Student Financial Services 101

1. Student Financial Services 101

2. Student Financial Services Financial Aid Student Billing Residency Student Employment RAMweb Current Topics of Interest

3. Student Financial Services Contact Information • Centennial Hall • No appointment needed • Phone: (970) 491-6321 • E-mail: “e-mail a counselor” in development • Hours: 7:45-4:45, except 9-4:45 Thursdays • Summer hours 7:30-4:30

4. Quiz How many contacts did Students Financial Services have in 2008?

5. Student Financial Services2008 Contacts

6. Financial Aid

7. Financial Aid Application Process • Free Application for Federal Student Aid (FAFSA) • Apply online - www.fafsa.gov • 99% of students apply electronically • March 1 - CSU FAFSA priority date • Awarding financial aid • Campus-based funds awarded through May • Pell Grant, Colorado Student Grant, Direct Loans available throughout the year • Reapply each year

8. Financial Aid • Number of FAFSA’s received at CSU • 08/09 • 14,210 • 09/10 • To date, 15,900 (increase of 1600+) • Increase in financial aid applications most likely due to economy • Loss of jobs • Reduction in savings for education

9. Financial Aid09/10 Undergraduate Budgets

10. Financial Aid Need Calculation Budget (CSU costs) - Expected Family Contribution (from FAFSA) _______________ Need Estimators • www.fafsa4caster.ed.gov • www.finaid.org

11. Financial Aid • Students who complete the FAFSA • Considered for all types of financial aid • Awarded financial aid for which they are eligible • Based on available funding

12. Financial Aid • Grants • Pell Grant, ACG, SMART, Colorado Student Grant • Campus-based: SEOG, CSU Ram Grant, CLEAP/SLEAP, Graduate Grant • Work-Study • Loans • Direct Loans • Subsidized and Unsubsidized • PLUS Loans – Parent & Graduate • Perkins Loans

13. Financial Aid • Enrollment requirements • Full-time • 12 credits undergraduate • 9 credits graduate • Financial is pro-rated if less than full-time • Must be half-time to receive financial aid • 6 credits undergraduate • 5 credits graduate

14. Financial Aid • Scholarships for 10/11 • Admissions-based scholarships for entering freshmen • Competitive selection, holistic review for Colorado residents, specific criteria for non-residents • Renewable • Enroll full-time for 8 consecutive fall/spring semesters • GPA requirement • Colorado residents • Green & Gold - $2000 • Non-residents • Presidential - $9,000 • Provost - $7,000 • Deans’ - $5,000

15. Financial Aid • Scholarships – continued • CSUSA – Colorado State University Scholarship Application (for most CSU scholarships) • Available on RAMweb December 1 – March 1 • SFS and departmental scholarships • First Generation Award • Community scholarships

16. Financial Aid • Other options • Employment • Merit work-study • Student hourly • Off-campus • Loans • Alternative loans through banks • Most likely students will need a co-signer

17. Financial Aid Recognize Individual Student Needs • Consider unusual student expenses • Child care • Recognize unique family circumstances • Professional judgment • Loss of job, divorce/separation, death in family • Assist with crisis situations • Short term loans

18. Financial Aid Satisfactory Academic Progress • Qualitative Standards • GPA, monitored by Scholastic Standards • Quantitative Standards • Must complete 75% of attempted credits • Must not exceed 180 attempted credits for bachelor’s degree • Appeal process if extenuating circumstances

19. Financial Aid Ceased Attendance • If student received a combination of F,U,W they must verify last date of attendance • Did they “earn” their grades? • If the last date of attendance is prior to the 60% point in semester, they may need to repay some of their financial aid

20. Quiz How much financial aid was received by CSU students in 2008/2009?

21. Amount of Financial Aid at CSU 08/09

22. Student Billing

23. Student Billing • Answer questions regarding student billing • Help resolve student billing concerns • Assistance with options for paying student bill • Recommend financial aid • Other options • Financial holds and late payments • Third-party sponsors

24. Student Billing Paying University Bill with Financial Aid • Student registers and is assessed tuition/fees, housing, etc. • Charges are sent to University student account • Financial aid is credited to University student account • If financial aid is in excess of University charges, student is sent a refund that can be used for living expenses

25. Student Billing Financial Aid Refunds • Sent shortly before the beginning of each semester • Direct deposit preferred, sign-up on RAMweb • Refund checks mailed 1st, 3rd, 5th Fridays of the month

26. Student Billing Payment options • Cashier’s Office – Lory Student Center • Checks • Debit card (PIN) • Internet • ramweb.colostate.edu – “Pay My Bill” • Electronic check is preferred payment method • bursar.colostate.edu • Electronic check • Parents can pay if student has requested “parent PIN” on RAMweb • www.cashnetsmartpay.com • Credit card payments (2.9% convenience fee) • MasterCard, Discover, American Express (no Visa) • Phone • Credit Card - CASHNet SMARTPay 1-866-517-5570 (2.9% convenience fee)

27. Student Billing Consequences of late payment • 1.5 % late payment charge • Registration hold • No current semester changes • Can’t register for future semester • Transcript hold

28. Residency

29. Residency • Assist Admissions with unique cases when determining residency classification for new students • Provide orientations and information for current students regarding Colorado residency • Review residency petitions for current students seeking Colorado residency (800 received/year)

30. Residency • Student’s state of residency is considered to be their parent’s state of residency until age 23 • New state law gives Colorado residency to students who attended Colorado high school for 3 years • Exceptions • Emancipation • Married • Graduate students • GI Promise – veterans and their dependents who have moved to Colorado and established their Colorado ties

31. Residency Residency Orientations • 100A Administration Annex • Tuesdays 3-4 and Wednesdays 10-11

32. Student Employment

33. Student Employment Job Listings • Available on RAMweb • Many types of jobs available • Work-study • Need-based work-study – through FAFSA • Awarded with other financial aid awards • Available on request (call early, funds must be available and student must be eligible) • Merit work-study – applications available on RAMweb in February • Student must have obtained job before completing application • Student hourly • Off-campus

34. Student Employment Studies show that students who work between 10-15 hours per week while they attend college tend to do as well academically as those who don’t work and they develop good time-management skills.

35. Student Employment

36. RAMweb

37. RAMweb • View financial aid awards • Accept, reduce, decline awards • Complete and submit promissory notes • Loan entrance counseling • View student bill • Pay student bill • Sign up for direct deposit • Update addresses (mailing and billing)

38. Questions?