The Financial Aid ProcessFive Basic Steps

Application Verification Awarding Disbursement Maintaining Eligibility

Five Step Process

Free Application for Federal Student Aid (FAFSA) Good for one Academic Year (July 1st-June 30th) New application available beginning January 1st

online at FAFSA.gov◦ PIN Personal Identification Number www.pin.ed.gov

Grants, Work Study, Loans, Scholarships College Goal Sunday (And Saturday, Too!) - Feb. 8 & 9, 2014

◦ www.collegegoalsunday.com/cgs/

Step One:Application Process

Carefully review your Student Aid Report (SAR). 

The SAR is a summary of all of the information you put on the FAFSA.

Along with your data are comments about corrections, revisions or next steps

Tells you if you are eligible for PELL Grant & how much in loans ◦ These amounts are based on your full-time

enrollment

Student Aid Report

You can view your SAR on the FAFSA website ◦ You will receive an email once it is available

If you do not provide an email address, a copy of the SAR will be mailed to you◦ You can make any corrections or revisions right on

the SAR or you can make corrections online A digital version of your SAR will be

electronically sent to the colleges and universities you put on the FAFSA

How will you receive your SAR

1) Most if not all colleges or universities have an “Official” way to communicate with students

2) Usually students are given a student email address

3) The college or university you are selecting to attend will begin to notify you electronically if they need additional information

4) Pay close attention to those messages and check for them frequently

Follow-up with College/University

Additional Required Documents Random selection or common

mistakes

Step Two:Verification Process

A school must verify any application information that it has reason to believe is incorrect [34 CFR 668.54(a)(3)] or discrepant [34 CFR 668.16(f)] (Code of Federal Regulations).

IMPORTANT NOTE:  An application that is selected for the verification process is not VALID: 1. The verification process must be complete.  2. The suggested award amount(s) mentioned on the FAFSA 3. Award amount may change upon completion of the verification

process.

Sometimes during the verification process, the Office of Student Financial Assistance (SFA) will ask the student and/or their parent(s) for addition documentation.  The need for these item(s) is not always known until the detailed verification process has begun.

Verification Process

Award Notification- Electronic Letter notification from the Financial Aid Office

Most common - yearly award (Both fall & Spring)

Includes: PELL Grant, other grants, student loans, scholarships, work-study and third-party resources

Step Three:Award Notification

Pell Grant Only available to undergraduate students Lifetime limit= 600% (equivalent to 6 years

of full-time enrollment)Student Loans (undergraduate) Dependent Students:

◦ Combined total= $31,000—No more than $23,000 of this amount may be in subsidized loans.

Independent Students:◦ Combined total= $57,500—No more than $23,000 of this

amount may be in subsidized loans.

Lifetime Aggregate Limits

Students with financial need are eligible The U.S. Department of Education pays the

interest ◦ While you are in school at least half-time (6 credits)◦ For the first six months after you leave school (grace

period) *Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

◦ During a period of deferment (a postponement of payments)

Time limit for subsidy= 150% of program length (ex. A 2 yr program has a limit of 3 yrs)

*Effective: July 1, 2013

Subsidized Loan

Financial need is not a requirement You are responsible for paying the interest

during all periods If you choose not to pay the interest while

you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Unsubsidized Loan

Disbursements of your awards will pay toward tuition & fees first for each semester/term.

REFUND = Unused funds Sent to you using one of three methods a check

(via mail), debit card or directly deposited to bank account.

Reduction of enrollment can equal adjustments to student’s award, which would result in a debt

Step Four:Disbursement & Refunds

Standards of Academic Progress (SAP) Completion Rate: Must complete 2/3

(cumulative) GPA: Minimum GPA requirements (varies

based on number of attempted credits) Timeframe: earned less than 150% of required

credit hours (ex. 150% of 60 credits is 90) If one or more are not met, you have the right

to appeal citing extenuating circumstances

Step Five:Maintaining Eligibility- SAP

PVCC Financial Aid◦ www.paradisevalley.edu/finaid

Federal Student Aid◦ studentaid.ed.gov

Student Loans◦ studentloans.gov

Financial Aid Answer Center◦ 1-855-622-2332

For more information…

Scholarship Nuts and Bolts

Scholarships can be earned for more than just academic merit! Religion GPA Gender Race Nationality Ethnicity Parent’s

profession Volunteer history

Field of interest Political party First in family to

attend college Willingness to

work in economically depressed areas

Whomever applies *A combination of

one or more of these factors

Federal Government State Government Colleges & Universities

◦ (Private and Public) Public & Private Sources

◦ (Cooperation, Charitable & Personal Foundations) College or University Application

Scholarships Where do they come from?

Access to a computerA little planningA lot of researchA lot of common sense

What do I need to find scholarship funds?

Financial Aid Offices Academic Department’s website of any

college or university Local Libraries High schools Religious Organizations Professional organizations

Where to Research Scholarships

Safe Scholarship Applications can be found on the scholarship websites of an accredited college or university

If you are not sure of the legitimacy of a scholarship, ask the financial aid department at any higher education institution.

Avoid going to a search engine and typing “scholarships”

Avoid Scams

Scholarship Application Personal Essay Letters of Recommendation Academic Transcripts

◦ (Official or unofficial – Plan ahead. Official require a fee and takes time)

Scholarship Interview

Core Components of Scholarship Applications

Paper application (always type)

Web application Free Application for Federal Student Aid (FAFSA)

*Some scholarships require that you complete a FAFSA along with the scholarship application.

Types of Applications

Read the application instructions carefully If you have questions, contact the scholarship

organization. NOTE DEADLINE!!! Before filling out any application forms, make

extra copies in case you make mistakes. Proofread your application and have at least two

other people review your essays Make a copy of the completed forms before

mailing them Consider sending your documents through

certified mail or receipt return

Application Process

Who are you? What are your life experiences? Where do you want to go? What are your goals? What keeps you focused on your goals to

attend a college or university? Community Service involvement?

Personal Essay:Areas to Address

Teachers/Faculty Religious leaders Political leaders Leaders and/or members of Professional

organizations Should never come from friends or

neighbors Should always be on a letterhead Be proactive, ask Early! Inform them of your deadline and set a date

Letters of Recommendation

Make the commitment to win a scholarship If you missed deadlines, check next year for the

scholarship posting Develop the attributes to be the scholarship’s

profile Become the (Coke, IBM, Maricopa, PVCC, Faculty,

Dougherty, etc.) scholarship winner Be deliberate and intentional!

Goal Setting