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Financial Aid Basics The Big Picture

Financial Aid Basics The Big Picture. CASFAA Conference 2008. Presented By. Michael Dear Assistant Director of Financial Aid California State University, Sacramento CASFAA Conference 2008 – The Adventure Continues. Agenda. 1. Big Picture – 5 Major Steps. 2. Types and Categories.

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Financial Aid Basics The Big Picture

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  1. Financial Aid BasicsThe Big Picture CASFAA Conference 2008

  2. Presented By Michael Dear Assistant Director of Financial Aid California State University, Sacramento CASFAA Conference 2008 – The Adventure Continues

  3. Agenda 1. Big Picture – 5 Major Steps 2. Types and Categories 3. Need Calculation 4. Agencies

  4. 5 Major Steps

  5. 1. Student completes the FAFSA (Free Application for Federal Student Aid) • www.fafsa.ed.gov • FAFSA 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!

  6. 2. Documents & File Review 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 Worksheets • Tax Documents • Proof of Citizenship • Satisfactory Academic Progress (SAP) docs

  7. 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

  8. 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)?

  9. 5. Payment!

  10. 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

  11. Financial Aid Types and Categories Four Types: Two Categories: • Grants • Loans • Scholarships • Federal Work Study (FWS) • Need Based • Non-Need Based * Determining “Need” will be covered later in the presentation.

  12. 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

  13. Loans 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 • Perkins • Nursing • 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

  14. Scholarships • Good Grades • Athletic Ability • College Major • Special Talents • Heritage • Tribal • Community Service • Americorps • Typically Free Money (no repayment) • Need based and non need based

  15. Federal Work Study 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! 

  16. Need Calculation 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

  17. 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.

  18. 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) 

  19. Questions?

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