1998 99 Financial Aid Night

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Welcome to California University of Pennsylvania
SUMMER 2007
Pre-Senior Open House
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Todays Presentation.
Investing in YOUR Future!
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Financial Aid Presentation Topics

• Financial Aid Basics
• Application Process
• Determining Financial Aid Eligibility
• Financial Aid Options
• Additional Resources

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Financial Aid Basics
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California University Financial Aid Facts

• Approximately 80 of our students enrolled this
  fall semester receive some type of financial aid
  assistance
• Every financial aid applicant qualifies for
  assistance from at least one of eight federal aid
  programs

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Financial Aid

• Financial Aid Assistance for students to fund
  their education in the form of
• Grants
• Scholarships
• Loans
• Employment

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Gift Aid vs Self-Help Aid

• GIFT AID
• Grant/Scholarship Gift money that does not have
  to be paid back.
• SELF-HELP AID
• Loans Borrowed money that has to be paid back
  over a period of time, often after the student
  completes their degree.
• Work-study money students earn by working at a
  part-time job.

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Merit-Based Aidvs. Need-Based Aid

• Merit-Based Aid Aid given to students strictly
  on the basis of merit. May be based on
• Academic record
• Special characteristics
• Skills or talents
• Involvement
• Does not have to be repaid usually renewable
• Need-Based Aid Aid awarded to students on the
  basis of financial need.

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Application Process
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Free Application for Federal Student Aid (FAFSA)

• Application for federal, state institutional
  aid
• Parent/Student Sections color-coded
  (orange-student information, purple-parent
  information for 2008-09)
• File one FAFSA per year per student (not one per
  college)
• List up to six colleges (four on the paper
  FAFSA--Title IV Code or school name schools
  receive info. electronically

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How and When to File FAFSA

• All students encouraged to apply
• Electronic or Paper Filing options
• On-line at www.fafsa.ed.gov. (use worksheet)
• Mail paper FAFSA to Federal Student Aid Programs
• Complete as soon as possible after January 1,
  or January 2 if filing electronically

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FAFSA On The Web Electronic Options

• If filing FAFSA on the Web, two choices
• Parent and student apply for PIN at
  www.pin.ed.gov (hyperlink at fafsa.ed.gov)
• or
• Parent and student mail signature page in to
  federal processor
• PIN Benefits
• PIN serves as e-signature
• PIN will be e-mailed or mailed if no email
  address is provided
• PIN is used to submit information and make
  corrections over Internet

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Benefits of FAFSA on the WEB

• On-line Help
• Less Errors, Eliminates Common Mistakes
• Electronically Sign FAFSA
• Faster Processing of FAFSA
• 24 hour turnaround of calculated results
• Email notification of FAFSA results
• Electronic Corrections
• Electronically Sign Stafford MPN
• FAFSA Results Sent to your school choices much
  quicker

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STEP 1
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STEP 2
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STEP 3
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FAFSA Deadline Dates

• Cal U Campus-Based Aid May 1
• PA State Grant May 1
• WV State Grant March 1

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Determining Financial Aid Eligibility
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How is financial need determined?

• Cost of Attendance
• -Expected Family Contribution
• Financial Need
• Cost of Attendance typically includes tuition,
  fees, room board, books supplies, personal
  expenses and a transportation allowance

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What Is The EFC?

• Basis of financial aid package
• EFCdetermined by a federal formula that
  calculates need via the FAFSA
• EFC Financial Need are guidelines used to
  determine aid package
• EFC not necessarily to out-of-pocket cost of
  family

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Need Varies Based on Cost
X
1
Y
2
Z
3
EFC
EFC
Cost of
Expected Family
Need
Attendance
Contribution
(V
ariable)
(V
ariable)
(Constant)
4
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Financial Aid Options
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Sources of Aid

• Federal
• State
• The College/University
• Outside Organizations
• Civic organizations (ex.-local Rotary Club),
  parents employer, high school

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Federal Aid Programs

• Federal Pell Grant
• ACG and SMART Grants
• Federal Perkins Loan
• Federal Work-Study
• Federal SEOG
• Federal Stafford Loan
• Federal PLUS Loan

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Federal Pell Grant Program

• 2007-2008 Award range - 400-4,310
• Awarded to eligible undergraduates pursuing first
  baccalaureate degree
• Foundation of financial aid package
• Financial Aid Office determines actual award
  amount based on COA, students enrollment status,
  and EFC

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Academic Competitiveness Grant

• Award ranges from 750 (first year students) to
  1300 (second year students)
• Eligibility Criteria
• U.S. citizen
• Federal Pell Grant recipient
• Younger than 21 years of age
• Enrolled as a full-time student
• First or second year student
• Completed a rigorous secondary school program of
  study
• If a first-year student, not have been previously
  enrolled in an undergraduate program

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National SMART Grant Program

• Award amount is 4,000 per academic year
• Eligibility Criteria
• U.S. citizen
• Federal Pell Grant recipient
• Third or fourth year student in a four-year
  degree
• Major in physical, life or computer science,
  engineering, mathematics, technology, or a
  critical foreign language and
• Have at least a cumulative 3.0 grade point
  average on a 4.0 scale

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Federal Campus-Based Programs

• Federal Supplemental Educational Opportunity
  Grant (FSEOG) - up to 1,500
• Federal Work-Study (FWS) - 1,850 (7.15 hour)
• Federal Perkins Loan - up to 3,000

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Federal Stafford Loan

• In students name/no credit check
• Available to all students, regardless of need
• Repayment begins 6 months following graduation or
  withdrawal
• Competitive interest rate
• 6.8 fixed rate
• 0-2 in origination fees

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Subsidized vs. Unsubsidized Stafford Loan

• Subsidized
• Based on financial need
• Govt. pays interest on loan while student is
  enrolled
• Unsubsidized
• Available to ALL students, regardless of need
• Interest paid either quarterly or capitalized
  upon repayment
• Stafford amount capped by grade level
• 3,500 freshmen year
• 4,500 sophomore year
• 5,500 junior/senior year

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Federal PLUS Loan

• Loan in Parents name
• Loan limits
• Annual limit cost of attendance less other aid
• Aggregate limit none
• 8.5 fixed rate
• 0-3 loan fees
• Credit check involved
• Repayment-60 days after disbursement typically
  principal only is deferred, interest may be
  capitalized or deferred with some lenders

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State

• PHEAA State Grant
• 2007-2008 Annual Award (500-3900)
• Need-Based
• Students EFC, Cost of Attendance and Pell Grant
  Award used in Calculation of Award Amount
• Full-Time Part-Time Eligibility
• File by Deadline Date - May 1, 2007

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State

• Robert C Byrd Scholarships
• 1,500 per year for four years
• Eligibility Requirements
• Top 5 of graduating class
• 3.5 GPA on 4.0 scale
• Minimum SAT of 1150 or ACT of 25
• U.S. Citizen and Pennsylvania Resident
• Completed Application (see high school guidance
  office)
• May 1st filing deadline for FAFSA

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Other State Aid

• SciTech Scholarship at least sophomore, 3.0 cum
  GPA, PA resident, graduate of PA high school
  enrolled full-time in approved science or
  technology bachelors degree program (3,000
  max/year)
• Technology Scholarship PA resident, graduate of
  PA high school enrolled at least part-time in an
  associates degree program or equivalent, 3.0 cum
  (1,000 max/year)
• Must agree to work in PA following graduation,
  one year for each year of grant
• Apply at www.pheaa.org

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University Assistance

• Scholarships/Grants
• Scholarship Deadlines - March 15
• Accepted to the University
• FAFSA filed by this date
• Scholarship Selection Process
• Merit/Talent
• Student Employment
• non-need based
• job postings/search options on FAO homepage

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Comparing Aid Offers

• Look at same bottom line for each school.
• Compare apples to apples.
• What is amount of loan in package vs. amount of
  grant?
• What is amount of work study?
• Are grants/scholarships automatically renewable?
  If so, what are criteria?

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Comparing Aid Offers

• School A
  School B School C
• Cost 5,500 14,800
  28,200
• EFC 3,000 3,000
  3,000
• Need 2,500 11,800
  25,200
• Pkg. 1 2,500 Grants 6,000 Grants
  19,200 Grants
• 5,800 Loans 4,000 Loans
• 
  2,000 Work
• Pkg. 2 1,500 Grants 5,000 Grants
  14,000 Grants
• 1,000 Loans 5,000 Loans
  8,000 Loans
• 1,000
  Work 1,000 Work
• Pkg. 3 500 Grants 4,000 Grants
  9,200 Grants
• 1,500 Loans 4,000 Loans
  9,000 Loans
• 500 Work
  1,500 Work

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Additional Resource Information
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Internet Resources

• Financial Aid Information Page
• (www.finaid.org)
• Mapping Your Future
• (www.mapping-your-future.org)
• Pheaa Information Page/ASAP
• (www.aessuccess.org) check loan and grant
  status
• College and Career Planning
• (www.EducationPlanner.org)
• Scholarship Search
• (www.fastweb.com)

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Financial Aid Calculators

• The following list of custom calculators
  can help you figure out your EFC, your financial
  need, your estimated Pell PHEAA Grant award,
  how much my loan payments will be, and what loan
  saves me the most money.  
• Expected Family Contribution (EFC)
• Loan Repayment Calculator
• Loan Discount Calculator
• Cost of Interest Calculator
• Estimated Financial Aid Calculator
• All calculators can be accessed at our FAO
  homepage at www.cup.edu/financial_aid

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www.fastweb.com

• Students get matched to scholarships, colleges,
  internships, part-time jobs and more.
• With 1.3 million scholarships worth over 3
  billion, FastWeb is a comprehensive source for
  scholarships.
• Students get a customized experience and tools to
  stay organized.
• FastWeb has recently been optimized to ensure
  students match more opportunities than ever!
• Its all FREE!