1. Countdown to College
Student Financial Aid

2. First Step

3. Scholarship Web Site

4. Great
Tips

5. Good Site - College Board Private Scholarships Be prepared.
Start early.
Don't pay.
Be persistent.
Good Site -
College Board

7. Begin To Gather Income Data
Copy of Parent & Student 2010 Federal Tax Return
Investment Information
All Untaxed Income
Documents
Find Social Security Cards

8. Scholarship Information Session
Wednesday November 7th from 6:00 p.m. to 7:30 p.m. at the Penn State Greater Allegheny campus. All are welcome.
Learn how to write scholarship essays & conduct internet searches for private scholarships.

9. Begin To Gather Income Data
Copy of Parent & Student 2011 Federal Tax Return
Investment Information
All Untaxed Income
Documents
Find Social Security Cards

10. Begin To Gather Income Data
Remember that the FAFSA will eventually need to be updated with the
latest tax return
For academic year
the base tax year is 2012

11. Free Application For Federal Student Aid
Main Document
FAFSA
Free Application For Federal Student Aid

12. What Does The FAFSA Do Application For All Federal & State Aid
Determines Expected Family Contribution (EFC)
Uses Federal Formula

13. What Does The FAFSA Do Stays The Same Regardless Of College
Two Components
Parent Contribution
Student Contribution
Establishes “Financial Need”

14. What Makes COA? Tuition $12,242 (Billable) Fees $860 (Billable)
Room & Board $9,100 (Billable)
Books $1,920 (Non-Billable)
Transportation $828 (Non-Billable)
Miscellaneous $3,222 (Non-Billable)
_____________________________________
Total $28,172 / year

15. What Is Financial Need? Cost of Attendance (Varies College to College)
– Expected Family Contribution (EFC)
_______________________________________________________________________
= Financial Need

16. What Is Financial Need? COA ($28,172) – EFC ($3,000) = Need ($25,172)
_______________________________________________________________________
= Need ($25,172)

17. What Is Financial Need? COA ($9,000) – EFC ($3,000) = Need ($6,000)
_______________________________________________________________________
= Need ($6,000)

18. Categories Of Financial Aid
Need Based Aid
Federal Pell Grant
PHEAA State Grant
Supplemental Educational Opportunity Grant (SEOG)
College Work Study
Perkins Loan
Stafford Subsidized Loan (Student Fr max = $3500)

19. Categories Of Financial Aid
Non-Need Based Aid
Stafford Un-Subsidized Loan (Student Fr. Max = $2000)
PLUS Loan (Parent)

20. Stafford Loans Stafford Subsidized Loan Borrower Is The Student
Max Loan Is $3500/year
Principal & Interest Deferred – Until Graduation
Interest Rate is 3.4%

21. Stafford Loans Stafford Un-Subsidized Loan Borrower Is The Student
Max Loan Is $2000/year
Principal Deferred – Until Graduation
Interest Paid While In School
Can Be Deferred (Interest Added To Principal)
Interest Rate is 6.8%

22. Stafford Loans Total Sub & Un-sub Never Be Greater Than $5500/year.
Stafford Sub Not Awarded Can Become Un-Sub Loan
Examples Of Awards Per Year
$3500 Sub / $2000 Un-sub
$0 Sub / $5500 Un-sub
$1000 Sub / $4500 Un-Sub

23. Financial Aid Packaging
Fall Spring Total
Pell Grant $1300 $1300 $2600
PHEAA Grant $1989 $1989 $3978
SEOG $600 $600 $1200
Outside Scholarship $1000 $1000 $2000
Stafford Subsidized $1750 $1750 $3500
Stafford Un-Subsidized $1000 $1000 $2000
_________________________________________________
Total Aid = $7639 $7639 $15,278

24. Your Bill (Charges) Tuition $6,121 (Billable) Fees $430 (Billable)
Room & Board $4,550 (Billable)
_____________________________________
Total $11,101 / semester

25. What You Owe Total Billable Cost = $11,101/year
Total Aid = $7,639/year
_______________________________
What You Owe = $3,462 / semester

26. Next - PLUS Loan Parent Is Borrower Fixed Rate Of 7.9%
Parent May Borrow Up To Cost Of Education
Loan Forgiven In Case Of Death Or Disability Of Parent Or Student
Awards If Approved Or Rejected
Delayed Repayment Options Offered

27. PLUS Loan Credit Criteria
Bankruptcy (Chapters 7,11 or 12 Within Past 5 Years) Policy Does Not Consider Chapter 13 Adverse
Voluntary Surrender Within last 5 Years
Repossession Within Last 5 Years
Foreclosure Proceedings Started or Within Last 5 Years
Deed In Lieu of Foreclosure

28. PLUS Loan Credit Criteria
Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)
Wage Garnishment Within Last 5 Years
Defaulted Loan That Has been Claimed Paid
Lease or Contract on Secured Real Estate
County/State/Federal Tax Lien Within Past 5 Years

29. If PLUS Is Rejected
School Automatically Awards $4000 Stafford Unsubsidized Loan ($2000/semester)
If You Need More Than $4000
File PLUS With An Endorser (
Remember if your PLUS is approved with the endorser, the added $4000 Stafford unsubsidized will be removed.

30. Personal Identification Number (PIN)
Must Be Used By Student & Parents Throughout Aid Process (Entire College Career)
Used To Sign FAFSA, MPN & Access Federal Sites
Can Request PIN Now
Name & SSN Must Match Social Security Card EXACTLY
Web:

31. Personal Identification Number (PIN)
Must Be Used By Student & Parents Throughout Aid Process (Entire College Career)
Used To Sign FAFSA, MPN & Access Federal Sites
Can Request PIN Now
Web:

32. FAFSA Overview Available January 1, 2013
Web:
Colleges May Set Filing Deadlines
Application For Pennsylvania State Grant (PHEAA)
Can Make Changes/Corrections Any Time
Don’t Be Late
Add Parent Address To FAFSA

33. Common FAFSA Errors SSN & Name Do Not Match Social Security Card
Missing Student Or Parent Signature (PIN)
Incorrect School Code
Drug Question Left Blank
Checking Legal Guardian
Missing Parent Data
“Do You Have A Degree?” ….No

35. PLUS Loan Credit Criteria
Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)
Wage Garnishment Within Last 5 Years
Defaulted Loan That Has been Claimed Paid
Lease or Contract on Secured Real Estate
County/State/Federal Tax Lien Within Past 5 Years

36. PLUS Loan Credit Criteria
Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)
Wage Garnishment Within Last 5 Years
Defaulted Loan That Has been Claimed Paid
Lease or Contract on Secured Real Estate
County/State/Federal Tax Lien Within Past 5 Years

37. Once FAFSA Is Processed
School Will Contact Student Showing Aid Package Or Instruction For Accessing Information
Remember You Can Not Compare Packages
Complete All School Requests ASAP

39. Additional Details Total COA = $14,086 $14,086 $28,172
Total EFC = $1500 $1500 $3000
Need = $12,586 $ $15,278
Total Aid = $7639 $7639 $15,278
Un-Meet Need = $4947 $4947 $9894
EFC + Aid + Un-Meet Need = COA
$ = $14,086

40. Financial Aid Overview
Using Billable Cost
Fall Spring Total
Billable Cost = $11,101 $11,101 $22,202
Total Aid = $7639 $7639 $15,278
Un-Meet Billable = $3462 $3462 $6924

41. Bob Heyl Student Aid Officer Penn State Greater Allegheny