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Financial Aid for College 2010-2011 December 9, 2009. What We’ll Talk About. Financial Aid Basics College Costs Application Process Eligibility Determination Financial Aid Programs Tax Credits. What Is CFNC?.

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Financial aid for college 2010 2011 december 9 2009

Financial Aid for College2010-2011December 9, 2009


What we ll talk about
What We’ll Talk About

Financial Aid Basics

College Costs

Application Process

Eligibility Determination

Financial Aid Programs

Tax Credits


What is cfnc
What Is CFNC?

501(c)(3) nonprofit -administers grants, loans and savings program on behalf of the state

State-funded K-16 partnership (NCDPI, NCCCS, NCICU, UNC) administered by UNC General Administration

State agency responsible for statewide college aid programs – grants scholarships, loans, 529 savings


Primary Goal = Access

GOAL

To increase the college-going rate in North Carolina with particular attention toward “first-generation” college students.

Two obstacles facing first-generation college students:

(1) Can I really go to college in NC?

(2) Can I afford to go to college?


CFNC.org Usage Statistics

2,767,885

Student Accounts

created

138,012

High School

Transcripts delivered

9,585

Daily Visitors

Average visit is 9 mins

1,455,881

Online Applications

submitted

As of July 31, 2009


Financial aid basics
Financial Aid Basics

Gift Aid

Grants

Scholarships

Self Help

Employment

Loans


Financial aid basics1
Financial Aid Basics

Merit-based aid

Special talent

Academics

Athletic

Other

Need-based aid

Financial consideration


Financial aid basics2
Financial Aid Basics

Family is responsible for costs to the extent of ability to pay college costs

Purpose of need-based financial aid is to provide access and choice

Eligibility determination is annual


College costs
College Costs

Tuition

Required Fees

Room

Meals (Board)


College costs1
College Costs

Books and Supplies

Transportation

Personal and Miscellaneous

Expenses

Loan Fees


College costs2
College Costs

North Carolina Averages

2 Year Public 4 Year Public 4 Year Private

$ 9,200 $14,500 $27,000

National Averages

2 Year Public 4 Year Public 4 Year Private

$12,900 $17,175 $35,000

NC averages calculated by NCSEAA for 2007-08 academic year. National averages from College Board.


Ways to pay for college
Ways to Pay for College

Savings

Current Income

Grants and Scholarships

Federal Education Loans

Private Loans


Application process
Application Process

Free Application for Federal Student Aid (FAFSA)

fafsa.gov

Signature PIN

pin.ed.gov


Application process1
Application Process

FAFSA On the Web Worksheet


Application process2
Application Process

Apply Early (after January 1)

Meet your college’s deadlines

Do not wait until you are admitted

Complete all questions accurately

Print and save the FAFSA for your own records


2010 fafsa day

2010 FAFSA Day

Saturday, February 19, 2011

9:00 a.m. to 12:00 p.m. at most locations

Register at CFNC.org/fafsaday or call 866-866-CFNC

Brief FAW


Fafsa
FAFSA

Who provides information on the FAFSA?

Dependent student and parent(s)

Independent student and spouse (if married)


Fafsa dependency status
FAFSA – Dependency Status

Dependent student answers NO to all of these questions

Born before January 1, 1987?

Working on Masters or Doctorate in 2010-11?

Is married?

Has children or other dependents of his/her own that he/she supports (more than 50%)

Is on active duty in the U.S. Armed Forces?

Is a veteran of the U.S. Armed Forces?


Fafsa dependency status1
FAFSA – Dependency Status

Parents are deceased or student is a ward of the court?

Student is in foster care or a ward of the court at any time when he/she was 13 years of age or older?

Is an emancipated minor or is in legal guardianship?

Has been verified as an unaccompanied youth who is a homeless child or youth or at risk of homelessness?


Fafsa who is a parent
FAFSA – Who is a Parent?

Two biological or adoptive parents

married to each other

Single parent

Parent and Stepparent


Application process3
Application Process

College Scholarship Service Profile Form

Institutional Financial Aid Application


Application process fafsa results
Application Process – FAFSA Results

Student Aid Report

FAFSA Results

An estimate of the Pell Grant award amount

An indication of student loan eligibility

Links to College Navigator for detailed information about the institutions selected:

Programs offered

Tuition and fees

Graduation rates, etc.

Campus financial aid office gets a copy of your Student Aid Report


Eligibility determination
Eligibility Determination

Student and Parent Information is analyzed

Income (taxable and untaxed)

Assets

Family size, number of family members in college

Other characteristics

Expected Family Contribution

Student Contribution + Parent Contribution


Eligibility determination1
Eligibility Determination

Cost of Attendance

minus

Expected Family Contribution

equals

Financial Aid Eligibility (Need)


Eligibility determination2
Eligibility Determination

College A College B College C

9,200 14,500 27,000

- 5,000- 5,000- 5,000

4,200 9,500 22,000

EFC remains the same.

Changes in cost equals changes in eligibility


Financial aid programs federal grants
Financial Aid Programs – Federal Grants

Federal Programs

Federal Pell Grant

Federal Supplemental Grant (FSEOG)


Financial aid programs federal self help programs
Financial Aid Programs – Federal Self-Help Programs

Federal Work Study

Federal Perkins Loan

Federal Education Loans

Subsidized Stafford Loan

Unsubsidized Stafford Loan

Parent Loan for Undergraduate Students

GradPLUS


Financial aid programs other federal programs
Financial Aid Programs – Other Federal Programs

Post 911 GI Bill

Greatly expanded benefits for veterans of U.S. armed services

VA.gov

Check with office designated to work with veterans on campus


Financial aid programs state aid
Financial Aid Programs – State Aid

NC Student Incentive Grant

NC Education Lottery Scholarship

Sector-based aid

Community College Grant

UNC Need-based Grant

NC Legislative Tuition Grant & State Contractual Scholarship


Financial aid programs state aid1
Financial Aid Programs – State Aid

Teaching Fellows

Prospective Teacher Scholarship Loan

Other programs for future teachers for those already in college

Nurse Scholars

Nurse Education Scholarship Loan

North Carolina Loan Program for Health, Science and Mathematics

Robert Byrd Honors Scholarship

Child Welfare Postsecondary Support Program


Financial aid programs institutional and private
Financial Aid Programs – Institutional and Private

Aid from your Campus

Grants, Scholarships, Employment, Yellow Ribbon program for Veterans

Check with Financial Aid Office

Aid from Others

Local Organizations

Employers and Church

Your High School

Check with your School Counselor


Financial aid programs
Financial Aid Programs

College Payment Plan

Private Student Loans

Other Loans

Don’t Get Hooked


Additional information
Additional Information

Award letters and notices from your college

Paper

Electronic

Apply each year

Student must make satisfactory academic progress

Ask questions

Keep copies


Additional information1
Additional Information

Verification

Special Circumstances

Death

Disability

Divorce/Separation

Loss of Employment

Unusual Medical/Dental Expenses

Other



Tax credits calendar years 2009 and 2010
Tax Credits - Calendar Years 2009 and 2010

Consult the most recent IRS publications and with your tax adviser

IRS.gov has the most recent information and definitions for various programs, including

American Opportunity Tax Credit

Lifetime Learning Tax Credit

Tuition and Fees Tax Deduction

Student Loan Interest Deduction


American opportunity tax credit
American Opportunity Tax Credit

Maximum credit is $2500

Available for the first 4 years of postsecondary education

Up to 40% refundable credit

Some limitations apply if Modified Adjusted Gross Income exceeds $80,000 (single filer) or $160,000 (married filers)

Phased out if Modified Adjusted Gross Income exceeds $90,000 (single filer) or $180,000 (married filers)


Lifetime learning tax credit
Lifetime Learning Tax Credit

Maximum credit is $2000

Available for all years of postsecondary education or for courses to acquire or improve job skills

Some limitations apply if Modified Adjusted Gross Income exceeds $50,000 (single filer) or $100,000 (married filers)

Phased out if Modified Adjusted Gross Income exceeds $60,000 (single filer) or $120,000 (married filers)


Questions?

CFNC.org

866-866-CFNC


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