Oregon University System Fall Regional Counselor Conference

1
Oregon University SystemFall Regional Counselor
Conference

• Oregon Association of Student Financial Aid
  Administrators and Oregon Student Assistance
  Commission
• Phillip W.W.D. Rodgers, Sr.
• Director, Office of Student Financial Aid
• Portland State University
• Jenny Ryan
• Oregon Student Assistance Commission

2

• What You Need to Know About Financial Aid

3
Topics We Will Discuss Today

• What is financial aid
• Standard Types and Sources of Financial Aid
• How to Apply for Financial Aid
• Free Application for Federal Student Aid (FAFSA)
• Calculating financial need
• Cost of attendance (COA)
• The Award Letter
• Special circumstances

4
What is Financial Aid?

• Financial aid is funding provided to students and
  families to help pay for postsecondary
  educational expenses

5
Standard Types and Sources of Financial Aid

• Grants
• Federal Pell Grant
• Supplemental Educational Opportunity Grant
• Oregon Opportunity Grant
• Academic Competiveness Grant (ACG)
• National Science Mathematics Access to Retain
  Talent Grant (SMART)
• Teach Grant

6
Standard Types and Sources of Financial Aid

• EMPLOYMENT
• Federal Work Study
• Institutional Work Study
• Institutional Campus Employment

7
Standard Types and Sources of Financial Aid

• Loans
• Federal Stafford Loans (Subsidized/Unsubsidized)
• Perkins Loans
• Federal Parent Loans to Undergraduate Students
  (PLUS)
• Alternative loans - always encourage students to
  apply for state and federal aid by completing the
  FAFSA first

8
Standard Types and Sources of Financial Aid

• Scholarships
• Institutional applications
• Admission applications
• OSAC scholarships
• Internet searches
• Local and other scholarships
• High School scholarships

9
Academic Competitiveness Grant

• First year 750/year
• Second Year 1300/year
• Must have a 3.0 GPA at the end of the first
  year
• Pell Grant Eligible
• At least half-time enrollment
• Completed a Rigorous High School Program
• More info online at the US Department of
  Education www.studentaid.ed.gov

10
Smart Grant

• Third year 4000/year Fourth year 4000/year
• Pell Grant Eligible
• At least half-time students
• Cumulative GPA of 3.0 or greater
• Declared Major and taking appropriate classes
  towards these fields of study
• Computer Science or Technology
• Engineering
• Life Sciences or Physical Sciences
• Mathematics
• Specified Foreign Languages
• Specified Multidisciplinary Studies
• More info online at the US Department of
  Education www.studentaid.ed.gov

11
Teach Grant

• Program first effective for 08-09 aid year
• Optional for schools to participate
• 4000/yr Grant for students interested in
  teaching
• (Math, Science, Foreign Lang., Special Ed,
  reading specialist,
• other high need fields)
• Must teach in low income school in high need
  field for 4 years within the first 8 years after
  graduation
• 75th percentile on standardized test / or
  maintain 3.25 GPA
• If teaching requirement not fulfilled, Grant
  becomes a Direct Unsubsidized Loan, accruing
  interest from the first disbursement date.

12
How do students apply for aid?

• FREE Application Federal Student Aid (FAFSA)
  required for federal and state aid. This
  application is free. Students should not use
  alternate websites that charge a fee to file the
  FAFSA.
• Profile form (used by some schools)
• Institutional forms
• FAFSA on the WEB

13
Free Application for Federal Student Aid (FAFSA)

• A standard form that collects demographic and
  financial information about the student and
  family
• May be filed electronically or using paper form
• Available in English and Spanish

14
FAFSA

• Information used to calculate the Expected Family
  Contribution or EFC
• The amount of money a student and his or her
  family may reasonably be expected to contribute
  towards the cost of the students education for
  an academic year
• Colleges use EFC to determine eligibility for
  financial aid

15
FAFSA

• May be filed at any time during an academic year,
  but no earlier than the January 1st prior to the
  academic year for which the student requests aid
• For the 2010-11 academic year, the FAFSA may be
  filed beginning January 1, 2010
• Colleges may set FAFSA filing deadlines

16
Student Financial Aid Personal Identification
Number (SFA PIN)

• Web site www.pin.ed.gov
• Sign FAFSA electronically
• Can request PIN before January 1, 2010
• Not required, but speeds processing
• May be used by students and parents throughout
  aid process, including subsequent school years

17
FAFSA on the Web

• Web site www.fafsa.gov
• 2010-11 FAFSA on the Web available on January 1,
  2010
• FAFSA on the Web Worksheet
• Used as pre-application worksheet
• Questions follow order of FAFSA on the Web

18
FAFSA on the Web

• Good reasons to file electronically
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip
  unnecessary questions
• More timely submission of original application
  and any necessary corrections
• More detailed instructions and help for common
  questions
• Ability to check application status on-line
• Simplified application process in the future

19
FAFSA Processing Results

• Central Processing System (CPS) notifies student
  of FAFSA processing results by
• Paper Student Aid Report (SAR) if paper FAFSA
  was filed and students e-mail address was not
  provided
• SAR Acknowledgment if filed FAFSA on the Web and
  students e-mail address was not provided
• E-mail notification containing a direct link to
  students on-line SAR if students e-mail was
  provided on paper or electronic FAFSA
• Student with PIN may view SAR on-line at
  www.fafsa.ed.gov

20
Overview of the federal application process

• Obtain the Federal Student Aid PIN
• www.pin.ed.gov
• Fill out the FAFSA form (online or paper)
• www.fafsa.ed.gov
• Review the SAR (online or paper)
• School receives FAFSA data
• School resolves conflicting data/verification
• Once completeThe Expected Family Contribution
  (EFC) is determined

21
Calculating Financial Need

• Cost of Attendance
• minus
• Expected Family Contribution
• equals
• Financial Need

22
Cost of Attendance

• Budgets based upon Standard Cost
• Tuition and Fees
• Resident or Non-Resident
• Room and Board
• Books and Supplies
• Miscellaneous Allowance
• Transportation
• Other Costs
• Dependent child care, overseas study, computer

23
The Award Letter

• Review Cost of Attendance
• Expected Family Contribution (EFC)
• Financial aid offered
• What to do if the aid offered isnt enough
• Any Questions, Dont hesitate to contact you FAA

24
Special Circumstances

• Cannot report on FAFSA
• Send explanation to financial aid office at each
  college - College reviews special circumstances
• Request additional documentation
• Decisions are final and cannot be appealed to
  U.S. Department of Education

25
Special Circumstances

• Change in employment status
• Medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parent information

26
Resources and events

• Please contact Your financial aid office for
  answers to your questions
• Financial Aid Nights
• College Goal Oregon January 30, 2010

27
THANK YOU FOR ALL YOU DO!!!!!!