Presentation on theme: "Grand Canyon University Financial Aid 101. Five Expenses to Consider Average tuition and fees in 2013-14* –Public two-year in-state: $3,264/year –Public."— Presentation transcript:
Five Expenses to Consider Average tuition and fees in 2013-14* –Public two-year in-state: $3,264/year –Public four-year in-state: $8,893/year –Public four-year out-of-state: $22,203/year –Private nonprofit four-year: $30,094/year –GCU students pay approximately $7,800** in tuition after scholarships Room and board* –Public two-year in-state: $7,466/year –Public four-year in-state: $9,498/year –Public four-year out-of-state: $9,498/year –Private nonprofit four-year: $10,823/year Personal expenses Textbooks and supplies Transportation and parking * Source: http://trends.collegeboard.org/college-pricing/figures-tables/average-published-undergraduate-charges-sector-2013-14http://trends.collegeboard.org/college-pricing/figures-tables/average-published-undergraduate-charges-sector-2013-14 ** Average tuition after scholarships is approximately $7,800. Scholarships may be awarded based on 6th semester transcripts. At the time in which final official transcripts are received, GCU may adjust the scholarship up if it is determined that student is eligible for a higher award. To be eligible, students must meet scholarship requirements. GCU reserves the right to decline scholarship awards for any reason. If a student does not meet the minimum renewal criteria, their scholarship will be forfeited. GCU reserves the right to change scholarship awards at any time without notice. Prices based on 2013-2014 rates, subject to change for 2014-2015.
Types of Financial Aid Scholarships Federal Financial Aid –Work Study –Grants –Loans
Types of Scholarships Institutional scholarships –Funding from the university –Ask about the eligibility requirements –How to apply? –Are these scholarships renewable? Private scholarships –Funding from outside organizations, not university-specific –How do I receive these scholarship awards? –Are these scholarships renewable? –Do I receive the scholarship money or does the university?
GCU Institutional Scholarships At GCU, we are committed to affordable education and transparent costs Tuition has remained the SAME since 2009! NO additional out-of-state tuition costs Renewable academic scholarships –Scholarship eligibility begins at 3.0 unweighted GPA –Scholarships based on GPA, ACT/SAT Other scholarships for fine arts, leadership and athletics
Free Application for Federal Student Aid (FAFSA) Apply after Jan. 1 and after your family has filed their taxes What do you need? –Current tax information –Social Security Number –Driver’s license number –PIN Application available at www.FAFSA.ed.govwww.FAFSA.ed.gov
Personal Identification Number (PIN) Apply for a PIN –Go to www.PIN.ed.gov. www.PIN.ed.gov –Parent AND student need to apply for a PIN –Free to apply Why do I need a PIN? –Sign FAFSA electronically
Independent vs. Dependent Status Independent status –Must be 24 or older –Enlisted or veteran of the U.S. military –Married –Have children or dependents –Working toward your master’s or doctoral degree –Deceased parents or ward of the state –Unaccompanied youth or homeless If you do not meet the above requirements, you are considered “dependent”
Enter Tax Information IRS Data Retrieval Tool (DRT) –Enter personal info –Use DRT to import most recent tax information –Check for accuracy
Electronically Sign Use your PIN to electronically sign your FAFSA Parent will also use PIN to electronically sign FAFSA
Confirmation Page What is an EFC number? What does it mean to me?
What happens after I submit my FAFSA? Your FAFSA can be sent to up to 10 colleges or universities Two weeks to process the FAFSA Follow up and send information that is requested!
Verification Process Am I selected for FAFSA verification? –Random selection process –Requires the student to provide additional documentation before application and awards can be processed Dependency Verification Worksheet Source of Income Worksheet Asset Verification Worksheet –Don’t procrastinate! This process can take up to 6-8 weeks.
Federal Work Study (FWS) Student worker position on campus –FWS jobs found in Career Services Office –Weekly hours and wage pre-determined based on eligibility Ask your financial aid office about eligibility and if you qualify! How is this different from any other student worker job on campus? –FWS jobs are partially government-funded –Non-FWS jobs are college- or university-funded
Grants Typically Income and need-based –Federal Pell Grant –Federal Supplemental Educational Opportunity Grant (FSEOG) –Teacher Education Assistance for College and Higher Education Grant (TEACH)
Student Loans FAFSA Loans –Subsidized –Unsubsidized Alternative Loans –Offered at some local banks and private organizations –Credit-based –Co-signer may be needed “Seven in 10 college seniors graduated in 2012 with student debt, which on average was $29,400.”* http://www.usnews.com/news/articles/2013/12/04/average-student-loan-debt-jumps-10-percent
Parent PLUS Loans To apply, visit studentloans.gov studentloans.gov Credit-based loan application for parents to complete Loan can be used to assist student with tuition and fees Repayment begins 60 days after loan is disbursed
Timeline Review December-January –Apply for a PIN at www.PIN.ed.govwww.PIN.ed.gov January-February –Apply for financial aid at www.FAFSA.ed.govwww.FAFSA.ed.gov March-April –Provide additional documentation if needed April-May –Follow up with financial aid office to verify awards May-July –Enjoy your summer and get ready to go to college!!!
Join the Herd! Your GCU admissions representative will: –Help you complete your free application for admission –Assist you in determining which GCU scholarships you may be eligible for –Invite you to campus –Meet with your family to answer questions –Guide you through the college admissions process to help you find out if GCU is right for you!
Questions? Jackie Johnson Jackie.Johnson@gcu.edu 602-292-3752