Financial Aid 2014-2015 Goals of Financial Aid Access to Post-Secondary Education Choice among Post-Secondary Institutions.

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Presentation transcript:

Financial Aid

Goals of Financial Aid Access to Post-Secondary Education Choice among Post-Secondary Institutions

Principles of Financial Aid Student and parent have the primary responsibility for funding post-secondary education to the extent they are able. Families will be treated equitably and consistently by the needs-analysis formula.

General Eligibility Requirements U.S. citizen or an eligible non-citizen High school diploma or equivalent Certificate, diploma, or degree program. Maintain satisfactory academic progress. Not be in default or owe refund Registered with the Selective Service.

Applying for Aid Applications & Deadline dates DO NOT WAIT to be accepted for admission. Respond quickly to additional requests. Explore ALL funding resources.

Application Hints Read all instructions carefully Assemble all needed materials Name must Match Social Security Card Complete every question Obtain PIN #’s

Free Application for Federal Student Aid (FAFSA) File on line Request PIN Title IV College Code –Penn State

FAFSA on the Web’s Homepage  Simplified options  Updated graphics  An updateable announcement section  Access to FAFSA PDF and paper FAFSA information

TAXES Financial Information The IRS Data Retrieval Electronically filed tax return information will be available from the IRS in 1-2 weeks data from paper tax returns will be available in 6-8 weeks.

Confirmation Page Confirmation Number Data Release Number (DRN) EFC estimate Pell Grant and Direct Loan estimates Option for parents to transfer info to an application for a sibling Option to transfer info to a state application

Family Educational Rights and Privacy Act (FERPA) Financial information submitted is protected. Data is treated as confidential. Authorization for release to a third party.

How is Aid Awarded? Need-Based –Financial Need Grants Merit-Based –Academic Ability –Program of Study –Special Talent/Achievement Scholarships

What is “Financial Need”? Cost of Attendance - Expected Family contribution __________________________________ = Financial Need

Cost of Attendance Tuition and Fees Room and Board Books and Supplies Transportation Personal Expenses

Expected Family contribution (EFC) The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education. The EFC is calculated according to a formula specified in the law.

Federal Expected Family Contribution Total taxed & untaxed income of family. Assets, savings, investments, business or farm investment, but not home equity Parents contribution is approx.- 12% Students contribution is approx.- 20% Number of children or other dependents enrolled on at least a half time basis. Excludes parent.

Types of Aid Gift Aid Scholarships Grants Self-Help Aid Loans Employment

Sources of Aid Federal –Pell, SEOG, Perkins, Work-Study and Stafford Loans Institutional –Internal scholarships Private –Local & Civic organizations

Federal Pell Grant EFC determines eligibility (0-5081) Award amount based upon enrollment & school costs –$605-$5645 Verification - maybe selected by Federal Government Reply promptly w/additional documents Special Circumstances

Federal Supplemental Educational Opportunity Grant (SEOG) Eligibility: Students with exceptional need Priority to Pell Grant Recipients Undergraduates only Average award $1200

Federal Work Study (FWS) Eligibility: Undergraduates & Graduates Check “Yes” on FAFSA Hourly rate and bi-weekly payment Average award $3000

Federal Perkins Loan Eligibility: Undergraduates & Graduates Interest Rate: 5% Nine month grace period Deferments & Cancellation Provisions Average award $2500

Federal Student Loan Program Subsidized –Federal government pays interest –Fixed Interest 3.4% Unsubsidized –Student pays interest or has capitalized –Fixed Interest 3.4%

Federal Loans Con’t Freshmen$3500/2000 Sophomore$4500/2000 Junior/Senior$5500/2000 Graduates $8500/12,000 Disbursed ½ fall and 1/2 spring

Master Promissory Note (MPN) Sign MPN The MPN is good for 10 years

Institutional Aid Grants, scholarships, loans, employment or discounts Institutional application Know deadline date Contact Financial Aid Office for details

Federal PLUS Loan Parents of dependent students Interest Rate 6.41% –Repayment 60 days Sign Parent Plus MPN

Alternative Loans The student is the borrower Various Lenders Interest rates vary Contact school for alternative lenders

Electronic Fund Transfer (EFT) Eliminates paper checks Funds direct deposit

Private Sources Service/Fraternal Employers/Business Churches/Religious Source Books –Financial Aid for Higher Ed –Octameron Associates Internet – Fastweb & PHEAAMentor

Private Sources con’t United States Armed Forces –United States Army Reserve –Veterans or ROTC –Money For College –Student Loan Repayment Contact local recruiter for specific details

Be Scholarship Search Savy No Credit Card #’s No Fees No 900 #’s

Questions, Comments, Concerns