1. New Facilities Carmen Coleman MBA Sr. Coordinator, Regional Admissions and Recruitment Contact Number: (510)393-4411 * Email: carmenc@unr.educarmenc@unr.edu “FINANCIAL AID 101”

2. Agenda  Terminology  Types of Aid  How to apply  How eligibility is determined  What happens after applying

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. Expected Family Contribution  Need Analysis is the formula used in determining a family’s EFC  EFC is the measure of a family’s financial strength  The Financial Aid Office uses the EFC to determine the student’s overall need for financial aid

5. Basic Equation of Need Cost of Attendance (COA)  Expected Family Contribution (EFC)  Student’s Financial Need (eligibility)

6. Calculating Eligibility  Federal EFC will be same at all schools  Federal financial aid eligibility varies based on institution’s COA  Some schools may use institutional methodology to award their own institutional funds

7. Private 4-year COA $45,000 - EFC 5,000 = Need $40,000 Public 4-year COA $23,000 - EFC 5,000 = Need $18,000 Public 2-year COA $13,000 - EFC 5,000 = Need $ 8,000 Eligibility Varies Based on Cost

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

9. Gift Aid Scholarships  Academic  Community Service  Institution Specific www.fastweb.com www.finaid.com www.scholarships.com

10. Gift Aid Grants  Pell Grant: up to $5,730 (2014-15)  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 www.calgrants.org

12. Cal Grant A  Cal A (13-14) Community College $2,462 CSUs$5,472 UCs$12,192 Privates$9,084 http://www.calgrants.org/?navId=11

13. Cal Grant  Cal Grant B  Cal Grant A  Stipend of $2,462 Stipend only at CCs Stipend only first year at CSUs, UCs, Privates www.calgrants.org

14. 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!

15. WUE Example (2014-2015) Annual tuition costs:  Resident: $ 5,745.00  Non-resident: $ 19,655.00  WUE: $ 8,617.50

16.  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 don’t participate:  Arizona State University-Tempe  University of Colorado-Boulder  Oregon State University  Each school is different:  Minimum GPA/SAT/ACT ?  Limited fields of study?  Cap on the number accepted?  Transfers accepted? Did you know…

17. WUE Recommendations  Website: www.wiche.edu/wuewww.wiche.edu/wue  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”

18. Self Help  Federal Perkins Loans (up to $5,500 per year @ 5% interest)  Federal Stafford (interest rate, 3.86% of amount borrowed for subsidized AND unsubsidized) Grade Level Dependent Undergraduate Student Independent Undergraduate Student* Freshman $5,500 (max $3,500 subsidized) $9,500 (max $3,500 subsidized) Sophomore $6,500 (max $4,500 subsidized) $10,500 (max $4,500 subsidized) Juniors, Seniors and Beyond $7,500 (max $5,500 subsidized) $12,500 (max $5,500 subsidized) Cumulative Limit $31,000 (max $23,000 subsidized) $57,500 (max $23,000 subsidized)

19. Self Help  Direct Loans (are the same as Stafford with different interest rates through Dept. of Education)  PLUS Loans  Parent Loan - subject to credit check  Can borrow more at higher interest rate (7.9%)  Federal Work Study - student works for paycheck

20. Packaging: 4 Year Private COA $45000 – EFC $2500 = $42500 Pell $1,860 University Grant $7,500 FWS $2,000 Perkins $3,000 StaffordSub $3,500 Stafford Unsub $2,000 PLUS $19,140 TOTAL $42,500

21. Types of Applications  FAFSA  (FREE Application for Student Aid) www.fafsa.ed.gov www.fafsa.ed.gov  Private and other applications  CSS Financial Aid Profile

22. FAFSA Tips  First year... Don’t wait for admission!!!  Always apply  Yearly process  After January 1 prior to the fall term (ie. January 1, 2011 for fall 2011 semester)  Student needs a PIN  Parent needs a PIN

23. FAFSA Tips 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

24. FAFSA Tips Date and Sign  If filing electronically, don’t 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

25. Parent Information 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

26. Parent Information  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

27. Parent Information  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

28. Parent Information  Parental Contribution to EFC = Available Income (Income minus allowances) + Contribution from Assets (6-12%) Divided by Number of Children in College  EFC Calculator www.collegeboard.comwww.collegeboard.com

29. Parent Information General Asset Information  Net worth means current value minus debt  If net worth is one million, or more, enter $999,999  If negative, enter 0

30. Parent Information  Total of Cash, Savings and Checking Accounts  Total as of the day the FAFSA is signed  Be careful not to double count!

31. Parent Information Net Worth of Investments  Do not include home you live in, prepaid tuition plans or value of life insurance, and retirement plans  Include other real estate, Education IRAs, CDs, money market funds, mutual funds & college savings plans  Trust funds must be reported even if access is restricted

32. Student Information  Student Income (taxable and untaxable)  Minus state and federal taxes  Minus Income Protection allowance  Plus percentage of student assets

33. Prioritizing College Choices  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

34. Student Aid Report (SAR)  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

35. What Happens Next?  Alerts on SAR to applicant and school  To possible database match problems  If application has been selected for verification  To whether or not EFC has been calculated

36. 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

37. Helpful Hints  Open ALL mail  No “magic formula” so reconsider paid assistance  Still need to process paperwork for loans/apply for Parent Plus  Need to file a new FAFSA each year  Need to consider 4 year commitment  Even if parent isn’t paying for school, still need the information.

38. Thanks! Any Questions? Carmen Coleman M.B.A. Sr. Coordinator, Regional Admissions & Recruitment University of Nevada, Reno carmenc@unr.edu (510)393-4411