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Published byRudolf Benson Modified over 9 years ago
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Financial Aid Student Aid Programs and Process
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Can You Help Me?
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Today you will learn What financial aid is What needs analysis is Types of financial aid How to apply for financial aid
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WHATISFINANCIALAID
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Grants Free money or gift aid Loans Self-help aid that must be repaid Some loans may be fully or partially cancelled if borrower fulfills certain requirements Employment Self-help aid that provides compensation for work Must be earned TYPES OF FINANCIAL AID
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Categories of Aid Need-based aid -Student must demonstrate need -Need is determined by analyzing student’s and family’s financial situation Non-need based aid - Financial need not considered -Often given in recognition of special skills, talents, or abilities -Some loans may replace expected family contributions
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What Is Is Needs Needs Analysis? Analysis?
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Goal of Needs Analysis Distribute limited resources Calculate the “Expected Family Contribution” (EFC) Analyze in a fair and equitable manner
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Need Calculation Cost of attendance (COA) Cost of attendance (COA) -Expected family contribution (EFC) =Financial Need =Financial Need
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Cost of Attendance Tuition and fees Room and board Books and supplies Transportation Technology equipment Miscellaneous personal expenses
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Expected Family Contribution Parent’s contribution from income Parent’s contribution from income + Parent’s contribution from assets +Student’s contribution from income +Student’s contribution from assets = Expected family contribution
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Factors that Affect the EFC Number in household Number in college Taxed and untaxed income Taxes paid Assets Type of tax return filed Age of older parent Number of wage earners
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Dependency Status To be considered an independent student: - Age 24 by 12/31 of the award year, or -Orphan, ward of the court, or -Veteran, or -Currently serving on active duty in the U.S. Armed Forces or, -Graduate or professional student, or -Married, or
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Dependency Status To be considered an independent student: –Supporting a child, or –Supporting someone other than a child, or –Foster child, or –Emancipated minor, or –Child in legal guardianship, or –Unaccompanied youth who was homeless
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Financial Aid Programs
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Federal Pell Grant Foundation of aid package Awarded to lowest EFC’s Unaffected by student’s other aid Portable
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Federal Pell Grant Eligible students include –Undergraduate students without a baccalaureate or first professional degree –Full-time to less than half-time students –Certain students enrolled at least half-time in post baccalaureate teacher certification or licensing programs Ineligible students include - Students incarcerated in federal or state penal institutions
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ACG Academic Competitiveness Grant Eligible students include -U.S. citizen or eligible non-citizen -Attending 2 yr. or 4 year school -Enrolled at least half-time in first or second year -Be Pell eligible -Have completed a rigorous secondary school program -Have at least a 3.0 GPA at the end of the first year
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SMART National Science and Mathematics Access to Retain Talent Grant Program Eligible students include - U.S. citizen or eligible non-citizen -Enrolled at least half-time in third or fourth year -Be Pell eligible -Major in physical life, computer science, math, technology, engineering or certain foreign languages
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Campus Based Programs Federal Supplemental Educational Opportunity Grant –FSEOG Federal Work Study –FWS
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Campus Based Program Federal funds allocated to schools annually Institutional match is required School selects recipients Awards are not portable Not all schools participate in all programs
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Federal Student Loans Federal Stafford Loan –Subsidized –Unsubsidized –Not credit based Federal PLUS Loan –Parents –Graduate and professional students –Credit based
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Other Federal Programs Federal income tax credits American Opportunity Credit American Opportunity Credit Up to $2500 Up to $2500 Up to 4 years- Up to 4 years- Lifetime learning credit Up to $2000 Up to $2000 Any postsecondary education and training Any postsecondary education and training
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Non Federal Aid Grants –Institutional –State –Private Scholarships –Institutional –State –Private
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Applying for Financial Aid
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FAFSA Free Application For Federal Student Aid Collects family’s personal and financial information Calculates the EFC English and Spanish Filed two ways www.fafsa.ed.gov Paper FAFSA
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FAFSA on the Web (FOTW) www.fafsa.ed.gov www.fafsa.ed.gov First available l/l/2010 for 2010-2011 FOTW worksheets available –Use as pre-application worksheet –Questions follow the same order as the web application Early estimates available –Via FAFSA Forecaster –FAFSA4caster.ed.gov
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Things to Watch Out For Incorrect social security number Divorced/separated parental information Income earned by parents/step-parents Untaxed income U.S. income tax paid Household size Number of household members in college Real estate and investment net worth
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Special Circumstances Also know as –Professional judgment (PJ) –Extenuating Circumstances Use if FAFSA does not accurately portray current financial picture
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Special Circumstances Adjustments can be made on a case-by- case basis –Cost of attendance –FAFSA data elements –Dependency override –Unsubsidized Stafford Loan only option Parents refuse to complete FAFSA Parents are no longer providing support Decision is up to each school
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The Award Letter Sent by each financial aid office Includes –Estimated costs –EFC –Financial need –Amounts and types of financial aid offered –Instructions on what needs to be done next Students should compare net cost
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Questions?
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