financial aid 101 carmen coleman m.b.a. brian orourke senior coordinator, regional admissions &...
TRANSCRIPT
FINANCIAL AID 101
Carmen Coleman M.B.A. Brian O’RourkeSenior Coordinator, Regional Admissions & Recruitment Vice President for Enrollment ManagementUniversity of Nevada, Reno Mills College
Agenda
The BasicsTypes of AidCommon QuestionsWhat happens after you apply
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
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
Expected Family Contribution
Where does the EFC come from? Begins with a percentage of custodial parent(s)
income minus allowances for living expenses and taxes
Adds a percentage of the value of parental assets based on a sliding scale of value and parental age
Adds the same for students (higher percentage) Divided by number of students in school EFC calculator at www.collegeboard.com EFC methodology at www.studentaid.ed.gov
Basic Equation of Need
Cost of Attendance (COA)- Expected Family Contribution (EFC)
= Student’s Financial Need
(eligibility)
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
Sources of Financial Aid
• Gift Aid• Grants & Scholarships
• Self Help• Loans & Work
Gift Aid
Grants
Pell Grant: up to $5,550 (2012-13)
(EFC $0-$4,995 to qualify) Supplemental Educational Opportunity Grant: up to $4,000
Cal Grant
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
Cal Grants
Students qualifying for AB540 status are now eligible to submit an application for the Cal Grant
Required information is similar to the FAFSA
Application submitted online through CSAC
www.calgrants.org
https://dream.csac.ca.gov/
Cal Grant A
Cal A (13-14 projected)
CSUs$5,970UCs $12,192Privates$9,084
www.calgrants.org
Cal Grant
Cal Grant B Stipend of $1,473
Available for Community College outside costs (books, parking, etc.)
Increase after year one at CSUs, UCs, Privates
www.calgrants.org
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!
WUE Example (2013-2014)
Annual tuition costs:
Resident: $ 5,100.00
Non-resident: $ 19,040.00
WUE: $ 7,695.93
A few institutions automatically offer WUE to residents from WICHE states (Montana & Nevada)
At most institutions, WUE must be requested
Indicate WUE status on school application; there is no general “WUE application”
4 years maximum
Commonly requested, but don’t participate: Arizona State University-Tempe University of Colorado-Boulder University of Oregon
Each school is different: Minimum GPA/SAT/ACT ? Limited fields of study? Cap on the number accepted? Transfers accepted?
Did you know…
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”
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
@ 3.4% ) Unsubsidized ($2,000 per year @
6.8%)
www.studentaid.ed.gov
Self Help PLUS Loans
Parent Loan - subject to credit check Can borrow more at higher interest
rate (7.9-8.5% depending on the program)
Federal Work Study - student works for paycheck
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
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
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
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
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
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
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
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
Thanks!
Any Questions?
Carmen Coleman M.B.A.
Sr. Coordinator, Regional Admissions & Recruitment
University of Nevada, Reno
[email protected]/(510)393-4411
Brian O’Rourke
Vice President of Enrollment Management
Mills College
[email protected]/(510) 430-2133