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Financial Aid 2014-2015. Goals of Financial Aid. Access to Post-Secondary Education Choice among Post-Secondary Institutions. Principles of Financial Aid. Student and parent have the primary responsibility for funding post-secondary education to the extent they are able.

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Presentation Transcript
goals of financial aid
Goals of Financial Aid
  • Access to Post-Secondary Education
  • Choice among Post-Secondary Institutions
principles of financial aid
Principles of Financial Aid
  • Student and parent have the primary responsibility for funding post-secondary education to the extent they are able.
  • Families will be treated equitably and consistently by the needs-analysis formula.
general eligibility requirements
General Eligibility Requirements
  • U.S. citizen or an eligible non-citizen
  • High school diploma or equivalent
  • Certificate, diploma, or degree program.
  • Maintain satisfactory academic progress.
  • Not be in default or owe refund
  • Registered with the Selective Service.
applying for aid
Applying for Aid
  • Applications & Deadline dates
  • DO NOT WAIT to be accepted for admission.
  • Respond quickly to additional requests.
  • Explore ALL funding resources.
application hints
Application Hints
  • Read all instructions carefully
  • Assemble all needed materials
  • Name must Match

Social Security Card

  • Complete every question
  • Obtain PIN #’s
free application for federal student aid fafsa
Free Application for Federal Student Aid (FAFSA)
  • File on line www.fafsa.ed.gov
  • Request PIN www.pin.ed.gov
  • Title IV College Code
    • Penn State 003329
fafsa on the web s homepage
FAFSA on the Web’s Homepage
  • Simplified options
  • Updated graphics
  • An updateable announcement section
  • Access to FAFSA PDF and paper FAFSA information
taxes
TAXES
  • Financial Information
  • The IRS Data Retrieval
  • Electronically filed tax return information will be available from the IRS in 1-2 weeks
  • data from paper tax returns will be available in 6-8 weeks.
confirmation page
Confirmation Page
  • Confirmation Number
  • Data Release Number (DRN)
  • EFC estimate
  • Pell Grant and Direct Loan estimates
  • Option for parents to transfer info to an application for a sibling
  • Option to transfer info to a state application
family educational rights and privacy act ferpa
Family Educational Rights and Privacy Act (FERPA)
  • Financial information submitted is protected.
  • Data is treated as confidential.
  • Authorization for release to a third party.
how is aid awarded
How is Aid Awarded?
  • Need-Based
    • Financial Need
      • Grants
  • Merit-Based
    • Academic Ability
    • Program of Study
    • Special Talent/Achievement
      • Scholarships
what is financial need
What is “Financial Need”?
  • Cost of Attendance
  • - Expected Family contribution

__________________________________

  • = Financial Need
cost of attendance
Cost of Attendance

Tuition and Fees

Room and Board

Books and Supplies

Transportation

Personal Expenses

expected family contribution efc
Expected Family contribution (EFC)
  • The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education.
  • The EFC is calculated according to a formula specified in the law.
federal expected family contribution
Federal Expected Family Contribution
  • Total taxed & untaxed income of family.
  • Assets, savings, investments, business or farm investment, but not home equity
      • Parents contribution is approx.- 12%
      • Students contribution is approx.- 20%
  • Number of children or other dependents enrolled on at least a half time basis. Excludes parent.
types of aid
Types of Aid

Gift Aid

Scholarships

Grants

Self-Help Aid

Loans

Employment

sources of aid
Sources of Aid
  • Federal
    • Pell, SEOG, Perkins, Work-Study and Stafford Loans
  • Institutional
    • Internal scholarships
  • Private
    • Local & Civic organizations
federal pell grant
Federal Pell Grant
  • EFC determines eligibility (0-5081)
  • Award amount based upon enrollment & school costs
    • $605-$5645
  • Verification - maybe selected by Federal Government
  • Reply promptly w/additional documents
  • Special Circumstances
federal supplemental educational opportunity grant seog
Federal Supplemental Educational Opportunity Grant (SEOG)
  • Eligibility: Students with exceptional need
  • Priority to Pell Grant Recipients
  • Undergraduates only
  • Average award $1200
federal work study fws
Federal Work Study (FWS)
  • Eligibility: Undergraduates & Graduates
  • Check “Yes” on FAFSA
  • Hourly rate and bi-weekly payment
  • Average award $3000
federal perkins loan
Federal Perkins Loan
  • Eligibility: Undergraduates & Graduates
  • Interest Rate: 5%
  • Nine month grace period
  • Deferments & Cancellation Provisions
  • Average award $2500
federal student loan program
Federal Student Loan Program
  • Subsidized
    • Federal government pays interest
    • Fixed Interest rate @ 3.4%
  • Unsubsidized
    • Student pays interest or has capitalized
    • Fixed Interest rate @ 3.4%
federal loans con t
Federal Loans Con’t
  • Freshmen $3500/2000
  • Sophomore $4500/2000
  • Junior/Senior $5500/2000
  • Graduates $8500/12,000

Disbursed ½ fall and 1/2 spring

master promissory note mpn
Master Promissory Note (MPN)
  • Sign MPN
  • The MPN is good for 10 years
institutional aid
Institutional Aid
  • Grants, scholarships, loans, employment or discounts
  • Institutional application
  • Know deadline date
  • Contact Financial Aid Office for details
federal plus loan
Federal PLUS Loan
  • Parents of dependent students
  • Interest Rate capped @ 6.41%
    • Repayment 60 days
  • Sign Parent Plus MPN
  • www.psu.edu/studentaid
alternative loans
Alternative Loans
  • The student is the borrower
  • Various Lenders
  • Interest rates vary
  • Contact school for alternative lenders
electronic fund transfer eft
Electronic Fund Transfer (EFT)
  • Eliminates paper checks
  • Funds direct deposit
private sources
Private Sources
  • Service/Fraternal
  • Employers/Business
  • Churches/Religious
  • Source Books
    • Financial Aid for Higher Ed
    • Octameron Associates
  • Internet – Fastweb & PHEAAMentor
private sources con t
Private Sources con’t
  • United States Armed Forces
    • United States Army Reserve
    • Veterans or ROTC
    • Money For College
    • Student Loan Repayment
  • Contact local recruiter for specific details
be scholarship search savy
Be Scholarship Search Savy
  • No Credit Card #’s
  • No Fees
  • No 900 #’s