federal financial aid is financial assistance provided to students who fill out the fafsa...

Financial Aid101

Federal Financial Aid is financial assistance provided to students who fill out the FAFSA application and meet the requirements. Financial aid can include:◦ Pell Grant◦ Oregon Opportunity Grant◦ Federal Supplemental Education Opportunity

Grant◦ Federal Work-Study◦ William D. Ford Direct Stafford Loans◦ Parent PLUS Loan

What is Federal Financial Aid

Determined by FAFSA◦ Household size◦ Income◦ Federal Benefits (SNAP)◦ Child support◦ Citizenship or eligible non-citizen status◦ Major◦ Previous aid used◦ Previous academic history◦ Defaulted student loans◦ Previous drug convictions while receiving aid

How is a student eligible?

Basic information: Name, Address, DOB, SSN, Citizenship status

Income information: Students can link their FAFSA with the IRS or type in their income from their 1040

Parents information: If the student is under 24 by the first day to apply for that years FAFSA

FAFSA Pin Number

What does a student need to apply

FAFSA randomly selects some students for verification

Verification means that the Financial Aid Office has to collect documents determined by FAFSA

These documents must be reviewed If anything is missing or does not match the

documents turned in, the Financial Aid Office is required to update FAFSA before we can process an award


Documents that can be asked for include◦ Household size verification◦ Tax return transcripts or W2s if the student was not

require to file taxes◦ SNAP documentation◦ Childcare cost documentation◦ Child support verification◦ Selective service documentation◦ High school completion documentation◦ Identity documentation◦ Citizenship documentation◦ Other documents as needed


FAFSA submits applications to schools that the students put on their application

Submitted to schools in large batches, sometimes this can be several thousand at a time

Applications go through a series of checks before they are loaded into Banner

Banner upgrades at the beginning of the year often cause delays

Why does it take so long to get a FAFSA?

Priority Deadlines◦ It takes several weeks for students to go through

the financial aid process◦ Students who want to guarantee their aid for an

upcoming term should review and make sure they meet the priority deadlines on the financial aid website

Priority Deadlines

Term you plan to start

2013-14 FAFSA submitted by

Satisfy requirements by

Summer 2013 February 15, 2013 April 15, 2013

Fall 2013 April 15, 2013 July 1, 2013

Winter 2014 July 15, 2013 September 1, 2013

Spring 2014 October 15, 2014 January 1, 2014

Students must make acceptable payment arrangements◦ Third Party funding◦ Payment plan

Financial aid can still come in during the term Students who are not awarded have to pay out of

pocket for books as well as tuition and fees Students may choose to wait until the

following term

What happens if a student is not awarded by the DNP payment deadline?

Satisfactory Academic Progress◦ Good◦ Warning◦ Suspension◦ Probation◦ Probation with an academic plan

What Financial aid looks at◦ Cumulative GPA must be 2.0 or higher◦ Students must complete 2/3rds of attempted

credits These are Federal requirements

What happens to financial aid if students drop or withdraw?

Time Frame Extension◦ Students must complete with 150% of the number

of credits required for their degree These are Federal requirements

◦ Students within 36 credits (a standard academic year) must submit a Time Frame Extension

◦ Students must create an academic planner for required coursework

What happens to financial aid if students drop or withdraw? (Cont.)

Return of Title IV funds◦ When a student withdraws or doesn’t pass any

coursework for a term Determined by the percentage of a term that the

student completes Can result in the student owing part, or all of their

financial aid back These are Federal regulations


Repeat coursework◦ Financial aid can only pay for a student to take a

course two times. If a student takes a course and either withdraws or

receives an “F” the student can retake the course until they receive a “D” or higher.

Students may take a course more than twice, but the course can not be counted in the number of credits that determines the students level of eligibility These are Federal regulations


Located on my.pcc.edu Contains information on students financial

aid including:◦ If we have received the application◦ If the student needs to turn in documents◦ If the student has an award◦ If the student can charge books◦ What the financial aid status of the student is

Understanding The Dashboard

Understanding the Dashboard

Needs to be on the correct academic year year. This will default to the current year.

Shows a students application status

Shows the date we are receiving completed FAFSA’s from


Requirements that still need to be completed show up as red flags under the clipboard icon


Students can read about types of aid and managing their financial aid

Students can click here to accept or decline their terms and conditions and their award offer


SAP status is under the notifications. Students can see these on the stoplight channel of the dashboard.

Bookstore charging can be seen under the stoplight channel of the dashboard


Resources for students that help them find their loan debt, what their payments would be, how to find scholarships and help them manage finances

Helping Students Navigate the Dashboard

Helping Students Navigate the Dashboard

Needs to be on the correct academic year year. This will default to the current year.

Shows a students application status

Shows the date we are receiving completed FAFSA’s from

Rejected FAFSA’s

For certain problems on FAFSA, Students must go to www.fafsa.gov to make corrections

This only happens when a student doesn’t have a valid FAFSA application. When a student logs into FAFSA, they can view their student aid report that tells them what needs to be corrected

http://www.fafsa.gov/

Rejected FAFSA’s

Requirements

Requirements that still need to be completed show up as red flags under the clipboard icon

Satisfied Requirements

Satisfied requirements show on a students dashboard as green checks

Award Notification

Students can read about types of aid and managing their financial aid

Students can click here to accept or decline their terms and conditions and their award offer

Award Notification

Students can view or print their award letter even after they have accepted it

Students can check disbursements dates here

Notifications

SAP status is under the notifications. Students can see these on the stoplight channel of the dashboard.

Bookstore charging can be seen under the stoplight channel of the dashboard

Bookstore Charging

Bookstore charging can also been seen on the requirements tab, which is under the clipboard icon

DNP Indicatior

DNP indicators show under the paying for college tab, not directly on the dashboard

Pell Grant◦ Determined by Expected Family Contribution, which

demonstrates financial need which is calculated by FAFSA

◦ Not paid back Oregon Opportunity Grant

◦ Determined by the Oregon Student Access Commission ◦ Must meet OSAC deadline◦ Must have financial need◦ Must be Oregon residents◦ Enrollment in 6 or more credits◦ Not paid back

Types of Aid

Federal Supplemental Educational Opportunity Grant◦ Must have Pell eligibility◦ Limited funding (first come first serve)◦ Enrollment in 6 or more credits◦ Not paid back

Federal Work-Study◦ Must be requested on FAFSA application◦ Must have financial need◦ Limited funding (first come first serve) ◦ Enrollment in 6 or more credits◦ Not paid back

Types of Aid cont.

William D. Ford Direct Stafford Loans◦ Subsidized and Unsubsidized◦ Must be paid back◦ Interest of 3.86%◦ Enrollment requirement of 6 or more credits◦ No payments required while students meet enrollment

requirements Parent PLUS Loans

◦ Loan is in parents name◦ Must be paid back◦ Interest of 6.4%◦ Enrollment requirement of 6 or more credits◦ Requires parent to pass credit check

Types of aid cont.

Accepting an award

Accepting your award

What if there isn’t Work-Study?

Entrance counseling and Master Promissory Note

How do you get aid?

Loans◦ Direct Loan Request Form◦ Pick what term and what fund you want to reduce

Grants◦ Please see the Financial Aid Office

Want to reduce aid?

Where is your money?Have you checked the disbursement schedule?

Has your enrollment level changed?

Full Time ¾ Time ½ time ¼ Time

12+ credits 9-11 credits 6-8 credits 5 or less credits

How much aid have you used?

See how much aid you have used

See what your payments will be

Create a financial plan

Find other money

Understanding the Veteran Services website

The Veteran ServicesWebpage can help students understand how to apply for and use their veterans benefits.

http://www.pcc.edu/vets

http://www.pcc.edu/vets


Complete the online application 6 weeks prior to attending.

Be admitted to PCC


Students need to bring the certificate of eligibility that they received by applying for benefits

After meeting with a veterans specialist, students can register

Using my.pcc.edu

Located just to the right of the dashboard

Students need to submit their schedule online to be certified

Using my.pcc.edu

Notification on the dashboard changes to reflect the students status

federal financial aid is financial assistance provided to students who fill out the fafsa...

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