financial aid update
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid Update
Melissa Pizzo, Ed. D.Interim Executive Director, Student Financial Assistance
Arizona State University
what is financial aid?
Any money from outside the family that pays postsecondary (college) costs.
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
• eligibility• applying• types of aid• cost of attendance
FAFSA facts: January 1
FAFSA facts: FREE
FAFSA facts: priority filing dates
FAFSA facts: apply early
Federal aid eligibility aid
financial aid
U.S. Citizen or eligible
non-citizen.
Register with Selective Service (male applicants only, if required).
Attend a participating
college.
Enroll in a degree or certificate
program.
Maintain satisfactory
academic progress.
FAFSA facts: submit documents promptly
FAFSA facts: file every year
what you need
Social Security Number
.
Business or or farm records.
Bank & Investment
records.
Records of any taxed &
untaxed income.
important changes: IRS Data Retrieval process
verification
financial aid steps
Student submits FAFSA
Student receives a Student Aid Report (SAR) and schools receive Expected Family Contribution (EFC)
School calculates financial need and sends award letter
COA – EFC = 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
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
expected family contribution
• Calculated using a federal form and formula
• Two components
– Parent contribution
– Student contribution
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
calculation of financial need
Cost of Attendance$22,000*
(-)Estimated family contribution $ 5,000
Financial Need $17,000
*not actual dollar amounts
gift aid
• federal grants• institutional grants• scholarships
self-help aid
• federal work study• federal student loans• federal plus (parent) loan• private 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
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
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
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
Total combined sub and unsub
Dependent $31,000
Independent $57,500**max $23,000 sub
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
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
Cost of Attendance $ 22,000*
Minus gift aid
Pell Grant -4,000University Grant -
1,000Scholarship -
6,000Net Price/Cost $ 11,000
*not actual dollar amounts
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
shopping sheet
http://collegecost.ed.gov/shopping_sheet.pdf
additional resources
• FAFSA on the Web www.fafsa.gov
• Parent Resource Center www.collegeparents.org
• General Information www.studentaid.ed.gov
College Goal Sunday