USF St. Petersburg Office of Financial Aid

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USF St. Petersburg Office of Financial Aid
Veterans Services PresentsFinancial Aid 101-
for Parents

• The Basics

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Questions

• What is financial aid?
• Where does it come from?
• What aid is available?
• Who is eligible?
• How do I apply?

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What is Financial Aid?

• Financial aid is money available to help students
  and their parents pay for educational expenses.
• Students and parents are considered
  the primary source of funds
  for post secondary education and are
  expected to contribute to
  the extent they are able.

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Types of Financial Aid

• Gift Aid
• Does not have to be paid back.
• Scholarships Gift aid provided to students
  based on academic achievement, athletic ability,
  need or talent.
• Grants Gift aid provided to students
  by the federal government, state
  government, or by the university that is
  based on need.

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Types of Financial Aid

• Self-Help Aid
• Loans Funds borrowed by students and/or parents
  that must be paid back with interest either while
  enrolled or six to nine months post-graduation.
• - May be awarded to students who have financial
  need
• - Those who do not have financial need, and
  also
• - Parents of dependent students.
• Work Federal College Work Study is
  awarded to students based on need.
  Funds are received bi-weekly based
  upon hours worked. (A paycheck)

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Goals of Financial Aid

• Primary goal is to assist students in paying for
  college and is achieved by
• Evaluating families ability to pay educational
  costs.
• Distributing limited resources in
  an equitable manner.
• Providing balance of gift aid and
  self-help aid.

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Free Application for Federal Student Aid (FAFSA)

• Everyone qualifies for something, so its always
  in a students best interest to complete the
  FAFSA.
• USF uses the FAFSA as the application for all
  
• students to apply for financial assistance.
  Every
• academic year, a student must re-apply for
• financial aid because it is based on the next
  tax
• year.
• USF Priority Deadline for the 2007-2008 year is
• March 1st, 2007. Use estimated tax return
• information if necessary to complete the FAFSA
• as early as possible for maximum need-based aid
• consideration!

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How to Apply for the FAFSA

• You and your student will need to apply for a
  federal PIN number at www.pin.ed.gov
• If you supply an email address, a PIN number will
  be emailed to you usually within a week.
• If under 24 years old, your dependent student
  will need your tax information and W2s
  (as well as his or her own), to
  complete the application.
• Both PIN numbers will be used to
  electronically sign the application.
• Be sure to include the school code for
  USF 001537.

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How Does USF Determine Student Financial Aid
Eligibility?

• Cost of Attendance (Average Budget)
• Tuition and Fees
• Room and Board
• Books and Supplies
• Miscellaneous Living Expenses
• ____________________________
• Cost of Attendance

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Independent Student Definition

• At least 24 years old by December 31 of award
  year covered by the FAFSA
• Graduate or professional student
• Married
• Has children or dependents (other than a spouse)
  for whom the student provides more than half
  support
• Orphan or ward/dependent of the court
• Veteran of U.S. Armed Forces or currently
  serving on active duty (for other then
  training purposes) in the Armed Forces or
• Determined to be independent by
  financial aid administrator based on unusual
  circumstances

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Estimated Family Contribution

• The student and parent tax information provided
  to the federal processor on the FAFSA is
  calculated using a federal formula which
  determines your Expected Family Contribution
  (EFC).
• The EFC is the minimum amount a
  family is expected to contribute
  toward a students education.

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Principles of Need Analysis

• To extent they are able, parents have primary
  responsibility to pay for dependent childs
  education
• Students have a responsibility to contribute to
  educational costs
• Families should be evaluated in their
  present financial condition
• Familys estimated ability to pay
  educational costs must be evaluated
  in equitable and consistent manner, recognizing
  that special circum- stances may
  affect familys ability to pay

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Financial Need

• The difference between the standard
  Cost of Attendance and the EFC
  is a students financial need.
• USF Cost of Attendance
• Expected Family Contribution (EFC)
• __________________________________________________
  __
• Financial Need

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After the FAFSA, What Now?

• Review the Student Aid Report (SAR) for accuracy,
  
• sent via e-mail or postal mail after a FAFSA is
  filed. Make sure your student reviews the
  information to see if anything is needed by the
  federal government to process the FAFSA. If
  necessary, correct inaccurate items on-line or on
  the paper SAR, if you receive one.
• Promptly respond to any school
  requests for additional information
  or documentation,
• such as copies of federal tax returns,
  verification worksheets, or other
  forms. Your student
  can find out if s/he has any
  Outstanding requirements in the My
  Requirements, Bookstore Authorizations
  and Deferments section within
  the Financial Aid link in
  OASIS.

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After the FAFSA, What Now?

• Read all financial aid notifications.
• Most financial aid funds have conditions for
  receipt and
• renewal, such as earning a certain grade point
  average
• (GPA) or being enrolled full time. The USF
  Programs-At-A-
• Glance provides this information as well as the
  Award
• Provisions provided to your student each
  semester. Details
• are important, so be sure to avoid costly
  mistakes!
• Sign up for e-deposit online
• Have your student sign up for eDeposit in
• OASIS. After USF charges have been paid
• with the incoming financial aid, the remaining
  amount will be directly deposited
  into the student bank
  account, so a student wont run
  the risk of your check being lost, delayed or
  funds returned due to the check
  not being
• cashed as required by federal regulations.

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Federal, State, and USF Grants

• Apply for the FAFSA prior to March 1st for
  priority consideration at USF.
• Grants do not have to be paid back
• Most grants are based on a familys financial
  need
• Students must meet certain criteria in
  order to qualify for different grants,
  such as early application, need, and
  enrolled hours.
• Payment of grants is automatic
  students do not need to accept grant
  money offered.

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Federal Pell Grants

• Awarded to eligible undergraduates pursuing first
  baccalaureate degree and certain students
  enrolled in post-baccalaureate teacher
  certification or licensing programs
• Portable
• Actual award amount based on
  COA, EFC, and enrollment status
• Maximum award for 2007-08 4,310

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Academic Competitiveness Grant (ACG)

• First and second year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Completed rigorous secondary
  school program
• Award amounts
• 750 first year students
• 1300 second year students
• Portable

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National Science and Mathematics
Access to Retain Talent Grant (SMART)

• Third and fourth year undergraduate students
• Federal Pell Grant recipient
• U.S. citizen
• Full time
• Eligible major
• 3.0 GPA
• Award amount
• 4,000 for third and fourth year of study
• Portable

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Federal Supplemental Educational Opportunity
Grants (FSEOG)

• Eligible students
• Undergraduates pursuing first baccalaureate or
  professional degree
• Awarded first to students with the lowest EFCs
  who are Federal Pell Grant recipients
• Annual award amounts
• 100 minimum
• 4,000 maximum

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Scholarships

• Scholarships are awarded through a variety
  of sources, each with different
  criteria
• USF Admissions Scholarships - (automatic
  consideration based on application to USF)
• USF Foundation (Financial Aid) Scholarships
  deadline is March 1st of the entering academic
  year.
• USF Departmental Scholarships
• College of Business
• College of Arts Sciences
• College of Education
• State of Florida separate application with the
  State http//www.firn.edu/doe/osfa
  /splist.htm
• Outside Private Scholarships - databases
  such as FASTWEB.com or Finaid.org

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Federal Stafford Loans

• Loans are monies borrowed by a student and/or
  parents.
• Subsidized (need-based)
• Unsubsidized (non-need based)
• PLUS (Parent Loan for Undergraduate Students)
• On most loans, payments are not
  required until after leaving or
  graduating
• No credit history is required for
  students but may be required for
  parents

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Federal Stafford Student LoansSubsidized versus
Unsubsidized

• Financial need
• Subsidized need
• Unsubsidized not based on need
• Loan limits
• Dependent student
• Independent student
• Interest payment 6.8 fixed interest
• Subsidized - federal government pays while
  student is in college and during grace/
  deferment periods
• Unsubsidized - payment is always the
  students responsibility

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Federal Loan Limits

• For independent students or dependent students
  whose parent has been denied a PLUS loan.
• Dependent Students cannot borrow more than the
  base amount unless one parent was denied a
  Federal PLUS, in which case a student may borrow
  an additional unsubsidized loan up to the total
  allowed for your grade level.
• Independent students can borrow an additional
  unsubsidized loan up to the total allowed for
  their grade level.
• Cumulative Total Loan Limits
• Federal regulations set aggregate, or total, loan
  limits in addition to the annual loan limits. You
  cannot borrow more than the aggregate loan limit
  for all subsidized and unsubsidized loans at all
  schools.
• Aggregate Loan Limits  
• Base/Combined Undergraduate 23,000 / 46,000
  Graduate 65,500 / 138,500
• For independent, or dependent students whose
  parent has been denied a PLUS loan

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Federal PLUS Loan

• PLUS loans help parents of dependent
  undergraduate students pay educational expenses.
  Parents can borrow up to the difference between
  USFs estimated cost of attendance, and other aid
  or resources expected to be received.
• PLUS loans disbursed on or after July 1, 2006
  will have a fixed interest rate of 8.5.  
• Parent is the borrower
• Maximum loan amount is the cost of attendance
  minus all financial aid received for the
  student
• Approval subject to a credit check
• Repayment begins 30-60 days after loan is
  disbursed

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Federal PLUS Loan

• The PLUS Process at USF
• Allow several weeks for the entire process. Due
  to the large
• volume of applications we receive, the University
  of South Florida
• (USF) processes all loans, including PLUS loans,
  electronically.
• The process is simple, when you follow the steps
• Complete the FASFA. Although these loans are
  not need-based, a FAFSA
  is required to have a Federal
  PLUS processed at USF. Note a new
  FAFSA is required each academic year.
• Apply online for pre-approval with a lender
  chosen from our Recommended
  PLUS Lender List for a fast response on
  your preliminary eligibility. Your lender
  will send us a pre-approval
  decision electronically. Please
  do not submit paper copies of the pre-approval
  decision. We process from electronic
  pre-approvals provided to us by the
  lenders only.

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Federal PLUS Loan

• The PLUS Process at USF- continued
• If approved, complete a PLUS Master Promissory
  Note (MPN) with your lender. Check to see if your
  lender has an electronic MPN that makes the
  process easier. If you dont complete an
  electronic MPN, your lender should send you a
  paper one. If you complete a paper MPN, be sure
  to return it to your lender, do not return it to
  USF.
• Upon receipt of your pre-approval decision and
  the processed FAFSA results, we will
  determine final eligibility.
• If you are not approved, your lender will send us
  a denial notice, at which
  time, we will automatically
  offer your student an additional unsubsidized
  Federal Stafford loan, as
  allowed by regulations.
• We electronically transmit the loan certification
  to your lender starting one
  month before the start of a semester.

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Federal Work Study

• Students may be able to work to pay some college
  expenses. We still have a limited number of
  on-campus opportunities. Federal Work study is
  based on need.
• Advantage
• Flexibility of on-campus positions
• Not counted against a student on
  the FAFSA
• No taxes are taken out.

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How is the money disbursed?

• All funds are disbursed after the end of the 1st
  week of classes, when schedules are set.
• USF tuition and fees are deducted, then a
  check is mailed or direct- deposited into the
  student account.

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A Few Words about Bright Futures

• As part of the State University System, USF
  regularly downloads updates from the State Bright
  Futures site.
• We automatically post an estimate for Bright
  Futures to a students award if s/he graduated
  from a Florida high school. This does not
  guarantee that a student has been authorized to
  receive Bright Futures. Make sure that your
  student has received a Congratulations letter.
• Every student who is authorized a Bright Futures
  Award receives a deferment. This
  means that any remaining
  fees (i.e. remaining 25) are not
  due until November 2nd.
• 100 Bright Futures receive a bookstore
  authorization.

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A Few Words about Pre-Paid Tuition

• Changes in Federal law Florida Pre-paid tuition
  no longer shows on a students award.
• All schools are now required to change the
  information provided on the FAFSA to include the
  pre-paid with all other parental assets.
• If this document is required in your
  students OASIS account, then
• ONLY the parent who owns the pre-paid
• AND is listed on the FASFA needs to
  complete this form.

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Pre-paid tuition and Bright Futures

• If your student has
• Pre-paid AND Bright Futures, both will be
  applied against any charges on the students
  account, then any remaining balance will be
  e-deposited or mailed to your student.

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Important Contact Information

• Learn more about getting financial aid at USF
  www.usf.edu/finaid
• To sign the FAFSA electronically, apply for your
  federal PIN www.pin.ed.gov
• Complete your Free Application for Federal
  Student Aid (FAFSA) www.fafsa.ed.gov
• Once admitted, students can monitor the progress
  of their aid application and awards, through
  OASIS (USFs secured access student
  information system) usfonline.admin.usf.edu
• Need help using OASIS? Check out our online
  tutorials
  www.usf.edu/finaid/Publications/tutorials.htm
• Get detailed information regarding Floridas
  Prepaid Tuition program
  www.florida529plans.com
• Learn more about the Florida Bright Futures
  Scholarship Program
  www.firn.edu/doe/brfuture/
• Scholarship information On our main financial
  aid webpage, then click on
  Scholarships in the left column.

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Contact information

• Erin Dunn
• Campus Director of Financial Aid and Veterans
  Services
• 3 other financial aid counselors available
• Lucy Guerra, bi-lingual (Spanish)
• Vicki Colbert, V.A. Representative
• Dawn Hardesty
• Email finaid_at_stpt.usf.edu
• Phone 727-USF-4128