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“ACCESS TO SUCCESS”. FINANCIAL AID WORKSHOPS 2000. What is Financial Aid?. Scholarships Grants Loans Employment opportunities. 1. Two Categories of Aid. Merit-based Need-based. 2. PRINCIPLES OF MERIT-BASED AID. Test Scores Class Rank Special Skills or Talents Other Factors.

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access to success

“ACCESS TO SUCCESS”

FINANCIAL AID WORKSHOPS

2000

what is financial aid
What is Financial Aid?
  • Scholarships
  • Grants
  • Loans
  • Employment opportunities

1

two categories of aid
Two Categories of Aid
  • Merit-based
  • Need-based

2

principles of merit based aid
PRINCIPLES OF MERIT-BASED AID
  • Test Scores
  • Class Rank
  • Special Skills or Talents
  • Other Factors
principles of need based aid
PRINCIPLES OF NEED-BASED AID
  • Provides access to higher education
  • Provides students a choice about type and location of school they will attend
definition of need
Definition of Need

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

3

cost of attendance
Cost of Attendance
  • Tuition and fees
  • Room and board
  • Books and supplies, equipment, transportation, and miscellaneous personal expenses
  • Loan fees
  • Study abroad costs
  • Dependent or elder care expenses
  • Expenses associated with a disability
  • Expenses for cooperative education program

5

principles of need analysis
Principles of Need Analysis
  • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education
  • Students also have a responsibility to contribute to their educational costs
  • Families should be evaluated in their present financial condition
  • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner.

6

factors considered in need analysis
FACTORS CONSIDERED IN NEED ANALYSIS
  • Income
  • Asset Equity (excludes home; other assets ignored if meets certain conditions)
  • Family size
  • Age of older parent
  • Number of children in college
types of need based assistance
TYPES OF NEED-BASED ASSISTANCE
  • Gift Aid
    • Grants
    • Scholarships
  • Self-Help Aid
    • Low-interest loans
    • Part-time student employment
primary sources of aid
PRIMARY SOURCES OF AID
  • Institutional
  • Private
  • State
  • Federal
title iv programs
TITLE IV PROGRAMS
  • Federal Pell Grants
  • The campus-based programs:
    • Federal Perkins Loan
    • Federal Supplemental Educational Opportunity Grant (FSEOG)
    • Federal Work-Study (FWS)
title iv programs cont
TITLE IV PROGRAMS (cont.)
  • Federal Family Education Loan (FFEL) Program:
    • Federal Stafford Loans (subsidized and unsubsidized)
    • Federal PLUS Loans
  • Leveraging Educational Assistance Partnership Program (LEAPP) (formerly SSIG)
title iv programs cont15
TITLE IV PROGRAMS (cont.)
  • William D. Ford Federal Direct Loan Program:
    • Subsidized Direct Loans
    • Unsubsidized Direct Loans
    • Direct PLUS Loans
free application for federal student aid fafsa
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
  • FAFSA is central element in federal student aid application process
  • Asks for family’s financial and demographic information
  • Used to calculate EFC based on federal methodology (FM)
  • Used to confirm student eligibility criteria via database matches w/federal agencies
types of fafsa s
TYPES OF FAFSA’s
  • Paper
  • Electronic
fafsa express
FAFSA EXPRESS
  • Stand-alone computer software application tool for use by students to apply for aid directly to U.S.Dept. of Education
  • Use with any IBM-compatible computer with a modem
  • Screens resemble a paper FAFSA
  • Student (and parents) must provide original signatures to complete application process
fafsa express cont
FAFSA EXPRESS (cont.)
  • Distributed to high school guidance counselors, Educational Opportunity Centers, and financial aid offices
fafsa on the web
FAFSA ON THE WEB
  • Internet application used by students to complete electronic FAFSA
  • Must use U.S. version of Netscape Navigator 3.0 or higher
  • Application information sent directly to CPS
  • Student must print, sign, and submit signature page to FAFSA processor
fafsa on the web cont
FAFSA ON THE WEB (cont.)
  • CPS will print and mail student SAR
  • http://www.fafsa.ed.gov
supplemental forms
SUPPLEMENTAL FORMS
  • Collect additional information used to determine state and/or institutional eligibility
  • Cannot be required to determine federal student aid eligibility
common errors
COMMON ERRORS
  • Providing inaccurate or incomplete data on FAFSA
  • Not submitting required forms by priority filing deadlines
  • Not submitting all required application documents
special instructions
SPECIAL INSTRUCTIONS
  • Students who do not live with parents
  • Both parents deceased
  • Students who are separated or divorced
  • Students who have legal guardians or are wards of the court
  • Students whose parents are sep. or divorced
  • Stepparents
  • One parent deceased
database matches
DATABASE MATCHES
  • Social Security match-to verify student’s SSN and claim of U.S.. citizenship
  • INS match-to verify eligible non-citizen status
  • Selective Service match-to verify registration with Selective Service
database matches cont
DATABASE MATCHES (cont.)
  • Department of Justice match-to verify that student’s eligibility for Title IV funds has not been suspended or terminated due to drug conviction
  • NSLDS match-to check for loan defaults or overpayments on Title IV funds
student aid report sar
STUDENT AID REPORT (SAR)
  • CPS mails SAR to students who completed a FAFSA
  • Summarizes information reported on FAFSA
  • Contains messages related to database matches
  • Displays official EFC
sar continued
SAR (continued)
  • Student checks accuracy of information on SAR
  • If corrections are needed, student makes corrections, signs, and mails SAR back to FAFSA processor or school
sar continued29
SAR (continued)
  • FAFSA processor or school enters corrections and transmits data to CPS which recalculates EFC and sends corrected SAR to student and ISIR to school
verification
VERIFICATION
  • Confirms accuracy of information reported on FAFSA by students and parents
  • Application selected by CPS or by school
  • Common documents requested:
    • 1999 U.S. Income Tax Return, with schedules and attachments
    • Verification worksheet
special circumstances
SPECIAL CIRCUMSTANCES
  • Student should contact financial aid administrator if there is:
    • A loss or reduction of family income
    • A death or illness
    • Unusual medical or dental expenses not covered by insurance
    • Other unusual circumstances
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