financial aid update melissa pizzo, ed. d. interim executive director, student financial assistance...
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Financial Aid Update
Melissa Pizzo, Ed. D.Interim Executive Director, Student
Financial AssistanceArizona 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
FAFSA Facts:January 1
FAFSA Facts:FREE
FAFSA Facts: Priority Filing Dates
FAFSA Facts:Apply Early
Federal Aid Eligibility Aid
financial aid
U.S. Citizen or eligible non-citizen.
Register with Selective
Service (male applicants only,
if required).
Attend a participating college.
Enroll in a degree or certificate program.
Maintain satisfactory academic progress.
FAFSA facts:Submit Documents Promptly
FAFSA Facts:File Every Year
What You Need
Social Security Number
.
Business or or farm records.
Bank & Investment records.
Records of any taxed & untaxed income.
Important changes: IRS Data Retrieval process
Verification
Financial Aid Steps
Student submits FAFSA
Student receives a Student Aid Report (SAR) and schools receive Expected Family Contribution (EFC)
School calculates financial need and sends award letter
COA – EFC = Financial Need
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
College Goal Sunday