CASFAA CONFERENCE 2008 Financial Aid Basics The Big Picture.
-
Upload
travis-anslow -
Category
Documents
-
view
216 -
download
0
Transcript of CASFAA CONFERENCE 2008 Financial Aid Basics The Big Picture.
CASFAA CONFERENCE 2008
Financial Aid BasicsThe Big Picture
Presented By
Michael DearAssistant Director of Financial AidCalifornia State University, SacramentoCASFAA Conference 2008 – The Adventure Continues
Michael DearAssistant Director of Financial AidCalifornia State University, SacramentoCASFAA Conference 2008 – The Adventure Continues
Agenda
1. Big Picture – 5 Major Steps1. Big Picture – 5 Major Steps
2. Types and Categories 2. Types and Categories
3. Need Calculation 3. Need Calculation
4. Agencies 4. Agencies
5 Major Steps
1. Complete FAFSA
Application
2. Documents /File Review
3. Packaging
/Award Notice
4. Tying Up Loose Ends
5. Payment
1. Student completes the FAFSA (Free Application for Federal Student Aid)
www.fafsa.ed.govFAFSA Priority filing
date = March 2nd each year. (Varies by state)
Complete Cal Grant GPA Verification Form (1 time – auto renew w/ FAFSA thereafter)
Cal Grant application DEADLINE is MARCH 2nd!
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 WorksheetsTax DocumentsProof of CitizenshipSatisfactory 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)?
5. Payment!
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:
GrantsLoansScholarshipsFederal Work Study
(FWS)
Need BasedNon-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
PerkinsNursing
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 2nd
disbursement Private Alternative
Higher interest rates Immediate repayment
Loans
Scholarships
Good GradesAthletic AbilityCollege MajorSpecial TalentsHeritageTribalCommunity ServiceAmericorps
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 Campus Res FT Off Campus NonRes FT W/Parent NonRes FT On Camp NonRes FT Off Campus
Books 693.00 693.00 693.00 693.00 693.00 693.00
Fees 1,779.00 1,779.00 1,779.00 1,779.00 1,779.00 1,779.00
Housing 1,737.00 5,051.00 5,229.00 1,737.00 5,051.00 5,229.00
Personal 1,183.00 1,060.00 1,191.00 1,183.00 1,060.00 1,191.00
Transportation 621.00 492.00 603.00 621.00 492.00 603.00
Non Res 0.00 0.00 0.00 4,068.00 4,068.00 4,068.00
Total 6,013.00 9,075.00 9,495.00 10,081.00 13,143.00 13,563.00
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) 278-6554 Dept of Homeland Security (a.k.a. INS) (916) 489-6463
6000 J St., Sac, CA 95819-6044 FAX: (916) 278-6082 (800) 375-5283
www.csus.edu/faid School Code: 001150 California Student Aid Commission (CSAC) (888) CAGRANT
Scholarships (CSUS) (916) 278-6179 www.csac.ca.gov (888) 224-7268
www.fastweb.com/college FAX (916) 526-8002
FAFSA (800) 4FEDAID National Student Loan Data System (NSLDS)
www.fafsa.ed.gov (800) 433-3243 www.nslds.ed.gov
PIN (Personal Identification Number) Selective Service (847) 688-6888
http://pin.ed.gov www.sss.gov
CasperWeb Help Line (916) 278-8088 Income Tax Return or Transcripts (800) 829-1040
https://casperweb.csus.edu http://www.irs.gov
SacNote (916) 278-7337 Social Security Office (916) 381-9410
www.SacNote.csus.edu 8351 Folsom Blvd. Sacramento, CA (800) 772-1213
VA Office (916) 440-6811 http://www.ssa.gov/ssnumber
1819 K Street, Sacramento, CA Perkins Loan Borrowers: SFSC/LSN 1003 (916) 278-6190
Muskogee Regional Office (888) 442-4551 www.mapping-your-future.org Entrance Loan Counseling
Oakland Office (800) 827-1000 www.csus.edu/sfsc/Perkins.pdf Master Promissory Note
www.gibill.va.gov www.csus.edu/sfsc/PCI.pdf Personal Confidential Info Form
EdFund - CA State Guarantor 1-888-715-5797 CSUS Preferred Lender List
www.edfund.net 1-888-223-3357 https://webapps1.csus.edu/faid_general/downloads/flyers/Stafford_Lender_List.pdf
Questions?