ACCESS TO SUCCESS

1
ACCESS TO SUCCESS

• FINANCIAL AID WORKSHOPS
• 2000

2
What is Financial Aid?

• Scholarships
• Grants
• Loans
• Employment opportunities

1
3
Two Categories of Aid

• Merit-based
• Need-based

2
4
PRINCIPLES OF MERIT-BASED AID

• Test Scores
• Class Rank
• Special Skills or Talents
• Other Factors

5
PRINCIPLES OF NEED-BASED AID

• Provides access to higher education
• Provides students a choice about type and
  location of school they will attend

6
Definition of Need

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Financial Need

3
7
Need Varies Based on Cost
4
8
Cost of Attendance

• Tuition and fees
• Room and board
• Books and supplies, equipment, transportation,
  and miscellaneous personal expenses
• Loan fees
• Study abroad costs
• Dependent or elder care expenses
• Expenses associated with a disability
• Expenses for cooperative education program

5
9
Principles of Need Analysis

• To the extent they are able, parents have primary
  responsibility to pay for their dependent
  childrens education
• Students also have a responsibility to contribute
  to their educational costs
• Families should be evaluated in their present
  financial condition
• A familys ability to pay for educational costs
  must be evaluated in an equitable and consistent
  manner.

6
10
FACTORS CONSIDERED IN NEED ANALYSIS

• Income
• Asset Equity (excludes home other assets ignored
  if meets certain conditions)
• Family size
• Age of older parent
• Number of children in college

11
TYPES OF NEED-BASED ASSISTANCE

• Gift Aid
• Grants
• Scholarships
• Self-Help Aid
• Low-interest loans
• Part-time student employment

12
PRIMARY SOURCES OF AID

• Institutional
• Private
• State
• Federal

13
TITLE IV PROGRAMS

• Federal Pell Grants
• The campus-based programs
• Federal Perkins Loan
• Federal Supplemental Educational Opportunity
  Grant (FSEOG)
• Federal Work-Study (FWS)

14
TITLE IV PROGRAMS (cont.)

• Federal Family Education Loan (FFEL) Program
• Federal Stafford Loans (subsidized and
  unsubsidized)
• Federal PLUS Loans
• Leveraging Educational Assistance Partnership
  Program (LEAPP) (formerly SSIG)

15
TITLE IV PROGRAMS (cont.)

• William D. Ford Federal Direct Loan Program
• Subsidized Direct Loans
• Unsubsidized Direct Loans
• Direct PLUS Loans

16
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

• FAFSA is central element in federal student aid
  application process
• Asks for familys financial and demographic
  information
• Used to calculate EFC based on federal
  methodology (FM)
• Used to confirm student eligibility criteria via
  database matches w/federal agencies

17
TYPES OF FAFSAs

• Paper
• Electronic

18
FAFSA EXPRESS

• Stand-alone computer software application tool
  for use by students to apply for aid directly to
  U.S.Dept. of Education
• Use with any IBM-compatible computer with a modem
• Screens resemble a paper FAFSA
• Student (and parents) must provide original
  signatures to complete application process

19
FAFSA EXPRESS (cont.)

• Distributed to high school guidance counselors,
  Educational Opportunity Centers, and financial
  aid offices

20
FAFSA ON THE WEB

• Internet application used by students to complete
  electronic FAFSA
• Must use U.S. version of Netscape Navigator 3.0
  or higher
• Application information sent directly to CPS
• Student must print, sign, and submit signature
  page to FAFSA processor

21
FAFSA ON THE WEB (cont.)

• CPS will print and mail student SAR
• http//www.fafsa.ed.gov

22
SUPPLEMENTAL FORMS

• Collect additional information used to determine
  state and/or institutional eligibility
• Cannot be required to determine federal student
  aid eligibility

23
COMMON ERRORS

• Providing inaccurate or incomplete data on FAFSA
• Not submitting required forms by priority filing
  deadlines
• Not submitting all required application documents

24
SPECIAL INSTRUCTIONS

• Students who do not live with parents
• Both parents deceased
• Students who are separated or divorced
• Students who have legal guardians or are wards of
  the court
• Students whose parents are sep. or divorced
• Stepparents
• One parent deceased

25
DATABASE MATCHES

• Social Security match-to verify students SSN and
  claim of U.S.. citizenship
• INS match-to verify eligible non-citizen status
• Selective Service match-to verify registration
  with Selective Service

26
DATABASE MATCHES (cont.)

• Department of Justice match-to verify that
  students eligibility for Title IV funds has not
  been suspended or terminated due to drug
  conviction
• NSLDS match-to check for loan defaults or
  overpayments on Title IV funds

27
STUDENT AID REPORT (SAR)

• CPS mails SAR to students who completed a FAFSA
• Summarizes information reported on FAFSA
• Contains messages related to database matches
• Displays official EFC

28
SAR (continued)

• Student checks accuracy of information on SAR
• If corrections are needed, student makes
  corrections, signs, and mails SAR back to FAFSA
  processor or school

29
SAR (continued)

• FAFSA processor or school enters corrections and
  transmits data to CPS which recalculates EFC and
  sends corrected SAR to student and ISIR to school

30
VERIFICATION

• Confirms accuracy of information reported on
  FAFSA by students and parents
• Application selected by CPS or by school
• Common documents requested
• 1999 U.S. Income Tax Return, with schedules and
  attachments
• Verification worksheet

31
SPECIAL CIRCUMSTANCES

• Student should contact financial aid
  administrator if there is
• A loss or reduction of family income
• A death or illness
• Unusual medical or dental expenses not covered by
  insurance
• Other unusual circumstances