Financing Your College Education

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Financing Your College Education

• Office of Financial Aid and Student Accounts
• Purdue University Calumet
• Phone [phone]
• View this presentation at
• www.calumet.purdue.edu/finaid/

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Discussion Topics

• Funding Sources
• Application Process
• Overview of FAFSA
• Questions

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Funding Sources

• Personal
• Payment Plans
• Financial Aid

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Funding Sources Personal

• Savings
• Certificates of Deposit
• U.S. Savings Bonds
• Mutual Funds, Stocks
• IRAs
• 529 Savings Plans
• Additional Information http//www.savingforcolle
  ge.com

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Funding Sources Payment Plans

• Advantages
• Low or no interest
• Evenly distributed payments
• Flexible payment type options
• No accrued debt

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Funding Sources Financial Aid

• Types
• Gift Aid (does not have to be repaid)
• Grants
• Scholarships
• Remissions
• Self-help Aid (must be earned or returned)
• Employment
• Student loans
• Parent loans

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Funding Sources Financial Aid

• Sources
• Federal (www.studentaid.ed.gov)
• Pell Grant
• Academic Competitiveness Grant
• SMART Grant
• Supplemental Grant
• TEACH Grant
• Work-Study, Perkins Loan
• Stafford Loan
• Parent (PLUS) loan

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Academic Competitiveness Grant (ACG)

• First and second year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Completed rigorous secondary school
• program
• Award amounts
• 750 first year students
• 1300 second year students

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Academic Competitiveness Grant (ACG)

• Rigorous Program
• For Indiana Core 40 or Academic Honors
• Four years of English
• Three years of math (including Algebra I and II,
  Geometry
• Three years of lab science (biology, chemistry,
  physics)
• Three years of social studies
• One year of a foreign language
• Self identify on the FAFSA

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National Science and Mathematics Access to Retain
Talent (SMART) Grant

• Third and fourth year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Eligible major
• 3.0 GPA
• Award amount
• 4,000 for third and fourth year of study

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Teacher Education Assistance for College and
Higher Education (TEACH)

• 4,000 annual maximum.
• 3.25 GPA or qualifying score on admissions test.
• Agree to teach full time for at least 4 years
  within 8 years of graduation at a school serving
  a high percentage of low income students.
• Agree to teach a specific subject.
• Repayment required if student does not fulfill
  teaching requirements grant funds become a
  Direct Unsubsidized Loan.

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Stafford Loans

• Subsidized Must demonstrate need
• Unsubsidized Not based on need
• Annual loan limits (combined subsidized and
  unsubsidized)
• 3,500 for 1st year undergraduates
• 4,500 for 2nd year undergraduates
• 5,500 for each remaining undergraduate year
• Fixed interest rate of 6.8

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Funding Sources Financial Aid

• Sources
• State (www.ssaci.in.gov)
• Higher Education Award
• Twenty-first Century Scholar
• Part-time state grants
• State nursing scholarships,
• Minority teachers scholarship
• Institutional
• Scholarships,
• Remissions,
• Employment,
• Loans
• Private

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Funding Sources Scholarships

• Types
• Merit
• Need-based
• (financial need and academic strength)
• Sources
• Institutional
• Private
• Scams
• www.ftc.gov/bcp/conline/edcams/scholarship/

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Funding Sources Financial Aid

• Additional Information
• Institutional applications
• Minimum enrollment requirements
• Aid restrictions
• Payment of tuition and fees only
• Refundable
• Satisfactory Academic Progress
• Completion Ratio
• GPA
• Time Frame
• Special Circumstances

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Application Process

• Paper or Electronic
• Applying for a PIN
• FAFSA on the Web Worksheet
• Steps to help understand the process

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Step 1 Applying for Financial Aid

• Financial Aid
• How
• FAFSA (on-line or paper)
• CSS Profile (private institutions)
• Possible Institutional application
• When
• Annually
• Priority Deadlines
• March 10
• (FAFSA state aid, certain federal programs
  managed by the institution)
• Other (institutional aid)

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Completing the FAFSA on the Web

• Request a PIN (Student and Parent)
• http//www.pin.ed.gov
• Serves as electronic signatures
• Provides access to the National Student Loan Data
  System (NSLDS)
• Make corrections
• (student/parent pins)
• View Student Aid Report (SAR)
• Add or change schools

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Completing the FAFSA on the Web

• Complete FAFSA on the web Worksheet
• (www.fafsa.ed.gov)
• -Eases data entry
• More detailed instruction and
• help for common questions
• Increases accuracy level
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip
• unnecessary questions
• -More timely submission of original
• application and any necessary corrections
• -Ability to check application status on-line
• -Simplified renewal application process

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(No Transcript)
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Step 2 FAFSA Processed

• Federal Methodology used to determine students
  Expected Family Contribution (EFC)
• Student contribution (SC)
• Parent contribution (PC)

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Step 3 FAFSA Data Received

• By the student
• Electronic Student Aid Report
• http//www.fafsa.ed.gov
• By the institution(s) the student listed on the
  FAFSA
• By the state (for state aid consideration)

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Step 4 FAFSA Data Reviewed

• By the student
• Reviews for accuracy
• Submits corrections, if necessary
• Responds immediately to requests for information
• By the institution(s)
• Requests info from student as needed
• Submits corrections, if necessary
• By the state
• Requests info from student as needed (edit
  letter)
• (for state aid consideration)

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Step 5 Financial Need Determined

• Cost of Attendance (variable)
• - Less EFC (constant)
• - Less Other financial assistance
• Equals Students Financial Need

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Step 5 Financial Need Determined(Need
comparison between high cost and low cost
institutions)
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Step 6 Financial Awards Determined

• By the Institution
• Award notification sent to student
• By the State
• Award notification sent to student
• Award calculated based on costs of first Indiana
  school listed on FAFSA
• Action required by Student
• Respond immediately
• Accept/decline aid offered
• Notify state of any school change

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Step 7 Finalize Payment

• Be aware of payment deadlines
• Ensure aid is applied to your bill
• Refundable aid over and above the bill
  is refunded to the student

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Before Beginning a FAFSA Overview
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FAFSA STEPS

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Frequent FAFSA Information Errors

• Name does not match Soc Sec card
• Questions that should be complete but are left
  blank, if unsure put zero 0
• Divorced/remarried parent information (conflict
  in marital status income reported)
• Fail to include income earned by
  parents/stepparents
• Fail to include untaxed income
• Reporting amount of taxes withheld rather than
  amount actually paid
• Household size

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Additional Help

• Thank you
• for attending
• College Goal Sunday

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Questions??
Go online to www.studentaid.ed.gov FAQs Contact
the Financial Aid office at the University or
College you are interested in attending (or
search their websites) or
Purdue University Calumet 2200 169th St.
Hammond, IN (Lawshe 130) finaid_at_calumet.purdu
e.edu [phone]