Financial Aid: What You Need to Know

1
Financial Aid What You Need to Know

• Presentation by
• Allison Koenig, Director TRiO EOC/ETS
• Rogue Community College

2
What Well Cover

• What is Financial Aid?
• What is a COA?
• What is EFC?
• Professional Judgment for
• Special Circumstances
• What is Financial Need?
• Categories, Types Amounts of Aid?
• How to Apply? (FAFSA, etc.)
• Additional Resources

3
What is Financial Aid?

• Financial aid is funds provided to students and
  families to help pay for postsecondary
  educational expenses.
• Financial aid may not cover all your costs.
• All financial aid is not created equal.

4
What is COA?

• Cost of Attendance A budgetary estimate of how
  much it will cost you to live and go to college
  for the school year not how much youll have to
  pay. Includes
• Tuition Fees Personal Miscellaneous
• Books Supplies Childcare
• Room Board Disability Expenses
• Transportation Program Expenses
• Established by colleges financial aid office.
• Higher COA higher need
• (so, possibly more aid)
• Average 10/11 COAs in Oregon
• Public 2-Year 14,914
• Public 4-Year 21,047
• Private 4-Year 37,645

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What is EFC?

• Expected Family Contribution The amount
  you/your family can reasonably be expected to
  contribute to your COA over the school year
• Not what you/your family will pay for you to go
  to college
• Two components
• Parent contribution (income, assets)
• Student contribution (income, assets)
• Federal methodology used to evaluate FAFSA data
  (income from last completed tax year, current
  assets)
• Base EFC is the same at any college
• (only exception Professional Judgment for
  special circumstances)
• Directly impacts eligibility for need-based aid

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What is Financial Need?

• The difference between your COA and EFC
• COA
• -EFC
• Financial Need
• The higher your COA, the higher your financial
  need
• (Will vary, depending on various college costs)
• Determines how much/what type of aid you may
  receive

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Categories of Financial Aid

• Grants
• Need-based
• Free
• Scholarships
• Need-based and/or
• Merit-based
• Student Employment
• Part-time, student work
• Educational Loans
• Student loans
• Parental loans

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Types of Aid Grants

• Federal
• Pell Up to 5,350 for 09/10 (prorated for other
  than full-time)
• Supplemental Education Opportunity Grant (SEOG)
  Up to 4,000
• Academic Competitiveness Grant (ACG) - Up to
  750/FR, 1300/SO (rigorous high school program
  required)
• Science and Mathematics Access to Retain Talent
  (SMART)- Up to 4000/JRSR (for high need majors)
• TEACH grant up to 4,000/year in teaching
  program (may revert to loan if teaching
  requirement unfulfilled)
• State (OR)
• Oregon Opportunity Grant (OOG) The 20092010
  award range is 400 to 2,675, based on each
  students financial need. Prorated for half-time.
  Application deadline may apply.

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ACG Highlight

• Must be high school graduate, full-time,
  Pell-eligible, pursuing at least a 2-year program
  and completed a rigorous high school program
• A set of courses similar to the State Scholars
  Initiative. This program of study requires
  passing grades in the following
• Four years of English
• Three years of math (including Algebra I and a
  higher level course such as Algebra II, geometry,
  or data analysis and statistics)
• Three years of science (including at least two
  courses from biology, chemistry or physics)
• Three years of social studies and
• One year of a foreign language (not English).
•   or
• Advanced Placement (AP) or International
  Baccalaureate (IB) courses and test scores. This
  program requires a minimum of two Advanced
  Placement (AP) or International Baccalaureate
  (IB) courses in high school and a minimum passing
  score on the exams for those classes. Students
  must score 3 or higher on AP exams and 4 or
  higher on IB exams.

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Types of Aid Scholarships

• High School
• Institutional (College/University)
• Ex. RCC Foundation awarded over 700,000 in
  09/10
• www.rccfoundation.org
• Early march application packet submission
  deadline
• State
• OSAC (Oregon Student Assistance Commission)
  awards 14,000,000/year to Oregon residents
• www.getcollegefunds.org NOW!
• Early March 1 application submission deadline.
  February 16, 2010 Early Bird Review
• (get started early application online in
  early Nov.)
• Apply for up to 12-20 with one, online
  application!
• Highlight Ford Family Foundation

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Scholarships (cont.)

• Private/Independent scholarship search tools
• RCCs Scholarship Central at www.roguecc.edu/Fin
  ancialAid/Scholarships.asp
• SOUs Scholarship website at http//www.sou.edu/en
  rollment/financial-aid/scholarships/
• www.college.gov/, select how to pay, then
  learn whats available, then scroll down and
  select financial aid and scholarships wizard.
• FinAid on the Web - www.finaid.org
• The College Board - http//apps.collegeboard.com/
  cbsearch_ss/welcome.jsp
• FastWeb - www.fastweb.com
• Scholarship Resource from Student Loan Network -
  www.studentscholarshipsearch.com
• Go College - www.gocollege.com, select
  scholarships.

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Type of Aid Student Employment

• FACT Students who work up to 16 hours/week on
  top of a full-time course load, do better
  academically.
• Federal Work Study (FWS)
• Part-time employment
• On- or off-campus
• Taxable income is 100 excluded on FAFSA
• Generally conducive to student schedule
• Less transportation time/cost
• College employment
• Generally conducive to student schedule
• Less transportation time/cost
• Independent, off-campus employment

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Type of Aid Student Loans

• Debt that must be re-paid, over time.
• Consider all loan options and repayment plan.
• Use federal loan options first.
• Federal Stafford Loan (FSL)
• FFELP (lenders) or Direct Loan (federal
  government)
• Most common student loan. Almost everyone
  qualifies. Undergraduate and graduate students.
• Availability Subsidized (need-based loan with
  interest subsidy) and/or Unsubsidized (granted
  regardless of need)
• Base eligibility up to 3,500/FR,4,500/SO,
  5,500/JRSR (Subsidized maximum) up to
  2,000/year for Unsubsidized loans
• Additional Unsubsidized eligibility up to 4,000
  (independent students only)
• Student liability for repayment (after no longer
  at least half-time and 6-mo grace period after
  graduation), including principal, interest
  (fixed, 6.8) and fees.
• By 2012 the fixed interest rate on subsidized
  Stafford Loans will be reduced to 3.4

Applying for a Loan Step 1 - Complete the
FAFSA. Step 2 -Complete a Loan application.
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Other Student Loans
Applying for a Loan Step 1 - Complete the
FAFSA. Step 2 -Complete a Loan application.

• Federal Parental Loan Undergraduate Students
  (PLUS)
• Parental liability for repayment (as of
  disbursement), including principal, interest
  (fixed, 7.9-8.5, depending on college type) and
  fees
• Requires decent credit and timely repayment of
  Title IV debt.
• Attendance must be at a qualifying school. Amount
  up to COA-aid
• Federal PERKINS Loans
• Offered only by participating colleges to highest
  need students
• Student liability for repayment
• Undergraduate and qualifying graduate students.
• Fixed, 5 interest rate
• 9-mo grace period with Repayment to college
• Up to 5,500/year
• Alternative Student Loans (may be difficult to
  secure)
• Not federal loans or federally regulated. Use
  after federal loans are maximized.
• Shop for terms and conditions
• Up to COA-aid resources

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Other Ways to Pay for College

• Once you have maximized student aid,
  scholarships, loans and work study programs, look
  for opportunities to save money through your high
  school or college.
• 22 credits
• Complete college classes while still in high
  school.
• Dual Enrollment
• Tuition fee reduction or waiver programs
• RCC Buy one-get one free (BOGO)
• SOU Diversity programs
• Dislocated or disadvantaged worker programs
• Programs for specialized majors or high academic
  achievers.

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How to Apply FAFSA

• Free Application for Federal Student Aid
• Submit one for each school year
• (generally begins 09 Summer or Fall and ends
  10 Spring or Sumer)
• Application available Jan. 1 of year preceding
  school year
• Dont wait for federal taxes estimate and
  correct later
• Online (FAFSA on the Web
• at www.fafsa.gov) recom-
• mended with student (and
• parent) federal PIN(s) (real-time)
• as electronic signature(s)

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FAFSA Tools for NOW

• Demo site available early December 08 at
  http//fafsademo.test.ed.gov
• (user name eddemo password fafsatest)
• FAFSA Forecaster available at www.fafsa4caster.ed.
  gov

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FAFSA Filing Options

• Online (use FAFSA on the Web Worksheet to
  complete FAFSA on the Web at www.fafsa.gov)
• with federal PIN(s) as electronic signature(s)
• 3 days federal processing
• FAFSA with wet signature(s), mailed
• printable FAFSA pdf at www.fafsa.gov
• - 3-4 weeks federal processing
• call 1-800-4FEDAID to order hard-copy
• - 3-4 weeks federal processing

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FAFSA Highlights

• General Eligibility Requirements
• Must be enrolled or accepted for enrollment in an
  
• eligible program of study
• Must be pursuing an eligible certificate or
  degree program
• Must be a U.S. citizen or eligible noncitizen
• Must be registered with Selective Service
• (if male and required to do so)
• May have eligibility suspended or terminated
• due to a drug-related conviction
• Must have a valid Social Security Number
• May not be in default on a federal student loan
• Must not owe repayment of a federal grant
• Must be making satisfactory academic progress
• as defined by the school

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Suggested Documents (FAFSA)

• Student and Parents Social Security
• Student Drivers License
• Students and Parents 2009 W-2 forms and other
  records of money earned.
• Student and Parent(s) 2009 federal Income Tax
  Return (dependent student)
• 2009 record of untaxed income (child support,
  gov. benefits, etc.)
• Current bank statements
• Business and investment information.
• Alien Registration or Permanent Resident card (if
  not US citizen).

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FAFSA Highlights (cont.)

• School Codes
• RCC 010071
• OSU 003210
• WOU 003209
• SOCC 003220
• UofO 003223

• OIT 003211
• SOU 003219
• PSU 003216
• LCC 003196
• UCC 003222

Dont see your school listed? FAFSA on the Web
has an online look-up feature. Or, visit
www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet.
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Dependent vs. Independent Students (no parental
data required by FAFSA)

• Age 24 by 12/31/10 (born before 1/1/87).
• Married (including separated) as of date FAFSA
  filed.
• Working on masters or doctorate in 09/10.
• Currently serving on active duty in US Armed
  Forces.
• Veteran of the US Armed Forces.
• Have children who will receive gt ½ their support
  from you 7/1/10-6/30/11.
• Other dependents who live with you and receive gt
  ½ their support from you now through 6/30/11.

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Dependent vs. Independent Students (no parental
data required by FAFSA)

• Orphan (both parents deceased), in foster care or
  ward of the court as of age 13 or beyond.
• As of today, an emancipated minor (lt21) per the
  court in your state of legal residence.
• As of today, in legal guardianship per the court
  in your state of legal residence.
• Unaccompanied, homeless youth (lt21) any time
  on/after 7/1/08
• (per documentation from high school or district
  homeless liaison).
• Unaccompanied, homeless youth (lt21) any time
  on/after 7/1/08
• (per director of emergency shelter program
  funded by HUD).
• A youth (lt21) who is/was a) unaccompanied and
  homeless or b) self-supporting and at risk of
  being homeless any time on/after 7/1/08
• (per director of a runaway or homeless youth
  basic center or transitional living program).
• NOTE Be ready to provide documentation to the
  Financial Aid Office.

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Need help?

• Learn about colleges, applying for admission, or
  complete a financial aid application
• South Medford High School
• Visit the Panther Future Center
• Arlene Louis, SMHS Scholarship Director
• Angel Garcia, TRiO Talent Search -Transition
  Specialist
• Marybeth Pearson, ASPIRE Coordinator
• North Medford High School
• Nancy Griffith, Vice Principal, 541-842-3672 
• Jackson County adults and students not served by
  ASPIRE or TRiO Talent Search.
• Visit TRiO Educational Opportunity Centers,
  541-245-7699