Financial Aid Update Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University

What is Financial Aid? Any money from outside the family that pays postsecondary (college) costs.

Arizona University System FY2011 FINANCIAL AID DOLLARS PROVIDED TO STUDENTS ASU$894,455, % NAU$251,864, % UA$557,804, % Total Financial Aid Awarded: $1.7 Billion Source: ABOR FY 2011 Student Financial Aid Report

Financial Aid eligibility applying types of aid cost of attendance

FAFSA Facts: January 1

FAFSA Facts: FREE

FAFSA Facts: Priority Filing Dates

FAFSA Facts: Apply Early

Federal Aid Eligibility Aid financial aid U.S. Citizen or eligible non-citizen. Register with Selective Service (male applicants only, if required). Attend a participating college. Enroll in a degree or certificate program. Maintain satisfactory academic progress.

FAFSA facts: Submit Documents Promptly

FAFSA Facts: File Every Year

What You Need Social Security Number. Business or or farm records. Bank & Investment records. Records of any taxed & untaxed income.

Important changes: IRS Data Retrieval process

Verification

Financial Aid Steps Student submit s FAFSA Student receives a Student Aid Report (SAR) and schools receive Expected Family Contribution (EFC) School calculates financial need and sends award letter COA – EFC = Financial Need

What is Financial Need? Difference between college costs and EFC Will vary by college Amount of financial need determines the aid a student will receive

Expected Family Contribution Amount family can reasonably be expected to contribute, but not what family will pay to the college EFC the same regardless of college the student attends

Expected Family Contribution Calculated using a federal form and formula Two components – Parent contribution – Student contribution

Estimated Cost of Attendance Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000

Calculation of Financial Need Cost of Attendance$22,000* (-)Estimated family contribution$ 5,000 Financial Need$17,000 *not actual dollar amounts

Gift Aid federal grants institutional grants scholarships

Self-Help Aid federal work study federal student loans federal plus (parent) loan private loans

Student Loans Subsidized (sub) Interest paid by federal government during: – In-school status (enrolled) – Deferment – Grace period Unsubsidized (unsub) Interest paid by student from beginning

Loan Limits—Year 1 Student StatusTotals Dependentsub and/or unsub$3,500 sub$2,000 $5,500 Independent sub and/or unsub$3,500 sub$6,000 $9,500

Loan Limits—Year 2 Student StatusTotals Dependentsub and/or unsub$4,500 sub$2,000 $6,500 Independent sub and/or unsub$4,500 sub$6,000 $10,500

Loan Limits—Year 3, 4 & 5 Student StatusTotals Dependentsub and/or unsub$5,500 sub$2,000 $7,500 Independent sub and/or unsub$5,500 sub$7,000 $12,500

Maximum Total Loan Limits Total combined sub and unsub Dependent$31,000 Independent$57,500* *max $23,000 sub

Estimated Cost of Attendance Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000

Calculation of Financial Need Cost of Attendance$22,000* (-)Estimated family contribution$ 5,000 Financial Need$17,000 *not actual dollar amounts

Net Price Cost of Attendance $ 22,000* Minus gift aid Pell Grant -4,000 University Grant -1,000 Scholarship -6,000 Net Price/Cost $ 11,000 *not actual dollar amounts

Net Price Net Price/Cost $ 11,000 Minus self help aid Subsidized loan -3,500 Unsubsidized loan -2,000 Net Price/Cost $ 5,500 *not actual dollar amounts

Shopping Sheet –

Additional Resources – FAFSA on the Web – – Parent Resource Center – – General Information –

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