Bria n O Ro urke Vic e Pre side nt fo r E nro llme nt Ma na g e me - - PowerPoint PPT Presentation

Bria n O’ Ro urke Vic e Pre side nt fo r E nro llme nt Ma na g e me nt Mills Co lle g e

 T

e rmino lo g y

 T

ype s o f Aid

 Ho w to a pply  Ho w e lig ib ility is de te rmine d  Wha t ha ppe ns a fte r yo u a pply

Basic Equation of Need

Cost of Atte ndanc e (COA)

− E

xpe c te d F amily Contr ibution (E F C)

= Stude nt’s F

inanc ial Ne e d (e ligibility)

 T

uitio n a nd fe e s

 Ro o m a nd b o a rd  Bo o ks a nd supplie s  T

ra nspo rta tio n

 Misc e lla ne o us pe rso na l

e xpe nse s

 Ma y c o ve r c o st o f

c o mpute rs

 Ma y a lso inc lude o the r

e xtra o rdina ry e xpe nse s

 Ne e d Ana lysis is the fo rmula use d in

de te rmining a fa mily’ s E F C

 E

F C is the me a sure o f a fa mily’ s fina nc ia l stre ng th

 T

he F ina nc ia l Aid Offic e use s the E F C to de te rmine the stude nt’ s o ve ra ll ne e d fo r fina nc ia l a id

 F

e de ra l E F C will b e sa me a t a ll sc ho o ls

 F

e de ra l fina nc ia l a id e lig ib ility va rie s b a se d o n institutio n’ s COA

 So me sc ho o ls ma y use institutio na l

me tho do lo g y to a wa rd the ir o wn institutio na l funds

 F

AF SA

 CSAC GPA Ve rific a tio n F

• rm

› F

• r Ca l Gra nt

› F ro m the Hig h Sc ho o l

 Priva te a nd o the r a pplic a tio ns

› CSS F ina nc ia l Aid Pro file

Types of Applications

F r e e Applic a tio n fo r F

e de ra l Stude nt Aid

www.fafsa.e d.gov

 Pa re nta l Co ntrib utio n to E

F C = Ava ila b le I nc o me (I nc o me minus a llo wa nc e s) + Co ntrib utio n fro m Asse ts Divide d b y Numb e r o f Childre n in Co lle g e E F C Ca lc ula to r www.c o lle g e b o a rd.c o m E F C Me tho do lo g y: www.stude nta id.e d.g o v

Ne t Pr ic e Calc ulator

• n sc hool we bsite s

 www.c o lle g e b o a rd.c o m  No t use d fo r a wa rding fe de ra l

fina nc ia l a id

 Diffe re nc e s fro m F

AF SA

 No t a ll sc ho o ls re q uire  Online Re g istra tio n o nly

› $25 – re g istra tio n › $6 pe r sc ho o l

CSS Financial Aid PROFILE

 Gift Aid

› Gra nts & Sc ho la rships

• Self Help
• Loans & Work

Sc ho la rships

 Ac a de mic  Co mmunity Se rvic e  I

nstitutio n Spe c ific

www.fastwe b.c om www.fastaid.c om www.sc holar ships.c om www.c olle ge sc holar ships.or g

Gr ants

› Pe ll Gra nt: up to $5,550 (2012-13) (E F C $0-$4,995 to q ua lify) › Supple me nta l E duc a tio na l Oppo rtunity Gra nt: up to $4,000 › Ca l Gra nt

 Stude nt must me e t

› All fe de ra l e lig ib ility c rite ria › I nc o me & a sse t limits › GPA re q uire me nt (3.0 fo r Ca l A)

 Amo unt pa id is de te rmine d b y Gra nt

pro g ra m & sc ho o l se g me nt

 Re ne wa l is b a se d o n pro g ra m

pa rtic ipa tio n

www.c a lg ra nts.o rg

 Cal A (pro je c te d 2013-14)

CSUs $5,970 UCs $12,192 Priva te s $9,084 www.c a lg ra nts.o rg www.c sa c .g o v

 Cal Gr

ant B

› Stipe nd o f $1,473

 Stipe nd o nly first ye a r a t CSUs, UCs,

Priva te s

 I

nc re a se s b e g inning ye a r two o f c o lle g e www.c a lg ra nts.o rg www.c sa c .g o v

 F

e de ra l Sta ffo rd (fe e s o f 1% o f a mo unt b o rro we d)

› Sub sidize d ($3,500 inc re a se s to $5,500 @ 3.4%) › Unsub sidize d ($2,000 pe r ye a r @ 6.8%)

 F

e de ra l Pe rkins L

• a ns (up to $5,500 pe r ye a r

fo r unde rg ra dua te @ 5% inte re st

www.stude ntaid.e d.gov

 PL

US L

• a ns

› Pa re nt L

• a n - sub je c t to c re dit c he c k

› Ca n b o rro w mo re a t hig he r inte re st ra te (7.9%) › Va rio us re pa yme nt pla ns

 F

e de ra l Wo rk Study - stude nt wo rks fo r pa yc he c k

 F

irst ye a r . . . Do n’ t wa it fo r a dmissio n!!!

 Alwa ys a pply

 Ye a rly pro c e ss  Afte r Ja nua ry 1 prio r to the fa ll te rm (ie . Ja nua ry 1, 2013 fo r fa ll 2013 se me ste r)

 Stude nt ne e ds a PI

N

 Pa re nt ne e ds a PI

N

 Who to c o nta c t fo r q ue stio ns

› www.stude nta id.e d.g o v › 1.800.4.F E DAI D › Sc ho o l Offic e o f F ina nc ia l Aid

I nte re ste d in L

• a ns o r Wo rk-Study?

› I f unsure , a nswe r “ye s” the n de c line

• nc e a id is a wa rde d

› A “ye s” do e s no t o b lig a te stude nt to e ithe r pro g ra m, no r will it c a use the m to lo se o ut o n g ift a id › A “no ” ma y re stric t so me o f the ir o ptio ns fo r c e rta in limite d lo a n a nd wo rk-study funds

De pe nde nc y Sta tus

› 24 ye a rs o f a g e o r o lde r › De pe nde nts o the r tha n a spo use fo r whic h a stude nt pro vide s 51% o f the suppo rt › Ve te ra n o f the a rme d fo rc e s › Orpha n o r Wa rd o f the Co urt (prio r to turning 18) › Wo rking to wa rd a g ra dua te de g re e › Ma rrie d (a s o f the da y the y c o mple te the F AF SA)

 Apply fo r PI

N(s) E

ARL Y

 Ga the r ne c e ssa ry do c ume nts a he a d

• f time

 Co mple te a Pre -F

AF SA Wo rkshe e t

 Che c k b ro wse r re q uire me nts  Allo w a mple time to c o mple te fo r o n-

time sub missio n

Who is a Pa re nt?

› Bio lo g ic a l pa re nt(s) › Custo dia l Pa re nt (live d with mo st o ve r the pa st 12 mo nths a nd/ o r pro vide d mo st fina nc ia l suppo rt) › Ado ptive pa re nt(s) › Ste ppa re nt

Numb e r in Pa re nts’ Ho use ho ld

› I nc lude stude nt a nd pa re nts › Pa re nts’ o the r c hildre n

 I

f pa re nts pro vide mo re tha n 1/ 2 suppo rt fro m July 1, 2013 thro ug h June 30, 2014

• r

 Othe r c hildre n who a re c o nside re d

“de pe nde nt” fo r fe de ra l fina nc ia l a id

T

• ta l o f Ca sh, Sa ving s a nd

Che c king Ac c o unts

› T

• ta l a s o f the da y the

F AF SA is sig ne d › Be c a re ful no t to do ub le c o unt!

Ge ne ra l Asse t I nfo rma tio n

› Ne t wo rth me a ns c urre nt va lue minus de b t › I f ne t wo rth is o ne millio n, o r mo re , e nte r $999,999 › I f ne g a tive , e nte r 0

Ne t Wo rth o f I nve stme nts

› Do no t inc lude ho me yo u live in, pre pa id tuitio n pla ns o r va lue o f life insura nc e , o r re tire me nt pla ns › I nc lude o the r re a l e sta te , E duc a tio n I RAs, CDs, mo ne y ma rke t funds, mutua l funds & c o lle g e sa ving s pla ns › T rust funds must b e re po rte d e ve n if a c c e ss is re stric te d

Ne t Wo rth o f a Busine ss o r F a rm

› Va lue me a ns ma rke t va lue o f la nd, b uilding s, ma c hine ry, e q uipme nt, inve nto ry, e tc . › De b t me a ns o nly de b ts fo r whic h b usine ss o r inve stme nt fa rm wa s use d a s c o lla te ra l › Busine ss with g re a te r tha n 100 e mplo ye e s

 Stude nt I

nc o me (ta xa b le a nd unta xa b le )

 Minus sta te a nd fe de ra l ta xe s  Minus I

nc o me Pro te c tio n a llo wa nc e

 Plus pe rc e nta g e o f stude nt a sse ts

E F C Ca lc ula to r www.c o lle g e b o a rd.c o m E F C Me tho do lo g y www.stude nta id.e d.g o v

 L

ist a CA sc ho o l in o ne o f the to p thre e b o xe s fo r Ca l Gra nt c o nside ra tio n

 L

ist sc ho o ls mo st like ly to a tte nd

 Wa ys to a dd sc ho o ls

› Wa it fo r Stude nt Aid Re po rt (SAR) › Add sc ho o ls b y pho ne o r o n the We b › Up to 10 c o lle g e s a t a time



E xpe c t SAR a fte r filing

 Up to 4 we e ks fo r pa pe r F AF SA  1 to 2 we e ks fo r Online F AF SA

 Ca re fully re vie w fo r a ny e rro rs  Co nta c t sc ho o l b e fo re sub mitting

c o rre c tio ns

 Ale rts o n SAR to a pplic a nt a nd

sc ho o l

› T

• po ssib le da ta b a se ma tc h pro b le ms

› I f a pplic a tio n ha s b e e n se le c te d fo r ve rific a tio n › T

• whe the r o r no t E

F C ha s b e e n c a lc ula te d

 Awa rd le tte rs ma y va ry in c o mpo sitio n › L isting o f a wa rds a nd a mo unts › COA, E F C, ne e d a nd unme t ne e d › Pe rio d o f e nro llme nt c o ve re d  Re spo nse ma y o r ma y no t b e re q uire d  Will still ne e d to a c c e pt lo a ns

COA $48,000 – E F C $2500 = $45,500 in ne e d Pe ll $1860 Ca l Gra nt A 9084 Unive rsity Gra nt 10,00

F WS 2000

Pe rkins 3000 Sta ffo rd Sub 3500 Sta ffo rd Unsub 2000

PL US 14,056 T OT AL $45,500

 Ope n AL

L yo ur ma il

 No “ma g ic fo rmula ” so re c o nside r

pa id a ssista nc e

 Still ne e d to pro c e ss pa pe rwo rk fo r

lo a ns/ a pply fo r Pa re nt Plus

 Ne e d to file a ne w F

AF SA e a c h ye a r

 Ne e d to c o nside r 4 ye a r c o mmitme nt

Bria n O’ Ro urke VP fo r E nro llme nt Ma na g e me nt Mills Co lle g e (510) 430-2133 b o ro urke @ mills.e du