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Financial Aid 101


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    1. Financial Aid 101 Carmen Coleman M.B.A. Brian O’RourkeSenior Coordinator, Regional Admissions & Recruitment Dean of AdmissionsUniversity of Nevada, Reno Holy Names University

    2. Agenda • The Basics • Types of Aid • Common Questions • What happens after you apply

    3. Cost of Attendance • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • May cover cost of computers • May also include other extraordinary expenses

    4. Basic Equation of Need Cost of Attendance (COA) • Expected Family Contribution (EFC) • Student’s Financial Need (eligibility)

    5. FAFSA Free Application for Federal Student Aid www.fafsa.ed.gov

    6. Expected Family Contribution • Need Analysis is the formula used in determining a family’s EFC • EFC is the measure of a family’s financial strength • The Financial Aid Office uses the EFC to determine the student’s overall need for financial aid

    7. Calculating Eligibility • Federal EFC will be same at all schools • Federal financial aid eligibility varies based on institution’s COA • Some schools may use institutional methodology to award their own institutional funds

    8. Sources of Financial Aid • Gift Aid • Grants & Scholarships • Self Help • Loans & Work

    9. Gift Aid Scholarships • Academic • Community Service • Institution Specific www.fastweb.comwww.fastaid.com

    10. Gift Aid Grants • Pell Grant: up to $5,550 (2011-12) • Supplemental Educational Opportunity Grant: up to $4,000 • Cal Grant

    11. Cal Grants • Student must meet • All federal eligibility criteria • Income & asset limits • GPA requirement (3.0 for Cal A) • Amount paid is determined by Grant program & school segment • Renewal is based on program participation www.calgrants.org

    12. Cal Grant A • Cal A (11-12) Community College $1,551 CSUs $5,472 UCs $12,192 Privates $9,708 www.calgrants.org

    13. Cal Grant • Cal Grant B • Cal Grant A • Stipend of $1,551 • Stipend only at CCs • Stipend only first year at CSUs, UCs, Privates www.calgrants.org

    14. Tuition Discount Programs: WUE • Purpose: Provide undergraduate students opportunity to attend school out of state • 15 participating states, 148 institutions • Reduced out-of-state tuition:150% of in-state tuition • Two-year and four-year colleges • Most undergraduate fields available • More options, more affordable!

    15. WUE Example (2011-2012) Annual tuition costs: • Resident: $ 4,702.50 • Non-resident: $ 18,200.00 • WUE: $ 7,053.90

    16. Did you know… • A few institutions automatically offer WUE to residents from WICHE states (Montana & Nevada) • At most institutions, WUE must be requested • Indicate WUE status on schoolapplication; there is no general “WUE application” • 4 years maximum • Commonly requested, but don’t participate: • Arizona State University-Tempe • University of Colorado-Boulder • Oregon State University • Each school is different: • Minimum GPA/SAT/ACT ? • Limited fields of study? • Cap on the number accepted? • Transfers accepted?

    17. WUE Recommendations • Website: www.wiche.edu/wue • Contact admissions office: • How to apply for WUE status? • Qualified field(s) of study? • Specific requirements? • Space-available basis? “Once a WUE, always a WUE”

    18. Self Help • Federal Perkins Loans (up to $4,000 per year @ 5% interest) • Federal Stafford (fees up to 4% of amount borrowed) • Subsidized ($3,500 increases to $5,500 @ 6.8% ) • Unsubsidized ($2,000 per year @ 6.8%) www.salliemae.com

    19. Self Help • Alternative loans – Bank Loans or Direct Lending • PLUS Loans • Parent Loan - subject to credit check • Can borrow more at higher interest rate (8.5% or 7.9% depending on the program) • Federal Work Study - student works for paycheck

    20. Types of Applications • FAFSA • Private and other applications • CSS Financial Aid Profile

    21. Common Questions • First year . . . Don’t wait for admission!!! • Always apply • Yearly process • After January 1 prior to the fall term (ie. January 1, 2012 for fall 2012 semester) • Student needs a PIN • Parent needs a PIN

    22. Common Questions Interested in Loans or Work-Study? • If unsure, answer “yes” then decline once aid is awarded • A “yes” does not obligate student to either program, nor will it cause them to lose out on gift aid • A “no” may restrict some of their options for certain limited loan and work-study funds

    23. Common Questions Date and Sign • If filing electronically, don’t forget PIN or signature page • If filed by a dependent student, student and 1 parent must sign • If filed by an independent student, only student must sign

    24. Common Questions Who is a Parent? • Biological parent(s) • Custodial Parent (lived with most over the past 12 months and/or provided most financial support) • Adoptive parent(s) • Stepparent

    25. Common Questions • Custodial parent filed with ex-spouse Consider only income of custodial parent (which includes any child or spousal support received) • Custodial parent remarried Stepparent information must be included

    26. Common Questions • Who is not considered a parent for this section? • Foster parent(s) The ward is automatically considered an independent student • Legal guardian(s) Must attempt to get parental information *FAO may use Professional Judgment to make student independent

    27. Common Questions • Where does the EFC come from? Available Income (Income minus allowances) + Contribution from Assets (6-12%) + Student Contribution Divided by Number of Children in College • Net Price Calculator on each college website • EFC Calculator www.collegeboard.com

    28. Common Questions How to calculate net worth of investments? • Do not include home you live in, prepaid tuition plans or value of life insurance, and retirement plans • Include other real estate, Education IRAs, CDs, money market funds, mutual funds & college savings plans • Trust funds must be reported even if access is restricted

    29. Common Questions How to prioritize the schools listed? • List schools most likely to attend • Ways to add schools • Wait for Student Aid Report (SAR) • Add schools by phone or on the Web • Up to 10 colleges at a time

    30. Common Questions • Expect SAR after filing • Up to 4 weeks for paper FAFSA • 1 to 2 weeks for Online FAFSA • Carefully review for any errors • Contact school before submitting corrections

    31. What Happens Next? • Alerts on SAR to applicant and school • To possible database match problems • If application has been selected for verification • To whether or not EFC has been calculated

    32. Awarding and Packaging • Award letters may vary in composition • Listing of awards and amounts • COA, EFC, need and unmet need • Period of enrollment covered • Response may or may not be required • Will still need to accept loans

    33. Any Questions? • Carmen Coleman M.B.A. Brian O’Rourke • Sr. Coordinator, Regional Admissions & Recruitment Dean of Admissions • University of Nevada, Reno Holy Names University • carmenc@unr.eduorourke@hnu.edu • (510)393-4411 (510) 436-1195 Thanks!