Understanding Financial Aid and Scholarships

For Graduate StudentsAt SDSU

Modified & Presented by:Valerie Cook-Morales, Ph.D.

August 17, 2011

Original Slides Developed by: Rose Pasenelli & Suzanne Goulet

July 2011

Agenda

• Eligibility for Financial Aid• Types of Aid for Graduate students• Graduate Cost of Attendance (COA)• AidLink• Means to obtain additional funds• Disbursement of aid

Important Terms  $ FAFSA = Free Application for Federal Student Aid - file early, Jan 1

$ EFC = Expected Family Contribution - determined by FAFSA

$ COA = Cost of Attendance

$ Resources = Scholarships, Traineeships, Stipends

$ If any of the above changes, aid changes

COA - EFC - Resources = Aid  2011-12 Estimated COA for California Residents

Living with

Parents

Living in

University Housing

Living Off-

Campus

Basic Tuition & Fees*

$7,844 $7,844 $7,844

Books & Supplies 1,661 1,661 1,661 Food & Housing 3,863 11,549 11,693 Transportation 1,571 1,528 1,954 Misc./Personal 2,897 2,694 2,810 Tota l Academic Year

$17,836 $25,276 $25,962

*Out-of-state tuition: Add $372 per unit to the basic tuition and fees listed above.

Why COA is Important  Off Campus COA = $25,962 AY

Maximum of Federal Loans = $20,500

The cost of attendance for the AY at SDSU now exceeds the maximum limit of federal subsidized & unsubsidized loans.

If maxed out, may not be eligible for additional aid for summer school.

Types of Aid for Graduate Students

State University Grant– Grant pays enrollment fees

– Limited funding for 2011-12

– Eligibility is determined by Expected Family Contribution (EFC) - file FAFSA early!

– Funding is distributed by student’s award date

• As of 6-22-11 the Office of Financial Aid & Scholarships (OFAS) has processed 24,639 awards. Up 4705 from 2010-11.

– Students with EFC an $0 - $2000 receive SUGP in the amount of the State University Fee ($3369)

– Students with an EFC $2001 - $5000 receive SUGP in the amount of 75% of the State University Fee ($2527)

State University Grant - (cont.)

Types of Loans for Graduate Students

• Subsidized Federal Direct Student Loan

• Unsubsidized Federal Direct Student Loan

• Grad PLUS Federal Direct Student Loan

• Private Loans

• Strom Emergency Loan

Subsidized Federal Direct Student Loan

• 6.8% interest rate

• Interest deferred until loan payment begins 6 months after exiting at least 1/2 time studies

• Credit History? N/A

• $8,500 Annual Maximum

Unsubsidized Federal Direct Student Loan

• 6.8% interest rate

• Interest starts immediately and capitalizes if not paid

• Credit History? N/A

• Repayment begins 6 months after being at least 1/2 time student

• $12,000 Annual Maximum

Federal Direct Grad PLUS Loan

• 7.9% interest rate

• Interest starts immediately and capitalizes if not paid

• Credit History? “Satisfactory” required

• Repayment begins within 60 days of issue (no grace period)

• Can request deferment but will continue to pay interest on interest

• Maximum is COA-Resources-Loans

Private Student Loan

• Arranged privately with your bank or other financial institution

• Interest rate depends on credit history - can go as high as 25%-30%

• Interest starts immediately and capitalizes if not paid

• Must report to SDSU Office of Financial Aid & Scholarships

• Avoid if you can. If you can’t, follow the directions on AidLink.

Strom Emergency Loan

• Only available to enrolled CSP Students

• Cannot be used for enrollment fees

• Only small amounts (e.g., $200) in response to a true emergency (in fact, very little available for the entire department)

• Must be repaid before the beginning of the next enrollment period

• Contact your Program Director - this is arranged through our Department Office in collaboration with Financial Aid Office

Loan ForgivenessThe College Cost Reduction Act of 2007

http://studentaid.ed.gov/students/attachments/siteresource/LoanForgivenessv4.pdf

• For all full-time public sector employees:- School Psychologists & School Counselors- Public Health & Mental Health Positions

• Must faithfully make payments on time for 120 months (10 yrs) while working full-time in an eligible position

• Eligible for all remaining principal & interest to be forgiven

• Federal loans that can be forgiven:- Federal Direct Stafford Loan- Federal Direct Plus Loan- Federal Direct Unsubsidized Stafford Loan- Federal Direct Consolidated Loan

• 1-800-433-3243 US Dept Ed Call Center - select option to get “live” help

Resources

• Stipends, research fellowships, reimbursements, scholarships and private education loans (alternative loans)

• Federal laws and regulations, not university policy, mandate that OFAS consider all sources of assistance a student has available to meet his or her costs

$tipends & Reimbursements

• Must be reported as “Resources” on your AidLink

• If associated with a federal, state, or county funded project, your project director will also report your resources to Financial Aid

• Project directors also provide information regarding reimbursements and conference expenses & allowances (& resulting COA increases)

• Check with your project director about procedures

$cholarships

Gertrude Bell Scholarship• One @ $2500 or two @ $1250• For new students in CSP (i.e. 1st yr)• Must be enrolled in at least 9 units• Scholarship criteria: Academic

Achievement, Community Engagement, & Financial Need

• Deadline: September 2, 2011https://sdsueducation.qualtrics.com/SE/?SID=SV_5A4XTO3uQYh2tAU

$cholarshipsGraduate Equity Fellowships

• For economically disadvantaged graduate students, especially from groups underrepresented in their disciplines

• Legal California resident• Must be enrolled in at least 9 units with

3.0 GPA• $500 - $4,000 per AY, depending on need• Maximum 2 Years; Must re-apply• Coming soon!

http://gra.sdsu.edu/grad/scholarships.html

$cholarshipsInamori Fellowships

• 10 available university-wide - very competitive

• Research fellowship• Must be enrolled in at least 9 units &

have two semesters remaining in official program of studies

• $5,000 for 12 month periodhttp://gra.sdsu.edu/grad/research/inamori.html

$cholarshipsGraduate Student Travel Fund

• Up to $1,000 (maximum) for travel associated with scholarly research & creative activities

• Open to all graduate students with GPA at least 3.0

• Relevance/merit of professional activity• Appropriateness of scope & budget• Applications 3 times/year; award about

$7,000 per cyclehttp://gra.sdsu.edu/grad/research/gstf.html

$cholarshipsProfessional Associations

For example:• National Association of School

Psychologistshttp://www.nasponline.org/about_nasp/minority.aspx

• California Association of School Psychologistshttp://www.casponline.org

What if the FAFSA does not reflect the student’s current

financial situation?

• Student Request for Review• www.sdsu.edu/financialaid • PDF Forms

• Must attach:– Letter explaining special circumstances– Copies of 2010 tax returns– Final or recent pay stubs– Any other supporting documentation

Request for a Budget Increase

• Expenses we allow:• Auto repair• Auto, medical, dental insurance• Medical and dental costs not covered by insurance• Child care• The purchase of a computer for school (up to $2000),

can only be submitted once during program of study• Expenses must be incurred during the academic

year (August 29, 2011 – May 8, 2012) - Summer may be included if the student was enrolled in summer courses

• Receipts and payment documentation must be in student’s name

• Twice/AY - one in Fall & one in Spring• Cost of attendance increases are funded with loans• Participate in Money Matters Part Two for details

Disbursement of Financial Aid

• Financial Aid disbursements start at the beginning of each semester

• Students must be enrolled at least half time

• All Financial Aid and Cashier’s holds must be cleared

• Direct Deposit (mandatory)

Reminders

• Complete your FAFSA early! January 1, 2012 for the

2012-13 academic year

• Check AidLink often!

Questions?