Title: Machebeuf High School
1- Machebeuf High School
- Financial Aid
- Workshop
- Presented by Regis University
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6Financial Assistance 101 The Economics of
College Financing
7Paying for College. Its about...
Students Aspirations/ Abilities/Interests
Investment
8Paying for College. Its about...
Experience, Friendships, Opportunities
Value
Students Aspirations/ Abilities/Interests
Investment
9Paying for College. Its about...
Colleges Costs Financial Aid
Experience Friendships Opportunities
Affordability
Value
Students Aspirations/ Abilities/Interests
Investment
10Paying for College. Its about...
Who Pays for College?
- While the responsibility for investing
- in higher education primarily
- rests with families, colleges assist by
- recognizing financial and academic
- abilities.
11Paying for College. Its about...
How Much IS College?
Tuition Fees Room Board Books
Supplies Transportation Personal Miscellaneous
12HOW TO APPLYAfter January 1 of your Senior Year
- Collect financial information
- Fill out your federal income tax return
- Easier if you have your tax returns are completed
- Request Pin numbers for both student and parents
in advance of filing the FAFSA. (Can do this
now!) - Get a Pin at www.pin.ed.gov
- Complete the Free Application for Federal
Student Aid (FAFSA) - Apply at www.fafsa.ed.gov
- Make a copy of the FAFSA before mailing or
electronically sending your FAFSA
13Deadlines
- Apply for admissionsknow their deadlines
- Meet all deadlines!
- Submit your Free Application for Federal Student
Aid (FAFSA) by February 14th. - Regis must receive FAFSA by March 1 for our
priority funding date. Estimate if necessary. - Each college has their own deadline!
- FAFSA electronic filing is faster and easier.
Processing time 1-2 weeks.
14Documents to Keep On Hand
- You and your parents
- 2008 Income Tax Returns (1040, 1040A, 1040EZ,
1040TeleFile - W-2 Forms and other records of money earned
- 2008 untaxed income recordsSocial Security,
Temporary Assistance to Needy Families, welfare,
or veterans benefits - Current bank statements
- Current business and investment mortgage
information, business and farm records, stock,
bond, and other investment records - Drivers License
- Social Security Number or Alien Registration
Number - Birth Certificate
- Selective Service Registration
- Marriage License
- Citizenship Records (if applicable)
- DO NOT mail to Department of EducationKeep these
records unless something specific is requested
from individual colleges. Make copies of anything
mailed for your records. - Unusual circumstances call for professional
judgment _at_ Regis, income appeal formnote out of
pocket private school tuition report
correctlyconsequences. Deal with colleges
directly. - You and parents PIN
15PIN Information
- 1-3 days KEEP IT SAFE PRIVATE
- Instant Earn Family Contributions (EFC)
- Utilize electronic signature www.pin.ed.gov
- Receive email Student Aid Report (SAR)
- PIN advantages electronic signature on loan
promissory notes, check status, correct, request
duplicate SAR, reapply, etc. - Dont forget parent needs their very own PIN too!
16Federal Methodology
- The FAFSA calculates
- Expected Family Contribution (EFC)
- The EFC number is a government formula that
determines what a family should be able to
contribute toward the students education over a
nine month period of time. - Department of Educations Philosophy of Financial
Aid It is a familys responsibility to pay for
the cost of higher education expenses to the
extent they are able.
17Items FM Does Not Include (and not included on
the FAFSA)
- Non-Custodial Parent Information
- Except for child support received
- Retirement Savings
- Except for yearly contributions
- Family Home
- Second homes and other real estate are included
- Parents attending college
- Detailed Expenses
- Such as medical, elder care and consumer debt
18CSS Profile
https//www.ecampustours.com/payingforcollege/fina
ncialaidandfafsa/cssfinancialaidprofile.htm
- https//profileonline.collegeboard.com/VignetteSer
vlet/VignetteServlet.srv?relativePath/profile/pdf
s/0910_profile_regist_guide.pdf
19Expected Family Contribution (EFC) Calculation
Components
- Students prior year income
- Parents prior year income
- Value of students assets
- Value of parents assets
- Number of members in the household
- Number of household members attending college at
least 1/2 time (does not include parents) - The age of the older parent
20YOUR EFC INDEX
- HOW DO THEY COME UP WITH THAT NUMBER?
21Your EFC Index
The Federal methodology has three parts
- Cost of Education
- Parent's Contribution (PC)
- Student's Contribution (SC)
22Why must schools use the FAFSA process?
- Ensure consistent and equitable evaluation of a
familys financial circumstances and to help
provide access to higher education opportunities.
23 Cost of Attendance (COA)
- Fixed Costs
- Tuition and Fees
- Books and Supplies
- Estimated Costs
- Room and Board
- Transportation
- Miscellaneous and Personal Expenses
24Financial Need Formula
- Cost of Attendance
- -Expected Family Contribution
- Financial Need
25EFC vs. Eligibility Index
- EFC is used as an Eligibility Index for Federal
Student Financial Aid Purposes - If the EFC falls within a certain range, then the
student will have eligibility for a particular
financial aid program or award amount
26 Need Comparison Chart
Private University Public University
- Cost 45,000 15,000
- EFC Index - 15,000 - 15,000
- Need 30,000 0
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282009-2010 FAFSA ON THE WEB WORKSHEETwww.fafsa.ed.
gov
29Frequent FAFSA Errors
- Parent and student Social Security Numbers
- Divorced/remarried parental information
- Income earned by parents/stepparents
- Untaxed income
- U.S. income taxes paid
- Household size
- Number of household members in college
- Real estate and investment net worth
30Confirmation Page
31FAFSA Processing Results
- Central Processing System notifies student of
FAFSA processing results by - 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 can view SAR on-line at
www.fafsa.ed.gov
32The Corrections on the Web Shopping Cart
33Verification
- When this happens, you must supply additional
information as requested by the college. The
information should be submitted to your
prospective college financial aid office as soon
as possible to prevent delays in your aid.
34How Do We Meet Need
35Two categories of Aid
- Merit-Based
- Resource-Based
36Merit-Based Assistance
- Scholarships and grants based on your
achievements and interests - Merit-based aid does not take your family income
into consideration - Some will come directly from the institution you
plan to attend. Other forms may come from local,
regional or national entities.
37Need-based Assistance
- Two forms
- Gift (money that does not need to be repaid)
- Self-Help (loans and work study)
- Eligibility is based on your familys financial
situation
38Gift Aid
- US Department of Education
- Pell Grant awards up to 4,731
- Federal Supplemental Educational Opportunity
Grant (FSEOG) awards up to 4,000 - Academic Competitiveness Grant (ACG)
- Colorado Student Grant
- Regis Grant
- The College Opportunity Fund (COF)
- College in Colorado Scholarship
- Colleges and Universities
- Schools offer their own grant programs which help
fill the gap for students who show demonstrated
financial need. These grants are different from
scholarships in that they are not tied to
academic performance.
39Search for Scholarships
- Fastweb.com
- High School Guidance Counselor
- Public Library
- Local Clubs and Organizations
- Newspapers and Magazines
- Internet Searches
- Financial Aid Office
- University Academic Departments
- Foundations
40Regis University Scholarships
- Regis Achievement Award
- Board of Trustees Scholarships
- Science and Math Scholarships
- Forensic Scholarships
- Honors Scholarships
- Music Scholarships
- Athletic Scholarships (NCAA Division II)
41Scholarship Scams
- Require a fee of any kind
- Refuse to release their telephone number and
provide only a P.O. Box you can mail your check - Offer an award for which you did not apply
- Promise to do all the work for the student
- Guarantees you will win an award
- It is after all the FREE Application for Federal
Student Aid
42Pell Grant
- Federally funded program based upon financial
need available to students across the country
attending eligible institutions - Minimum Award 400
- Maximum Award 4731
43Academic Competitiveness Grant750 first year
Up to 1,300 second
44ACG Data Screens
45ACG Data Screens
46ACG Data Screens
47College Opportunity FundCOF
- Apply for stipend at www.collegeincolorado.com
- Wont receive funds if not an applicant
- Value set by state legislatorsper credit hour
(approximately 2400 for a full-time student) - Not Need Based
- Currently requires authorization each semester
- Private universitiesRegis DUPell eligible only
48Self Help Financial Aid
- Loans
- Perkins Loans
- Federal Stafford Loans
- Employment
- Student Employment (Work Study)
49Self-Help Assistance
- LOANS
- Your FAFSA is your loan application.
- Stafford, Perkins are low interest and do not
need to be paid back until you leave college on
more than a half-time basis. - Limits are set by the federal government. The
new freshman limit is 5,500. - Parents can also borrow through the Parent Loan
for Undergraduate Students (PLUS) loan program. - Alternative loans are available through major
lenders (ie Colorado Invest), but
creditworthiness may be an issue.
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51Perkins
- Need based Federal loan at an interest rate of 5
- Repayment of loan begins 9 months after
graduation (or dropping below half-time
enrollment) - May have up to 10 years to repay
- In loan consolidationup to 30 years!
52Federal Stafford Loans
- Loan to students at an interest rate of
- -Currently 6.8- Cap at 8.25
- Subsidized loan is interest free while student is
in school - Unsubsidized loan student is responsible for
interest - Repayment of Stafford loans 6 months after
graduation or drop below half-time enrollment
53Parent Loan for Undergraduate Students (PLUS) Loan
- Parent Loan credit-worthiness
- Borrow up to the cost of attendance less
financial aid offered to the student - Parents are responsible for both interest and
principal on the PLUS loan. - Repayment starts 60 days after the second
disbursement
54Self-Help Assistance
- STUDENT EMPLOYMENT
- WORK STUDY
- This is also a federal and state program.
- You can use your part-time job (on campus, or in
some cases, off campus) to help pay for school. - Certain jobs are designated as student employment
positions. - Not all students get student employment, but all
students have an opportunity to work on campus. - Treated differently at different schools.
55Employment Programs
- Types of Student-Employment
- Federal Student Employment
- Colorado Student Employment
- Need
- No-Need
- Regis Student Employment
56Tax Credits
- Hope Scholarship
- Lifetime Learning
- Student Loan Interest Deduction
- Education IRAs
Contact your tax advisor for more information - Visit the IRS website www.irs.ustreas.gov
57REMEMBER THIS
DO NOT PAY ANYONE FOR FAFSA or SCHOLARSHIP HELP!
58Valuable Websites
- FAFSA on the web
- www.fafsa.ed.gov
- FAFSA Pin Number
- www.pin.ed.gov
- For information
- www.finaid.org
- www.ed.gov/offices/OPE
- Visit Regis
- www.regis.edu
- Scholarship searches
- www.fastweb.com
59Renewal FAFSA
- YOU MUST RE-APPLY FOR FINANCIAL AID ANNUALLY
- MARCH 1 is our priority date for maximum funding.
After this date, awards are based on fund
availability.
60Be a savvy student!
- Really compare award packages from each school.
Dont just look at the bottom line. - Make sure each school gets the same information!
- If your situation is different now than would be
reflected on your taxes, talk to the financial
aid office.
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