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National Association of Student Financial Aid Administrators © NASFAA 2010 What You Need to Know about Financial Aid
Slide 2 © NASFAA 2010 Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances
Slide 3 © NASFAA 2010 What is Cost of Attendance (COA) Direct costs Indirect costs Direct and indirect costs combined into cost of attendance Varies widely from college to college
Slide 4 © NASFAA 2010 Budget Components (2010-2011) Budget Resident Tuition7047 Room/board7916 Transportation1000 Personal1500 Books/Supplies 500 17,963 Budget Non-Resident Tuition13,398 Room/board 7916 Transportation 1000 Personal 1500 Books/Supplies 500 23,314
Slide 5 © NASFAA 2010 What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute Stays the same regardless of college Two components –Parent contribution –Student contribution Calculated using data from a federal application form and a federal formula
Slide 6 © NASFAA 2010 What is Financial Need Cost of Attendance – Expected Family Contribution = Financial Need
Slide 7 © NASFAA 2010 Types of Financial Aid Scholarships Grants Loans Employment
Slide 8 © NASFAA 2010 Common Federal Aid Programs Federal Pell Grant Teacher Education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant Federal Perkins Loan Federal Work-Study Stafford Loans PLUS Loans
Slide 9 © NASFAA 2010 Awarding Process 17,244 - 1,244EFC 16,000Need - 2150Pell 13,850 - 1,500Tower Scholar 12,350 - 500 MO Access 11,850 - 1,000 Perkins Loan 10,850 - 3,500Sub. Loan 7,350 - 2,400Work Study 4,950 - 2,000Unsub. Loan 2,950+(1,244)=4,194 Plus EFC
Slide 10 © NASFAA 2010 FAFSA on the Web Website: www.fafsa.gov 2011–12 FAFSA on the Web available on January 1, 2011 FAFSA on the Web Worksheet: –Used as “pre-application” worksheet –Questions follow order of FAFSA on the Web
Slide 11 © NASFAA 2010 FAFSA on the Web Good reasons to file electronically: Built-in edits to prevent costly errors Skip logic allows student and/or parent to skip unnecessary questions More timely submission of original application and any necessary corrections More detailed instructions and “help” for common questions Ability to check application status on-line Simplified application process in the future
Slide 12 © NASFAA 2010 IRS Data Retrieval Tool While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW
Slide 13 © NASFAA 2010 IRS Data Retrieval Tool Available late January 2011 for 2011–12 processing cycle Participation is voluntary Could reduce documents requested by financial aid office
Slide 14 © NASFAA 2010 Federal Student Aid Personal Identification Number (FSA PIN) Website: www.pin.ed.gov Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years
Slide 15 © NASFAA 2010 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a PIN; Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college’s financial aid office
Slide 16 © NASFAA 2010 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
Slide 17 © NASFAA 2010 Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information
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