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Welcome to Wellesley College

Welcome to Wellesley College. MASFAA “Just the FACTS” Core Training Materials adopted from the NASFAA Core Training. Day One ~ December 4, 2012. Lynne Myers, Director of Financial Aid, College of the Holy Cross Kendra Lider -Johnson, , MEFA. Housekeeping Details. Introductions

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Welcome to Wellesley College

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  1. Welcome to Wellesley College MASFAA “Just the FACTS” Core Training Materials adopted from the NASFAA Core Training Day One ~ December 4, 2012 Lynne Myers, Director of Financial Aid, College of the Holy Cross Kendra Lider-Johnson, , MEFA

  2. Housekeeping Details • Introductions • Restrooms • Lunch Schedule / Location • Technology Reminders (beepers, phones, etc.) • Extra Supplies • Questions (today and after today)

  3. Module 1A Overview of the Student Aid Programs

  4. What is Financial Aid? Financial aid is money supplied by a source other than the family to assist with the costs of a student’s postsecondary education.

  5. The Basics • What is financial aid • Need-based • Non need-based

  6. Types of Aid Grant & Scholarship Loan Employment Other Sources of Aid Federal State Institution Private Types and Sources of Aid

  7. Need Analysis Formula Cost of attendance (COA) – Expected family contribution (EFC) = Need

  8. Cost of Attendance • Determined annually by school • Varies from school to school • Includes basic components and may also include allowances based on the needs of individual students

  9. Cost of Attendance • Includes the following basic components: • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • Other expenses

  10. Cost of Attendance • More details next week………

  11. Student Eligibility Student must meet general eligibility criteria, including but not limited to: • Be U.S. citizen or eligible noncitizen • Be regular student in eligible program at an eligible school • Not owe overpayment or be in default on Title IV grant or loan • Maintain satisfactory academic progress

  12. Student Eligibility • More details next week………

  13. Title IV Programs • Federal Pell Grant Program • Teacher Education Assistance for College and Higher Education (TEACH) Grant Program • Iran and Afghanistan Service Grant

  14. Title IV Programs • Campus-Based Programs • Federal Supplemental Educational Opportunity Grant (FSEOG) Program • Federal Work-Study (FWS) Program • Federal Perkins Loan Program • Federal Direct Student Loan (Direct Loan) Program

  15. Federal Pell Grant Program • “Foundation” of aid package • Awarded to students with lowest EFCs • Unaffected by student’s other aid • Portable

  16. Federal Pell Grant Program Eligibility criteria: • Undergraduates without baccalaureate or first professional degree • Less-than-half-time students are eligible

  17. Federal Pell Grant Program • Eligibility criteria: • Certain students enrolled at least half time in post-baccalaureate teacher certification or licensing programs • Students incarcerated in federal or state penal institutions are ineligible • 2011-12 award amounts • Minimum = $555 • Maximum = $5,550

  18. Teacher Education Assistance for College and Higher Education (TEACH) Grant Program • Incoming undergraduate students must have a 3.25 GPA or score above the 75th percentile on an admissions test • GPA requirement does not apply current teachers earning graduate degrees and retirees from other professions • Continuing undergraduate students must maintain 3.25 GPA • Sign agreement to serve as a highly qualified full-time teacher in a Title I school for at least 4 academic years within 8 years of graduation

  19. TEACH Grant Program If recipient does not fulfill service agreement, funds become a Direct Unsubsidized Stafford Loan • Repay with interest accruing from date funds received

  20. TEACH Grant Program • Maximum full-time annual award: $4,000 • Undergraduate and postbacculaureate students may receive up to a total of $16,000 • Graduate students may receive up to a total of $8,000 (excluding amount received at undergraduate level

  21. Iraq and Afghanistan Service Grant • Starts with the 2010-2011 award year • Non-need based grants • Made to qualifying student with parent/guardian who died as a result of U.S. military service in Iraq or Afghanistan after September 11,2001

  22. Campus-Based Programs • Funds allocated annually to schools (Institutional match required) • School selects recipients • Awards are not portable

  23. Federal Supplemental Educational Opportunity Grant Program (FSEOG) • Student Eligibility: • Undergraduate (including part time) without baccalaureate or first professional degree • “Exceptional financial need” (lowest EFCs) • Priority to Federal Pell Grant recipients • Annual amounts: $100 minimum $4,000 maximum

  24. Federal Work-Study Program • Student Eligibility: • Undergraduate and graduate or professional degree students • Students must be paid at least minimum wage (higher of Federal or State) • No minimum enrollment

  25. Federal Perkins Loan Program • Student Eligibility: • Undergraduate and graduate or professional degree students • Priority for “exceptional financial need” • Willingness to repay • Determination of Federal Pell Grant eligibility, if undergraduate student

  26. Federal Perkins Loan Program • Interest rate: 5% • No loan fees • Annual loan limits • $5,500: undergraduate • $8,000: graduate or professional degree student

  27. Federal Direct Loan Programs • Federal Direct Stafford Loan • Federal Direct Unsubsidized Stafford Loan • Federal Direct PLUS Loan • PLUS Loan is available for graduate students

  28. Federal Direct Loans: Program Components • Subsidized loans: need-based • Interest paid by federal government during in-school, grace, and deferment periods • Unsubsidized loans: non-need-based • Interest paid by student • Interest may be paid as it accrues during in-school, grace, or deferment periods or be capitalized (added to principal)

  29. Federal Direct Loan Program • Subsidized Stafford Loans first disbursed on or after July 1, 2012, and before July 1, 2013, to undergraduate students • Fixed rate of 3.4% • All other Stafford Loans first disbursed on or after July 1, 2006: • Fixed rate of 6.8%

  30. Direct Loan Programs Interest Rates • Direct PLUS interest rates: • Fixed rate of 7.9%

  31. Federal Direct Loan Programs • Annual loan limits apply to academic year • Base annual Stafford Loan limits: • $3,500 for first-year undergraduates • $4,500 for second-year undergraduates • $5,500 for third- and subsequent-year undergraduates • $8,500 for graduate and professional students • $2,000 of unsubsidized eligibility

  32. Other Federal Resources • Corporation for National and Community Service • Department of Veterans Affairs • Reserve Officer Training Corps (ROTC) • Department of the Interior/Bureau of Indian Affairs (BIA) Grants • Vocational rehabilitation services

  33. Department of Health and Human Services Programs • Nursing Student Loan (NSL) • Health Professions Student Loan (HPSL) • Primary Care Loan (PCL) • Scholarships for Disadvantaged Students (SDS) • Loans for Disadvantaged Students (LDS) • National Health Service Corps (NHSC) Scholarships

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