Saint Francis HS Financial Aid Night

1
Saint Francis HS Financial Aid Night
Welcome Parents and Students
Welcome Parents and Seniors!
2
Well talk about.

• What sources of financial aid are available
• How to apply
• How eligibility is determined
• Packaging aid

3
Sources of Financial Aid

• Gift Aid
• Grants Scholarships

• Self Help
• Loans Work

4
Whats Available?

• Grants
• Pell Grant 400 - 4713
• Academic Competitiveness Grant 750
• SMART Grant 4000
• Supplemental Educational Opportunity Grant Up
  to 4000
• Cal Grant.

5
Cal Grants

• Student must meet
• All federal eligibility criteria
• Income asset limits
• GPA requirement
• Amount paid is determined by
• Grant program school segment
• Renewal is based on program participation

6
Cal Grant

• Cal A (07-08)
• Community College 0
• CSUs 2916
• UCs 6141
• Privates 9708

7
Cal Grant

• Cal Grant B
• Cal Grant A
• Stipend of 1551
• Stipend only at CCs
• Stipend only first year at CSUs, UCs,
  Privates

8
Whats Available? Contd.

• Self Help
• Federal Work Study
• Federal Perkins Loans
• Federal Stafford Subsidized Unsubsidized Loans
• Direct Loans (are the same as Stafford)
• PLUS Loans

9

Types of Applications

• FAFSA
• CSAC GPA Verification Form
• For Cal Grant
• From the High School
• Private and other applications
• Scholarships
• Institutional

10
Financial Aid PROFILE

• Not used for awarding federal financial aid
• Not all schools require
• Online Registration only
• 5 registration
• 18 per school
• Paper Profile Registration Guide will continue to
  be available

11
Expected Family Contribution

• Need Analysis is the formula used in determining
  a familys EFC
• EFC is the measure of a familys financial
  strength
• The Financial Aid Office uses the EFC to
  determine the students overall need for
  financial aid

12
Calculating Eligibility

• Federal EFC will be same at all schools
• Federal financial aid eligibility varies based on
  institutions COA
• Some schools may use institutional methodology to
  award their own institutional funds

13
Basic Equation of Need

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Students Financial Need (eligibility)

14
Cost of Attendance

• Tuition and fees
• Room and board
• Books and supplies
• Transportation
• Miscellaneous personal expenses
• May cover cost of computers
• May also include other extraordinary expenses

15
Eligibility Varies Based on Cost
Private 4-year COA 40,000 - EFC 5,000
Need 35,000
Public 4-year COA 24,000 - EFC 5,000
Need 19,000
Public 2-year COA 13,000 - EFC 5,000
Need 8,000
16
Packaging 2 yr Public

• Financial Eligibility met with available funds.
• Example COA 13000 EFC 2500 10500
• Pell 1860
• ACG 750
• Cal B 1551
• Work-Study 2000
• Perkins Loan 1000
• Stafford Loan 3339
• Total 10500

17
Packaging 4 yr Public

• COA 16,000 EFC 2500 13500
• Pell 1860
• ACG 750
• Cal Grant B 1551
• SUG 2500
• FWS 2000
• Perkins 1000
• Stafford 3500
• TOTAL 13339 (Unmet need 161)

18
Package 4 yr Private

• COA 40000 EFC 2500 37500
• Pell 1860
• ACG 750
• Cal Grant A 9708 Cal B 1551
• University Grant 6432 14589
• FWS 2000
• Perkins 3000
• Stafford 3500
• PLUS 10250
• TOTAL 37500

19
Awarding Packaging

• Award letters may vary in composition
• Listing of awards and amounts
• COA, EFC, need and unmet need
• Period of enrollment covered
• Response may or may not be required

20
(No Transcript)
21
(No Transcript)
22
(No Transcript)
23
Special Circumstances

• Adjustments may be made to information on a
  case-by-case basis
• Special circumstances include
• Dependency status
• Income and assets
• Child support
• Number in household or college
• Medical or dental expenses
• Private elementary/secondary tuition

24
Special Circumstances (cont.)

• Presenting the case
• First, call each Financial Aid Office for
  guidance and required forms
• A detailed explanation may include
• Students name and SSN
• Give SPECIFIC financial details
• Time period involved
• Attach supporting documentation

25
Special Circumstances (cont.)

• Follow up with Financial Aid Office (FAO)
• Each FAO makes their own decision, results may
  vary from school to school
• Once made, change may not necessarily affect
  students eligibility for certain types of aid

26
Stafford Loan

• The school determines which program (Direct or
  FFEL) to participate in
• Annual and aggregate loan limits
• Freshman - 3500
• Sophomore - 4500
• Juniors/Seniors - 5500
• Aggregate - 23000
• Subsidized vs. Unsubsidized
• 2000 Per Year Unsub

27
Cost of Borrowing - Stafford

• Interest rate
• Fixed at 6
• Fees
• Up to 1 origination fee paid to the U.S.
  Department of Education (ED)
• Up to 1 insurance premium paid to the guarantor

28
PLUS Loan

• Parent borrows for dependent undergraduate
• Approval subject to credit check
• Loan limits
• Annual COA less other aid
• Aggregate none
• Interest rate is 8.5 fixed
• Repayment begins 60 days after final
  disbursement. Deferments available.

29
FAFSA

• First year . . . Dont wait for admission!!!
• Always apply
• Yearly process
• After January 1 prior to the fall term (ie.
  January 1, 2009 for fall 2009)
• Student needs a PIN
• Parent needs a PIN

30
Tips for filing the FAFSA

• Free Application for Federal Student Aid
• www.FAFSA.ED.Gov

31
Front Page

• Section Student
• Purple Section Parent
• Who to call for questions
• www.studentaid.ed.gov
• 1.800.4.FEDAID
• State scholarships
• Dates
• Forms

32
FAQs

• 1-3 Name
• No nicknames
• Name must be listed as it appears on the Social
  Security card
• Will be matched with Social Security
  Administration (SSA)

33
FAQs (cont.)

• 31 Interested in Loans or Work-Study?
• If unsure, answer yes then decline once aid is
  awarded
• A yes does not obligate student to either
  program, nor will it cause them to lose out on
  gift aid
• A no may restrict some of their options for
  certain limited loan and work-study funds

34
FAQs (cont.)

• 48-60 Dependency Status
• 24 years of age or older
• Dependents other than a spouse for which a
  student provides 51 of the support
• Veteran of the armed forces or on active duty
• Orphan or Ward of the Court (prior to turning 18)
• Working toward a graduate degree
• Married (as of the day they complete the FAFSA)
• Emancipated or in legal guardianship or
  unaccompanied homeless youth

35
Parent Information

• Who is a Parent?
• Biological parent(s)
• Adoptive parent(s)
• Stepparent
• Regardless of prenuptial agreements

36
Parent Information (cont.)

• Who is not considered a parent for this section?
• Foster parent(s) or grand parents
• The ward is automatically considered an
  independent student
• Legal guardian(s)
• FAO may use Professional Judgment to make student
  independent

37
Parent Information (cont.)

• 61 71 Parents Marital Status
• As of date application is signed
• Custodial Parent
• Parent the student lived with
• most in last 12 months
• If unable to determine, who provided most of
  students support?

38
Parent Information (cont.)

• 75 Number in Parents Household
• Include student and parents
• Parents other children
• If parents provide more than 1/2 support from
  July 1, 2009 through June 30, 2010, or
• Other children who are considered dependent for
  federal financial aid

39
Parent Information (cont.)

• Other people if they now live with students
  parents and
• Parents currently provide more than 1/2 support,
  and
• Parents will continue to provide more than 1/2 of
  their support from July 1, 2009 through June 30,
  2010

40
Parent Information (cont.)

• 76 Number in College
• Write in number of people from question 75 who
  will be college students between July 1, 2009 and
  June 30, 2010
• Always include student
• Do not include parents

41
Parent Information (cont.)

• Section 3 Income Information
• Custodial parent filed with ex-spouse
• Consider only income of custodial parent (which
  includes any child or spousal support received)
• Custodial parent remarried
• Stepparent information must be included

42
Information (cont.)

• 84-86 Complete Worksheets A, B and C on page 8
• A and B are untaxed income items
• C is exclusions from taxed income Parents
  complete purple area
• Students complete orange area

43
Parent Information (cont.)

• General Asset Information
  
• If net worth is one million or more, enter
  999,999
• If negative, enter 0
• Net worth means current
• value minus debt

44
Parent Information (cont.)

• Total of Cash, Savings and
• Checking Accounts
• Total as of the day the
• FAFSA is signed

45
Parent Information (cont.)

• Net Worth of Investments
• Do not include home you live in, 401Ks or value
  of life insurance, or retirement or pension plans
• Include other real estate, Education IRAs, CDs,
  money market funds, mutual funds college
  savings plans (529s)
• Trust funds must be reported even if access is
  restricted

46
Parent Information (cont.)

• Net Worth of a Business or Farm
• Value means market value of land, buildings,
  machinery, equipment, inventory, etc.
• Debt means only debts for which business or
  investment farm was used as collateral
• Business with greater than 100 employees

47
Parent Information (cont.)

• Good tax planning doesnt always mean good
  financial aid planning

Parents assets - 6 - 12 Students assets -
25 Grandparents assets - priceless
48
Prioritizing College Choices

• List a CA school in one of the top three
• boxes for Cal Grant consideration
• List schools most likely to attend
• Ways to add schools
• Wait for Student Aid Report (SAR)
• Add schools by phone or on the Web
• 10 colleges at a time

49
Step Seven

• Date and Sign
• If filing electronically, dont forget PIN or
  signature page
• If filed by a dependent student, student and 1
  parent must sign
• If filed by an independent student, only student
  must sign

50
Specialized Use Boxes

• Preparers Section
• If parent or student pays an individual to
  complete FAFSA, that person must complete this
  part
• School Use Only
• Financial Aid Administrator uses this box in rare
  case of a dependency override

51
Paper FAFSA Filing Tips

• File Early (you can estimate)
• Check completeness and accuracy
• Sign with the pin
• Make a copy before mailing
• Mail in envelope provided
• Do not include any other forms
• Use regular mail
• Obtain a Certificate of Mailing

52
Online Filing Tips

• Apply for PIN(s) NOW!
• Gather necessary documents ahead of time
• Complete a Pre-FAFSA Worksheet
• Check browser requirements
• Allow ample time to complete for on-time
  submission
• Complete the FAFSA4caster

53
Student Aid Report (SAR)

• SAR will be green for 2009/20010
• Expect SAR after filing
• Up to 4 weeks for paper FAFSA
• 1 to 2 weeks for Online FAFSA
• Carefully review for any errors
• Contact school before submitting corrections

54
What Happens Next? (cont.)

• Alerts on SAR to applicant and school
• To possible database match problems
• If application has been selected for verification
• To whether or not EFC has been calculated

55
Outside Scholarships

• Apply (investigate) early
• Create a portfolio
• No time to be modest
• Personal statements
• youre only one person
• Letters of recommendation
• make sure they like you
• www.fastweb.com and www.fastaid.com

56
Scholarship Scams

• Dont pay money to get money
• Guaranteed!
• Youve been selected!
• For a small fee!
• How to get help filling out the FAFSA and
  Scholarships Applications

57
HELP ME!

• Ask you HS College Counselor
• Call the college Financial Aid Office
• Call 1-800-4FEDAID
• Scholarships www.FASTWEB.COM
• Call us at NDNU 508-3600

58
Taxpayer Relief Act

• HOPE Tax Credit
• Available for the first two years of education
  (max 1500 per student per year)

• Lifetime Learning
• Available for all students and all years of
  enrollment (max 2000 per year per student)

• Student Loan Interest Deduction
• Available for the first 60 months that interest
  is required (max 2500)

59
Taxpayer Relief Act (cont.)

• For more information about regulations and income
  levels
• www.ed.gov/offices/OPE/PPI/HOPE/
• www.irs.gov

60
Questions?

• Susan Pace
• Director of Financial Aid
• Notre Dame de Namur University
• [phone]
• space_at_ndnu.edu