[PPT] - Student Orientation Office of Financial Aid Office of Financial Aid PowerPoint Presentation

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Office of Financial Aid

Florida A&M University Student Orientation

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The mission of the Office of Financial Aid is to provide access to financial resources in a fair, sensitive and confidential manner; to inform and educate students and their families about their financial options; and, to continually improve our services so students may take full advantage of their educational opportunities.

Office of Financial Aid Mission Statement

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Getting Started

Free Application for Federal Student Aid (FAFSA)
Must file every year

Fall and Spring (15-16)

May be completed online at www.fafsa.ed.gov
Create a FSA ID at www.fsaid.ed.gov
Should be completed prior to attending a postsecondary

school (Senior year in High School)

FAFSA is available on January 1 of each year
File as early as possible

FAMU Priority Date is March 1

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Information Needed for FAFSA

Student and Parent (for Dependent students)

Step-parent (if parent has remarried)

Please note if parents reside in separate

households, use the information of the custodial parent

If parents are not married but live together

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Why Am I a Dependent Student?

Students are Dependent unless:

24 years old
Married (on the day the FAFSA is filed)
Have dependent(s) for which you provide 50% percent support or more
Veteran (not training school)
Currently active-duty in the military
Graduate student
Orphan, Homeless, Foster Care, of the state at the age of 13
Under legal guardianship at the age of majority

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Common Financial Aid Terms

Expected Family Contribution (EFC)- The

number derived by the Federal Processor (Information provided on the FAFSA)

Cost of Attendance (COA) – The budget given

to a student by the Post Secondary Institution

f choice based on the average cost to attend

that institution (check student’s iRattler) COA – EFC= Need

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COA-EFC=Need (Example)

In-State Out-of-State $18,714 Year (COA)

$0 EFC

$18,714 Budget (Need) $5,775 Pell $1,500 SEOG $2,610 FSAG $3,500 Sub

$2,000 Unsub

$15,264.00 $30,656 Year (COA)

$0 EFC

$30,656 Budget (Need) $5,775 Pell $2,000 SEOG $3,500 Sub

$2,000 Unsub

$13,230.00 $18,714 Year (COA)

$4901 EFC

$13,813 Budget (Need) $826 Pell $2,000 SEOG $2,610 FSAG $3,500 Sub

$2,000 Unsub

$10,860.00 $30,656 Year (COA)

$4901 EFC

$25,755 Budget (Need) $826 Pell $2,000 SEOG $3,500 Sub

$2,000 Unsub

$8,326.00 Apply for Scholarships! Dependent students may need a Parent PLUS Loan

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Estimated Costs

Below are estimated costs with 12 hours of classes, least expensive housing and meal plan:

Housing

$5262

Meal Plan

$4278

Fees

$140 (Id Card, Transportation)

Tuition (In-state: $151.78/hr)

$1821.36

Tuition (Out-of-state: $549.80/hr) $6597.60

IN-STATE =$9,731.36 / OUT-OF-STATE = $14,507.60

Do you need an Unsub or a Parent PLUS Loan?

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Verification~ Students are selected by the Federal
Government. Check comments on Student Aid Report (SAR)

for additional steps

Loans ~ Student’s must complete Entrance Counseling and

Master Promissory Note (MPN) for loans to be paid Website: www.studentloans.gov

FERPA~ Student’s have to give specific permission for any of

their University information to be released.

Financial Aid Processes

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Verification

Some students are selected by the Federal Processor to

ensure the FAFSA was filed accurately (could be selected every year)

Financial aid packages are not created for students who

have not completed verification (Financial Aid File)

Updates made on the FAFSA at later dates can change a

student’s eligibility and/or current awards

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Gift Aid~ Any FREE money given to a

student for assistance with educational expenses (Grants)

Scholarships~ Monies a student earns

based on specific criteria to use toward educational expenses

Student Employment~ Money the student

earns as a part of the financial aid package

Student Loans~ Funding loaned to students

to assist with paying for education expenses which must be repaid

Types of Financial Aid

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Merit based- Institutional scholarships are

given to applicants with highly competitive admission criteria. High GPA and SAT or ACT scores, full time enrollment is also a factor.

Some Institutional Resources come from:

Athletics, Music

Please check with your Department to see

about available funds

Institutional Resources

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Please log in to OSFA to have school updated

Available to students who meet certain GPA and test score criteria, and attend either a Florida Community College or State University

Students must complete the Florida Financial Aid Application prior to graduation:

http://www.floridastudentfinancialaid.org/ssfad/bf/

Florida Academic Scholars (3.5 weighted GPA; 1270 on SAT or 28 on ACT)
Florida Medallion Scholars (3.0 weighted GPA; 970 on SAT or 20 on ACT)
Students receive specific amounts per credit hours based on enrollment and type of scholarship
Students are now required to repay the BF for any course that the student drops or withdraws

Bright Futures Scholarship

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Allows students to earn a bi-weekly paycheck as a part of their financial aid package

Students must have need
Students must file the FAFSA early
Limited resource program
Funds to not pay students balances

Work Study

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Federal and State Funding 15-16

Eligibility is based on first come first service.

Available Federal Loans

Available Grants

Dependent students: $3500 Subsidized Loan $2000 Unsubsidized Loan Independent Students: $3500 Subsidized Loan $6000 Unsubsidized Loan Federal Parent Plus Loans: Parents must apply, credit-based Maximum Pell Grant: $5775 Federal Supplemental Education Opportunity Grant (FSEOG): $2000 Teach Grant: $2000 Florida Student Assistance Grant: $2610 First Generation Matching Grant: $1000

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Satisfactory Academic Progress (SAP)

What is the definition of SAP: Federal guidelines for the continued receipt of student financial assistance funds

require that standards of satisfactory academic progress be applied to all students who are enrolled at the university. These standards must be equal or stricter than the standards required of students who are not receiving financial

assistance. Florida A&M University is required by federal regulations to institute standards of satisfactory progress for

students receiving any Title IV assistance.

Qualitative Standards: Determined at the end of the first academic year. GPA and grades: Student must have a C

average or its equivalent or have academic standings consistent with the requirement for graduation from the program

f study.

Cumulative GPA: Student must have a 2.0 cumulative average entering into their Sophomore year

Quantitative Standards: Determine the number or percentage of courses, credit hours, or clock hours completed.

Earn 67% of all Attempted hours Attempt no more than 180 hours; cannot exceed 150% of published length of that program. Transfer hours are counted into the SAP standards.

Maximum Time Frame: All hours attempted are included in the maximum time fame of 180 hours to complete

the first Undergraduate degree (All attempted hours enrolled and charged at the end of drop/add period)

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All Federal Loans

Students and parents need to visit: www.StudentLoans.gov

(Log in with your FSA ID)

Fill out both: Entrance Counseling and Master Promissory Note (Loans will not disburse with out both)
Parents sign in as themselves to complete the Parent Plus Loan

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Stafford Annual Loan Limits

Freshman $5500 ($3500 Sub max)
Sophomore $6500 ($4500 Sub max)
Junior/Senior $7500 ($5500 Sub max)
Freshman $9500 ($3500 Sub max)
Sophomore $10,500 ($4500 Sub max)
Junior/Senior $12,500 ($5500 Sub

max)

Graduate $20,500 (UnSub max)

Dependent Students Independent Students

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Can borrow up to $31,000 for 4 years of college
Of the $31,000, $23,000 may be Subsidized
Can borrow up to $57,500 for 4 years of college
Of the $57,500, $23,000 may be Subsidized

Aggregate Loan Limits for Undergraduate Students