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Financial Aid Update. Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University. w hat is financial aid?. Any money from outside the family that pays postsecondary (college) costs. Arizona University System FY2011.
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Financial Aid Update Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University
what is financial aid? Any money from outside the family that pays postsecondary (college) costs.
Arizona University System FY2011 FINANCIAL AID DOLLARS PROVIDED TO STUDENTS • ASU $894,455,119 51.6% • NAU $251,864,292 16.4% • UA $557,804,077 32.2% Total Financial Aid Awarded: $1.7 Billion Source: ABOR FY 2011 Student Financial Aid Report
financial aid • eligibility • applying • types of aid • cost of attendance
financial aid Federal aid eligibilityaid
what is financial need? • Difference between college costs and EFC • Will vary by college • Amount of financial need determines the aid a student will receive
expected family contribution • Amount family can reasonably be expected to contribute, but not what family will pay to the college • EFC the same regardless of college the student attends
expected family contribution • Calculated using a federal form and formula • Two components • Parent contribution • Student contribution
estimated cost of attendance 2012-2013 Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000 $ 1,000 $ 1,000
calculation of financial need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts
gift aid • federal grants • institutional grants • scholarships
self-help aid • federal work study • federal student loans • federal plus (parent) loan • private loans
Student Loans Subsidized (sub) • Interest paid by federal government during: • In-school status (enrolled) • Deferment • Grace period Unsubsidized (unsub) • Interest paid by student from beginning
Loan Limits—Year 1 Student Status Totals Dependent sub and/or unsub $3,500 sub $2,000 $5,500 Independent sub and/or unsub $3,500 sub $6,000 $9,500
Loan Limits—Year 2 Student Status Totals Dependent sub and/or unsub $4,500 sub $2,000 $6,500 Independent sub and/or unsub $4,500 sub $6,000 $10,500
Loan Limits—Year 3, 4 & 5 Student Status Totals Dependent sub and/or unsub $5,500 sub $2,000 $7,500 Independent sub and/or unsub $5,500 sub $7,000 $12,500
Maximum Total Loan Limits Total combined sub and unsub Dependent $31,000 Independent $57,500* *max $23,000 sub
estimated cost of attendance 2012-2013 Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000 $ 1,000 $ 1,000
calculation of financial need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts
Net Price 2012-2013 Cost of Attendance $ 22,000* Minus gift aid Pell Grant -4,000 University Grant -1,000 Scholarship -6,000 Net Price/Cost $ 11,000 *not actual dollar amounts
Net Price 2012-2013 Net Price/Cost $ 11,000 Minus self help aid Subsidized loan -3,500 Unsubsidized loan -2,000 Net Price/Cost $ 5,500 *not actual dollar amounts
shopping sheet http://collegecost.ed.gov/shopping_sheet.pdf
additional resources • FAFSA on the Web www.fafsa.gov • Parent Resource Center www.collegeparents.org • General Information www.studentaid.ed.gov