Presentation on theme: "What YOU Need to Know About YOUR FINANCIAL AID at SF State!!"— Presentation transcript:
1 What YOU Need to Know About YOUR FINANCIAL AID at SF State!! Nancy JodaitisFinancial Aid Counselor Scholarship Specialist/AB 540 CounselorSan Francisco State University
2 FAFSA & CA DREAM FACTS Students HAVE to Do It Every YEAR! Should be completed in January or FebruaryRecommended to Sign App with P.I.N.Completing Application is only the First StepFinancial Aid Eligibility is Based Primarily on Last Year’s Income, Investments & This Year’s Household SizeIf Household Income Changes, Contact the Financial Aid Office after June 2014 to see if eligibility for need-based aid could change.
3 How Does My Financial Aid Get Calculated??? 4/10/2017How Does My Financial Aid Get Calculated???Cost of Attendance -Estimated Family Contribution* (EFC)=Financial NeedRegistration & FeesRoom & BoardBooks & SuppliesTransportationPersonal ExpensesTotal Cost of AttendanceStudent Contribution+ Parent Contribution= Estimated Family Contribution*The calculation of the EFC is based on the information submitted on the FAFSA, such as income and investmentsDetermines the eligibility of the student for Federal & State Financial Aid(Grants, Loans, Workstudy & Scholarships)Financial Aid Offer
4 What Does Financial Aid Pay For?? Tuition (paying your classes, gym, health clinic, student services & fun activities!)Where You Live (at home, in the dorms, your own apartment)School Books & SuppliesHow You Get Back & Forth to School (BART, bus, car & parking costs, bike, walk)Personal Expenses (Educational Related Costssz)
5 THINGS Financial Aid Usually Doesn’t Cover Housing Deposit (due with License)Books Options Before First DisbursementSF State Program ~ BayBucksFinancial Aid CANNOT Release Until One Week Before School Starts Each Semester.
6 How FINANCIAL AID Works WHEN School Begins, If Financial Aid is ALL IN ORDER $$ comes to the School Tuition & Other Fees (Dorms, etc) are DEDUCTED $$$ BALANCE Goes to STUDENT and/or PARENT OR $$ Student pays OUTSTANDING Fees Prior to First Day of Classes
7 GRANTS = Free $$ to STUDY! Federal Grants:PellSEOGState:Cal Grants A & BState University (CSU)EOP Grant
8 Federal STUDENT LOANS Subsidized Loans: Gov’t Pays Interest While You’re in School3.8 % InterestMaximum Amount ~ Freshman: $3,500Sophomores $4,500 Jr/Seniors $5,500UNSubsidized Loans:Interest Accrues While You’re in School ~ We recommend you pay interest & it’s tax-deductible3.8% InterestMaximum Amount for Dependents: $2,000
9 Federal PARENT LOANS Based on CREDIT ~ 6.41% Interest Rate Parent Must complete ALL three steps AFTER July 1st:1) SF State Parent Plus form 2) Apply at studentloans.gov 3) Complete Master Promissory NoteParent Must Be APPROVED & Interest Accrues While Student Is in SchoolMaximum Amount: Difference Between Student Financial Aid & Cost of AttendanceIf Parent Declined, Student Can Increase Unsubsidized Loan $4,000 ~ Contact School for Instructions
10 FEDERAL WORK STUDYNeed-Based Aid that You EARNGreat Option for PT job at SchoolGet Connected to Staff/Faculty on CampusCan Work as a Tutor with America ReadsIs Not Counted as Income on FAFSA if you Indicate it is Work Study
11 Cost of ATTENDANCE or ESTIMATED COSTS for SF State Tuition $6,464Room & Board $13,052Books & Supplies $1,826Transportation $1,496Personal Expenses $1,364TOTAL $24,206COA is found on your award letter & financial aid website
13 College Student Undergraduate Federal/State Financial Aid Programs WORK STUDY:Financial assistance earned by a student through employment.GRANTS:Financial aid that does not have to be repaid.LOANS:Money loaned to students. Repayment begins after student has left college.FederalWork StudyUp to $4,000Pell$555 - $5,644Perkins$1,000 per yearSEOGUp to $500Stafford/Federal Direct Loan:Subsidized/Unsub.$5,500 - $7,500 per yearCal Grant A$5,472Cal Grant B$6,945LOANS TO YOUR PARENTS:EOP GrantUp to $800Parent Plus LoanUp to $24,206 at SF StateUniversity GrantIF Denied :Up to $4,000 for student
14 For CAL GRANTS: www. csac. ca For CAL GRANTS: Create an account at WebGrants4Students
15 Check your CAL Grant status and Make SURE the Proper School is Listed
16 Becoming an AB 540 StudentAllows certain categories of non-resident students to pay in-state tuition feesMust file AB 540 affidavit & present official CA high school transcripts to be exempt from non- resident feesRequires 3 Years of CA HS & Graduate from CA High school or Equivalent. (Citizens & Non-Citizens)
17 Where Do I Get INFO/HELP with My Financial Aid?? FAFSACA Dream ApplicationSF State Financial Aid WebsiteSF State Gateway Student Center
18 Figure out YOUR Budget… Do You NEED LOANS? Tuition~ Has to Be Covered FOR SURE!Books~ Project Connect Book Loan? Rental? Half.com?Transportation ~ (Plane, Train, Car or Bus Pass)Example: BART from Fremont to Daly City = $12 RoundtripSchool 3xs week = $36 for 15 weeks= $540 per SEMESTER!!Dorms or Housing~ HOW MUCH is IT? Monthly Payment Plan? Do You Have to Pay a Deposit?Personal Expenses ~ Educational Expenses, Computer, etc.
19 Financial Aid Office at SF State Experienced Counselors AvailableVisit or Call with Questions ~ BE PROACTIVE!OneStop, Student Services Building, Monday-Friday 9:00-5:00By Phone: M-F 9:00 to 4:Via
20 Key Times to Check Financial Aid Status FAFSA or DREAM websiteCheck Two Days After ApplyingSF State Student Center gateway.sfsu.eduMarch ~ Income Verification or DocumentsMid-April ~ To View AwardPRIOR to Your Student OrientationRight Before Fee Payment DeadlinesFall: Early July & Mid August for FallJust Before Classes Begin
23 Verifying Your Income for FAFSA Students randomly selected by FAFSA to verify incomeStudent/Parent completes Income Verification SheetsANDUSES the Data Retrieval Tool at ORIf student or parent cannot use data retrieval tool, thenParent & Student must submit Tax Return TRANSCRIPT from IRS, if taxes were filed.1040 TAX RETURNS ARE NOT ACCEPTED!
29 The IRS Data Retrieval Tool is accessible through the FAFSA website
30 “Financial Information” Section of FAFSA How the questions under the“Financial Information” sectionare answered, determineswhether you can use the tool.Data Retrieval Tool is AVAILABLE for BOTH Parents & Students
31 “LINK TO IRS”If you are eligible to use the IRS Data Retrieval Tool, you will be prompted to:Enter your FAFSA PinNumber2. Select Link to IRS
32 FAFSA – IRS Data LinkAfter you are connected to the IRS.gov website:Review your tax information for accuracySelect the appropriate box below.Select Transfer Now.You will then be returned to the FAFSA website.Your Data will now be transferred to your FAFSAPlease sign with FAFSA PIN & resubmit your FAFSA to complete the process.
34 VIEWING Your Financial Aid AWARD Student Center ~ www.gateway.sfsu.edu Will BE Available to VIEW in Mid to Late APRIL
35 MOST Common Reasons Financial Aid Award Could be Delayed Not Formally Admitted to the SchoolInvalid FAFSA: Discrepancy with Name, Date of Birth and/or Social Security NumberFinancial Aid File is INCOMPLTE:Didn’t sign FAFSA or DREAM AppSpecific Documentation Needed (Foster Youth, Marriage or Birth Certificate, etc. )Selected for Income Verification
36 Handle Your BUSINESS!*!Check your Financial Aid Status atSHARE Responsibility with Your Parents to ensure everything is in order.BUDGET Your Money!Take Advantage of all Resources Available!Ask for Help if you Need it!
37 SCHOLARSHIPS Looking for Scholarships Scholarships for Grades, Community Service, Your Major, Geographic Area, Ethnicity & MORE!Apply for AS MANY AS POSSIBLE!Apply Early ~Majority of Deadlines are Jan – JuneUse a Scholarship CHARTWriting the EssayTell Your Story!One Good Essay can be the Base!Write & Re-Write Your Essay!Work Your Chart!
38 IDENTIFYING AS MANY SCHOLARSHIPS AS POSSIBLE!@!