Financial Aid Update

1. Financial Aid Update Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University

2. what is financial aid? Any money from outside the family that pays postsecondary (college) costs.

3. 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

4. financial aid • eligibility • applying • types of aid • cost of attendance

5. FAFSA facts:January 1

6. FAFSA facts:FREE

7. FAFSA facts: priority filing dates

8. FAFSA facts:apply early

10. financial aid Federal aid eligibilityaid

11. FAFSA facts:submit documents promptly

12. FAFSA facts:file every year

13. what you need

14. important changes: IRS Data Retrieval process

15. verification

16. financial aid steps

17. 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

18. 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

19. expected family contribution • Calculated using a federal form and formula • Two components • Parent contribution • Student contribution

20. 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

21. calculation of financial need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts

22. gift aid • federal grants • institutional grants • scholarships

23. self-help aid • federal work study • federal student loans • federal plus (parent) loan • private loans

24. 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

25. 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

26. 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

27. 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

28. Maximum Total Loan Limits Total combined sub and unsub Dependent $31,000 Independent $57,500* *max $23,000 sub

29. 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

30. calculation of financial need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts

31. 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

32. 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

33. shopping sheet http://collegecost.ed.gov/shopping_sheet.pdf

34. additional resources • FAFSA on the Web www.fafsa.gov • Parent Resource Center www.collegeparents.org • General Information www.studentaid.ed.gov

35. College Goal Sunday