financial aid information 2013-2014
Post on 25-Feb-2016
33 Views
Preview:
DESCRIPTION
TRANSCRIPT
Financial Aid Information2013-2014
Mike Johnson, Director of Financial AidPacific University
Community Colleges$ 4,200 tuition, $16,000 total
Public Colleges and Universities$ 8,300 tuition, $23,000 total
Private Colleges and Universities$29,900 tuition, $43,000 total
Higher Education Prices
Gift Aid◦ Scholarships◦ Grants
Self-Help Aid◦ Employment◦ Loans
Financial Aid Programs
Awarded to applicants based primarily on academic merit, talents, and activities
Institutional scholarships◦ Institutions’ websites
State-administered scholarships◦ www.oregonstudentaid.gov
Outside scholarships◦ www.fastweb.com ◦ www.studentscholarshipsearch.com◦ www.finaid.org
Scholarships
Awarded primarily to applicants who demonstrate significant financial “need”
Federal Grants◦ Federal Pell Grant◦ Federal Supplemental Educational Opportunity Grant
(FSEOG) State Grants
◦ Oregon Opportunity Grants Institutional Grants
Grants
Awarded on a funds available basis primarily to applicants who demonstrate financial “need”
Federal Work-Study Institutional employment
Employment
Applicants do not have to demonstrate financial “need” to be awarded certain loans
Need-based Federal Perkins Loan Federal Direct Subsidized LoanNon-need-based Federal Direct Unsubsidized Loan Federal Direct Parent PLUS Loan Private alternative loans
Loans
Admissions application Financial aid application (FAFSA) Student Aid Report (SAR) Eligibility determination (ISIR) Need analysis (FM) Award notification Award disbursement
Financial Aid Process
Free Application for Federal Student Aid (FAFSA) – applicants and parents can request Personal Identification Numbers (PINs) now at www.pin.ed.gov, then apply as soon as possible after January 1st at www.fafsa.gov
Collect relevant documents (2012 income statements, current bank balances, etc.)
Skip logic will result in different questions for different applicants
FAFSA on the Web
Follow instructions and enter information carefully
Use close estimates if actual income information is not available
List up to ten schools that can receive the information
Sign the form electronically; the applicant and one parent will each need a PIN
FAFSA on the Web
FAFSA on the Web home page
Social Security number and name agreement
Parent definition Student independency criteria Household size/number in college Taxable income Taxes paid Untaxed income Assets
FAFSA on the Web information challenges
If reported names and social security numbers do not match Social Security Administration records, applicants must provide copies of social security card(s) to the school
Social Security number/name
Biological/adoptive parents, and stepparents Not legal guardians or relatives who have not
adopted the applicant For divorced/separated parents, and parents in
domestic partnerships: The parent(s) with whom the applicant lived the most
during the previous 12 months, or The parent(s) who provided the most financial
support to the applicant during the previous 12 months, or
The parent(s) who provided the most financial support to the applicant most recently
Parent definition
Applicants who will attend college directly from high school are usually dependent.
Under 24 years old, not married, not supporting a child, not a veteran of the US Armed Forces
Ways applicants can be independent include: Orphans, wards of the court, or in foster care Emancipated minors In a legal guardianship Unaccompanied youth who are homeless or at risk of
being homeless Made independent as a result of documented special
circumstances
Student independency criteria
Household size includes: The applicant and his or her parent(s) The parents’ other children if they receive more
than half of their support from the parents or if those children would be required to provide parent information on a FAFSA
Other people if they live with and receive more than half of their support from the parents
Household size
Number in college includes: The applicant The parents’ other children and/or other
household members if they will attend college at least half time in a degree or certificate program
Parents of dependent applicants cannot be listed as college students on the applicant’s FAFSA
Number in college
When estimating income: Look at year-end earnings statements and other
available income summaries Refer to the previous year’s tax return for income
categories to report When estimating taxes paid:
Do not report taxes withheld shown on W2s Refer to the previous year’s tax return for an idea
of the percentage of the Adjusted Gross Income that was paid in taxes
Taxable income and taxes paid
Untaxed income includes: Payments to tax-deferred pension and savings
plans IRA deductions Child support received Tax-exempt interest income Veterans non-education benefits
Untaxed income does not include: Untaxed Social Security payments Supplemental Security Income Welfare payments
Untaxed income
Assets include: Current cash, savings, and checking balances Investments (including stocks, bonds, CDs,
mutual funds, trust funds, and 529 plans for other children that are in the parents’ names)
Rental properties and second homes Assets do not include:
Primary residences Family owned businesses and farms Retirement accounts
Assets
College Scholarship Service’s PROFILE – available in the fall to apply for institutional aid at participating schools. The PROFILE asks for information not required on the FAFSA.
Institutional supplemental forms – provide schools with information not requested on the FAFSA
Supplemental Financial Aid Applications
The Student Aid Report (SAR) is the output document that results from filing the FAFSA
It will indicate the applicant’s Expected Family Contribution (EFC)
It may be used to correct or update certain information; changes can be made online at www.fafsa.gov
Schools receive information electronically and use it to determine eligibility, perform need analysis, and make and revise awards
Student Aid Report
High school diploma or equivalent U.S. citizen or eligible non-citizen Registered for Selective Service if male
aged 18 to 26 Admitted to an eligible academic program
Eligibility Determination
Standardized assessment of a family’s financial strength measured primarily by past year income and current assets
Federal Methodology is the set of formulas used for all federal aid and most state and institutional aid
Schools may require additional information to confirm or correct reported amounts
Federal “need” calculation: Cost of Attendance (COA)
- Expected Family Contribution (EFC) “Need”
Need Analysis
Federally required process for certain FAFSA filers Requires schools to request documentation of
some FAFSA data, including taxable income, certain untaxed income, household size, number in college
IRS Data Retrieval Tool, available February 3, 2013, should ideally be used to document income. Some tax filers will have to provide Tax Return Transcripts
New for 2013-2014: some applicants will have to document high school completion and identity
Verification
Indicates “package” of aid from school Requires careful scrutiny since content and
format may vary◦ May show costs in different ways and in different
detail◦ May include student loan amounts, varying detail
on the loan application process◦ May include Federal Direct Parent PLUS Loans◦ May require written acceptance by an
institutionally determined deadline
Award Notification
Cost of Attendance: $16,000EFC 03000“Need” $13,000Federal Pell Grant $ 2,800FSEOG $ 600Federal Work-Study $ 2,200Federal Perkins Loan $ 1,800Federal Direct Subsidized Loan $ 3,500Federal Direct Unsubsidized Loan $ 2,000Total Award $12,900
Example Award Package: Community College
Cost of Attendance $23,000EFC 03000“Need” $20,000Federal Pell Grant $ 2,800FSEOG $ 800University Scholarship $ 3,500Federal Work-Study $ 2,200Federal Perkins Loan $ 2,000Federal Direct Subsidized Loan $ 3,500Federal Direct Unsubsidized Loan $ 2,000Total Award $ 16,800
Example Award Package: Public College/University
Cost of Attendance $43,000EFC 03000“Need” $40,000Federal Pell Grant $ 2,800FSEOG $ 800Presidential Scholarship $ 16,000Institutional Grant $ 7,500Federal Work-Study $ 2,200Federal Direct Subsidized Loan $ 3,500Federal Direct Unsubsidized Loan $ 2,000Total Award $34,900
Example Award Package: Private College/University
Financial Aid Shopping Sheet
Most financial aid funds are applied to students’ charges when school starts if required processes have been completed◦ Federal Work-Study and institutional employment
funds must be earned◦ Master Promissory Notes/applications and
entrance counseling must be completed for loans. Some schools must wait 30 days to disburse loan proceeds
Funds that exceed billed charges are given to students◦ Funds from Federal Direct Parent PLUS Loans are
given to the parent borrower unless that parent has authorized the student to receive them
Award Disbursement
Award amounts may change if◦ Families correct or update FAFSA data, including
providing income from their tax returns using the IRS Data Retrieval Tool
◦ Schools revise FAFSA data based on new information
◦ Students receive outside scholarships after financial aid has been packaged
◦ Students drop classes, or their credit completion and/or grades do not meet minimum standards
◦ Anticipated federal or state funds are not received
Award Revisions
Schools’ costs may be difficult to compare and contrast
The EFC is really a financial aid eligibility index; for that reason, federally defined “need” may not reflect a family’s actual financial situation;
Schools may not be able to meet all of a family’s “need”
Despite those two disclaimers, a school’s net price (cost of attendance minus grants and scholarships) may be surprisingly affordable
Additional Considerations
Future indebtedness should be carefully considered when accepting loans since the total cost of the student’s education includes the total loan amount repaid
Families should report to the school any special circumstances that will affect their ability to pay for college. Such circumstances may include: Parent job loss or reduction in hours Significant unreimbursed medical expenses Private tuition for younger children in the family
Additional Considerations
Any college or university financial aid office The Federal Student Aid site at
www.studentaid.gov The Financial Aid Information Page at
www.finaid.org College Goal Oregon sites each Saturday in
January 2013 – information at www.collegegoaloregon.org
Financial Aid Day (PCC) – January 5, 2013 at each PCC campus – information at www.pcc.edu
Additional Information
top related