Applying for Federal Financial Aid 2010-2011 And other Financial Aid Fun Facts. Presented by: Jeff Gregory University of Colorado at Boulder Peg Mason Colorado School of Mines. What’s new in 2010-2011 ?. IRS Database Match
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Applying for Federal Financial Aid 2010-2011
And other Financial Aid Fun Facts
University of Colorado at Boulder
Colorado School of Mines
IRS Database Match
Overall design and layout unchanged for 2010-2011
Revised Student’s Marital Status Responses
Removed Veteran Questions “Will you receive Benefits”, “Types of Benefits”
Paper FAFSA (cont.)
FAFSA on the Web
FAFSA on the Web (cont.)
FAFSA on the Web Item Changes and Comparisons Presentation
Investments including real estate (do NOT include primary residence)
Business or investment farms (do NOT include family farm or business with 100 or fewer employees)Assets – What are they?
Do NOT include the value of retirement plans (401k, 403b, pension funds, annuities, non-education IRAs, Keogh plans, etc.)
Do NOT include cash, savings and checking accounts already reportedAssets – What are they not?
Independent student – report value of student and spouse 529s as student asset
Dependent student – report value of 529s in name of parent and student as parent assetAssets – What about 529s?
Two basic models 529s as student asset
Without dependentsBasics Unchanged
Case by case basis 529s as student asset
Contact college or university directlySpecial Circumstances
May include: 529s as student asset
Parental loss of income
Significant medical expenses
Unusual employment expenses
Other factors impacting family ability to paySpecial Circumstances (cont.)
FAFSA questions 56,57,58 529s as student asset
Unaccompanied homeless youth
Determined by school homeless liaison, emergency shelter director, director of homeless youth basic center or transitional living programHomeless Youth
U.S. permanent residents 529s as student asset
Citizens of the Freely Associated States: Federated States of Micronesia, Palau, and the Marshall Islands
Other eligible non-citizens:
Victims of human trafficking
Persons granted asylumEligible Non-citizens
Other eligible non-citizens: 529s as student asset
Persons paroled into the U.S. for at least one year
Cuban-Haitian entrantsEligible Non-citizens (cont.)
Maximum Pell Grant Award for 2010-11 - $5,550
Two Pell Grants in one year – student qualifies for a second scheduled award upon successful completion of one academic year as defined by credit hours completed
Federal SMART Grants
Federal TEACH Grants
Sample Resident Undergraduate (9 month)
Tuition and fees $7,278 $7,278
Books and supplies 1,749 1,749
Room and board 9,860 8,478
Personal 1,233 1,233
Transportation 1,296 1,296
Medical expenses 1,845 1,845
Total $ 23,261 $21,879
Making Wise Decisions
Regarding the Use of Your
Financial Aid Funds
Do the math! Completing a 120 credit bachelor’s degree in four years requires completing 30 credits each year or 15 credits per semester. Completing your degree in the least amount of time possible reduces cost and increases future income!
If available, utilize the tuition window at your school. It’s like getting free tuition. In many cases, there is no or little cost difference between taking 15 credits and 12 credits per semester.
If you are allowed to waive school health insurance because of parental coverage, do it by the deadline!
Used books read just as well as new books and usually cost less.
Q & A 529s as student asset
Q & A
Q & A
Q & A
Questions and Answers