Taylor Baird
04:00:05 PM
Hi, everyone! We'll get started in just a few. Please introduce yourselves while we wait.
Alyssa K.
04:01:03 PM
My name is Alyssa Kapinos. I am a rising senior and from Charleston, South Carolina.
Aidan O.
04:01:04 PM
Hello! My name is Aidan Osias, and I'm from Memphis, TN.
Jose C.
04:01:05 PM
Hey! My name is Jose, and I'm glad to be here!
Lydia T.
04:01:06 PM
Hi! I'm Lydia.
Taylor Baird
04:01:31 PM
I'm Taylor in the Office of Admission.
Amie S.
04:01:50 PM
I'm Amie from Boca Raton, FL!
Tian L.
04:01:52 PM
Hello! My name is Tian. I'm from Little Rock, Arkansas
Jack Q.
04:01:53 PM
Hi I'm Jack. I'm going to be a senior and I live in Dallas.
Cris B.
04:01:54 PM
Hi, I'm Cris and I'm from Oregon!
Claire L.
04:02:06 PM
Hello, I'm Claire from Nashville, TN.
Panhavoan R.
04:02:07 PM
Hey everyone! My name's Panhavoan. I'm a rising senior from Silver Spring, Maryland.
Surabhee E.
04:02:10 PM
Hi! I'm Surabhee and I'm from Little Rock!
Katelyn M.
04:02:11 PM
Hello! I am Katelyn from Virginia!
Riley S.
04:02:45 PM
Hello I'm Riley Stamper from Florida!
Aerin C.
04:02:45 PM
Hi, I am Aerin from CA.
To learning the faster my name is Jeff Kramer anion, the associate Dean of admission for financial aid hearing swine.
Ollie S.
04:03:00 PM
I am Ollie from Red Bank
One of the things about my job that I really really enjoy is making sure that you are as prepared as possible for the financial aid process.
Max G.
04:03:11 PM
Sherri and Max Giorgio from Nashville
At age you in this and allow should go through it with a minimal amount of stress. If you just do a little bit of preparation on the front end. So my talk to you very quickly, about 2 forms and three websites. So the two forms that students need to complete to apply for financial aid here it's one or the free application for federal student aid or the facts and the college scholarship service.
Profile or CSS S profile.
Now, if you're applying for any type of federal or state a when you go to Swanee or any other college next fall, you'll have to complete with that, so. So let's talk about what you can be doing now to prepare for that and make this as simple as possible. In October, when both of those forms the faster than a CSS S profile will be open to you. So the 1st place I want you to think about and we're going to send some information with some cliffnotes SparkNotes.
Out to you after this so you don't have to write down the websites, but the first place you gonna start? Is it studentaid.gov?
This is a blanket site for everything federal student aid.
Taylor Baird
04:04:24 PM
studentaid.gov
And on that site up at the top where it says it's of arm at the right hand side and it'll say login, create an account and for every student that is going to be completing that fast. So remember I said You have to do that for any Federal Way that includes a student loan that your parents might use, or especially for Tennessee residents. If you plan on using the hope scholarship, you have to complete the FAFSA.
So you would, as the student, create an account.
And this is going to provide you with the federal student aid ID. We need you to make sure that it is you completing account when they have some parents listening in and we definitely need your help as they go through this process. But I promise you it is very important for this student create their own account. If you do this and put your email and it just a promise will cause you all matter difficulty later. So we need the student have their own account.
And then one of the parents who will be providing financial data on the fasten, needs an account as well. So now if you completed this for an older child's apparent, an already have an FSA ID. That's the only one you need. You don't need to complete another one and have a different account for a new student attending school next fall.
Typically what we run into his parents who are trying to figure out who should complete the fast set an had that FSA ID. In divorce situations blended families I grew up in the moment so.
We need to know who is going to do that piece for the student. Is there fine for salt and for the Fasa and any other financial aid application?
This really revolves around students, residents and then resources. So the first question you want to ask yourself is who did eyes the student live with the most in the past 12 months? That would be the parent that completes the faster.
Victoria H.
04:06:42 PM
Hi, I am Victoria from CA!
You have split your time 5050 between your parents. Don't live with either one of them working at the time. Then the next question you would ask to make the determination of whose parent which parent data goes on the form looks who provided the most support, and in that case that parent would complete the fax up.
And you can get your student aid ID's now you don't have to wait until October one form opens. When you do that, please make sure you keep that idea and remember your password so you can get back in October. But this is something you can do now to prepare for the process and it will just save you a little bit of time later because it does go through and check to make sure that you are who you are when you fill out that I say ID create an account.
After you have that, one of the things that families usually run into as I get ready to do this is collecting all the information.
Taylor Baird
04:07:43 PM
Feel free to chat in questions. We will have time to address those towards the end of the session.
And this comes from having what I call financial aid induced OC D, but I recommend collecting some of this information. Now you can go ahead, have a nice financial aid folder on look, whatever works for you, but you're going to need your tax return if you filed a tax return as a student for 2019, and then that parrotlets providing data or parents.
Need to have their 2019 federal tax return available, so I personally recommend if you have a paper copy of that, you know where that PDF is stored that came from H&R block. Make sure you know where that information is because in some instances you may have to provide a signed copy to your financial aid office after you complete the FAFSA.
Another thing I recommend in this is because it never done this before. There is a process and the faster that is called verification takes a few more steps. But again, if you're prepared, you can breeze right through this in the fall.
So the second website afterstudentaid.gov. I'd like you remember, is actually an IRS site. This allows you to obtain a tax return transcript, and sometimes those are needed for the verification process, so that website isirs.gov/individuals.
Taylor Baird
04:09:29 PM
https://www.irs.gov/individuals/get-transcript
At dash transcripts and you can go ahead and request the parent and student again. Students may not file a tax return last year last year, but if you did, you can go ahead and take those transcripts and, but that would that folder wherever you need to keep it in case you need those in October.
Now what I hope happens is in October when you go to do the faster you are able to use what they called IRS data retrieval that's embedded in the vast central. Actually go out and import your data, and if you're able to do that, I'll be very honest a few times.
That site has not been working correctly in there. Been some bleach is why I ask you to think about the tax transcript early and having it is back up, but hopefully you can go ahead and use IRS data retrieval. You'll fill out your FAFSA. You'll sign with that FSA ID and all of those things and you'll be saying and not come on. Why exactly did that tell me? I needed to get a tax transcript?
Just a back up, but that would streamline the process for you, so studentaid.gov where you can go ahead now and create those IDs that you'll need to complete the FAFSA and theirs.gov/individual/get dash transcript transcript. In case you need it for verification.
Now at 20 we do ask you to complete that CSS S profile. We do this for our institutional. A has no bearing on in federal or state aid that you're eligible to proceed, but we do want you to complete the CSS S profile.
And schools will use this in a multitude of different ways, but I'll be honest with you. One of the reasons I love having this option.
Is allows me to see when sometimes families have made mistakes on the bathtub.
Alyssa K.
04:11:33 PM
Can you post the link where we can create our FSA username and password?
For some reason it just ask the questions a little bit differently and many times. What else is a family has reported some assets on the FAFSA. They look a little out of place, but then when I get the CSS S profile.
Taylor Baird
04:12:02 PM
FSA ID can be created at studentaid.gov
I find out they reported their retirement account because the dollar figures match and your retirement accounts the value of those do not have reported on the FAFSA, so this is a really good Check Point for us so that we can ensure that you're getting the maximum amount of funding that you can receive. Important to remember also that it's 100% of them straight in need. I'd also remind you that in doing so we will use student loans and student work to make that happen, and then ensures that we're able to continue to do this for all our students.
But meeting 100% of your demonstrated need based on the fast, so it is a really great place for us to be again and we were unable to do that for a few years and honor. That's what he's doing it again and proud to work here as we move back to that.
So again, the second piece of this is the CSS S profile and that website iscsssprofile.collegeboard.org.
Now for both of those forms are going to need cheap.
Pieces of information from us and that is our school coach so that we can receive these results of both of those in October electronically.
So for the CSS S profile are schooled code is 1842 and for the fasa it is 003534.
Taylor Baird
04:13:21 PM
https://cssprofile.collegeboard.org/
Again, you can't do those things until October, and one thing I'd like you to think about if you're prepared, you have all this information together. I highly recommend completing these disclosed together as possible a lot of times. What will see is a family. Does the facts of October 1 and they wait two months to do the CSS S profile and somehow someway?
Taylor Baird
04:13:37 PM
CSS: 1842
Some changes in that information, or they just.
Transposed a number. I don't know what happens, but sometimes the data is so different.
Taylor Baird
04:13:53 PM
FAFSA: 003534
That we have to stop and reach out and ask some more questions before we can proceed and get information for students. So if you can do both of them within 2448 hours and you have all the information in front of you so that you know that you're importing the same adjusted gross income on one, four is the other.
It will ensure that your financial aid offices or not reaching back out to you and say, wait a minute. This will set this, but this one said something else, so that's something that I found over the years really makes a difference. If you can ensure that that data is consistent and take your time with the process.
Even though we encourage you to start as soon as possible in October.
Make sure you've allowed yourself some time to complete these online. It's very, very easy. We've seen it before to start entering those numbers and managed an extra 0 to the end of something. So if you add extra 0 to the end of your income, that can definitely change things. Typically we catch that we can see that based on the information to provide it, but if you double check your information, make sure it's accurate. That should help ensure that as you go through the process.
Here or anyplace else that your financial aid office can receive that data and move on this quickly as possible.
Taylor Baird
04:15:24 PM
https://new.sewanee.edu/admission-aid/cost-financial-aid/need-based-aid/
This is definitely the Cliff notes presentation here. I typically will do a financial aid nights and sometimes those run an hour and a half in person. We're not going to keep you that along here, but we did want to make sure that you had some ideas of how you can be preparing for this process, an alleviating stress that might be associated with it. When we start talking about dollars and cents, usually there's some stress there, so we want to make this as simple as possible.
I know that one of the slides includes the financial aid office contact information, where here for you starting now and all the way through the process and always refrigeration. All of those things. So we want to make sure that you're able to reach us if you need to, we will.
Be certain that as soon as those faxes come in, will be checking them for you to ensure that there are no problems on that. What I'd like to do now to ensure that we don't have questions that we can be answering, something that might potentially propped up in this short period of time and just give you an idea of what you can do now to be ready in October.
Will S.
04:17:00 PM
can you use the HOPE scholarship for private schools?
Yes hi everyone, this is Taylor Baird. I've been chatting with you. I'm off screen clearly so we've had some questions come in. I'll be reeling. Those to Beth Ann if you have some on your mind. We have two kind of in the queue, but please feel free to chat those in now. We have a question from will can you use the hope scholarship for private schools? So most certainly.
Purchase fill out that Fasa the Tennessee Hope Scholarship is something you can use your excellent for. Slowing the hope would be $3500 a year from incoming student. If you meet the requirements for the General Assembly merit, which is typically 29 or better on the AC T has to be converted for the essay Tees and a 3.75 GPA graduation, you would be eligible.
$1000 and then for Arkell eligible students students are eligible for federal hell grant. They're typically eligible for what is called the Tennessee Aspire. You can't get aspire and dams or general suddenly merit. You get one or the other, and the Aspire is actually an additional $1500. So student could either get 335 hundred, 4500, or $5000.
Emma J.
04:18:17 PM
is the 2018 or 2019 tax return needed. FaFsa document I am looking at said 2018?
there's another question from Emma. So is it the 2018 or 2019 tax return needed so I guess could you speak a little bit to prior prior?
Question Mai didn't have my glasses on. I was looking at my clip that's down here. So yes, for the 2020 one, 22 faster students and parents will use the 2019 federal tax data to complete that form.
Wow 2019 filling it out for next year and we are in the midst of 2020 which is.
One of the craziest years on record. And it may turn into being something way different than we even experienced back in 2000. Nine 2010. So yes, you have to use 2019 to fill out that fast. So one thing I wanna make sure you know is we also recognize that.
Taylor Baird
04:19:24 PM
2019 tax return
Why changes in life happens and while this year more than ever so fill out your back, some using that information. If for some reason you're in an unfortunate situation, really, formal circumstances have dramatically changed due to all the things going on in our will be reaching out to us.
Or your flying and letting us know those things because we do have some options to potentially look at a different base year for you. We did this act like a set in 2000, nine 2010.
One parent last job of parents last job and it just made no sense to use that year. The good thing about using 2019 though for the past that is, most families hopefully have already filled out.
Their information for 2019 or at least they will have by October 1. So it doesn't make you wait to fill out the back so that yes, it is 2019.
Some 21 two thousand 22,000.
Panhavoan R.
04:20:36 PM
What documents can you prepare in advance for completing FAFSA in the fall?
Wonderful and so a new kind of mention this broadly, but there's a question of what documents can you prepare in advance for completing the fab so so I guess like I know you spoke a little bit to that, but if you wanted to list staff I guess again some of those documents.
Guys don't wanna start this. You might get me talking way too much. The fast is going to ask you some demographic information and they have your address should telephone number your data birth your Social Security number. Make sure you know those. If your parents are helping you, make sure they don't add your sister's Social Security number in on your fast. It will cause problems. Make sure we've seen this before. We are apparent inadvertently put their Social Security number down on the fast in the student section.
So that's the first thing it's going to ask. Then it's going to ask you some questions about how old you are, whether or not you're married, whether or not you're better, and this has to do with dependency status and whether or not it's going to require you for most of our students. It does require you to include parent information. Then it will ask you information straight from the tax return.
Adjusted gross income taxes. Pay your wages that information on the student.
It's also going to ask about assets, and that's going to be the total of hash savings and checking.
It's going to be the net worth of any business you might own.
And it's also going to be the net worth of investment investments. Remember, parent retirement accounts are not reported on the FAFSA, so.
Taylor Baird
04:22:14 PM
https://studentaid.gov/resources/prepare-for-college/checklists/12th-grade
The investments that all the assets are reported as of the day you complete before, so you can be thinking about having them those together, but mostly it's getting that tax information together and then on the parent section it's going to ask the exact same things, adjusted gross income taxes, pay wages, all of the information that should be available on the tax return or parental w2 forms. If your parents receive those and then collecting that asset information.
And I just linked into the chat the from the studentaid.gov site, the 12th grade checklist. So it doesn't. Yeah, it doesn't say summer, but there is a student checklist, an apparent checklist there to kind of guide you through what you can be working on in your upcoming year. I think most everyone on this session is a rising senior. So congratulations and exciting.
Tian L.
04:23:18 PM
If my parent's name is used in sibling bank account, due to the fact that they were underage at the time. Does my parent report those bank account amounts too?
So another question, I'll ask this one because it seems related to kind of the nuances of what's reportable, so there was a question of if my parents name is used in a sibling bank account so that bank account of a minor. Do they? Do they report that so there are a couple weird pieces with this, and this is really getting into some details.
A siblings savings account, just a savings account that because there are minor, the parent name is on it that would not be your parents account specifically.
And this again details if your parent has 529 plans.
Or you and your siblings.
Caroline H.
04:23:54 PM
Is there a best practice around whose name a 529 account is listed in, in order to get the best score to maximize financial benefits?
The five the value of the 529 plans for all of the children in the household are reported as parental assets, but not just a regular savings account that belongs to your little brother. That help. Hopefully yes, and we write as your answer net. We gotta question about 529 accounts, so hopefully let me look back. Caroline, that answers your question. Chat us again. If that didn't get to the full to the full question that you guys had.
Aidan O.
04:24:24 PM
My mom has a FSA ID already - is this what she would use for her parent account? Thanks!
Aiden is asking. My mom has an FSA ID already. Is that what she should use for her parent account so it's just a reminder there? Yes?
Older sibling already. They do not need to create another one.
Perfect in the Caroline has another question of you may have covered this but are full need based dollars calculated on your fasa score or your yes see how are those calculated?
Caroline H.
04:24:44 PM
You may have covered this but are "full need based dollars" calculated on your FAFSA score? How are "need based" dollars calculated? Thank you.
We're pretty transparent about the way we do this. Again, I'm going to get into the ways I can't stop myself, sorry.
The CSS S profile is used by a lot of different schools and you're fast is going to generate many of you know what this is anymore. Andy FC, its index number to determine how grand eligibility determine your eligibility eligibility for other need. CSS S profile doesn't generate anything for you, and schools can use that in a multitude of ways, which makes it very challenging as parents and students to understand why school lacks gave me this much money.
In school I gave you something else and many times that has to do with the academic peaks. The merit scholarships and those are administered completely different.
Usually done through your admissions office. Is there reading your application has no bearing on the Fasa need based aid?
Taylor Baird
04:25:51 PM
https://studentaid.gov/complete-aid-process/how-calculated
Explaining what we're going to look at is typically just that Bassa. Unless we do look at a non custodial parent contribution within reason.
So in the event that apparently not custodial parent cannot contribute, then we take that into consideration of always told my step. Kids bless them. They were very lucky they had four working parents supporting them, and I look at that from the standpoint of it would not have been right in need based aid for my sexual room to receive additional need based funding when we were willing and able to pay a substantial portion for them.
About to state schools. So that helped as well that.
That's one piece we will look at the other.
Everything would be that it is a tax return is showing.
Definitely it's again, paper losses, so if there's something there that is just reducing the income and it's not really reducing the parents ability to pay, typically those are carryforward losses, things of that nature that it dramatically reduce the income over the years I've witnessed.
A tax return that had literally $500,000 worth of just interesting come.
And once you got to the bottom of that, the adjusted gross was a negative 499 thousand dollars.
There were some resources there and we want to ensure that are need based dollars are going to need my students, so those are the two pieces that we would examine.
Very carefully on the CSS S profile, those are the only deviations that we have from the facts of wonderful.
In again, I just chatted everything I'm sending is from that federal student aid site directly, but if you're kind of just knew to that financially lingo of FC COA, Cosme Tendance I linked in a page there for you to explore again as far as need basex wannian meaningful need. There are multiple components like that just mentioned, but if you're just thinking out Fasa, that's a helpful web page and Aiden updated me, so I assumed it was a sibling.
But to his question was about the FSA ID. So his parent has an ID that was for her particular her loans. Does that change anything?
Aidan O.
04:28:13 PM
Actually, it is not for an older sibling - it is for her loans. Does that change things?
It is her FSA ID perfect. I'm glad we got to the to the bottom of that one and again, these are probably specific, but I'll toss him out there if they affect others. So for the 529 account.
If it's created by a grandparent, not a I guess custodial parent.
Um, so it does. It's in a grandparents name. Is it considered?
Is it best to transfer the account of the parents name to get a better consideration from a percentage standpoint so?
Aidan O.
04:28:54 PM
Thanks!
Caroline H.
04:29:07 PM
I've heard that if your grandparent has created a 529 account in their name for you it's best to transfer the account into the parents name to get a better consideration from a percentage standpoint.
By the grandparent. Your grandparents information is not on the back, So what would happen in that situation is you would not be reporting the value of the 529 at this time, but then moving forward is those funds are used.
Pay for your education. Those resources are considered in the following year.
OK again everyone. I know that was specific, but sometimes asking a question might there might be another person wondering, so I'll give you a few last minutes to chat in any questions, but I just wanted to say, could you speak to like the cost to file the facts that or.
Yeah, that's why the word free. Try to make sure we say that.
Caroline H.
04:29:45 PM
Thank you!
I don't see this is often, but there used to be some sites out there that would not let go on. There was a fasa.com, so if for whatever reason you're out there and you get ready, hit submit and it asks for a credit card, you're at the wrong place. Don't do that then. Also ask for more money when you do a correction so you don't wanna go there that fast. It is free. The other thing I'd point out quickly is with the CSS S profile. There is a fee, but there are.
Built in fee waivers. So if you took the essay tea and you have your logon information there, any received an essay T fee waiver using that same logon? You're also going to get a CSS S profile fee waiver and that process as you go through it has a built-in edit, so it's looking at the family income an if you need the requirements you will automatically.
Get a fee waiver at the end of the process based on the day that you provided that form.
Wonderful and I will just. I know this is not our overall topic, but while we're thinking of aid, I will take this time to mention that for merit scholarships at Swanee, you are automatically considered for all of those when you complete the common application and more to come on that in our following Tiger tips. So we hope you'll join us next week. Will kind of dive into the common app so it would be if you are applying for need based aid that is going to be a separate process so you can think of it as it runs simultaneous.
Simultaneously to applying um, but as far as using your summer wisely like that mentioned to kind of gather this information and explore and learn what Terms mean, I think is gonna be a really beneficial use of your time.
We've had a couple of other questions role in. She's OK, uhm?
Again, I will have a are prophecies by saying well have a more in depth financial aid session, probably later this summer as we approach the fall typically would have an event called in mission 101, and while we're in our remote realm right now, we're trying to bring all of that content to you in this virtual way so.
As you kind of have this one questions and more specific I ideas in questions to Swanee will know that they'll be some built in time to address that, so I'll preface these questions.
So if a parent owns property, in order to determine value of the property, should we have an appraisal completed?
Laurel V.
04:32:27 PM
If the parent owns property, in order to determine value of the property should we have an appraisal completed?
You probably have some information, maybe a property taxes things like that. I would not spend money on phrasal for those things you shouldn't. You can pull things up on Zillow. All of those good things. Remember that when you're reporting that it's the net worth. So if for any reason there's a lien against that mortgage, make sure you're subtracting that first.
And I know there's more. A more specific question and and I'll just kind of make it a little more broader. Happy to the person to ask this question. No, then having to connect with you offline. But could you just speak a little bit? I guess you mentioning blended families and sort of those. All of those dynamics at play in obviously means that we are able to work with for a student who might not have contact with one of their parents, or if they're kind of in a unique situation.
Myself and my family is the poster child for all of this because we had.
You touch on a number of those.
So in many situations and for my son and my stepchildren, like I said, they were very blessed for working parents.
My step children live with their mother and their stepfather.
And when they filled out of AB said they used that household information and they will require to include the stepdaughters information on form.
My son lived with us and he reported our household information mine in his step box.
On the fasten now was gonna ask you if your parents are divorced for the other parents information it is the household information. So had I not remarried they would never asked on the Fasa for my sons.
CSS S profile is going to ask.
About a non custodial parent and you do have an opportunity there to tell us an.
I take this from a standpoint we've heard a lot, and we've heard some dramatic stories and sometimes people have shared maybe more than.
We would have preferred to learn or even wanted to know that there are situations out there and we know that. So let us know what's going on. Let your other schools know what's going on. If you don't have contact with a parent and to just complicate this a little bit.
Sons father's deceased. So definitely there's nothing to report there, but.
It could be a situation where he really wasn't in the picture for some reason and you just let your school now you let us know and we'll walk you through that. Thank you for that. Did how does that affect waivers? I guess, especially with CSS S profile? Or does it at all?
CSS S profile typically watch the student is going to do is send a request to the non custodial parent annefors morning you can simply.
Send that information to us and let us know why it might not be available and we can move forward with it. One of the benefits of a small school we can deal with that.
Wonderful, well that is those are all the questions that were sort of waiting and in the Q Um again, I mentioned, I think Tibbetts point that just like the application process and the college search process this is. I mean there's some formalities here but it is still an individualized process, so those questions an kind of shifting dynamics within a family moving especially right now with COVID-19 you know differences in financial situation.
That's where we have an office of financial aid. So as resources and just like you're working with us to kind of work through those nuances and things that are very specific to you, that the opposite financial aid is here to do the same in that regard.
As we host these sessions to kind of normalize that get you thinking about the relationship aspect, even though it is again money and its formal, and sometimes I think an intimidating process. So if we can remove that barrier than you know we're moving in the right direction.
So thank you guys for joining us will be back next week. Like I said, to dive into the common application. So this is Tiger tip #2. Essentially we jumped into the Fasa. You'll be getting those emails consistently and for each topic we will follow up with a Swanee session which is our webinar so hopefully that will give you lots of preparation for your college search process over the summer and really put you in a great position to apply to Swanee Anta. Just navigate the application season.
Elsewhere, so again, I'm Taylor Bath Craig was with us and I'll leave this financial aid on contact information up on the screen for just a few minutes, but thank you so much. Thank you all. Enjoy your evening.
Jack Q.
04:37:33 PM
thank you so much!
Aidan O.
04:37:36 PM
Thanks again!
Max G.
04:37:45 PM
Thank you--very helpful!
Lydia T.
04:37:46 PM
Thank you!