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FINANCIAL AID 101 Carmen Coleman M.B.A. Brian ORourke Senior Coordinator, Regional Admissions & Recruitment Vice President for Enrollment Management University.

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Presentation on theme: "FINANCIAL AID 101 Carmen Coleman M.B.A. Brian ORourke Senior Coordinator, Regional Admissions & Recruitment Vice President for Enrollment Management University."— Presentation transcript:

1 FINANCIAL AID 101 Carmen Coleman M.B.A. Brian ORourke Senior Coordinator, Regional Admissions & Recruitment Vice President for Enrollment Management University of Nevada, Reno Mills College

2 Agenda The Basics Types of Aid Common Questions What happens after you apply

3 Cost of Attendance Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses May cover cost of computers May also include other extraordinary expenses

4 FAFSA Free Application for Federal Student Aid

5 Expected Family Contribution Need Analysis is the formula used in determining a familys EFC EFC is the measure of a familys financial strength The Financial Aid Office uses the EFC to determine the students overall need for financial aid

6 Expected Family Contribution Where does the EFC come from? Begins with a percentage of custodial parent(s) income minus allowances for living expenses and taxes Adds a percentage of the value of parental assets based on a sliding scale of value and parental age Adds the same for students (higher percentage) Divided by number of students in school EFC calculator at EFC methodology at

7 Basic Equation of Need Cost of Attendance (COA) Expected Family Contribution (EFC) Students Financial Need (eligibility)

8 Calculating Eligibility Federal EFC will be same at all schools Federal financial aid eligibility varies based on institutions COA Some schools may use institutional methodology to award their own institutional funds

9 Sources of Financial Aid Gift Aid Grants & Scholarships Self Help Loans & Work

10 Gift Aid Grants Pell Grant: up to $5,550 (2012-13) (EFC $0-$4,995 to qualify) Supplemental Educational Opportunity Grant: up to $4,000 Cal Grant

11 Cal Grants Student must meet All federal eligibility criteria Income & asset limits GPA requirement (3.0 for Cal A) Amount paid is determined by Grant program & school segment Renewal is based on program participation

12 Cal Grants Students qualifying for AB540 status are now eligible to submit an application for the Cal Grant Required information is similar to the FAFSA Application submitted online through CSAC

13 Cal Grant A Cal A (13-14 projected) CSUs$5,970 UCs$12,192 Privates$9,084

14 Cal Grant Cal Grant B Stipend of $1,473 Available for Community College outside costs (books, parking, etc.) Increase after year one at CSUs, UCs, Privates

15 Tuition Discount Programs: WUE Purpose: Provide undergraduate students opportunity to attend school out of state 15 participating states, 148 institutions Reduced out-of-state tuition: 150% of in-state tuition Two-year and four-year colleges Most undergraduate fields available More options, more affordable!

16 WUE Example (2013-2014) Annual tuition costs: Resident: $ 5,100.00 Non-resident: $ 19,040.00 WUE:$ 7,695.93

17 A few institutions automatically offer WUE to residents from WICHE states (Montana & Nevada) At most institutions, WUE must be requested Indicate WUE status on school application; there is no general WUE application 4 years maximum Commonly requested, but dont participate: Arizona State University-Tempe University of Colorado-Boulder University of Oregon Each school is different: Minimum GPA/SAT/ACT ? Limited fields of study? Cap on the number accepted? Transfers accepted? Did you know…

18 WUE Recommendations Website: Contact admissions office: How to apply for WUE status? Qualified field(s) of study? Specific requirements? Space-available basis? Once a WUE, always a WUE

19 Self Help Federal Perkins Loans (up to $4,000 per year @ 5% interest) Federal Stafford (fees up to 4% of amount borrowed) Subsidized ($3,500 increases to $5,500 @ 3.4% ) Unsubsidized ($2,000 per year @ 6.8%)

20 Self Help PLUS Loans Parent Loan - subject to credit check Can borrow more at higher interest rate (7.9- 8.5% depending on the program) Federal Work Study - student works for paycheck

21 Common Questions Interested in Loans or Work-Study? If unsure, answer yes then decline once aid is awarded A yes does not obligate student to either program, nor will it cause them to lose out on gift aid A no may restrict some of their options for certain limited loan and work-study funds

22 Common Questions Date and Sign If filing electronically, dont forget PIN or signature page If filed by a dependent student, student and 1 parent must sign If filed by an independent student, only student must sign

23 Common Questions Who is a Parent? Biological parent(s) Custodial Parent (lived with most over the past 12 months and/or provided most financial support) Adoptive parent(s) Stepparent

24 Common Questions Custodial parent filed with ex-spouse Consider only income of custodial parent (which includes any child or spousal support received) Custodial parent remarried Stepparent information must be included

25 Common Questions Who is not considered a parent for this section? Foster parent(s) The ward is automatically considered an independent student Legal guardian(s) Must attempt to get parental information *FAO may use Professional Judgment to make student independent

26 Common Questions How to prioritize the schools listed? List schools most likely to attend Ways to add schools Wait for Student Aid Report (SAR) Add schools by phone or on the Web Up to 10 colleges at a time

27 Common Questions Expect SAR after filing Up to 4 weeks for paper FAFSA 1 to 2 weeks for Online FAFSA Carefully review for any errors Contact school before submitting corrections

28 Awarding and Packaging Award letters may vary in composition Listing of awards and amounts COA, EFC, need and unmet need Period of enrollment covered Response may or may not be required Will still need to accept loans

29 Thanks! Any Questions? Carmen Coleman M.B.A. Sr. Coordinator, Regional Admissions & Recruitment University of Nevada, Reno Brian ORourke Vice President of Enrollment Management Mills College 430-2133

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