500 Sophomore
$5,500 Junior and Senior
All students can request an additional
$2000 Unsubsidized Stafford loan
annually
Maximum Eligibility Period to Receive
SUBSIDIZED Loans
*Eligibility period is measured in academic years and student
may not receive Direct Subsidized Loans for more than 150%
of the published length of the academic program (also
referred to as “maximum eligibility period”) .
* The “maximum eligibility period” is based on the published
length of the student’s current program so maximum
eligibility period can change if the student changes academic
programs. The published length of any program of study can
be found in the university catalog.
* Also, if the student receives Direct Subsidized Loans for one
program and changes to another program, the Direct Subsidized
Loans received for the earlier program will generally count
against your new maximum eligibility period.
FOR EXAMPLE:
If the student is enrolls in a 4-year bachelor’s
degree program, the maximum period for which
the student can receive Direct Subsidized Loans
is 6 years (150% of 4 years = 6 years).
If the student is enrolls in a 2-year associate
degree program, the maximum period for which
the student can receive Direct Subsidized Loans
is 3 years (150% of 2 years = 3 years).
TIME IS LIMITED!
Federal Direct
Parent (PLUS) Loans
 Loan in Parent’s Name/SSN
 Max eligibility can cover up to Cost of
Attendance
 Based on parent’s credit-worthiness
 Current Fixed Interest Rate = 6.41%
 Payments begin 60 days after 2nd
disbursement
The parent, upon his or her request, can defer payments
on a PLUS loan if the student is enrolled at least half time.
STATE & ALTERNATIVE/PRIVATE
Student Loans
STATE
Texas B-On-Time Loan
College Access Loan
ALTERNATIVE/PRIVATE
Texas B-On-Time (BOT) Loan
A STATE loan which provides eligible Texas students with
zero-interest loans:
• Need established by filing FAFSA
• Texas Resident
• Completed the Recommended or Distinguished
Achievement Program in high school
• Enroll full-time
• Availability of funds is determined by the Texas
Higher Education Coordinating Board
• Eligible for annual renewal, pending availability of
funds
• Loan forgiveness provisions are available
(CONT’D)
BOT Loan Forgiveness Requirements:
If student graduates “on time” with a 3.0 GPA or higher,
the B-On-Time loan will be forgiven
The BOT loan has a 15-year repayment period or a minimum
monthly payment of $75.00 and a 0% interest rate.
To Graduate “on-time” a student must
•
Finish a 4 year degree in 4 years
•
Finish a 5 year degree in 5 years
•
Finish a 2 year degree in 2 years, OR
•
Finish a degree with no more than 6 semester hours
beyond what is required for his/her major
College Access Loan (CAL)
A STATE loan available to Texas students
• NOT Need-Based Loan but FAFSA must be filed
• Texas Resident
• Enroll at least half-time
• Student must have a credit-worthy co-signor
• Fixed interest rate is determined by the Texas
Higher Education Coordinating Board; currently,
5.25%
• Availability of funds is determined by the Texas
Higher Education Coordinating Board
Alternative/ Private Loan
• Private consumer loans
• Provided without consideration of financial
need
• Usually a last option after other more
economical sources are exhausted
• Credit checks are required
• Variable interest rate – usually VERY HIGH!
Tuition Exemptions/Waivers
* An exemption allows an individual to enroll in a
Texas public institution while paying a reduced
amount of tuition and fees – example Valedictorian
tuition exemption, Foster Care exemption, etc.
* The State of Texas has authorized more than 30
exemption programs
* Exemptions have different eligibility requirements
* For a complete listing and eligibility requirements,
see www.collegefortexans.com
Award Notification Process
MSU Awarding will begin on/around April 1st.
Award notifications usually contain
• Types and amounts of aid offered
• How and when aid will be disbursed
• Terms and conditions of offer
Students should
• Accept or decline (if required)
• Sign and return (if required)
• Complete student loan process (if necessary)
Evaluating Aid Packages
*Biggest is not always best –compare
to cost of attendance for each school
*Renewable vs non-renewable
scholarships
* Loans vs grants
*Terms and conditions of loan(s)
*Balance work with academic
responsibilities
Family Educational Rights and
Privacy Act (FERPA)
The student’s rights under FERPA transfer from the
student’s parents to the student when the student
attends a postsecondary institution. A student must
provide written consent before an education agency
or school may disclose personally identifiable
information from the student’s education records.
MSU’s “Release of Information” form:
http://www.mwsu.edu/Assets/documents/finaid/fao_55.pdf
MSU’s Short-Term Payment Plans
Installment Contract
Emergency Tuition/Fee Loan
Administered by the MSU Business Office
http://www.mwsu.edu/busoffice/paymentplans
MSU’s
Book Loan
Available to students whose financial aid refund
check is less than $600 - OR - the student is not
receiving financial aid but needs additional
assistance with purchasing books.
Administered by the MSU Bookstore and is
available at
http://www.mwsu.edu/finaid/bookvoucher
Add/Drop Classes
Prior to Official Enrollment date (12th class day) =
adjustment may be made to financial aid awards
After Official Enrollment date = no adjustment
made to financial aid awards but affects
Satisfactory Academic Progress (SAP)
Monitoring Satisfactory Academic
Progress (SAP)
To retain eligibility, financial aid recipients must show academic
progress in your program of study. The following will be
monitored at the end of every semester:
1. Cumulative Grade Point Average (GPA)
2. Maximum Time Frame for Program of Study
3. Successful Credit Hour Completion Rate
MSU’s current SAP rules are available at http://www.mwsu.edu/finaid/sap
NOTE: At MSU, Financial Aid Warning/Suspension differs from Academic
Probation/Warning/Suspension
Title IV Refund Calc
“60% Rule”
Students who receive Title IV financial aid
(Pell Grant, SEOG Grant, TEACH Grant or
Student/Parent Loans) and withdraw
from the University or cease to attend
classes before completing more than
60% of the enrollment period may be
required to repay money to these Title IV
programs.
Helpful Web sites
www.mwsu.edu – Midwestern State University
http://finaid.mwsu.edu – MSU Financial Aid Office
www.college.gov - US Department of Education website to
assist students with plans to attend college
www.CollegeForTexans.com – state-specific information
about higher education, financial aid
www.studentaid.ed.gov - federal site regarding student
financial aid
Contact Information:
Midwestern State University
Financial Aid Office
3410 Taft Blvd.
Wichita Falls, TX 76308
(940) 397-4214 (office)
(940) 397-4852 (fax)
http://finaid.mwsu.edu/
Email: [email protected]

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