1 unraveling the mysteries of college financial aid christopher gann shs avid coordinator...
TRANSCRIPT
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How Much Does College Cost/Yr?
• Community Colleges – Approx. $8,000 – $15,000
• Public Universities– Approx. $12,000 - $20,000
• Private Schools– Range $18,000 and $48,000
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Where Will I Find the Money?
• Federal Government• State Government• Institution
– (college/university/trade school)• Private• Families• Earnings• Savings
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Federal Philosophy
• Family is responsible for student’s education– To the extent they are able
• Will be responsible until student– Is age 24– Supports their own children– Veteran of U.S. armed forces, etc.
• Guidelines treat families alike• Many families need help
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Student Aid
• Money provided by the federal government, state government, or colleges/universities to help students pay for college.
• Types of aid:– Grants– Loans– Federal Work-Study
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Federal Grants
• Student must file a FAFSA
• Undergraduate students only
• Eligibility based on need
• Pell Maximum = $5,730
• FSEOG Maximum =$4,000– Financial aid office at each school
• TEACH Grant Maximum = $4,00
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State Grants
• TEXAS Grant– Student must file a FAFSA– Texas resident– EFC equal to/less than $4,000– Maximum amounts:
• $7,400 per year at universities• $2,400 per year community colleges• $4,400 per year technical colleges
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Institutional Money
• Student must file a FAFSA• Most college and university campuses
have additional financial aid moneys they award to students. Students much check the campus web site to find what funds are available, what applications are required, and what is the application deadline. As with all other financial aid, the student will not be considered for an award if they do not file by the deadline
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Scholarships• Provider decides
– Awarding criteria– Application deadline– Application forms
• Award amounts vary• Student must search (Internet/other)• HS Career or Counseling office
– Locally available scholarships– Printed information
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Student Loans
• Student must file a FAFSA• Federal or private• Undergraduates and graduates• Subsidized and Non-subsidized• Money must be repaid• 6 mo. grace period after studies end• Borrow and use wisely• Also parent loans
– Different rules apply
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Student Loans
• Unsubsidized/Subsidized– $5,500 first year ($3,500 max. in
subsidized); increases by $1,000 2nd and 3rd years; caps at $31,000; 3.86% interest rate
• PLUS loans– Parent or student borrows; credit check
required; 6.41% interest rate
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Student Loans
• Perkins Loans– Exceptional need required– The school is the lender*– Maximum amount $5,500 per year
($27,500 total maximum)– 5.00% interest rate
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Work-Study
• Federal or institution program• Undergraduates and graduates• Money must be earned• Either on or off campus• Funding levels vary at institutions• Job not guaranteed
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Applications
• FAFSA for Federal, State, Campus money• GPA verification for State money• Other applications for private money
– Check each source individually• Other applications for some Campus money
– Check each campus web site
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Critical FAFSA Information
• Who are biological/adoptive parents?• Live with both:
– Count both incomes• Live with* one:
– Count that parent’s income– Count step-parent’s income if remarried
*The “live with” parent is the one you lived with the most in the last 12 months
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On-Line FAFSA
• More accurate• Faster processing• Easier to make changes• Electronic copy maintained temporarily• Parents and/or students may access
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PINs for Signature
• Parent and student both• Must have name, SSN, DOB and e-mail• If parent does not have SSN
– Does not make student ineligible– Student may apply and parent will sign
• Parent & student may use same e-mail– Permanent e-mail
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PIN Notification
• Will arrive in e-mail within 72 hours• Spam or virus blocker may block message
– More later• Message will refer to a URL• Click and be prepared to print or write
number– May not enter the web site a second time
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Permanent Contact Information
• Students must use permanent information– Usually parent’s information– Phone number– Mail address
AND– E-mail address
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Dependent vs. Independent
• Dependency based on Federal Rules– Not where student lives– Not who claims student on taxes
• Most HS seniors will be Dependent• Must report parent income
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What Happens Next?
Expected Family Contribution (EFC)• Calculated at federal level• Use data on FAFSA• Use formula• Calculate all families• EFC used to determine amount of aid
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Federal Notifications
• SAR: Student Aid Report • ISIR: Institutional Student Information
Report sent to:– Colleges listed on FAFSA
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Will You Recognize Notification?
• If you provided an e-mail address, SAR notification will be sent there– Will come from cpsnotify– Spam and virus blocker may block message– Temporarily stop auto dumping
AND/OR– Check “Junk” or “Trash” files before dumping
• Response within a week
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What to do when Notified?
• When FAFSA is processed a mini-web site for your information is created
• When notified, get on web site and read it– The information you submitted will be
reprinted on one page– This page will be retained for about 45 days– You may print it
• Your EFC will be printed in the upper right– If no numbers (blank), need more information– If all zeros, your family does not need to
contribute
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How to Correct Information
• You need to submit more information if:– There will be message in red or– Certain fields will be marked for changes
• Click in these areas to return to the data entry page and correct or enter data
• Generally both parent and student PINs must be rentered
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State Process & Notification
• Processes data on ISIR• Compares to GPA verification• Determines eligibility for State Grants
– Mailed to students 3 – 4 weeks later
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• Award letters sent by college– List awards, amounts and sources– Shows EFC– Period of enrollment covered
• Response may or may not be required• Students must read carefully
Awarding & Packaging
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Cost of Attendance
Basic Equation of Need #1(CSU)
Expected Family Contribution
Student’s Financial Need
Univ. $15,000
EFC $ 864
= Need $14,136
The amount of Financial aidthe Financial Aid Office will try to find (called a PACKAGE).
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Sample Financial Aid Pkg. #1(CSU)
Financial Aid Package Financial Need
$14,136Pell Grant $3,200 $10,936
State Grant $5,684 $ 5,252
Work Study $2,400 $ 2,852
Loan $2,625 $ 227
Unmet Need $ 277
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Analysis of Sample Pkg. #1
Grants $8,884
Loans $2,625
Work $2,400
Unmet $ 277
0
10
20
30
40
50
60
70
Grants(63%)
Work(17%)
Loans(19%)
Immet(2%)
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Analysis of Sample Pkg. #1
Grants $8,884
Work $2,400
Scholarships $2,000
Savings $ 852
0
10
20
30
40
50
60
70
Grants(63%)
Work(17%)
Scholar-ships(14%)
Savings(6%)
Outside Scholarships:
Church $ 500Internet $1,500
$2,000
Outside Scholarships:
Church $ 500Internet $1,500
$2,000
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Cost of Attendance
Basic Equation of Need(Private School)
Expected Family Contribution
Student’s Financial Need
COA $25,500
EFC $ 864
= Need $24,636
The amount of Financial aidthe Financial Aid Office will try to find (called a PACKAGE).
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Sample Financial Aid Pkg. #2
(Private School)
Financial Aid Package Financial Need
$24,636Pell Grant $3,200 $21,436
Inst. Grant $8,322 $13,114
Work Study $2,400 $ 10,714
Loan $2,625 $ 3,089
Unmet Need $ 3,089
Campus Grant $5,000 $ 5,714
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Analysis of Sample Pkg. #2
(Private School)
Grants $17,522
Loan $ 2,625 $2,625
Work $ 2,400
Unmet $ 2,089
0
10
20
30
40
50
60
70
80
Grants(71%)
Work(10%)
Loan(11%)
Unmet(8%)
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Analysis of Sample Pkg. #2
(Revised -- Private School)
Outside Scholarships:
Church $ 500Internet $1,500
$2,000
Outside Scholarships:
Church $ 500Internet $1,500
$2,000
Grants $17,522Work $ 2,400
Scholarships $ 2,000Savings $ 2,000
0
10
20
30
40
50
60
70
80
Unmet $ 714
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$864 EFC ??
Live at home
Learn to Cook
Rent movies
Toss a frisbee
No pets
Buy used books
Use public transportation
Shop at thrift
stores
Work during school breaks
Ride a bicycle
Savin
gs
($96 Monthly)
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Apply, Don’t Disqualify
Don’t Miss DeadlinesDon’t “Pre-guess”
ComputersDon’t Assume Anything
Create a Safety Net
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• http://www.youtube.com/watch?v=vuSnNjMghE0
• www.hrblock.com
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Next Steps
• Choose college• Wait for financial aid package offers• Send in housing agreements and
payments• Register for classes• Verify information on FAFSA application
with chosen college• Move out!