Understanding Financial Aid and Scholarships For Graduate Students At SDSU

1. Understanding Financial Aid and Scholarships For Graduate StudentsAt SDSU Modified & Presented by: Valerie Cook-Morales, Ph.D. August 17, 2011 Original Slides Developed by: Rose Pasenelli & Suzanne Goulet July 2011

2. Agenda • Eligibility for Financial Aid • Types of Aid for Graduate students • Graduate Cost of Attendance (COA) • AidLink • Means to obtain additional funds • Disbursement of aid

3. Important Terms • FAFSA = Free Application for Federal Student Aid - file early, Jan 1 • EFC = Expected Family Contribution - determined by FAFSA • COA = Cost of Attendance • Resources = Scholarships, Traineeships, Stipends • If any of the above changes, aid changes

4. COA - EFC - Resources = Aid

5. Why COA is Important Off Campus COA = $25,962 AY Maximum of Federal Loans = $20,500 The cost of attendance for the AY at SDSU now exceeds the maximum limit of federal subsidized & unsubsidized loans. If maxed out, may not be eligible for additional aid for summer school.

6. Types of Aid for Graduate Students State University Grant • Grant pays enrollment fees • Limited funding for 2011-12 • Eligibility is determined by Expected Family Contribution (EFC) - file FAFSA early! • Funding is distributed by student’s award date

7. State University Grant - (cont.) • As of 6-22-11 the Office of Financial Aid & Scholarships (OFAS) has processed 24,639 awards. Up 4705 from 2010-11. • Students with EFC an $0 - $2000 receive SUGP in the amount of the State University Fee ($3369) • Students with an EFC $2001 - $5000 receive SUGP in the amount of 75% of the State University Fee ($2527)

8. Types of Loans for Graduate Students • Subsidized Federal Direct Student Loan • Unsubsidized Federal Direct Student Loan • Grad PLUS Federal Direct Student Loan • Private Loans • Strom Emergency Loan

9. Subsidized Federal Direct Student Loan • 6.8% interest rate • Interest deferred until loan payment begins 6 months after exiting at least 1/2 time studies • Credit History? N/A • $8,500 Annual Maximum

10. Unsubsidized Federal Direct Student Loan • 6.8% interest rate • Interest starts immediately and capitalizes if not paid • Credit History? N/A • Repayment begins 6 months after being at least 1/2 time student • $12,000 Annual Maximum

11. Federal Direct Grad PLUS Loan • 7.9% interest rate • Interest starts immediately and capitalizes if not paid • Credit History? “Satisfactory” required • Repayment begins within 60 days of issue (no grace period) • Can request deferment but will continue to pay interest on interest • Maximum is COA-Resources-Loans

12. Private Student Loan • Arranged privately with your bank or other financial institution • Interest rate depends on credit history - can go as high as 25%-30% • Interest starts immediately and capitalizes if not paid • Must report to SDSU Office of Financial Aid & Scholarships • Avoid if you can. If you can’t, follow the directions on AidLink.

13. Strom Emergency Loan • Only available to enrolled CSP Students • Cannot be used for enrollment fees • Only small amounts (e.g., $200) in response to a true emergency (in fact, very little available for the entire department) • Must be repaid before the beginning of the next enrollment period • Contact your Program Director - this is arranged through our Department Office in collaboration with Financial Aid Office

14. Loan ForgivenessThe College Cost Reduction Act of 2007http://studentaid.ed.gov/students/attachments/siteresource/LoanForgivenessv4.pdf • For all full-time public sector employees:- School Psychologists & School Counselors- Public Health & Mental Health Positions • Must faithfully make payments on time for 120 months (10 yrs) while working full-time in an eligible position • Eligible for all remaining principal & interest to be forgiven • Federal loans that can be forgiven:- Federal Direct Stafford Loan- Federal Direct Plus Loan- Federal Direct Unsubsidized Stafford Loan- Federal Direct Consolidated Loan • 1-800-433-3243 US Dept Ed Call Center - select option to get “live” help

15. Resources • Stipends, research fellowships, reimbursements, scholarships and private education loans (alternative loans) • Federal laws and regulations, not university policy, mandate that OFAS consider all sources of assistance a student has available to meet his or her costs

16. $tipends & Reimbursements • Must be reported as “Resources” on your AidLink • If associated with a federal, state, or county funded project, your project director will also report your resources to Financial Aid • Project directors also provide information regarding reimbursements and conference expenses & allowances (& resulting COA increases) • Check with your project director about procedures

18. $cholarships Gertrude Bell Scholarship • One @ $2500 or two @ $1250 • For new students in CSP (i.e. 1st yr) • Must be enrolled in at least 9 units • Scholarship criteria: Academic Achievement, Community Engagement, & Financial Need • Deadline: September 2, 2011 https://sdsueducation.qualtrics.com/SE/?SID=SV_5A4XTO3uQYh2tAU

19. $cholarships Graduate Equity Fellowships • For economically disadvantaged graduate students, especially from groups underrepresented in their disciplines • Legal California resident • Must be enrolled in at least 9 units with 3.0 GPA • $500 - $4,000 per AY, depending on need • Maximum 2 Years; Must re-apply • Coming soon! http://gra.sdsu.edu/grad/scholarships.html

20. $cholarships Inamori Fellowships • 10 available university-wide - very competitive • Research fellowship • Must be enrolled in at least 9 units & have two semesters remaining in official program of studies • $5,000 for 12 month period http://gra.sdsu.edu/grad/research/inamori.html

21. $cholarships Graduate Student Travel Fund • Up to $1,000 (maximum) for travel associated with scholarly research & creative activities • Open to all graduate students with GPA at least 3.0 • Relevance/merit of professional activity • Appropriateness of scope & budget • Applications 3 times/year; award about $7,000 per cycle http://gra.sdsu.edu/grad/research/gstf.html

22. $cholarships Professional Associations For example: • National Association of School Psychologistshttp://www.nasponline.org/about_nasp/minority.aspx • California Association of School Psychologistshttp://www.casponline.org

24. What if the FAFSA does not reflect the student’s current financial situation? • Student Request for Review • www.sdsu.edu/financialaid • PDF Forms • Must attach: • Letter explaining special circumstances • Copies of 2010 tax returns • Final or recent pay stubs • Any other supporting documentation

25. Request for a Budget Increase • Expenses we allow: • Auto repair • Auto, medical, dental insurance • Medical and dental costs not covered by insurance • Child care • The purchase of a computer for school (up to $2000), can only be submitted once during program of study • Expenses must be incurred during the academic year (August 29, 2011 – May 8, 2012) - Summer may be included if the student was enrolled in summer courses • Receipts and payment documentation must be in student’s name • Twice/AY - one in Fall & one in Spring • Cost of attendance increases are funded with loans • Participate in Money Matters Part Two for details

26. Disbursement of Financial Aid • Financial Aid disbursements start at the beginning of each semester • Students must be enrolled at least half time • All Financial Aid and Cashier’s holds must be cleared • Direct Deposit (mandatory)

27. Reminders • Complete your FAFSA early! January 1, 2012 for the 2012-13 academic year • Check AidLink often!

28. Questions?