Machebeuf High School

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• Machebeuf High School
• Financial Aid
• Workshop
• Presented by Regis University

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Financial Assistance 101 The Economics of
College Financing
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Paying for College. Its about...
Students Aspirations/ Abilities/Interests
Investment
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Paying for College. Its about...
Experience, Friendships, Opportunities
Value
Students Aspirations/ Abilities/Interests
Investment
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Paying for College. Its about...
Colleges Costs Financial Aid
Experience Friendships Opportunities
Affordability
Value
Students Aspirations/ Abilities/Interests
Investment
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Paying for College. Its about...
Who Pays for College?

• While the responsibility for investing
• in higher education primarily
• rests with families, colleges assist by
• recognizing financial and academic
• abilities.

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Paying for College. Its about...
How Much IS College?
Tuition Fees Room Board Books
Supplies Transportation Personal Miscellaneous
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HOW TO APPLYAfter January 1 of your Senior Year

• Collect financial information
• Fill out your federal income tax return
• Easier if you have your tax returns are completed
• Request Pin numbers for both student and parents
  in advance of filing the FAFSA. (Can do this
  now!)
• Get a Pin at www.pin.ed.gov
• Complete the Free Application for Federal
  Student Aid (FAFSA)
• Apply at www.fafsa.ed.gov
• Make a copy of the FAFSA before mailing or
  electronically sending your FAFSA

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Deadlines

• Apply for admissionsknow their deadlines
• Meet all deadlines!
• Submit your Free Application for Federal Student
  Aid (FAFSA) by February 14th.
• Regis must receive FAFSA by March 1 for our
  priority funding date. Estimate if necessary.
• Each college has their own deadline!
• FAFSA electronic filing is faster and easier.
  Processing time 1-2 weeks.

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Documents to Keep On Hand

• You and your parents
• 2008 Income Tax Returns (1040, 1040A, 1040EZ,
  1040TeleFile
• W-2 Forms and other records of money earned
• 2008 untaxed income recordsSocial Security,
  Temporary Assistance to Needy Families, welfare,
  or veterans benefits
• Current bank statements
• Current business and investment mortgage
  information, business and farm records, stock,
  bond, and other investment records
• Drivers License
• Social Security Number or Alien Registration
  Number
• Birth Certificate
• Selective Service Registration
• Marriage License
• Citizenship Records (if applicable)
• DO NOT mail to Department of EducationKeep these
  records unless something specific is requested
  from individual colleges. Make copies of anything
  mailed for your records.
• Unusual circumstances call for professional
  judgment _at_ Regis, income appeal formnote out of
  pocket private school tuition report
  correctlyconsequences. Deal with colleges
  directly.
• You and parents PIN

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PIN Information

• 1-3 days KEEP IT SAFE PRIVATE
• Instant Earn Family Contributions (EFC)
• Utilize electronic signature www.pin.ed.gov
• Receive email Student Aid Report (SAR)
• PIN advantages electronic signature on loan
  promissory notes, check status, correct, request
  duplicate SAR, reapply, etc.
• Dont forget parent needs their very own PIN too!

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Federal Methodology

• The FAFSA calculates
• Expected Family Contribution (EFC)
• The EFC number is a government formula that
  determines what a family should be able to
  contribute toward the students education over a
  nine month period of time.
• Department of Educations Philosophy of Financial
  Aid It is a familys responsibility to pay for
  the cost of higher education expenses to the
  extent they are able.

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Items FM Does Not Include (and not included on
the FAFSA)

• Non-Custodial Parent Information
• Except for child support received
• Retirement Savings
• Except for yearly contributions
• Family Home
• Second homes and other real estate are included
• Parents attending college
• Detailed Expenses
• Such as medical, elder care and consumer debt

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CSS Profile
https//www.ecampustours.com/payingforcollege/fina
ncialaidandfafsa/cssfinancialaidprofile.htm

• https//profileonline.collegeboard.com/VignetteSer
  vlet/VignetteServlet.srv?relativePath/profile/pdf
  s/0910_profile_regist_guide.pdf

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Expected Family Contribution (EFC) Calculation
Components

• Students prior year income
• Parents prior year income
• Value of students assets
• Value of parents assets
• Number of members in the household
• Number of household members attending college at
  least 1/2 time (does not include parents)
• The age of the older parent

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YOUR EFC INDEX

• HOW DO THEY COME UP WITH THAT NUMBER?

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Your EFC Index
The Federal methodology has three parts

• Cost of Education
• Parent's Contribution (PC)
• Student's Contribution (SC)

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Why must schools use the FAFSA process?

• Ensure consistent and equitable evaluation of a
  familys financial circumstances and to help
  provide access to higher education opportunities.

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Cost of Attendance (COA)

• Fixed Costs
• Tuition and Fees
• Books and Supplies
• Estimated Costs
• Room and Board
• Transportation
• Miscellaneous and Personal Expenses

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Financial Need Formula

• Cost of Attendance
• -Expected Family Contribution
• Financial Need

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EFC vs. Eligibility Index

• EFC is used as an Eligibility Index for Federal
  Student Financial Aid Purposes
• If the EFC falls within a certain range, then the
  student will have eligibility for a particular
  financial aid program or award amount

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Need Comparison Chart
Private University Public University

• Cost 45,000 15,000
• EFC Index - 15,000 - 15,000
• Need 30,000 0

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2009-2010 FAFSA ON THE WEB WORKSHEETwww.fafsa.ed.
gov

• Review

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Frequent FAFSA Errors

• Parent and student Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth

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Confirmation Page
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FAFSA Processing Results

• Central Processing System notifies student of
  FAFSA processing results by
• E-mail notification containing a direct link to
  students on-line SAR if students e-mail was
  provided on paper or electronic FAFSA
• Student with PIN can view SAR on-line at
  www.fafsa.ed.gov

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The Corrections on the Web Shopping Cart
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Verification

• When this happens, you must supply additional
  information as requested by the college. The
  information should be submitted to your
  prospective college financial aid office as soon
  as possible to prevent delays in your aid.

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How Do We Meet Need

• FINANCIAL AID

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Two categories of Aid

• Merit-Based
• Resource-Based

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Merit-Based Assistance

• Scholarships and grants based on your
  achievements and interests
• Merit-based aid does not take your family income
  into consideration
• Some will come directly from the institution you
  plan to attend. Other forms may come from local,
  regional or national entities.

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Need-based Assistance

• Two forms
• Gift (money that does not need to be repaid)
• Self-Help (loans and work study)
• Eligibility is based on your familys financial
  situation

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Gift Aid

• US Department of Education
• Pell Grant awards up to 4,731
• Federal Supplemental Educational Opportunity
  Grant (FSEOG) awards up to 4,000
• Academic Competitiveness Grant (ACG)
• Colorado Student Grant
• Regis Grant
• The College Opportunity Fund (COF)
• College in Colorado Scholarship
• Colleges and Universities
• Schools offer their own grant programs which help
  fill the gap for students who show demonstrated
  financial need. These grants are different from
  scholarships in that they are not tied to
  academic performance.

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Search for Scholarships

• Fastweb.com
• High School Guidance Counselor
• Public Library
• Local Clubs and Organizations
• Newspapers and Magazines
• Internet Searches
• Financial Aid Office
• University Academic Departments
• Foundations

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Regis University Scholarships

• Regis Achievement Award
• Board of Trustees Scholarships
• Science and Math Scholarships
• Forensic Scholarships
• Honors Scholarships
• Music Scholarships
• Athletic Scholarships (NCAA Division II)

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Scholarship Scams

• Require a fee of any kind
• Refuse to release their telephone number and
  provide only a P.O. Box you can mail your check
• Offer an award for which you did not apply
• Promise to do all the work for the student
• Guarantees you will win an award
• It is after all the FREE Application for Federal
  Student Aid

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Pell Grant

• Federally funded program based upon financial
  need available to students across the country
  attending eligible institutions
• Minimum Award 400
• Maximum Award 4731

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Academic Competitiveness Grant750 first year
Up to 1,300 second
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ACG Data Screens
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ACG Data Screens
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ACG Data Screens
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College Opportunity FundCOF

• Apply for stipend at www.collegeincolorado.com
• Wont receive funds if not an applicant
• Value set by state legislatorsper credit hour
  (approximately 2400 for a full-time student)
• Not Need Based
• Currently requires authorization each semester
• Private universitiesRegis DUPell eligible only

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Self Help Financial Aid

• Loans
• Perkins Loans
• Federal Stafford Loans
• Employment
• Student Employment (Work Study)

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Self-Help Assistance

• LOANS
• Your FAFSA is your loan application.
• Stafford, Perkins are low interest and do not
  need to be paid back until you leave college on
  more than a half-time basis.
• Limits are set by the federal government. The
  new freshman limit is 5,500.
• Parents can also borrow through the Parent Loan
  for Undergraduate Students (PLUS) loan program.
• Alternative loans are available through major
  lenders (ie Colorado Invest), but
  creditworthiness may be an issue.

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Perkins

• Need based Federal loan at an interest rate of 5
• Repayment of loan begins 9 months after
  graduation (or dropping below half-time
  enrollment)
• May have up to 10 years to repay
• In loan consolidationup to 30 years!

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Federal Stafford Loans

• Loan to students at an interest rate of
• -Currently 6.8- Cap at 8.25
• Subsidized loan is interest free while student is
  in school
• Unsubsidized loan student is responsible for
  interest
• Repayment of Stafford loans 6 months after
  graduation or drop below half-time enrollment

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Parent Loan for Undergraduate Students (PLUS) Loan

• Parent Loan credit-worthiness
• Borrow up to the cost of attendance less
  financial aid offered to the student
• Parents are responsible for both interest and
  principal on the PLUS loan.
• Repayment starts 60 days after the second
  disbursement

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Self-Help Assistance

• STUDENT EMPLOYMENT
• WORK STUDY
• This is also a federal and state program.
• You can use your part-time job (on campus, or in
  some cases, off campus) to help pay for school.
• Certain jobs are designated as student employment
  positions.
• Not all students get student employment, but all
  students have an opportunity to work on campus.
• Treated differently at different schools.

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Employment Programs

• Types of Student-Employment
• Federal Student Employment
• Colorado Student Employment
• Need
• No-Need
• Regis Student Employment

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Tax Credits

• Hope Scholarship
• Lifetime Learning
• Student Loan Interest Deduction
• Education IRAs
  Contact your tax advisor for more information
• Visit the IRS website www.irs.ustreas.gov

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REMEMBER THIS
DO NOT PAY ANYONE FOR FAFSA or SCHOLARSHIP HELP!
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Valuable Websites

• FAFSA on the web
• www.fafsa.ed.gov
• FAFSA Pin Number
• www.pin.ed.gov
• For information
• www.finaid.org
• www.ed.gov/offices/OPE
• Visit Regis
• www.regis.edu
• Scholarship searches
• www.fastweb.com

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Renewal FAFSA

• YOU MUST RE-APPLY FOR FINANCIAL AID ANNUALLY
• MARCH 1 is our priority date for maximum funding.
  After this date, awards are based on fund
  availability.

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Be a savvy student!

• Really compare award packages from each school.
  Dont just look at the bottom line.
• Make sure each school gets the same information!
• If your situation is different now than would be
  reflected on your taxes, talk to the financial
  aid office.

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A Presentation Courtesy of

• Regis University