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Financial Aid 2014-2015

Financial Aid 2014-2015. Goals of Financial Aid. Access to Post-Secondary Education Choice among Post-Secondary Institutions. Principles of Financial Aid. Student and parent have the primary responsibility for funding post-secondary education to the extent they are able.

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Financial Aid 2014-2015

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  1. Financial Aid2014-2015

  2. Goals of Financial Aid • Access to Post-Secondary Education • Choice among Post-Secondary Institutions

  3. Principles of Financial Aid • Student and parent have the primary responsibility for funding post-secondary education to the extent they are able. • Families will be treated equitably and consistently by the needs-analysis formula.

  4. General Eligibility Requirements • U.S. citizen or an eligible non-citizen • High school diploma or equivalent • Certificate, diploma, or degree program. • Maintain satisfactory academic progress. • Not be in default or owe refund • Registered with the Selective Service.

  5. Applying for Aid • Applications & Deadline dates • DO NOT WAIT to be accepted for admission. • Respond quickly to additional requests. • Explore ALL funding resources.

  6. Application Hints • Read all instructions carefully • Assemble all needed materials • Name must Match Social Security Card • Complete every question • Obtain PIN #’s

  7. Free Application for Federal Student Aid (FAFSA) • File on line www.fafsa.ed.gov • Request PIN www.pin.ed.gov • Title IV College Code • Penn State 003329

  8. FAFSA on the Web’s Homepage • Simplified options • Updated graphics • An updateable announcement section • Access to FAFSA PDF and paper FAFSA information

  9. TAXES • Financial Information • The IRS Data Retrieval • Electronically filed tax return information will be available from the IRS in 1-2 weeks • data from paper tax returns will be available in 6-8 weeks.

  10. Confirmation Page • Confirmation Number • Data Release Number (DRN) • EFC estimate • Pell Grant and Direct Loan estimates • Option for parents to transfer info to an application for a sibling • Option to transfer info to a state application

  11. Family Educational Rights and Privacy Act (FERPA) • Financial information submitted is protected. • Data is treated as confidential. • Authorization for release to a third party.

  12. How is Aid Awarded? • Need-Based • Financial Need • Grants • Merit-Based • Academic Ability • Program of Study • Special Talent/Achievement • Scholarships

  13. What is “Financial Need”? • Cost of Attendance • - Expected Family contribution __________________________________ • = Financial Need

  14. Cost of Attendance Tuition and Fees Room and Board Books and Supplies Transportation Personal Expenses

  15. Expected Family contribution (EFC) • The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education. • The EFC is calculated according to a formula specified in the law.

  16. Federal Expected Family Contribution • Total taxed & untaxed income of family. • Assets, savings, investments, business or farm investment, but not home equity • Parents contribution is approx.- 12% • Students contribution is approx.- 20% • Number of children or other dependents enrolled on at least a half time basis. Excludes parent.

  17. Types of Aid Gift Aid Scholarships Grants Self-Help Aid Loans Employment

  18. Sources of Aid • Federal • Pell, SEOG, Perkins, Work-Study and Stafford Loans • Institutional • Internal scholarships • Private • Local & Civic organizations

  19. Federal Pell Grant • EFC determines eligibility (0-5081) • Award amount based upon enrollment & school costs • $605-$5645 • Verification - maybe selected by Federal Government • Reply promptly w/additional documents • Special Circumstances

  20. Federal Supplemental Educational Opportunity Grant (SEOG) • Eligibility: Students with exceptional need • Priority to Pell Grant Recipients • Undergraduates only • Average award $1200

  21. Federal Work Study (FWS) • Eligibility: Undergraduates & Graduates • Check “Yes” on FAFSA • Hourly rate and bi-weekly payment • Average award $3000

  22. Federal Perkins Loan • Eligibility: Undergraduates & Graduates • Interest Rate: 5% • Nine month grace period • Deferments & Cancellation Provisions • Average award $2500

  23. Federal Student Loan Program • Subsidized • Federal government pays interest • Fixed Interest rate @ 3.4% • Unsubsidized • Student pays interest or has capitalized • Fixed Interest rate @ 3.4%

  24. Federal Loans Con’t • Freshmen $3500/2000 • Sophomore $4500/2000 • Junior/Senior $5500/2000 • Graduates $8500/12,000 Disbursed ½ fall and 1/2 spring

  25. Master Promissory Note (MPN) • Sign MPN • The MPN is good for 10 years

  26. Institutional Aid • Grants, scholarships, loans, employment or discounts • Institutional application • Know deadline date • Contact Financial Aid Office for details

  27. Federal PLUS Loan • Parents of dependent students • Interest Rate capped @ 6.41% • Repayment 60 days • Sign Parent Plus MPN • www.psu.edu/studentaid

  28. Alternative Loans • The student is the borrower • Various Lenders • Interest rates vary • Contact school for alternative lenders

  29. Electronic Fund Transfer (EFT) • Eliminates paper checks • Funds direct deposit

  30. Private Sources • Service/Fraternal • Employers/Business • Churches/Religious • Source Books • Financial Aid for Higher Ed • Octameron Associates • Internet – Fastweb & PHEAAMentor

  31. Private Sources con’t • United States Armed Forces • United States Army Reserve • Veterans or ROTC • Money For College • Student Loan Repayment • Contact local recruiter for specific details

  32. Be Scholarship Search Savy • No Credit Card #’s • No Fees • No 900 #’s

  33. Questions, Comments, Concerns

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