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Saint Francis HS Financial Aid Night

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What sources of financial aid are available. How to apply. How ... Director of Financial Aid. Notre Dame de Namur University (650) 508-3600. space_at_ndnu.edu ... – PowerPoint PPT presentation

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Title: Saint Francis HS Financial Aid Night


1
Saint Francis HS Financial Aid Night
Welcome Parents and Students
Welcome Parents and Seniors!
2
Well talk about.
  • What sources of financial aid are available
  • How to apply
  • How eligibility is determined
  • Packaging aid

3
Sources of Financial Aid
  • Gift Aid
  • Grants Scholarships
  • Self Help
  • Loans Work

4
Whats Available?
  • Grants
  • Pell Grant 400 - 4713
  • Academic Competitiveness Grant 750
  • SMART Grant 4000
  • Supplemental Educational Opportunity Grant Up
    to 4000
  • Cal Grant.

5
Cal Grants
  • Student must meet
  • All federal eligibility criteria
  • Income asset limits
  • GPA requirement
  • Amount paid is determined by
  • Grant program school segment
  • Renewal is based on program participation

6
Cal Grant
  • Cal A (07-08)
  • Community College 0
  • CSUs 2916
  • UCs 6141
  • Privates 9708

7
Cal Grant
  • Cal Grant B
  • Cal Grant A
  • Stipend of 1551
  • Stipend only at CCs
  • Stipend only first year at CSUs, UCs,
    Privates

8
Whats Available? Contd.
  • Self Help
  • Federal Work Study
  • Federal Perkins Loans
  • Federal Stafford Subsidized Unsubsidized Loans
  • Direct Loans (are the same as Stafford)
  • PLUS Loans

9

Types of Applications
  • FAFSA
  • CSAC GPA Verification Form
  • For Cal Grant
  • From the High School
  • Private and other applications
  • Scholarships
  • Institutional

10
Financial Aid PROFILE
  • Not used for awarding federal financial aid
  • Not all schools require
  • Online Registration only
  • 5 registration
  • 18 per school
  • Paper Profile Registration Guide will continue to
    be available

11
Expected Family Contribution
  • Need Analysis is the formula used in determining
    a familys EFC
  • EFC is the measure of a familys financial
    strength
  • The Financial Aid Office uses the EFC to
    determine the students overall need for
    financial aid

12
Calculating Eligibility
  • Federal EFC will be same at all schools
  • Federal financial aid eligibility varies based on
    institutions COA
  • Some schools may use institutional methodology to
    award their own institutional funds

13
Basic Equation of Need
  • Cost of Attendance (COA)
  • Expected Family Contribution (EFC)
  • Students Financial Need (eligibility)

14
Cost of Attendance
  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Miscellaneous personal expenses
  • May cover cost of computers
  • May also include other extraordinary expenses

15
Eligibility Varies Based on Cost
Private 4-year COA 40,000 - EFC 5,000
Need 35,000
Public 4-year COA 24,000 - EFC 5,000
Need 19,000
Public 2-year COA 13,000 - EFC 5,000
Need 8,000
16
Packaging 2 yr Public
  • Financial Eligibility met with available funds.
  • Example COA 13000 EFC 2500 10500
  • Pell 1860
  • ACG 750
  • Cal B 1551
  • Work-Study 2000
  • Perkins Loan 1000
  • Stafford Loan 3339
  • Total 10500

17
Packaging 4 yr Public
  • COA 16,000 EFC 2500 13500
  • Pell 1860
  • ACG 750
  • Cal Grant B 1551
  • SUG 2500
  • FWS 2000
  • Perkins 1000
  • Stafford 3500
  • TOTAL 13339 (Unmet need 161)

18
Package 4 yr Private
  • COA 40000 EFC 2500 37500
  • Pell 1860
  • ACG 750
  • Cal Grant A 9708 Cal B 1551
  • University Grant 6432 14589
  • FWS 2000
  • Perkins 3000
  • Stafford 3500
  • PLUS 10250
  • TOTAL 37500

19
Awarding Packaging
  • Award letters may vary in composition
  • Listing of awards and amounts
  • COA, EFC, need and unmet need
  • Period of enrollment covered
  • Response may or may not be required

20
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21
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22
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23
Special Circumstances
  • Adjustments may be made to information on a
    case-by-case basis
  • Special circumstances include
  • Dependency status
  • Income and assets
  • Child support
  • Number in household or college
  • Medical or dental expenses
  • Private elementary/secondary tuition

24
Special Circumstances (cont.)
  • Presenting the case
  • First, call each Financial Aid Office for
    guidance and required forms
  • A detailed explanation may include
  • Students name and SSN
  • Give SPECIFIC financial details
  • Time period involved
  • Attach supporting documentation

25
Special Circumstances (cont.)
  • Follow up with Financial Aid Office (FAO)
  • Each FAO makes their own decision, results may
    vary from school to school
  • Once made, change may not necessarily affect
    students eligibility for certain types of aid

26
Stafford Loan
  • The school determines which program (Direct or
    FFEL) to participate in
  • Annual and aggregate loan limits
  • Freshman - 3500
  • Sophomore - 4500
  • Juniors/Seniors - 5500
  • Aggregate - 23000
  • Subsidized vs. Unsubsidized
  • 2000 Per Year Unsub

27
Cost of Borrowing - Stafford
  • Interest rate
  • Fixed at 6
  • Fees
  • Up to 1 origination fee paid to the U.S.
    Department of Education (ED)
  • Up to 1 insurance premium paid to the guarantor

28
PLUS Loan
  • Parent borrows for dependent undergraduate
  • Approval subject to credit check
  • Loan limits
  • Annual COA less other aid
  • Aggregate none
  • Interest rate is 8.5 fixed
  • Repayment begins 60 days after final
    disbursement. Deferments available.

29
FAFSA
  • First year . . . Dont wait for admission!!!
  • Always apply
  • Yearly process
  • After January 1 prior to the fall term (ie.
    January 1, 2009 for fall 2009)
  • Student needs a PIN
  • Parent needs a PIN

30
Tips for filing the FAFSA
  • Free Application for Federal Student Aid
  • www.FAFSA.ED.Gov

31
Front Page
  • Section Student
  • Purple Section Parent
  • Who to call for questions
  • www.studentaid.ed.gov
  • 1.800.4.FEDAID
  • State scholarships
  • Dates
  • Forms

32
FAQs
  • 1-3 Name
  • No nicknames
  • Name must be listed as it appears on the Social
    Security card
  • Will be matched with Social Security
    Administration (SSA)

33
FAQs (cont.)
  • 31 Interested in Loans or Work-Study?
  • If unsure, answer yes then decline once aid is
    awarded
  • A yes does not obligate student to either
    program, nor will it cause them to lose out on
    gift aid
  • A no may restrict some of their options for
    certain limited loan and work-study funds

34
FAQs (cont.)
  • 48-60 Dependency Status
  • 24 years of age or older
  • Dependents other than a spouse for which a
    student provides 51 of the support
  • Veteran of the armed forces or on active duty
  • Orphan or Ward of the Court (prior to turning 18)
  • Working toward a graduate degree
  • Married (as of the day they complete the FAFSA)
  • Emancipated or in legal guardianship or
    unaccompanied homeless youth

35
Parent Information
  • Who is a Parent?
  • Biological parent(s)
  • Adoptive parent(s)
  • Stepparent
  • Regardless of prenuptial agreements

36
Parent Information (cont.)
  • Who is not considered a parent for this section?
  • Foster parent(s) or grand parents
  • The ward is automatically considered an
    independent student
  • Legal guardian(s)
  • FAO may use Professional Judgment to make student
    independent

37
Parent Information (cont.)
  • 61 71 Parents Marital Status
  • As of date application is signed
  • Custodial Parent
  • Parent the student lived with
  • most in last 12 months
  • If unable to determine, who provided most of
    students support?

38
Parent Information (cont.)
  • 75 Number in Parents Household
  • Include student and parents
  • Parents other children
  • If parents provide more than 1/2 support from
    July 1, 2009 through June 30, 2010, or
  • Other children who are considered dependent for
    federal financial aid

39
Parent Information (cont.)
  • Other people if they now live with students
    parents and
  • Parents currently provide more than 1/2 support,
    and
  • Parents will continue to provide more than 1/2 of
    their support from July 1, 2009 through June 30,
    2010

40
Parent Information (cont.)
  • 76 Number in College
  • Write in number of people from question 75 who
    will be college students between July 1, 2009 and
    June 30, 2010
  • Always include student
  • Do not include parents

41
Parent Information (cont.)
  • Section 3 Income Information
  • Custodial parent filed with ex-spouse
  • Consider only income of custodial parent (which
    includes any child or spousal support received)
  • Custodial parent remarried
  • Stepparent information must be included

42
Information (cont.)
  • 84-86 Complete Worksheets A, B and C on page 8
  • A and B are untaxed income items
  • C is exclusions from taxed income Parents
    complete purple area
  • Students complete orange area

43
Parent Information (cont.)
  • General Asset Information
  • If net worth is one million or more, enter
    999,999
  • If negative, enter 0
  • Net worth means current
  • value minus debt

44
Parent Information (cont.)
  • Total of Cash, Savings and
  • Checking Accounts
  • Total as of the day the
  • FAFSA is signed

45
Parent Information (cont.)
  • Net Worth of Investments
  • Do not include home you live in, 401Ks or value
    of life insurance, or retirement or pension plans
  • Include other real estate, Education IRAs, CDs,
    money market funds, mutual funds college
    savings plans (529s)
  • Trust funds must be reported even if access is
    restricted

46
Parent Information (cont.)
  • Net Worth of a Business or Farm
  • Value means market value of land, buildings,
    machinery, equipment, inventory, etc.
  • Debt means only debts for which business or
    investment farm was used as collateral
  • Business with greater than 100 employees

47
Parent Information (cont.)
  • Good tax planning doesnt always mean good
    financial aid planning

Parents assets - 6 - 12 Students assets -
25 Grandparents assets - priceless
48
Prioritizing College Choices
  • List a CA school in one of the top three
  • boxes for Cal Grant consideration
  • List schools most likely to attend
  • Ways to add schools
  • Wait for Student Aid Report (SAR)
  • Add schools by phone or on the Web
  • 10 colleges at a time

49
Step Seven
  • Date and Sign
  • If filing electronically, dont forget PIN or
    signature page
  • If filed by a dependent student, student and 1
    parent must sign
  • If filed by an independent student, only student
    must sign

50
Specialized Use Boxes
  • Preparers Section
  • If parent or student pays an individual to
    complete FAFSA, that person must complete this
    part
  • School Use Only
  • Financial Aid Administrator uses this box in rare
    case of a dependency override

51
Paper FAFSA Filing Tips
  • File Early (you can estimate)
  • Check completeness and accuracy
  • Sign with the pin
  • Make a copy before mailing
  • Mail in envelope provided
  • Do not include any other forms
  • Use regular mail
  • Obtain a Certificate of Mailing

52
Online Filing Tips
  • Apply for PIN(s) NOW!
  • Gather necessary documents ahead of time
  • Complete a Pre-FAFSA Worksheet
  • Check browser requirements
  • Allow ample time to complete for on-time
    submission
  • Complete the FAFSA4caster

53
Student Aid Report (SAR)
  • SAR will be green for 2009/20010
  • Expect SAR after filing
  • Up to 4 weeks for paper FAFSA
  • 1 to 2 weeks for Online FAFSA
  • Carefully review for any errors
  • Contact school before submitting corrections

54
What Happens Next? (cont.)
  • Alerts on SAR to applicant and school
  • To possible database match problems
  • If application has been selected for verification
  • To whether or not EFC has been calculated

55
Outside Scholarships
  • Apply (investigate) early
  • Create a portfolio
  • No time to be modest
  • Personal statements
  • youre only one person
  • Letters of recommendation
  • make sure they like you
  • www.fastweb.com and www.fastaid.com

56
Scholarship Scams
  • Dont pay money to get money
  • Guaranteed!
  • Youve been selected!
  • For a small fee!
  • How to get help filling out the FAFSA and
    Scholarships Applications

57
HELP ME!
  • Ask you HS College Counselor
  • Call the college Financial Aid Office
  • Call 1-800-4FEDAID
  • Scholarships www.FASTWEB.COM
  • Call us at NDNU 508-3600

58
Taxpayer Relief Act
  • HOPE Tax Credit
  • Available for the first two years of education
    (max 1500 per student per year)
  • Lifetime Learning
  • Available for all students and all years of
    enrollment (max 2000 per year per student)
  • Student Loan Interest Deduction
  • Available for the first 60 months that interest
    is required (max 2500)

59
Taxpayer Relief Act (cont.)
  • For more information about regulations and income
    levels
  • www.ed.gov/offices/OPE/PPI/HOPE/
  • www.irs.gov

60
Questions?
  • Susan Pace
  • Director of Financial Aid
  • Notre Dame de Namur University
  • (650) 508-3600
  • space_at_ndnu.edu
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