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Shepherd University Financial Aid

Shepherd University Financial Aid. 2005-06. Definition of Need. Cost of attendance (COA) – Expected family contribution (EFC) = Financial need. Cost of Attendance. Tuition & fees Room & board

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Shepherd University Financial Aid

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  1. Shepherd UniversityFinancial Aid 2005-06

  2. Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Financial need

  3. Cost of Attendance • Tuition & fees • Room & board • Books, supplies, transportation, & miscellaneous personal expenses, including documented costs for personal computer • Loan fees • Study abroad costs • Dependent care expenses • Disability-related expenses • Cooperative education program costs

  4. Principles of Need Analysis • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • Families should be evaluated in their present financial condition • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

  5. Independent Student Definition • At least 24 years old by December 31 of award year covered by FAFSA; • Graduate or professional student; • Married; • Has legal dependents other than a spouse; • Orphan or ward/dependent of the court; • Veteran of U.S. Armed Forces; or • Determined to be “independent” by financial aid administrator

  6. General Student Eligibility Criteria • Must be enrolled or accepted for enrollment in eligible program of study • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen • Must be registered with Selective Service (if male & required) • May not have eligibility suspended or terminated due to drug-related conviction

  7. General Student Eligibility Criteria • Must have valid Social Security Number • May not be in default on federal student loan • Must not owe overpayment of federal grant or loan • Must be making satisfactory academic progress (as defined by school)

  8. Application Process • Submit Free Application for Federal Student Aid (FAFSA) prior to school’s deadline • Most aid on “first-come, first-served” basis • To ensure maximum consideration for federal, state, & institutional aid, check information from each school to determine: • Required application materials • Application deadlines

  9. FAFSA • Collects family’s personal & financial information used to calculate student’s EFC • May file FAFSA in one of two ways: • Electronically via FAFSA on the Web • Paper FAFSA

  10. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2005-06 FAFSA available on or after January 1, 2005 • Pre-Application Worksheet & built-in edits to help prevent costly errors

  11. PIN Registration • Web site: www.pin.ed.gov • Not required, but speeds processing • May be used throughout aid process • Can get PIN before January 1, 2005

  12. Paper FAFSA 2005-06 FAFSA is 8-page booklet containing: • General & specific instructions • 103 questions in 7 steps • Worksheets A, B, & C • Pre-addressed envelope to mail completed form & return-receipt postcard

  13. FAFSA: Step One General student information: • Name & address • SSN & date of birth • Telephone number • Driver’s license & state • E-mail address

  14. FAFSA: Step One General student information (Questions 14 – 24): • Citizenship • Marital status • State & date of legal residence • Selective Service • Degree type • Grade level

  15. FAFSA: Step One General student information (Questions 25 – 31): • High school diploma • First bachelor’s degree • Self-help preferences • Parent(s) educational background • Drug conviction

  16. FAFSA: Step Two • Student’s (& spouse’s, if married) income & asset information • Questions 32 – 34: • Student (& spouse, if married) 2004 IRS income tax return status & type

  17. FAFSA: Step Two Questions 35 – 42: • Student (& spouse, if married) 2004 income & wages • Worksheets A & B – 2004 untaxed income • Worksheet C – 2004 income excluded from EFC calculation

  18. FAFSA: Step Two Questions 43 – 47: • Total cash, savings, & checking • Net worth of investments • Net worth of businesses & investment farms • Monthly amount & number of months student is receiving veteran’s educational benefits

  19. FAFSA: Step Three Student’s dependency status questions: • If all “no” responses, student is dependent • If “yes” to any question, student is independent

  20. FAFSA: Step Four • Financial & household data for parents of dependent students • Questions 55 – 64: • Marital status • SSNs, last names, first initials, & dates of birth

  21. FAFSA: Step Four Questions 65 – 69 for parents’: • Household size • Number in college • State & date of legal residency

  22. FAFSA: Step Four Questions 70 – 77 for parents’ 2004: • Federal tax return filing status • Taxable income & wages

  23. FAFSA: Step Four Questions 78 – 80 for parents’ 2004: • Untaxed income (Worksheets A & B) • Income excluded from EFC calculation (Worksheet C)

  24. FAFSA: Step Four Questions 81 – 83 for parents’: • Total cash, savings, & checking accounts • Net worth of investments • Net worth of businesses &investment farms

  25. FAFSA: Step Five Questions 84 – 85: • Independent student’s & spouse’s (if married) household size & number in college

  26. FAFSA: Step Six List of up to 6 schools to receive FAFSA data www.fafsa.ed.gov/fotw0405/fslookup.htm Questions 86 – 98: • Federal school code for each school • Housing plans for each school • Enrollment status

  27. FAFSA: Step Seven Signatures & Certifications (Questions 99 – 103): • Signatures • Student • Parent • Preparer

  28. CAUTION! • Avoid being charged a fee to file the Free Application for Federal Student Aid • Processes of completing & processing FAFSA are FREE • If filing via FAFSA on the Web, be sure to go directly to www.fafsa.ed.gov • Contact financial aid office for help completing FAFSA

  29. Frequent FAFSA Errors • Parent & student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate & investment net worth

  30. FAFSA Processing Results • Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed & student’s e-mail address was not provided • SAR Information Acknowledgement if filed via FAFSA on the Web & student’s e-mail address was not provided

  31. FAFSA Processing Results • CPS notifies student of FAFSA processing results by: • E-mail notification containing direct link to student’s on-line SAR if student’s e-mail was provided on paper FAFSA or FAFSA on the Web • Student with PIN can view on-line SAR at www.fafsa.ed.gov/studentaccess.htm

  32. Corrections • If necessary, corrections to FAFSA data may be made: • On paper SAR; • Using Corrections on the Web (www.fafsa.ed.gov/studentaccess.htm) if student has PIN; or • By school’s financial aid office • SAR Information Acknowledgement cannot be used to make corrections

  33. Other Government Resources • Corporation for National & Community Service (AmeriCorps) – http://www.americorps.gov • Veteran’s benefits – http://www.gibill.va.gov • ROTC scholarships or stipends • Bureau of Indian Affairs (BIA) Grants • State Divisions of Vocational Rehabilitation • Health & Human Services (HHS) Bureau of Health Professions – www.bhpr.hrsa.gov/dsa

  34. Other Sources of Funds • State grants, scholarships, loans, & work programs • School need-based & non-need-based programs • Academic, athletic, & other talent-based scholarships & grants • Private business scholarships • Civic organization scholarships

  35. Private Scholarship Search • Free Internet scholarship search engines: • FinAid.org – http://www.finaid.org • The College Board – http://www.collegeboard.com • FastWeb.com – www.fastweb.com • Scholarship Resource Network Express – www.srnexpress.com • GoCollege.com: The Collegiate Websource – http://www.gocollege.com

  36. Avoid Being Scammed • To check legitimacy of scholarship search services or individuals, for information about financial aid scams, & tips to avoid being scammed visit these Web sites: • Better Business Bureau: http://www.bbb.com • U.S. Department of Education: http://studentaid.ed.gov/students/publications/lsa/index.html • Federal Trade Commission: www.ftc.gov/bcp/conline/publs/alerts/ouchart.htm

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