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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

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Presented by jeff gregory university of colorado at boulder peg mason colorado school of mines

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
What’s new in 2010-2011?

IRS Database Match

  • Currently available for FOTW filers for 2009-2010 financial aid year

  • Will be available mid-summer for 2010-11

What s new in 2010 11
What’s new in 2010-11?


Overall design and layout unchanged for 2010-2011

Revised Student’s Marital Status Responses

Removed Veteran Questions “Will you receive Benefits”, “Types of Benefits”


What s new in 2010 111
What’s new in 2010-11?

Paper FAFSA (cont.)

  • Added New Income Exclusions for Cooperative Education Program Benefits

  • Added Guidance Regarding Military Housing Allowance

What s new in 2010 112
What’s new in 2010-11?

FAFSA on the Web

  • Continue to offer three paths to apply without parental data

  • Added additional Special Circumstances Flag values to Student Aid Report (school use)

What s new in 2010 113
What’s new in 2010-11?

FAFSA on the Web (cont.)

  • Automated match process for DOD match for parent or guardian killed in Iraq or Afghanistan after Sept. 11, 2001

  • Enhanced Two Pell Grant report (school use)

What s new in 2010 114
What’s new in 2010-11?

FAFSA on the Web Item Changes and Comparisons Presentation


Assets what are they

Cash, savings, checking accounts (do NOT include financial aid)

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?


Assets what are they not

Do NOT include value of life insurance aid)

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 reported

Assets – What are they not?


Assets what about 529s

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 asset

Assets – What about 529s?


Basics unchanged

Two basic models 529s as student asset



With dependents

Without dependents

Basics Unchanged


Special circumstances

Case by case basis 529s as student asset

Handled institutionally

Contact college or university directly

Special Circumstances


Special circumstances cont

May include: 529s as student asset

Parental loss of income

Significant medical expenses

Unusual employment expenses

Other factors impacting family ability to pay

Special Circumstances (cont.)


Homeless youth

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 program

Homeless Youth


Undocumented individuals
Undocumented Individuals 529s as student asset

  • Only U.S. citizens and eligible non-citizens are eligible to receive federal student aid

  • Undocumented individuals may:

    • Have entered U.S. Illegally

    • Have entered U.S. legally on temporary basis and stayed after documents expired

    • Have been brought into the U.S. by someone else

Eligible non citizens

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 asylum

Eligible Non-citizens


Eligible non citizens cont

Other eligible non-citizens: 529s as student asset

Conditional entrants

Persons paroled into the U.S. for at least one year

Cuban-Haitian entrants

Eligible Non-citizens (cont.)


State of colorado aid
State of Colorado Aid 529s as student asset

  • Colorado institutions use the data provided on the (FAFSA) to award state aid

  • Other states may require submission of supplemental forms. If applying to an out of state institution, determine if aid is available to non-residents.

  • While not financial aid, Colorado residents planning on attending a Colorado public college or university, Regis University, Colorado Christian University, or the University of Denver, should apply for the College Opportunity Fund (

Pell grant changes
Pell Grant Changes 529s as student asset

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


Other federal aid programs
Other Federal Aid Programs 529s as student asset

Federal ACG

Federal SMART Grants

Federal TEACH Grants

Federal SEOG

Federal Workstudy


Cost of attendance budget
Cost of Attendance 529s as student asset(Budget)

Sample Resident Undergraduate (9 month)

On-campus Off-campus

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

Financial literacy
Financial Literacy 529s as student asset

Making Wise Decisions

Regarding the Use of Your

Financial Aid Funds

How can i reduce my costs 1 3
How can I reduce my costs 1/3? 529s as student asset

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.


How can i reduce my costs 2 3
How can I reduce my costs 2/3? 529s as student asset

  • Avoid the avoidable! When parking on campus, do not park in no-parking zones. If possible, consider leaving your car at home.

  • Return library books and materials by the due date. Fines and late fees add up quickly and will be added to your bill.

  • When renting a dorm room or apartment, resist the temptation to perform major renovations. They rarely increase the value and normally reduce the amount of your damage deposit.

  • School supplies are usually less expensive when purchased off-campus.

How can i reduce my costs 3 3
How can I reduce my costs 3/3? 529s as student asset

  • Practice effective money management. You will likely receive one refund of excess financial aid each semester. You will need to budget these funds to last for several months.

  • If living on-campus, purchase a meal plan that is consistent with your eating habits and tastes. If living off-campus, be a smart consumer when grocery shopping.

  • Maintain your eligibility for financial aid. Too many dropped classes or poor performance in the classroom can cost you your financial aid eligibility.

  • Remember, college is a means to an end! For most students, it is the best investment of time and money you will ever make.

Q & A 529s as student asset

Q & A













Q & A

Q & A

Questions and Answers