2024-25 Financial Aid Night January 2024

2024-25 Financial Aid Night January 2024

South Dakota Mapping Your Future website Comprehensive website for students, parents, counselors, and other professionals at https://SouthDakota.MappingYourFuture.org 2 Mapping Your Future 2024

Agenda Paying for college Free Application for Federal Student Aid (FAFSA) South Dakota programs Resources Mapping Your Future 2024 3

Paying for education Savings Earnings Financial aid Tax credits & deductions 4 Mapping Your Future 2024

Financial aid process 1 2 3 4 5 Create Complete Receive Receive Decide the Free Application for Federal Student Aid (FAFSA) FAFSA Submission Summary a financial aid offer from the school which aid to accept and return the financial aid offer FSA ID on StudentAid.gov 5 Mapping Your Future 2024

Complete the FAFSA Student starts the FAFSA Student invites the parent to do their part in the FAFSA Student complet es their part of the FAFSA Parent complet es their part of the FAFSA Submit the FAFSA when complet e 6 Mapping Your Future 2024

Types of financial aid Grants Scholarships Work-study programs Loans 7 7 Mapping Your Future 2024

What is the FAFSA? Free Application for Federal Student Aid Base application for various forms of financial aid (need based and non-need based) Federal State Institutional Private 2024-25 FAFSA became available December 31, 2023 (normally available October 1 for the following academic year) 8 Mapping Your Future 2024

https://StudentAid.gov Navigation tool for the applicant when accessing the FAFSA on the website Includes Dashboard for the user Provides options and messaging based on the status of the student’s FAFSA: Start a 2024-25 FAFSA View the FAFSA Submission Summary Make FAFSA corrections View correction history Complete and submit a Renewal FAFSA 9 Mapping Your Future 2024

Dependent Student FAFSA terminology Identity Information Contributor Approval/Consent Personal circumstances Parent Unusual circumstances Special circumstances FAFSA Submission Summary Student Aid Index (SAI) 10 Mapping Your Future 2024

Who is the parent for FAFSA purposes? Your biological and/or adoptive parents are considered your legal parents. Must report information for both biological or adoptive parents if they are married or unmarried and living together Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are not considered parents unless they have legally adopted you. Parent wizard tool in the FAFSA helps determine which parent’s or parents’ information to include. 11 Mapping Your Future 2024

Which parent provides information and needs an FSA ID Married Report information on both parents: Only one parent needs an FSA ID if filed joint taxes. If filed separately, both parents need an FSA ID. Unmarried but living together Report information on both parents and both parents need an FSA ID. Never married and not living together Parent who provided the most financial support reports information and needs an FSA ID. Divorced or Separated Parent who provided the most financial support reports information and needs an FSA ID. Remarried Parent who provided the most financial support reports information for parent and step-parent Only the biological parent needs an FSA ID if filed joint taxes. If filed separately, parent and step-parent needs an FSA ID. Widowed Surviving parent provides information and needs an FSA ID. Mapping Your Future 2024 12

Create an FSA ID Key FSA ID points: Students and at least one parent for FAFSA purposes need one (see parent wizard information) Cannot share an e-mail address or phone number for FSA ID Must be set up before completing the 2024-25 FAFSA May take three days for the Social Security Administration to authenticate your information, so set up the FSA ID well before sitting down to complete the FAFSA Go to StudentAid.gov, Create Account 1. Enter your personal information 2. Create your username and password 3. Enter your e-mail address 4. Create security questions 5. Submit your information 13 Mapping Your Future 2024

Using an FSA ID Student Sign in to StudentAid.gov To contribute to the FAFSA To complete Direct Loan Master Promissory Note To complete loan counseling To access aid history To apply for repayment plans Parent Sign in to StudentAid.gov To contribute to the FAFSA To apply for a Direct PLUS (Parent) Loan 14 Mapping Your Future 2024 14

Gathering documents needed Your Social Security number Your parents’ Social Security numbers 2022 federal tax information, tax returns, W-2’s for you and for your parents Records of your 2022 untaxed income Information on cash, savings and checking account balances, investments, businesses, farms 15 Mapping Your Future 2024

FAFSA log in 16 Mapping Your Future 2024

Student Onboarding 17 Mapping Your Future 2024

Student identifiers Prefilled from the FSA ID information: Name Social Security Number Date of birth Email address Phone number Mailing address Residency 18 Mapping Your Future 2024

Approval Student acknowledges consent to pull financial information from the IRS through the Direct Data Exchange (DDX) 19 Mapping Your Future 2024

Personal circumstances Marital status College or career school plans Student personal circumstances Homeless Unusual circumstances 20 Mapping Your Future 2024

Student’s college or career plans 21 Mapping Your Future 2024

Student’s personal circumstances 24 years of age Married Master’s or doctorate program Active-duty military Veteran of the U.S. Armed Forces Have children Have dependents Orphan, foster care or ward of the court Emancipated minor Legal guardianship Homeless or self-supporting and at risk of being homeless 22 Mapping Your Future 2024

Other circumstances Unaccompanied Not in the physical custody of a parent Homeless Lacking fixed, regular, and adequate housing Youth 23 years of age or younger 23 Mapping Your Future 2024

Unusual circumstances Left home due to abusive or threatening environment Been abandoned or estranged from parents, and have not been adopted Been granted refugee or asylee status and are separated from parents Been a victim of human trafficking Been incarcerated, or parents are incarcerated and pose a risk to them Been otherwise unable to contact or locate their parents, and have not been adopted 24 Mapping Your Future 2024

Determining the parent(s) for FAFSA purposes Parent wizard to help determine the parent Guidance has changed, now look at who provides more financial support Look at who has the most income and assets if provided equal support Student invites the parent through the FAFSA by entering parent’s name, date of birth, social security number and email address The second parent may be invited to contribute later, especially if the parents did not file joint taxes. Mapping Your Future 2024 25

Invite parents to FAFSA form Student enters parent information to send them an invite to contribute to the FAFSA 26 Mapping Your Future 2024

Student demographics 27 Mapping Your Future 2024

Parent’s education status To identify possible firstgeneration college students 28 Mapping Your Future 2024

Parent killed in line of duty 29 Mapping Your Future 2024

High school information 30 Mapping Your Future 2024

Student financial information Once approval is granted, financial data is being transmitted behind the scenes If the Direct Data Exchange (DDX) is not available to pull the tax information, a manual response to tax-related questions will be required. Once the DDX is available again, the FAFSA will be re-run and the student’s eligibility may change Information transferred through the DDX will not display 31 Mapping Your Future 2024

Student asset information If the student starts the FAFSA, they will be asked the asset questions If the parent starts the FAFSA and their adjusted gross income is less than 60,000, the asset information will not be asked 32 Mapping Your Future 2024

Select colleges Select up to 20 schools to receive FAFSA information Use Search or enter school’s Title IV code 33 Mapping Your Future 2024 33

Student review page Will list who was invited to contribute Review information and make corrections, if needed Can see status of parent contributors 34 Mapping Your Future 2024 34

Dependent student signature 35 Mapping Your Future 2024

Student section complete 36 Mapping Your Future 2024

Parent e-mail Parent is invited by e-mail to log in to StudentAid.gov to contribute to the student’s FAFSA. 37 Mapping Your Future 2024

Parent log in 38 Mapping Your Future 2024

Parent contributing to the student’s FAFSA 39 Mapping Your Future 2024

Parent’s onboarding 40 Mapping Your Future 2024

Parent identification information Same process as for the student, can’t change name, date of birth, Social Security number or e-mail address Go to Account Settings on StudentAid.gov if e-mail address or phone number is incorrect Can change mailing address 41 Mapping Your Future 2024

Parent approval screen 42 Mapping Your Future 2024

Parent demographics 43 Mapping Your Future 2024

Parent financial information 44 Mapping Your Future 2024

Students with undocumented parents Parents must still report information on the FAFSA Can get an FSA ID, even if don’t have a Social Security number Will be authenticated against the credit bureau instead of the Social Security Administration Provide income earned from work instead of tax information 45 Mapping Your Future 2024

Family size Can report if the number of dependents is different than the number of individuals claimed on 2022 tax return 46 Mapping Your Future 2024

Who is included in the number in college? Dependent student Student NOT the parent(s) Others attending at least half time in an approved program during 2024-25 that leads to a degree or certificate at a postsecondary school eligible to participate in any of the federal student aid programs Does not factor into need analysis calculation 47 Mapping Your Future 2024

Tax return information Income tax information will be pulled through the Direct Data Exchange (DDX) 48 Mapping Your Future 2024

Asset questions Annual child support received Cash, savings, and checking accounts Businesses and investment farms Investments, including real estate (not parents’ home) 49 Mapping Your Future 2024

Determining the value of assets Market value Debt owed Net value 50 Mapping Your Future 2024

Other parent information Could be a biological or adoptive parent or step-parent 51 Mapping Your Future 2024

Parent review page 52 Mapping Your Future 2024 52

Parent signature and abbreviated confirmation page 53 Mapping Your Future 2024

FAFSA Submission summary 54 Mapping Your Future 2024

FAFSA help options Questions and answers at the beginning Help “bubbles” on each FAFSA question Federal Student Aid Information Center 800-433-3243 Monday-Friday – 7 a.m.-9 p.m. Central Saturday – 10 a.m.-4 p.m. Central Mapping Your Future 800-374-4072 [email protected] Monday-Friday – 8 a.m.-5 p.m. Central 55 Mapping Your Future 2024

The amount a family can reasonably be expected to contribute Student Aid Index (SAI) Calculated using data from the FAFSA and federal formula May be a negative number Two components Parent contribution Student contribution Stays the same regardless of college 56 Mapping Your Future 2024

Financial aid calculation Cost of Attendanc e Student Aid Index Other financial assistance Need 57 Mapping Your Future 2024

Sample maximum federal financial aid amounts Federal Pell Grant: up to 7,395* Direct Loan: 5,500 Up to 3,500 Subsidized Remaining 5,500 after subtracting Subsidized can be Unsubsidized 5.5% interest rate for undergrads, 7.05% for graduate students* Direct PLUS Loan: Parents can borrow up to the cost of attendance less financial aid 8.05% interest rate* *For the 2023-24 academic year 58 Mapping Your Future 2024

Sample financial aid offer Also referred to as award letter 59 Mapping Your Future 2024

South Dakota Opportunity Scholarship Attend postsecondary school in SD Starting Fall 2023, 1,500 for 3 years and 3,000 for final year Must be SD resident Eligibility requirements include minimum GPA, minimum ACT scores, curriculum requirements, etc. Apply at https://sdos.sdbor.edu/ by Sept. 1 Recommended that initial application and transcript be submitted by June 1 Programs may change – check website for the latest information Mapping Your Future 2024 60

Dakota Corps Scholarship Tuition and applicable fees at participating SD schools Requirements include minimum grades and agreement to stay in state for work in specific critical need occupations Understand the scholarship will turn into a loan if requirements are not met Apply at https://www.sdbor.edu/dakotacorps/Pages/How-Do-I-Apply.aspx by December 15 Programs may change – check website for the latest information 61 Mapping Your Future 2024

South Dakota Needs Based Grant Program (SDNBGP) Resident of SD Enrolled at least part time at a participating institution Completed FAFSA and requirements established by institution Information at https://www.sdbor.edu/student-information/Pages/Need-Based-Scholarshi p.aspx Programs may change – check website for the latest information 62 Mapping Your Future 2024

Build Dakota Scholarship Full-ride scholarship For students enrolled in a high-need workforce area program at one of the four technical colleges Work full-time in SD for a minimum of three years. Next application cycle will be January 1, 2024 – March 31, 2024 Understand the scholarship will turn into a loan if requirements are not met More information at www.builddakotascholarships.com or on the technical college’s website Programs may change – check website for the latest information Mapping Your Future 2024 63

Freedom Scholarship New state-wide initiative to encourage South Dakota students of all economic backgrounds to live and work in South Dakota after graduation Available to students with unmet financial need as determined through their submission of the FAFSA, in conjunction with the financial aid office at the respective university. Understand the scholarship will turn into a loan if requirements are not met More information at www.freedomscholarshipsd.com Programs may change – check website for the latest information Mapping Your Future 2024 64

Jump Start Scholarship Students who graduate from a SD public high school in 3 years or less Enroll in an accredited institution located in SD within 1 year of high school graduation. For first year only and dollar amount varies For SD residents Apply at https://www.sdbor.edu/student-information/scholarships/Jump-Start-Scholarship/Pag es/default.aspx by Sept. 1 65 Programs may change – check website for the latest information Mapping Your Future 2024

Critical Teaching Needs Scholarship Agree to work in SD in a critical teaching need occupation for five years Understand the scholarship will turn into a loan if requirements are not met Attend a participating SD postsecondary institution Application and more information online at https://www.sdbor.edu/student-information/Pages/Critical-Teaching-Need s-Scholarship.aspx Programs may change – check website for the latest information Mapping Your Future 2024 66

Scholarship tips Develop a plan Conduct research Prepare applications Understanding the cost Establish a scholarship goal Research local, college, state, employer programs Organizations/ employers that align with your career choice Scholarship search Write the essay Proof and edit, neatness counts Stay organized Use the scholarship tracking sheet Follow deadlines, requirements Have a dedicated e-mail address 67 Mapping Your Future 2024

Next College Application Apply to colleges steps Have your high school transcript sent to colleges that you’ve applied to Share ACT, Accuplacer, other test scores to the relevant colleges Request your FSA ID Apply for college scholarships before their priority deadlines Complete the FAFSA form in January 2024 Search and apply for other scholarships 69

Resources SouthDakota.MappingYourFuture.org https://southdakota.mappingyourfuture.org/college.cfm https://southdakota.mappingyourfuture.org/career-sort.cfm MappingYourFuture.org StudentAid.gov https://studentaid.gov/aid-estimator/ Scholarship tracking sheet: mappingyourfuture.org/Downloads/MappingYourFuture Scholarship Tracking.xlsx Our Dakota Dreams Scholarship searches FastWeb: www.fastweb.com/ BigFuture: bigfuture.collegeboard.org/ mappingyourfuture.org/paying/scholarshipresources.cfm Mapping Your Future 2024 70 70

QUESTIONS 71 Mapping Your Future 2024

Cathy Mueller Thank you for participating Beth Ziehmer (800) 374-4072 [email protected] SouthDakota.MappingYourFuture.org Mapping Your Future 2024