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What YOU Need to Know About YOUR FINANCIAL AID at SF State!!

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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 Jodaitis Financial Aid Counselor Scholarship Specialist/AB 540 Counselor San Francisco State University

2 FAFSA & CA DREAM FACTS Students HAVE to Do It Every YEAR!
Should be completed in January or February Recommended to Sign App with P.I.N. Completing Application is only the First Step Financial Aid Eligibility is Based Primarily on Last Year’s Income, Investments & This Year’s Household Size If 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???
4/10/2017 How Does My Financial Aid Get Calculated??? Cost of Attendance - Estimated Family Contribution* (EFC)= Financial Need Registration & Fees Room & Board Books & Supplies Transportation Personal Expenses Total Cost of Attendance Student Contribution + Parent Contribution = Estimated Family Contribution *The calculation of the EFC is based on the information submitted on the FAFSA, such as income and investments Determines 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 & Supplies How 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 Disbursement SF State Program ~ BayBucks Financial Aid CANNOT Release Until One Week Before School Starts Each Semester.

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: Pell SEOG State: Cal Grants A & B State University (CSU) EOP Grant

8 Federal STUDENT LOANS Subsidized Loans:
Gov’t Pays Interest While You’re in School 3.8 % Interest Maximum Amount ~ Freshman: $3,500 Sophomores $4,500 Jr/Seniors $5,500 UNSubsidized Loans: Interest Accrues While You’re in School ~ We recommend you pay interest & it’s tax-deductible 3.8% Interest Maximum 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 3) Complete Master Promissory Note Parent Must Be APPROVED & Interest Accrues While Student Is in School Maximum Amount: Difference Between Student Financial Aid & Cost of Attendance If Parent Declined, Student Can Increase Unsubsidized Loan $4,000 ~ Contact School for Instructions

10 FEDERAL WORK STUDY Need-Based Aid that You EARN Great Option for PT job at School Get Connected to Staff/Faculty on Campus Can Work as a Tutor with America Reads Is Not Counted as Income on FAFSA if you Indicate it is Work Study

Tuition $6,464 Room & Board $13,052 Books & Supplies $1,826 Transportation $1,496 Personal Expenses $1,364 TOTAL $24,206 COA is found on your award letter & financial aid website

12 MARCH 2ND !*!*! REALLY!

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. Federal Work Study Up to $4,000 Pell $555 - $5,644 Perkins $1,000 per year SEOG Up to $500 Stafford/Federal Direct Loan: Subsidized/Unsub. $5,500 - $7,500 per year Cal Grant A $5,472 Cal Grant B $6,945 LOANS TO YOUR PARENTS: EOP Grant Up to $800 Parent Plus Loan Up to $24,206 at SF State University Grant IF 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 Student Allows certain categories of non-resident students to pay in-state tuition fees Must file AB 540 affidavit & present official CA high school transcripts to be exempt from non- resident fees Requires 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??
FAFSA CA Dream Application SF State Financial Aid Website SF 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? Transportation ~ (Plane, Train, Car or Bus Pass) Example: BART from Fremont to Daly City = $12 Roundtrip School 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 Available Visit or Call with Questions ~ BE PROACTIVE! OneStop, Student Services Building, Monday-Friday 9:00-5:00 By Phone: M-F 9:00 to 4: Via

20 Key Times to Check Financial Aid Status
FAFSA or DREAM website Check Two Days After Applying SF State Student Center March ~ Income Verification or Documents Mid-April ~ To View Award PRIOR to Your Student Orientation Right Before Fee Payment Deadlines Fall: Early July & Mid August for Fall Just Before Classes Begin

21 Student Center – TO DO List

22 To Do List ~ Income Verification

23 Verifying Your Income for FAFSA
Students randomly selected by FAFSA to verify income Student/Parent completes Income Verification Sheets AND USES the Data Retrieval Tool at OR If student or parent cannot use data retrieval tool, then Parent & Student must submit Tax Return TRANSCRIPT from IRS, if taxes were filed. 1040 TAX RETURNS ARE NOT ACCEPTED!

24 14-15 Dependent Student Verification Form

25 Verification of Family Household Size

26 Parents Who are Tax Filers

27 Parents Who Don’t File Taxes

28 Student Tax Information

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” section are answered, determines whether 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 Pin Number 2. Select Link to IRS

32 FAFSA – IRS Data Link After you are connected to the website: Review your tax information for accuracy Select the appropriate box below. Select Transfer Now. You will then be returned to the FAFSA website. Your Data will now be transferred to your FAFSA Please sign with FAFSA PIN & resubmit your FAFSA to complete the process.

33 Print Tax Return Transcript from

34 VIEWING Your Financial Aid AWARD Student Center ~
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 School Invalid FAFSA: Discrepancy with Name, Date of Birth and/or Social Security Number Financial Aid File is INCOMPLTE: Didn’t sign FAFSA or DREAM App Specific Documentation Needed (Foster Youth, Marriage or Birth Certificate, etc. ) Selected for Income Verification

36 Handle Your BUSINESS!*! Check your Financial Aid Status at SHARE 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 – June Use a Scholarship CHART Writing the Essay Tell Your Story! One Good Essay can be the Base! Write & Re-Write Your Essay! Work Your Chart!



40 Make A Friend In Financial AID!!
SF State Office of Student Financial Aid OneStop, Student Services Building, Monday-Friday 9:00-5:00 By Phone: M-F 9:00 to 4: Via

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