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

Types of Applications  F AF SA  CSAC GPA Ve rific a tio n F o rm › F o 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

e e Applic a tio n fo r F e de ra l F r 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 on sc hool we bsite s

CSS Financial Aid PROFILE  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

 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 o 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 o a ns › Pa re nt L o 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 o a ns o r Wo rk-Study? I f unsure , a nswe r “ye s” the n de c line › o 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 Y ARL  Ga the r ne c e ssa ry do c ume nts a he a d o 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 o 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 o ta l o f Ca sh, Sa ving s a nd Che c king Ac c o unts › T o 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 o 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 o 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