Presentation on theme: "CASFAA CONFERENCE 2008 Financial Aid Basics The Big Picture."— Presentation transcript:
CASFAA CONFERENCE 2008 Financial Aid Basics The Big Picture
Presented By Michael Dear Assistant Director of Financial Aid California State University, Sacramento CASFAA Conference 2008 – The Adventure Continues Michael Dear Assistant Director of Financial Aid California State University, Sacramento CASFAA Conference 2008 – The Adventure Continues
Agenda 1. Big Picture – 5 Major Steps 2. Types and Categories 3. Need Calculation 4. Agencies
1. Student completes the FAFSA (Free Application for Federal Student Aid) www.fafsa.ed.gov FAFSA Priority filing date = March 2 nd each year. (Varies by state) Complete Cal Grant GPA Verification Form (1 time – auto renew w/ FAFSA thereafter) Cal Grant application DEADLINE is MARCH 2 nd !
Document Examples: I. FA Office collects necessary documents. II. FA staff correct FAFSA ISIR as necessary III. Corrections sent to FAFSA Central Processor (CPS) IV. Final review of FAFSA performed V. Ready for Award Packaging Verification Worksheets Tax Documents Proof of Citizenship Satisfactory Academic Progress (SAP) docs 2. Documents & File Review
3. Award Packaging Based on Expected Family Contribution (EFC) and Cost of Attendance (COA) Student receives Award Notice and Responds Possible Awards may include Grants, Loans, FWS, Scholarships, VA Benefits, Voc Rehab
4. Tying Up Loose Ends Address / Clear Holds (MySacState)? Complete Entrance Loan Counseling (ELC)? Complete Promissory Note (MPN)? Meet with Financial Aid counselor for Special Circumstances? Update Units (Awarded based on 12 units, is student attending less than full time?)? Personal Information Correct (Address)?
How does disbursement of aid occur at your school? What is the timing for disbursements at your school? EFT’s from lenders are received Friday PM. Grant/Loan/Scholarship funds are released electronically to Cashier each Tuesday night. Checks are printed & Direct Deposits are processed on Wed./Thurs. Checks are mailed out on Friday or Monday Holds are placed and removed each night
Four Types: Two Categories: Grants Loans Scholarships Federal Work Study (FWS) Need Based Non-Need Based * Determining “Need” will be covered later in the presentation. Financial Aid Types and Categories
Grants State Cal Grants U.C. Grants (UC) State Univ. Grant (CSU) B.O.G. Fee Waiver (CCC) Federal Pell Grant FSEOG ACG/SMART Grants Private/Others? Free money, no repayment Typically Need Based
Need Based Loans: Non-Need Based Loans: Federal Subsidized (FFELP/Direct) No interest during school and grace period 6 month grace period after graduation or withdrawal Perkins Nursing Federal Unsubsidized (FFELP/Direct) Interest accrues during school and grace period 6 month grace period after graduation or withdrawal Federal Parent PLUS (FFELP/Direct) Parent is borrower on student’s behalf Payments begin 60 days after the 2 nd disbursement Private Alternative Higher interest rates Immediate repayment Loans
Scholarships Good Grades Athletic Ability College Major Special Talents Heritage Tribal Community Service Americorps Typically Free Money (no repayment) Need based and non need based
FWS – Part time job program Student earns hourly wage Taxable income if applicable Typically higher wages – gov’t and employer each pay a percentage of $$$ NOT COUNTED in EFC calculation for following FAFSA application cycle! Federal Work Study
Cost Of Attendance (COA) Expected Family Cont. (EFC) Estimated cost to attend for the academic year Consists of: Fees/Tuition Books Room & Board Transportation Miscellaneous Possibly Childcare/Other Federal Formula, based on FAFSA information Includes income and demographic information Ranges from 0 to 99,998 Need Calculation
Need Calculation Cont’d Cost of Attendance (COA) - Expected Family Cont. (EFC) = Financial Need (for Fin Aid Purposes) *A student can receive any combination of aid (need based or non-need based) up to their cost of attendance.
Undergraduate One Semester Full Time Budget Category Res FT W/Parent Res FT On CampusRes FT Off CampusNonRes FT W/ParentNonRes FT On CampNonRes FT Off Campus Books693.00 Fees1,779.00 Housing1,737.005,051.005,229.001,737.005,051.005,229.00 Personal1,183.001,060.001,191.001,183.001,060.001,191.00 Transportation621.00492.00603.00621.00492.00603.00 Non Res0.00 4,068.00 Total6,013.009,075.009,495.0010,081.0013,143.0013,563.00
Agencies Common Origination & Disbursement (COD) National Student Loan Data System (NSLDS) FAFSA Central Processing System (CPS) National Assoc. of Student Fin Aid Administrators (NASFAA) California Student Aid Commission (CSAC) State Guarantee Agencies (EdFund) California Assoc. of Student Fin Aid Administrators (CASFAA)
Important Telephone Numbers & Websites CSUS Fin Aid Office(916) 278-6554Dept of Homeland Security (a.k.a. INS)(916) 489-6463 6000 J St., Sac, CA 95819-6044FAX: (916) 278-6082 (800) 375-5283 www.csus.edu/faidSchool Code: 001150California Student Aid Commission (CSAC)(888) CAGRANT Scholarships (CSUS)(916) 278-6179www.csac.ca.gov(888) 224-7268 www.fastweb.com/college FAX (916) 526-8002 FAFSA(800) 4FEDAIDNational Student Loan Data System (NSLDS) www.fafsa.ed.gov(800) 433-3243www.nslds.ed.gov PIN (Personal Identification Number)Selective Service(847) 688-6888 http://pin.ed.gov www.sss.gov CasperWebHelp Line (916) 278-8088Income Tax Return or Transcripts(800) 829-1040 https://casperweb.csus.edu http://www.irs.gov SacNote(916) 278-7337Social Security Office(916) 381-9410 www.SacNote.csus.edu 8351 Folsom Blvd. Sacramento, CA(800) 772-1213 VA Office(916) 440-6811http://www.ssa.gov/ssnumber 1819 K Street, Sacramento, CA Perkins Loan Borrowers: SFSC/LSN 1003(916) 278-6190 Muskogee Regional Office(888) 442-4551www.mapping-your-future.orgEntrance Loan Counseling Oakland Office(800) 827-1000www.csus.edu/sfsc/Perkins.pdfMaster Promissory Note www.gibill.va.gov www.csus.edu/sfsc/PCI.pdfPersonal Confidential Info Form EdFund - CA State Guarantor1-888-715-5797CSUS Preferred Lender List www.edfund.net1-888-223-3357 https://webapps1.csus.edu/faid_general/downloads/flyers/Stafford_Lender_List.pdf