Presentation on theme: "Office of Student Financial Assistance 1 Financial Aid."— Presentation transcript:
Office of Student Financial Assistance 1 Financial Aid
Office of Student Financial Assistance 2 WHAT WE WILL COVER Cost of Attendance Eligibility Types of Aid
Office of Student Financial Assistance 3 ESTIMATED COST OF ATTENDANCE 9 MONTH ACADEMIC YEAR (14-15) DIRECT COSTS Tuition & fees (15 hours-Fall & Spring)$8772 Books (varies) 1192 Room and board-dorm (varies) 8868 $18,832 SUBTOTAL $18,832 INDIRECT COSTS Misc. costs (varies)$1854 Transportation (varies) 3000 $23,686 TOTAL EST. COST $23,686
Office of Student Financial Assistance 4 Out of State & Foreign students, add about $10,000 per year.
Office of Student Financial Assistance 5 Planning for the Cost to Attend College PLANNING YOUR EXPENSES Tuition, Fees & Misc.$_____Clothing$_____Insurance $______ Books$_____ Laundry/Cleaning$_____Car $______ Supplies$_____Commuting$_____Renters Ins.$______ Fraternity or Trips home$_____Medical/Dental $______ Sorority dues $______Car Payments$_____Prescriptions$______ Dorm/Rent$______ Auto/Gas/Maint $_____Miscellaneous $______ Utilities$______Entertainment$________________$______ Telephone$______Dates$________________$______ Furnishings$______Tapes/CD’s$_____Emergencies $______ Food/Board $______Movies$_____Gifts/Contributions $______ Snacks/Beverages $______Sports/Fitness$_____ Restaurants $______Childcare$_____ Total Expenses$______ MEETING YOUR EXPENSES / EXPECTED FAMILY CONTRIBUTION / FINANCIAL ASSISTANCE You & Your FamilyFinancial Aid Savings$_____State Grants$_____ Parent Income$_____Scholarships – College$_____ Total Family Resources $_________ Gifts$_____Scholarships – Other$_____ Loans$_____Federal Pell Grant$_____ + Total Financial Aid $_________ Your Job Earnings$_____Federal SEOG$_____ Investments$_____Other Grants$_____ -Total Expenses $_________ Federal Benefits$_____Federal Work Study$_____ State Benefits$_____Federal Perkins Loan$_____ = Funds still needed (if any ) $_________ Federal Sub Stafford$_____ Total Family Resources$_____Federal Unsub Stafford$_____ Federal Parent PLUS loan$_____ Total Financial Aid$_____
Office of Student Financial Assistance 6 DOCUMENTS NEEDED TO DETERMINE ELIGIBILITY Free Application for Federal Student Aid (FAFSA) can be found at www.fafsa.ed.gov Electronic Processing is Recommended Verification documents, Student and Parent Tax Transcripts (if requested)
TASFA Applications Undocumented students, those without a social security number, must complete a TASFA Application Not eligible for federal financial aid, including work-study. www.collegeforalltexans.com Office of Student Financial Assistance 7
8 FINANCIAL NEED ANALYSIS COST OF EDUCATION Tuition & fees Books & supplies Travel Room & board Personal expenses TOTAL FAMILY CONTRIBUTION Student contribution Parent contribution ___________________________________ = FINANCIAL AID NEED
Office of Student Financial Assistance 9 TYPES OF FINANCIAL ASSISTANCE GRANTS Based on need Federal, State, University
Office of Student Financial Assistance 10 TYPES OF FINANCIAL ASSISTANCE ( Continued ) LOANS Based on need, such as Subsidized Some loan programs are NOT based on need, such as Unsubsidized Interest rates as of July 1, 2014: Direct – Sub 4.66%, Unsub 4.66%; Parent Plus – 7.21% WORK STUDY Part-time work Based on need SCHOLARSHIPS
Office of Student Financial Assistance 11 SFA’s Purple Promise Program This program supplements other gift aid up to the grant cap to pay remaining tuition and fees owed for 15 hours each fall and spring. Eligibility requirements: Must be a Texas Resident Must be a first-time freshman Must have a combined family Adjusted Gross Income (AGI) of $30,000 or less Must complete all financial aid application requirements by June 1 Must enroll in 15 semester credit hours each fall and spring Must maintain a 2.2 GPA
Office of Student Financial Assistance 12 Federal TEACH Grant Program Up to $4,000 per year for four years For students who plan on becoming teachers & meet certain specified requirements Must have & maintain at least 3.25 GPA or higher If a student receives a TEACH grant & does not complete the required teaching service obligation, the grant must be repaid as a Federal Direct Unsubsidized Loan. Go to www.teachgrant.ed.gov to learn more.www.teachgrant.ed.gov
Office of Student Financial Assistance 13 FINANCIAL AID SAMPLE AWARD PACKAGE Low Parental Contribution High Parental Contribution $21,214 cost $21,214 cost - $ 0 parent/student contribution - $10,500 parent/student contribution $21,214 need $10,714 need AID AWARDED AID AWARDED $5,550 Pell Grant $4,400 Work Study $2,950 Purple Promise Grant $5,500 Student Loan $4,400 Work Study $11,314___Parent Loan ____ $5,500 Student Loan $21,214 Total Aid Package $2,814 Parent Loan______ $21,214 Total Aid Package YOUR AID PACKAGE MAY VARY
Putting the Pieces Together Tuition Rate Calculator http://www.sfasu.edu/controller/businessoffice/students/tuiti on_calc.asp Residence Halls and Meal Plans http://www.sfasu.edu/reslife/102.asp SFA Award Letter (available in Spring) https://mysfa-prod.sfasu.edu/cp/home/displaylogin Fixed Rate Tuition Plan http://www.sfasu.edu/policies/fixed-rate-tuition-plan.pdf Office of Student Financial Assistance 14
Financial Aid Process Submit FAFSA/TASFA Financial Aid Officer determines eligibility once application is received and verification is complete Financial Aid Awards are packaged and notification is sent to the student via mySFA. Terms and Conditions must be accepted, and awards can then be reviewed and accepted. Financial Aid is disbursed to the bill, which includes housing, meal plan, and tuition and fees. Office of Student Financial Assistance 15
Office of Student Financial Assistance 16 TIPS FOR MAKING APPLICATION Do your taxes as early as possible each year. Apply on-line, and use data retrieval for your tax information. Respond promptly to any request for information from the Financial Aid office. Plan ahead; work out a budget. Don’t wait until the last minute. If you’re lost or confused, make an appointment with a counselor or call us.
Office of Student Financial Assistance 17 PRIORITY DATES FOR MAKING APPLICATION February 1, 2015 – Scholarship Application March 1, 2015 - Summer 2015 enrollment March 15, 2015 - 2015-2016 academic year
Office of Student Financial Assistance 18 For Your Convenience Applications, forms and financial aid awards are available on the web. All correspondence are made through the student’s SFA issued email account.
Financial Aid Officers Necole BeasonA – D LaShanda ParkhurstF – J Tammy Mitchum E, K – N Sara WilliamsO – S Donna StoryT – Z Office of Student Financial Assistance 19
Office of Student Financial Assistance 20 OFFICE OF STUDENT FINANCIAL ASSISTANCE 1st Floor, Austin Building Room 104 Phone: 936-468-2403 www.sfasu.edu/faid FAFSA on the Web www.fafsa.ed.govwww.fafsa.ed.gov