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Samford Financial Aid Office (205) 726-2905 -

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Presentation on theme: "Samford Financial Aid Office (205) 726-2905 -"— Presentation transcript:

1 Samford Financial Aid Office (205) 726-2905 -

2 What We’ll Cover Two Types of Financial Aid Five Sources of Financial Aid

3 Types of Financial Aid Grants/Scholarships (free money) Self Help 1. Loans 2. Work Study

4 5 Sources of Financial Aid Federal Government State Government Private/Outside Resources Samford University Personal Finances

5 Federal Aid Grants (free money) Loans (self help) Work Study (self help)

6 Fed. Aid - FAFSA Free Application for Federal Student Aid 1.Free is the key – do not pay NOT

7 Fed. Aid - FAFSA Starting point every year Required by Samford for institutional need-based aid Available NOW Input 1.Parents’ and Student Income 2.Demographic Information

8 Output EFC – Expected Family Contribution 1. Portable 2. Key factor in determining NEED FAFSA Forecaster Paper version on the web Fed. Aid - FAFSA

9 Verification 1.Required to verify certain % of applicants 2.In place to make sure info is correct 3.Family to provide official documentation Professional Judgment 1.Make allowances for out of the ordinary circumstances a.Loss of job b.Private School expenses for siblings c.Medical expenses d.Not casino winnings!!! Fed. Aid - FAFSA

10 Dependency Status 1.Born before January 1, 1989 (2012-13) 2.Married 3.Have a dependent that receives at least 50% of their support from student 4.Graduate student 5.Orphan or ward of the court 6.Veteran or Active Duty Soldier 7.At risk of being homeless or is homeless Fed. Aid - FAFSA

11 Fed. Aid – Cost of Attendance Maximum amount of aid for one year All students have a COA Components 1.Tuition & Fees2. Room & Board 3.Books & Supplies4. Transportation 5. Miscellaneous Expenses COA – EFC = Need

12 Cost of Attendance COA$40,000 EFC$20,000 Unmet Need $20,000 Samford Merit Scholarship$9,750 Unmet Need $10,250 Subsidized Stafford Loan$3,500 Unmet Need $6,750 Federal Work Study$2,000 Unmet Need $4,750 Unsubsidized Stafford Loan$2,000 Unmet Need $2,750 Parent PLUS Loan$2,750 Unmet Need $00.00

13 Federal Aid - Grants Pell Grant (all schools have access) 1.High need students 2.Guaranteed 3.2012-2013 award of $5,550 4.Award prorated due to enrollment status SEOG (not all schools have access) 1.Pell recipients only – MARCH 1 st DEADLINE 2.High need 3.Awarded to full time students 4.2011-2012 award of $1,000 per year 5.Not guaranteed

14 Federal Aid – Work Study Unmet need allows for work study Example: Mike has a COA of $20,000 and an EFC of $3,000. His need is $17,000. He has scholarships and grants totaling $15,000. The amount of work he can earn is $2,000. Must be enrolled at least half time

15 Subsidized Stafford Loan 1.Need based loan - Similar to work study in how it is determined 2.No interest paid or accrued while enrolled 3.Up to $3,500 for Freshmen year Unsubsidized 1.Anyone is eligible 2.Student makes quarterly interest payment 3.Up to $5,500 less any Subsidized Loan Federal Aid - Loans

16 Stafford 1.FAFSA required 2.Guaranteed 3.6.8% interest rate for both Sub and Unsub 4.$3,500 - $4,500 - $5,500 - $5,500 (plus extra $2,000) 5.Must be enrolled at least ½ time 6.Six month grace period after graduation 7.Two types a.Subsidized b.Unsubsidized 8.App in Samford Portal 9.E-sign the Master Promissory Note

17 PLUS Loan 1.Parent Loan for Undergraduate Student 2.Max amount is COA less any other aid 3.Based on credit check of parent 4.This is the parents’ loan not the student’s 5.7.9% interest 6.Payments begin after second (spring) disbursement or later if be deferred until after graduation Federal Aid - Loans

18 Perkins Loan 1.Need based 2.Must file FAFSA by March 1 st 3.Up to $3,000 awarded per year 4.5% interest rate 5.Must be enrolled at least ½ time 6.Nine month grace period after graduation 7.Can be forgiven due to service in Public School Teaching – Public Service – Peace Corps – Americorps – Military Federal Aid - Loans

19 State of Alabama Aid Programs No central application like FAFSA No ministerial students Alabama Student Grant 1.Application available in FAO/Website 2.Amount varies – approx $250 3.Prove Alabama residency

20 Private/Outside Resource Any scholarship or grant not from the state, feds or Samford Form in student portal Church Employer – student’s and/or parents’ Corporations Civic Groups or or

21 Institutional Specific Scholarships Primarily awarded by the Admissions Office or the Financial Aid Office Some awarded by the schools w/in univ. Both merit based and need based awards

22 Private Loans 1.Not federally guaranteed 2.Interest rate depends on credit 3.Co-signer usually required for best rates and approval 4.Could be as expensive as a credit card 5.6 to 9 month grace period 6.Absolute last resort

23 Additional Information Your college’s financial aid web page and

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