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Financial Aid Information 2011-2012

Financial Aid Information 2011-2012. Mike Johnson, Director of Financial Aid Pacific University. Higher Education Prices. Community Colleges $3,800 tuition, $15,000 total Public Colleges and Universities $7,400 tuition, $21,000 total Private Colleges and Universities

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Financial Aid Information 2011-2012

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  1. Financial Aid Information2011-2012 Mike Johnson, Director of Financial Aid Pacific University

  2. Higher Education Prices • Community Colleges $3,800 tuition, $15,000 total • Public Colleges and Universities $7,400 tuition, $21,000 total • Private Colleges and Universities $20,000+ tuition, $36,000+ total

  3. Financial Aid Programs • Gift Aid • Scholarships • Grants • Self-Help Aid • Employment • Loans

  4. Scholarships Awarded to students based primarily on academic merit, talents, and activities • Institutional scholarships • Institutions’ websites • State-administered scholarships • www.getcollegefunds.org • Outside scholarships • www.fastweb.com • www.finaid.org

  5. Grants Awarded primarily to students who demonstrate significant financial “need” • Federal Grants • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (FSEOG) • Teacher Education Assistance for College and Higher Education (TEACH) Grant • State Grants • Oregon Opportunity Grants • Institutional Grants

  6. Employment Awarded on a funds available basis primarily to students who demonstrate financial “need” • Federal Work-Study • Institutional employment

  7. Loans Students do not have to demonstrate financial “need” to receive certain loans • Federal Perkins Loan • Federal Direct Loan (subsidized and unsubsidized) • Federal Direct Parent PLUS Loan • Private alternative loans

  8. Financial Aid Process – Simplified View

  9. Financial Aid Process – really • Admissions application • Financial aid application (FAFSA) • Student Aid Report (eSAR, SAR) • Eligibility determination (ISIR) • Need analysis • Award notification • Award disbursement

  10. FAFSA on the Web • Free Application for Federal Student Aid (FAFSA) – students and parents can request Personal Identification Numbers (PINs) now at www.pin.ed.gov, then apply as soon as possible after January 1st at www.fafsa.gov • Collect all needed documents (2010 federal tax returns, current bank statements, etc.) before completing the FAFSA

  11. FAFSA on the Web • Follow instructions and enter information carefully • Use close estimates if actual income information is not available • Retrieve IRS data if tax return filed (available January 30th) • List up to ten schools that can receive the information • Sign the form electronically with your PINs

  12. FAFSA on the Web home page

  13. FAFSA on the Web information challenges • Social Security numbers and name agreement • Parent definition • Student independency criteria • Household size/number in college • Taxable income, taxes paid • Untaxed income • Assets

  14. Supplemental Financial Aid Applications • College Scholarship Service’s PROFILE – available in the fall to apply for institutionalaid at participating schools • Institutional supplemental forms – provide schools with information not requested on the FAFSA

  15. Student Aid Report • The Student Aid Report (eSAR, SAR) is the output document that results from filing the FAFSA • It will, among other things, provide the applicant’s Expected Family Contribution (EFC) • It may be used to correct or update certain information; changes can be made online at www.fafsa.gov • Schools receive information electronically and use it to determine eligibility, perform need analysis, and make and revise awards

  16. Eligibility Determination • High school diploma or equivalent • U.S. citizen or eligible non-citizen status • Registered for Selective Service if male aged 18 to 26 • Admitted to an eligible academic program • Not in default on a previous federal loan and not owing repayment of a previous federal grant

  17. Need Analysis • Standardized assessment of a family’s ability to pay for a year of college based on past year income and current assets • Schools may require additional information to confirm or correct reported amounts • Federal “need” calculation: Cost of Attendance (COA) -- Expected Family Contribution (EFC) “Need”

  18. Award Notification • Indicates “package” of aid from school • May require written acceptance • May include loan information • Requires careful scrutiny since content and format vary

  19. Example Award Package: Community College Cost of Attendance: $15,000 EFC 03000 “Need” $12,000 Federal Pell Grant $ 2,600 FSEOG $ 600 Oregon Opportunity Grant $ 1,300 Federal Work-Study $ 2,000 Federal Direct Loan (subsidized) $ 3,500 Federal Direct Loan (unsubsidized) $ 2,000 Total Award $ 12,000

  20. Example Award Package: Public College/University Cost of Attendance $21,000 EFC 03000 “Need” $18,000 Federal Pell Grant $ 2,600 FSEOG $ 800 Oregon Opportunity Grant $ 1,900 University Scholarship $ 2,500 Federal Work-Study $ 2,000 Federal Direct Loan (subsidized) $ 3,500 Federal Direct Loan (unsubsidized) $ 2,000 Total Aid $15,300

  21. Example Award Package: Private College/University Cost of Attendance $40,000 EFC 03000 “Need” $37,000 Federal Pell Grant $ 2,600 FSEOG $ 800 Oregon Opportunity Grant $ 1,900 Trustee Scholarship $ 12,000 Institutional Grant $ 6,000 Federal Work-Study $ 2,500 Federal Direct Loan (subsidized) $ 3,500 Federal Direct Loan (unsubsidized) $ 2,000 Total Aid $31,300

  22. Award Disbursement • Financial aid funds (except work-study) are applied to students’ charges when school starts • Federal Work-Study funds must be earned • Funds that exceed billed charges are given to students • Funds from Federal Parent PLUS Loans are given to parents unless they have authorized giving them to the student

  23. Award Revisions • Award amounts may change if • Families correct or update FAFSA data • Schools revise FAFSA data based on additional information • Students receive outside scholarships after financial aid has been packaged • Students drop classes or their credit completion and/or grades do not meet minimum standards • Anticipated federal, state, or institutional funds are not available

  24. Additional Considerations • “Need” is a federally defined concept and may not reflect a family’s actual financial situation • Schools may not be able to meet all of a family’s federally defined “need” with need-based aid • Future indebtedness should be carefully considered when accepting loans • Families should report to the school any special circumstances that will affect their ability to pay for college

  25. Additional Information • Any college or university financial aid office • Federal Student Aid on the Web at www.college.gov and at studentaid.ed.gov • The Financial Aid Information Page at www.finaid.org • The NELA Center for Student Success in Portland at www.nela.net/centers • College Goal Oregon/Financial Aid Day sites each Saturday in January 2011 -- information soon at www.collegegoaloregon.org

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