District 51 Financial Aid Overview

Curt MartinColorado Mesa University

Show Me the Money!

• Need-Based Grants• Merit-Based Grants

o Academic Achievemento Athleticso Talento Community Serviceo Only applicant

• Loans• Savings• Work

Prepare!

• Things to gather for need – based aid– Name, SSN, DOB– Federal Tax forms– Other Income– Assets

• Find Out the cost of the college

Cost of Attendance                 

  Billed Expenses     College A   College B  

    Tuition     $7,000   $28,600  

    Fees     268   300  

    Room     5,194   6,500  

    Board     3,430   3,450  

      Total Billed   $15,892   $38,850  

                 

  Out-of-pocket Expenses            

    Books & Supplies     $1,698   $1,698  

    Transportation     1,200   1,200  

    Personal Expenses     1,942   1,942  

      Total Out-of-Pocket   $4,840   $4,840  

                 

  Total Cost of Attendance   $20,732   $43,690  

                 

Preparing for Scholarships

• Do well academically

• Join Groups

• Become civic-minded

• Keep a diary

Look!

• High School Guidance Counselor• College Web Sites• College Financial Aid Offices• Local Businesses & Banks• Your Place of Employment (Parents Too)• Clubs and Churches• Magazines, Newspapers, TV, Soda Cans,

Wrappers• The Web in General

Student Debt Is Real

• So smart, so successful – so broke?

• Don’t become a statistic!• For students ages 18-24, one-third of their

income is spent on debt• Average student loan debt is $26,500 (not

counting private loans)• Average student credit card debt is $4,100 at

graduation (2009)• More 21-to-24-year-olds are declaring

bankruptcy than graduating from college

What’s your Plan?

• Starting Salary: $40,000 per year• Take Home: $2400 per month (after taxes,

medical insurance, retirement)

• Payments: Rent ($750)Student Loan ($225)Car payment ($400)Utilities ($350)Credit Card ($125)Food ($350)Insurance ($150)Emergencies ($ 50)(dates, clothes, etc.)

Financial Aid Process

January – March

• Complete FAFSA www.fafsa.ed.gov• Complete scholarship applications• If attending college in Colorado, complete

COF at https://cof.college-assist.org/• Verification documents requested by

college

Financial Aid Process

April – July

• Award notification sent to student• Complete Master Promissory Note (MPN)

and loan entrance counseling https://studentloans.gov/

• Parent needs to complete credit check and MPN for Parent Loan for Undergraduate Students (PLUS)

Financial Aid Process

August – October

• Check in with Financial Aid office to verify that everything has been completed

• Financial Aid will be disbursed either 3 days before class or 2 weeks after classes start

November – December• Search for scholarships for next academic

year• Repeat process each year

Time to Split

Financial Aid FAFSA Overview

Curt MartinFinancial Aid Director

PIN

• www.pin.ed.gov

• Useful as an e-signature for FAFSA completion

• Parent and student may both apply for PIN

Fafsa.gov

Student Identifiers

My FAFSA Page

My FAFSA Page

Introduction Page

Student Information and Hints

High School Question

School Selection Step

Dependency Status

Parental Determination

Parent Financial Information

FYI

• IRS data retrieval

• Also available for Corrections

• Available starting February 15th–28th

• Electronically filed tax return information will be available from the IRS in 1-2 weeks, data from paper tax returns will be available in 6-8 weeks.

IRS Data Retrieval

• Once the applicant has successfully authenticated, tax data will be presented and the applicant will have the option to “Transfer” the tax information to the FAFSA

• Transferred data will have a notation - “Transferred from the IRS”

Additional Income Information

Assets and Net Worth

Student Financial Information

• Same as parent information, only students financial information

Sign & Submit

Helpful Web Sites

• College in Colorado: www.collegeincolorado.com• Scholarship Search: www.fastweb.com• FAFSA: www.fafsa.ed.gov• PIN: www.pin.ed.gov• MPN: www.studentloans.gov• U.S. Department of Education: www.studentaid.ed.gov• General financial aid information: www.finaid.org

FAFSA Help

• Central High School February 7, 2013 Library, 6:30-7:30

• Fruita Monument HS February 11, 2013 Library, 6:30-7:30

• Palisade High School February 12, 2013 Library, 6:30-7:30

• Grand Junction HS February 13, 2013 Room 110, 6:30-7:30

• College Goal Sunday - Colorado Mesa University February 10, 2013 ACB – 2nd Floor 11:00-2:00

Questions?

• Colorado Mesa University Financial Aid Office:– 1-800-982-MESA (Main Line)

– (970) 248-1396 (Financial Aid) – www.coloradomesa.edu/finaid

• Financial Aid Counselors:– Ashlee Caddy– Jim Ciha– Patty Diekman– Rose Willett– Carol Lawrence– Sally Schuman– Heidi Waggoner

Thank You