mike johnson, director of financial aid pacific university
TRANSCRIPT
Mike Johnson, Director of Financial AidPacific University
Community Colleges$3,800 tuition, $15,000 total
Public Colleges and Universities$7,400 tuition, $21,000 total
Private Colleges and Universities$20,000+ tuition, $36,000+ total
Gift AidScholarshipsGrants
Self-Help AidEmploymentLoans
Awarded to students based primarily on academic merit, talents, and activities
Institutional scholarships Institutions’ websites
State-administered scholarshipswww.getcollegefunds.org
Outside scholarshipswww.fastweb.comwww.finaid.org
Awarded primarily to students who demonstrate significant financial “need”
Federal Grants Federal Pell Grant Federal Supplemental Educational
Opportunity Grant (FSEOG) Teacher Education Assistance for College and
Higher Education (TEACH) Grant State Grants
Oregon Opportunity Grants Institutional Grants
Awarded on a funds available basis primarily to students who demonstrate financial “need”
Federal Work-Study Institutional employment
Students do not have to demonstrate financial “need” to receive certain loans
Federal Perkins Loan Federal Direct Loan (subsidized and
unsubsidized) Federal Direct Parent PLUS Loan Private alternative loans
Admissions application Financial aid application (FAFSA) Student Aid Report (eSAR, SAR) Eligibility determination (ISIR) Need analysis Award notification Award disbursement
Free Application for Federal Student Aid (FAFSA) – students 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 all needed documents (2010 federal tax returns, current bank statements, etc.) before completing the FAFSA
Follow instructions and enter information carefully
Use close estimates if actual income information is not available
Retrieve IRS data if tax return filed (available January 30th)
List up to ten schools that can receive the information
Sign the form electronically with your PINs
Social Security numbers and name agreement
Parent definition Student independency criteria Household size/number in college Taxable income, taxes paid Untaxed income Assets
College Scholarship Service’s PROFILE – available in the fall to apply for institutional aid at participating schools
Institutional supplemental forms – provide schools with information not requested on the FAFSA
The Student Aid Report (eSAR, SAR) is the output document that results from filing the FAFSA
It will, among other things, provide 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
High school diploma or equivalent U.S. citizen or eligible non-citizen status Registered for Selective Service if male
aged 18 to 26 Admitted to an eligible academic
program Not in default on a previous federal loan
and not owing repayment of a previous federal grant
Standardized assessment of a family’s ability to pay for a year of college based on past year income and current assets
Schools may require additional information to confirm or correct reported amounts
Federal “need” calculation:
Cost of Attendance (COA) -- Expected Family Contribution
(EFC) “Need”
Indicates “package” of aid from school May require written acceptance May include loan information Requires careful scrutiny since content
and format vary
Cost of Attendance: $15,000EFC 03000“Need” $12,000Federal Pell Grant $ 2,600FSEOG $ 600Oregon Opportunity Grant $ 1,300Federal Work-Study $ 2,000Federal Direct Loan (subsidized) $ 3,500Federal Direct Loan (unsubsidized) $ 2,000Total Award $ 12,000
Cost of Attendance $21,000EFC 03000“Need” $18,000Federal Pell Grant $ 2,600FSEOG $ 800Oregon Opportunity Grant $ 1,900University Scholarship $ 2,500Federal Work-Study $ 2,000Federal Direct Loan (subsidized) $ 3,500Federal Direct Loan (unsubsidized) $ 2,000Total Aid $15,300
Cost of Attendance $40,000EFC 03000“Need” $37,000Federal Pell Grant $ 2,600FSEOG $ 800Oregon Opportunity Grant $ 1,900Trustee Scholarship $ 12,000Institutional Grant $ 6,000Federal Work-Study $ 2,500Federal Direct Loan (subsidized) $ 3,500Federal Direct Loan (unsubsidized) $ 2,000Total Aid $31,300
Financial aid funds (except work-study) are applied to students’ charges when school startsFederal Work-Study funds must be earned
Funds that exceed billed charges are given to studentsFunds from Federal Parent PLUS Loans are
given to parents unless they have authorized giving them to the student
Award amounts may change ifFamilies correct or update FAFSA dataSchools revise FAFSA data based on
additional informationStudents receive outside scholarships after
financial aid has been packagedStudents drop classes or their credit
completion and/or grades do not meet minimum standards
Anticipated federal, state, or institutional funds are not available
“Need” is a federally defined concept and may not reflect a family’s actual financial situation
Schools may not be able to meet all of a family’s federally defined “need” with need-based aid
Future indebtedness should be carefully considered when accepting loans
Families should report to the school any special circumstances that will affect their ability to pay for college
Any college or university financial aid office
Federal Student Aid on the Web at www.college.gov and at studentaid.ed.gov
The Financial Aid Information Page at www.finaid.org
The NELA Center for Student Success in Portland at www.nela.net/centers
College Goal Oregon/Financial Aid Day sites each Saturday in January 2011 -- information soon at www.collegegoaloregon.org