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Financial Aid Update. Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University. w hat is financial aid?. Any money from outside the family that pays postsecondary (college) costs. Arizona University System FY2011.

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financial aid update

Financial Aid Update

Melissa Pizzo, Ed. D.

Interim Executive Director, Student Financial Assistance

Arizona State University

w hat is financial aid
what is financial aid?

Any money from outside the family that pays postsecondary (college) costs.

arizona university system fy2011
Arizona University System FY2011

FINANCIAL AID DOLLARS PROVIDED

TO STUDENTS

  • ASU $894,455,119 51.6%
  • NAU $251,864,292 16.4%
  • UA $557,804,077 32.2%

Total Financial Aid Awarded: $1.7 Billion

Source: ABOR FY 2011 Student Financial Aid Report

financial aid
financial aid
  • eligibility
  • applying
  • types of aid
  • cost of attendance
w hat is financial need
what is financial need?
  • Difference between college costs and EFC
  • Will vary by college
  • Amount of financial need determines the aid a student will receive
e xpected family contribution
expected family contribution
  • Amount family can reasonably be expected to contribute, but not what family will pay to the college
  • EFC the same regardless of college the student attends
e xpected family contribution1
expected family contribution
  • Calculated using a federal form and formula
  • Two components
    • Parent contribution
    • Student contribution
estimated cost of attendance 2012 2013
estimated cost of attendance 2012-2013

Tuition and fees (in-state)

Room and board (on-campus)

Books and supplies

Personal

Transportation

Cost of Attendance: $ 22,000*

*not actual dollar amounts

$ 9,000

$ 10,000

$ 1,000

$ 1,000

$ 1,000

c alculation of financial need
calculation of financial need

Cost of Attendance $22,000*

(-)Estimated family contribution $ 5,000

Financial Need $17,000

*not actual dollar amounts

gift aid
gift aid
  • federal grants
  • institutional grants
  • scholarships
self help aid
self-help aid
  • federal work study
  • federal student loans
  • federal plus (parent) loan
  • private loans
student loans
Student Loans

Subsidized (sub)

  • Interest paid by federal government during:
    • In-school status (enrolled)
    • Deferment
    • Grace period

Unsubsidized (unsub)

  • Interest paid by student from beginning
loan limits year 1
Loan Limits—Year 1

Student Status Totals

Dependent sub and/or unsub $3,500

sub $2,000

$5,500

Independent sub and/or unsub $3,500

sub $6,000

$9,500

loan limits year 2
Loan Limits—Year 2

Student Status Totals

Dependent sub and/or unsub $4,500

sub $2,000

$6,500

Independent sub and/or unsub $4,500

sub $6,000

$10,500

loan limits year 3 4 5
Loan Limits—Year 3, 4 & 5

Student Status Totals

Dependent sub and/or unsub $5,500

sub $2,000

$7,500

Independent sub and/or unsub $5,500

sub $7,000

$12,500

maximum total loan limits
Maximum Total Loan Limits

Total combined sub and unsub

Dependent $31,000

Independent $57,500*

*max $23,000 sub

estimated cost of attendance 2012 20131
estimated cost of attendance 2012-2013

Tuition and fees (in-state)

Room and board (on-campus)

Books and supplies

Personal

Transportation

Cost of Attendance: $ 22,000*

*not actual dollar amounts

$ 9,000

$ 10,000

$ 1,000

$ 1,000

$ 1,000

c alculation of financial need1
calculation of financial need

Cost of Attendance $22,000*

(-)Estimated family contribution $ 5,000

Financial Need $17,000

*not actual dollar amounts

net price 2012 2013
Net Price 2012-2013

Cost of Attendance $ 22,000*

Minus gift aid

Pell Grant -4,000

University Grant -1,000

Scholarship -6,000

Net Price/Cost $ 11,000

*not actual dollar amounts

net price 2012 20131
Net Price 2012-2013

Net Price/Cost $ 11,000

Minus self help aid

Subsidized loan -3,500

Unsubsidized loan -2,000

Net Price/Cost $ 5,500

*not actual dollar amounts

s hopping sheet
shopping sheet

http://collegecost.ed.gov/shopping_sheet.pdf

additional resources
additional resources
  • FAFSA on the Web

www.fafsa.gov

  • Parent Resource Center

www.collegeparents.org

  • General Information

www.studentaid.ed.gov