Southern Oregon University Financial Aid Office

By the End of the Night, You Will Know… What is Financial Aid? COA, EFC, and other Financial Aid Language Types of Financial Aid Free Application for Federal Student Aid (FAFSA)

Cost of Attendance (COA) The COA or Budget is made up of different types of costs Direct costs, which the school will charge you for Tuitions, fees, housing, meal plan Indirect costs, which you will not get a bill for Books, personal expenses, transportation

Understanding your COA/Budget The numbers listed in the COA are estimates and not exact costs The total can change based on different elements Number of credits being taken Housing and meal plan costs Additional non-standard fees for other classes

What is Financial Aid? Financial aid is comprised of different elements: Loans Grants Scholarships

How Do You Get Financial Aid? For Federal Aid, you must complete the FAFSA. What is FAFSA? Free Application for Federal Student Aid An online form that collects demographic and financial information about the student and family How do you apply? Sign up for your FSA ID at www.fsaid.ed.gov Complete the FAFSA at www.fafsa.ed.gov

What Does FAFSA Do? Collects demographic and financial information about the student and family This information is used to calculate the Expected Family Contribution (EFC) The EFC is a financial strength indicator that colleges use to award need-based aid It is NOT the amount that you will be expected to pay out of pocket Your EFC is the same at every school

When to File the FAFSA… As early as possible! For the 2018-2019 academic year, the FAFSA may be filed beginning October 1, 2017. Website: www.fafsa.gov Make sure you see the .gov at the end of the web address!

What do I Need to File The FAFSA? You and your parent’s Social Security Numbers Financial Information for your household from 2016. This includes: Student tax return information Student W-2’s Parent tax return information Parent W-2’s

Can I File a FAFSA Without Parent Tax Information? The FAFSA will ask a series of questions to determine if a student is an Independent student for Financial Aid purposes (not IRS). If a student can answer “Yes” to at least one question, student is an Independent student The general rule for most students is until the age of 24 years old, you will be a dependent student, regardless of the parent(s)’ ability to contribute

Filing a FAFSA With Divorced/Separated Parents When a students biological parents are divorced, you only have to list one parent on the FAFSA. The rules for this are: The parent that supports the student more than 50% should be listed on FAFSA If this parent has remarried or your parents are living together (but not married), then the spouse and any other members of the household should be listed on the FAFSA If this parent has not remarried, then just the parent and other members of the household should be listed

I Filed My FAFSA, Now What? Once you have filed your FAFSA, you will receive a Student Aid Report (SAR) The SAR includes important information about your FAFSA including your EFC It will also give you an estimate of what your standard award could look like All schools that were added to your FAFSA will be listed on your SAR The FAFSA is only sent to the colleges you list on your FAFSA Most colleges, including SOU, will not send you an award package until you have officially been admitted to the school Now… You wait (and apply for scholarships!)

Categories & Types of Financial Aid Need-Based Aid Grants Work-Study Subsidized Loan Non-Need-Based Aid Scholarships Unsubsidized Loan

Federal Student Loans A Freshman is eligible for up to $5,500 in student loans. Depending on the EFC, the student may qualify for a $3,500 Subsidized Loan and a $2,000 Unsubsidized Loan. What’s the difference? A Subsidized Loan does not accrue interest while the student is in school The Unsubsidized Loan does accrue interest once the loan disburses Both loans have a 6 month grace period once the student graduates or drops below part time Students with higher EFC’s may not qualify for a Subsidized Loan and receive the $5,500 in an Unsubsidized Loan only.

Grants Federal State Institutional Pell Grant Annual $5,920 Based on the EFC Awarded on a year by year basis Apply through FAFSA Available for 6 years at full time Federal Supplemental Education Opportunity Grant (FSEOG) Annual $1,000 Limited in funding Must be Pell eligible to receive State Oregon Opportunity Grant Annual $2,250 Based on AGI Available for up to 4 years Institutional The Affordability Grant Annual $1,200 Limited awards available The SOU Supplemental Grant Annual $2,100

Work-Study Limited awards available Must be Pell eligible Awarded on a year by year basis Earned through the form of a paycheck

Parent PLUS Loan Loan that is solely in the arent’s name to contribute towards a student’s COA Applied for each year at www.studentloans.gov Credit check determines loan eligibility Amount varies depending on total of student Financial Aid offers Interest rate for 2017-2018: 7%

The Circle of Financial Aid File a FAFSA Apply for Scholarships Turn in Required Documents Accept Financial Aid Award

Thank You! Southern Oregon University Financial Aid Office - Britt Hall 1250 Siskiyou Blvd Ashland, OR 97520 Phone: 541-552-6600 Email: finaid@sou.edu