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![Page 1: New Facilities Carmen Coleman MBA Sr. Coordinator, Regional Admissions and Recruitment Contact Number: (510)393-4411 * Email: carmenc@unr.educarmenc@unr.edu.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551a92f2550346b52d8b5edc/html5/thumbnails/1.jpg)
New Facilities
Carmen Coleman MBASr. Coordinator, Regional Admissions and Recruitment
Contact Number: (510)393-4411 * Email: [email protected]
“FINANCIAL AID 101”
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Agenda
TerminologyTypes of AidHow to applyHow eligibility is determinedWhat happens after applying
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Cost of Attendance
Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses May cover cost of computers May also include other extraordinary
expenses
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Expected Family Contribution
Need Analysis is the formula used in determining a family’s EFC
EFC is the measure of a family’s financial strength
The Financial Aid Office uses the EFC to determine the student’s overall need for financial aid
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Basic Equation of Need
Cost of Attendance (COA)- Expected Family Contribution (EFC)
= Student’s Financial Need
(eligibility)
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Calculating Eligibility
Federal EFC will be same at all schools
Federal financial aid eligibility varies based on institution’s COA
Some schools may use institutional methodology to award their own institutional funds
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Private 4-year COA $45,000
- EFC 5,000
= Need $40,000
Public 4-year COA $23,000
- EFC 5,000
= Need $18,000
Public 2-year COA $13,000
- EFC 5,000
= Need $ 8,000
Eligibility Varies Based on Cost
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Sources of Financial Aid
• Gift Aid• Grants & Scholarships
• Self Help• Loans & Work
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Gift Aid
Scholarships Academic Community Service Institution Specific
www.fastweb.com www.finaid.com
www.scholarships.com
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Gift Aid
Grants
Pell Grant: up to $5,730 (2014-15)
Supplemental Educational Opportunity Grant: up to $4,000
Cal Grant
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Cal Grants
Student must meet All federal eligibility criteria Income & asset limits GPA requirement (3.0 for Cal A)
Amount paid is determined by Grant program & school segment
Renewal is based on program participation
www.calgrants.org
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Cal Grant A
Cal A (13-14)Community College $2,462CSUs $5,472UCs $12,192Privates $9,084http://www.calgrants.org/?navId=11
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Cal Grant
Cal Grant B Cal Grant A Stipend of $2,462
Stipend only at CCs Stipend only first year at CSUs, UCs, Privates
www.calgrants.org
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Tuition Discount Programs: WUE
Purpose: Provide undergraduate students opportunity to attend school out of state
15 participating states, 148 institutions
Reduced out-of-state tuition: 150% of in-state tuition
Two-year and four-year colleges
Most undergraduate fields available
More options, more affordable!
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WUE Example (2014-2015)
Annual tuition costs:
Resident: $ 5,745.00
Non-resident: $ 19,655.00
WUE: $ 8,617.50
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A few institutions automatically offer WUE to residents from WICHE states (Montana & Nevada)
At most institutions, WUE must be requested
Indicate WUE status on school application; there is no general “WUE application”
4 years maximum
Commonly requested, but don’t participate: Arizona State University-Tempe University of Colorado-Boulder Oregon State University
Each school is different: Minimum GPA/SAT/ACT ? Limited fields of study? Cap on the number accepted? Transfers accepted?
Did you know…
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WUE Recommendations
Website: www.wiche.edu/wue
Contact admissions office: How to apply for WUE status? Qualified field(s) of study? Specific requirements? Space-available basis?
“Once a WUE, always a WUE”
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Self Help
Federal Perkins Loans (up to $5,500 per year @ 5% interest)
Federal Stafford (interest rate, 3.86% of amount borrowed for subsidized AND unsubsidized)
Grade LevelDependent Undergraduate Student
Independent Undergraduate Student*
Freshman$5,500 (max $3,500 subsidized)
$9,500 (max $3,500 subsidized)
Sophomore$6,500 (max $4,500 subsidized)
$10,500 (max $4,500 subsidized)
Juniors, Seniors and Beyond
$7,500 (max $5,500 subsidized)
$12,500 (max $5,500 subsidized)
Cumulative Limit$31,000 (max $23,000 subsidized)
$57,500 (max $23,000 subsidized)
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Self Help
Direct Loans (are the same as Stafford with different interest rates through Dept. of Education)
PLUS Loans Parent Loan - subject to credit check Can borrow more at higher interest rate
(7.9%) Federal Work Study - student works
for paycheck
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Packaging: 4 Year Private
COA $45000 – EFC $2500 = $42500Pell $1,860University Grant $7,500
FWS $2,000Perkins $3,000Stafford Sub $3,500Stafford Unsub $2,000PLUS $19,140
TOTAL $42,500
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Types of Applications
FAFSA (FREE Application for Student Aid)
www.fafsa.ed.gov
Private and other applications CSS Financial Aid Profile
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FAFSA Tips
First year . . . Don’t wait for admission!!!
Always apply Yearly process After January 1 prior to the fall term
(ie. January 1, 2011 for fall 2011 semester)
Student needs a PIN Parent needs a PIN
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FAFSA Tips
Interested in Loans or Work-Study? If unsure, answer “yes” then decline
once aid is awarded A “yes” does not obligate student to
either program, nor will it cause them to lose out on gift aid
A “no” may restrict some of their options for certain limited loan and work-study funds
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FAFSA Tips
Date and Sign If filing electronically, don’t
forget PIN or signature page If filed by a dependent student,
student and 1 parent must sign If filed by an independent
student, only student must sign
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Parent Information
Who is a Parent?
Biological parent(s) Custodial Parent (lived with
most over the past 12 months and/or provided most financial support)
Adoptive parent(s) Stepparent
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Parent Information
Custodial parent filed with ex-spouse
Consider only income of custodial parent (which includes any child or spousal support received)
Custodial parent remarried
Stepparent information must be included
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Parent Information
Who is not considered a parent for this section? Foster parent(s)
The ward is automatically considered an independent student
Legal guardian(s)Must attempt to get parental information
*FAO may use Professional Judgment to make student independent
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Parent Information
Total of Cash, Savings and Checking Accounts
Total as of the day the FAFSA is signed
Be careful not to double count!
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Student Information
Student Income (taxable and untaxable)
Minus state and federal taxes Minus Income Protection allowance Plus percentage of student assets
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Prioritizing College Choices
List schools most likely to attend Ways to add schools
Wait for Student Aid Report (SAR) Add schools by phone or on the
Web Up to 10 colleges at a time
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Student Aid Report (SAR)
Expect SAR after filing Up to 4 weeks for paper FAFSA 1 to 2 weeks for Online FAFSA
Carefully review for any errors Contact school before submitting
corrections
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What Happens Next?
Alerts on SAR to applicant and
school To possible database match
problems If application has been selected for
verification To whether or not EFC has been
calculated
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Awarding and Packaging
Award letters may vary in composition Listing of awards and amounts COA, EFC, need and unmet need Period of enrollment covered
Response may or may not be required
Will still need to accept loans
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Helpful Hints
Open ALL mail No “magic formula” so reconsider paid
assistance Still need to process paperwork for
loans/apply for Parent Plus Need to file a new FAFSA each year Need to consider 4 year commitment Even if parent isn’t paying for school,
still need the information.
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Thanks!
Any Questions?
Carmen Coleman M.B.A.
Sr. Coordinator, Regional Admissions & Recruitment
University of Nevada, Reno
(510)393-4411