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Financial Aid Basics Ric Dwenger Student Services Coordinator January 21, 2016
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Credit Hour Unit of measuring educational credit. 1 credit hour = approximately 1 hr. in-class and 2 hr. expected out of class, weekly for 15 weeks. Most classes are 3 credits. Full Time Status = 12+ cr. hrs. per semester. On Time Status = 15+ cr. hrs. per semester. 120 credit hours required to earn Bachelors Degree = 8 Semesters at on time status. Part Time Status < 12 cr. hrs. per semester. ¾ time = 9, 10, 11 hrs. ½ time = 6, 7, 8 hrs. ¼ time = 3, 4, 5 hrs.
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C.O.A. = Cost of Attendance The sum figured by each institution for one year of attendance. Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Cost of Attendance (COA)
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Tuition and fees = $232.80 per credit hour Cost of Attendance 2015-16 $6984 Tuition/Fees: 30 credits or On time status 900 Books and Supplies 250 Transportation +1570 Miscellaneous Expenses $9704 Total COA * Room and board is left out of this calculation. Approximately $10,330.
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Tuition and fees: $10002 (24-36 credit hours) 24 credit hrs. = $416.75 per hr. 30 credit hrs. = $333.40 per credit hr. 36 credit hours = $277.83 Cost of Attendance 2015-16 $10002 Tuition/Fees: 30 credits or On time status 1220 Books and Supplies 210 Transportation 1570 Miscellaneous Expenses +10330 Room and Board * $23032 Total COA * Approximate cost of living in dormitory.
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Need-based: based on student/family financial circumstances. Merit-based: based on a student’s talents and performance Academics – Athletics – Extracurricular Involvement Sources of Need-based and Merit-based Financial Aid. 1.Federal Government 2.State Government – Indiana 3.Colleges and Universities 4.Community and Private Sources
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File the FAFSA FAFSA = Free Application for Federal Student Aid FAFSA is a federal form that a student must file in order to qualify for federal funds, state grants, college need based, and most merit based financial aid. Must be filed every year, beginning in the spring of student’s senior year of high school. Must file by March 10, prior to fall semester, to be eligible for Indiana state grants. File online at: www.fafsa.govwww.fafsa.gov
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File after January 1 for school year beginning the following fall. Students and Parents must create an FSA ID to log-in and sign. Report student and parent income from previous year. Easier if previous year’s tax return is done. FAFSA can link to IRS to securely transfer information. Report student and parent asset and savings information. File by March 10, even if taxes are not filed, to be eligible for Indiana state grants – estimate income and make corrections by May 15. In some cases, students can be determined as independent. Student Dependency Status It’s FREE! Never pay for assistance with filing the FAFSA!
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SAR = Student Aid Report Special report provided after filing the FAFSA that shows EFC and an estimate of Federal Student Aid eligibility. EFC = Expected Family Contribution Total amount of money a student/family is expected to pay toward education in a given year. It is figured by processing the information reported on the FAFSA. Demonstrated Financial Need COA -EFC Financial Need
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1.Federal Pell Grant $5775 Maximum Full time award 2015-16. Reduced for Part time students. - EFC Amount awarded to Student: Google - Federal Pell Grant Disbursement Google - Federal Pell Grant Disbursement 2.Federal Supplemental Educational Grant = FSEOG Limited amount of funds awarded at discretion of institution. 3.Federal Work Study Eligible to work and have federal government subsidize wage. 4.Federal Student Loans. Grants: Money does not have to be repaid. Loans: Money must be repaid. Work Study: Money must be earned.
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1.Direct Subsidized Loans Government pays the interest while student is in school. Awarded based on financial need not covered by Pell Grant. Repayment is deferred until 6 month after graduating or dropping below ½ time status. 2.Direct Unsubsidized Loans Not awarded based on financial need, but must file FAFSA. Interest is charged from time loan is disbursed. Repayment is deferred until 6 months after graduating or dropping below ½ time status. 3.Federal Perkins Loan Low interest, subsidized loan available through institutions. Repayment is deferred for 9 months following graduation or dropping below ½ time status. 4.Direct PLUS Loan Loans available to parents who are credit worthy Limit: COA minus other Financial Aid Awards Payment usually begins once loan is disbursed. See handout for more details!
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1.Frank O’Bannon Grant: FOBG Sometimes called: Higher Education Award (HEA) Must be full time student. Amount is higher for students with On Time Status. FOBG Maximum See chart for maximum. See chart for maximum. -EFC ($100 INCREMENTS) Amount awarded to Student 2. EARN Indiana Experiential, paid internships
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1.Twenty-first Century Scholars Program Grant given to students who meet certain financial guidelines at the time of enrollment in the 7 th or 8 th grade and fulfill program’s pledge. 2.The Mitch Daniels Early Graduation Scholarship 3.Minority Teacher Scholarship 4.Indiana National Guard Supplemental Grant 5.Child of Veteran and Public Safety Officer Supplemental Grant Program 6.For details about these and other Indiana Scholarships/Grants – visit: http://www.in.gov/che
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COA – EFC = Financial Need Federal Pell Grant IN FOBG or 21CS FSEOG Federal Work Study Subsidized Loan +Federal Perkins Loan Financial Need +/- + : Save the Surplus, if you can!!! - : Direct Unsubsidized and PLUS loans can also be available.
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About 1 in 4 students are randomly selected for financial aid “verification”. If you are selected, comply quickly and completely to avoid a delay in aid disbursement. Some institutions require completion of internal forms in addition to filing the FAFSA.
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Meet minimum GPA requirements. Maintain a 67% course completion rate. Students may not exceed a maximum time frame measured by attempted credit hours equal to 150% of length of their primary degree program. See: www.purdue.edu – Admissions – Financial Aid – Contact Us – Policies and Appealswww.purdue.edu
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https://polytechnic.purdue.edu/anderson www.fastweb.com Scholarship Search www.indianacollegecosts.org Free service for estimating financial aid eligibility and out of pocket expense. www.fafsa.gov The one and only site for filing for financial aid. www.studentaid.gov U.S. Dept. of Education website on college readiness and financial aid. www.finaid.org The smart student guide to financial aid. www.in.gov/che Indiana Commission for Higher Education.
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Ric Dwenger Student Services Coordinator 765-648-2909 rdwenger@purdue.edu Purdue Polytechnic Institute Anderson polytechnic.purdue.edu/anderson
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