Oregon University SystemOregon University SystemFall Regional Counselor Fall Regional Counselor

ConferenceConferenceOregon Association of Student Financial Aid Oregon Association of Student Financial Aid

Administrators and Oregon Student Assistance Administrators and Oregon Student Assistance CommissionCommission

Phillip W.W.D. Rodgers, Sr.Phillip W.W.D. Rodgers, Sr.Director, Office of Student Financial AidDirector, Office of Student Financial Aid

Portland State UniversityPortland State University

Jenny RyanJenny RyanOregon Student Assistance CommissionOregon Student Assistance Commission

What You What You Need to Know Need to Know

About Financial AidAbout Financial Aid

Topics We Will Discuss TodayTopics We Will Discuss Today

What is financial aidWhat is financial aid Standard Types and Sources of Financial AidStandard Types and Sources of Financial Aid How to Apply for Financial AidHow to Apply for Financial Aid Free Free ApplicationApplication for Federal Student Aid for Federal Student Aid

(FAFSA) (FAFSA) Calculating financial needCalculating financial need Cost of attendance (COA)Cost of attendance (COA) The Award LetterThe Award Letter Special circumstancesSpecial circumstances

What is Financial Aid?What is Financial Aid?

Financial aid is funding provided to students Financial aid is funding provided to students and families to help pay for postsecondary and families to help pay for postsecondary educational expenseseducational expenses

Standard Types and Sources of Financial AidStandard Types and Sources of Financial Aid

GrantsGrants Federal Pell GrantFederal Pell Grant Supplemental Educational Opportunity GrantSupplemental Educational Opportunity Grant Oregon Opportunity Grant Oregon Opportunity Grant Academic Competiveness Grant (ACG)Academic Competiveness Grant (ACG) National Science & Mathematics Access to Retain National Science & Mathematics Access to Retain

Talent Grant (SMART)Talent Grant (SMART) Teach GrantTeach Grant

EMPLOYMENTEMPLOYMENT

Federal Work StudyFederal Work Study

Institutional Work StudyInstitutional Work Study

Institutional Campus EmploymentInstitutional Campus Employment

Standard Types and Sources of Financial AidStandard Types and Sources of Financial Aid

Standard Types and Sources of Financial AidStandard Types and Sources of Financial Aid

LoansLoans Federal Stafford Loans (Subsidized/Unsubsidized)Federal Stafford Loans (Subsidized/Unsubsidized)

Perkins LoansPerkins Loans

Federal Parent Loans to Undergraduate Students Federal Parent Loans to Undergraduate Students (PLUS)(PLUS)

Alternative loans - Alternative loans - always encourage students always encourage students to apply for state and federal aid by to apply for state and federal aid by completing the FAFSA firstcompleting the FAFSA first

Standard Types and Sources of Financial AidStandard Types and Sources of Financial Aid

Scholarships Scholarships Institutional applicationsInstitutional applications Admission applicationsAdmission applications

OSAC scholarshipsOSAC scholarships Internet searchesInternet searches Local and other scholarshipsLocal and other scholarships High School scholarshipsHigh School scholarships

Academic Competitiveness GrantAcademic Competitiveness Grant

First year $750/year First year $750/year

Second Year $1300/year Second Year $1300/year

Must have a 3.0 GPA at the end of the first yearMust have a 3.0 GPA at the end of the first year Pell Grant EligiblePell Grant Eligible

At least half-time enrollmentAt least half-time enrollment

Completed a Rigorous High School ProgramCompleted a Rigorous High School Program

More info online at the US Department of Education More info online at the US Department of Education www.studentaid.ed.govwww.studentaid.ed.gov

Smart GrantSmart Grant

Third year $4000/year – Fourth year $4000/yearThird year $4000/year – Fourth year $4000/year Pell Grant EligiblePell Grant Eligible At least half-time studentsAt least half-time students Cumulative GPA of 3.0 or greaterCumulative GPA of 3.0 or greater Declared Major and taking appropriate classes towards Declared Major and taking appropriate classes towards

these fields of study:these fields of study: Computer Science or TechnologyComputer Science or Technology EngineeringEngineering Life Sciences or Physical SciencesLife Sciences or Physical Sciences MathematicsMathematics Specified Foreign LanguagesSpecified Foreign Languages Specified Multidisciplinary StudiesSpecified Multidisciplinary Studies

More info online at the US Department of More info online at the US Department of Education Education www.studentaid.ed.govwww.studentaid.ed.gov

Teach GrantTeach Grant Program first effective for 08-09 aid yearProgram first effective for 08-09 aid year Optional for schools to participateOptional for schools to participate

$4000/yr Grant for students interested in teaching$4000/yr Grant for students interested in teaching (Math, Science, Foreign Lang., Special Ed, reading specialist, (Math, Science, Foreign Lang., Special Ed, reading specialist,

other “high need fields) other “high need fields)

Must teach in low income school in high need field for 4 years Must teach in low income school in high need field for 4 years within the first 8 years after graduationwithin the first 8 years after graduation

75th percentile on standardized test / or maintain 3.25 GPA 75th percentile on standardized test / or maintain 3.25 GPA

If teaching requirement not fulfilled, Grant becomes a Direct If teaching requirement not fulfilled, Grant becomes a Direct Unsubsidized Loan, accruing interest from the first Unsubsidized Loan, accruing interest from the first disbursement date.disbursement date.

How do students apply for aid?How do students apply for aid?

FREE Application Federal Student Aid (FAFSA) FREE Application Federal Student Aid (FAFSA) required for federal and state aid. This application is required for federal and state aid. This application is freefree. Students should not use alternate websites that . Students should not use alternate websites that charge a fee to file the FAFSA.charge a fee to file the FAFSA.

Profile form (used by some schools)Profile form (used by some schools)

Institutional formsInstitutional forms

FAFSA on the WEB FAFSA on the WEB

Free Application for Federal Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA) A standard form that collects demographic A standard form that collects demographic

and financial information about the student and financial information about the student and familyand family

May be filed electronically or using paper May be filed electronically or using paper formform

Available in English and SpanishAvailable in English and Spanish

FAFSAFAFSA

Information used to calculate the Expected Information used to calculate the Expected Family Contribution or EFCFamily Contribution or EFC The amount of money a student and his or her The amount of money a student and his or her

family may reasonably be expected to family may reasonably be expected to contribute towards the cost of the student’s contribute towards the cost of the student’s education for an academic yeareducation for an academic year

Colleges use EFC to determine eligibility for Colleges use EFC to determine eligibility for financial aidfinancial aid

FAFSAFAFSA

May be filed at any time during an academic May be filed at any time during an academic year, but no earlier than the January 1year, but no earlier than the January 1stst prior prior to the academic year for which the student to the academic year for which the student requests aidrequests aid

For the 2010-11 academic year, the FAFSA For the 2010-11 academic year, the FAFSA may be filed beginning January 1, 2010may be filed beginning January 1, 2010

Colleges may set FAFSA filing deadlinesColleges may set FAFSA filing deadlines

Student Financial Aid Personal Student Financial Aid Personal Identification Number (SFA PIN)Identification Number (SFA PIN) Web site: Web site: www.pin.ed.gov

Sign FAFSA electronicallySign FAFSA electronically

Can request PIN before Can request PIN before January 1, 2010January 1, 2010

Not required, but speeds Not required, but speeds processingprocessing

May be used by students May be used by students and parents throughout aid and parents throughout aid process, including process, including subsequent school yearssubsequent school years

FAFSA on the WebFAFSA on the Web

Web site: www.fafsa.govWeb site: www.fafsa.gov 2010-11 FAFSA on the Web available on 2010-11 FAFSA on the Web available on

January 1, 2010January 1, 2010 FAFSA on the Web Worksheet:FAFSA on the Web Worksheet:

Used as “pre-application” worksheetUsed as “pre-application” worksheet Questions follow order of FAFSA on the WebQuestions follow order of FAFSA on the Web

FAFSA on the WebFAFSA on the Web

Good reasons to file electronically:Good reasons to file electronically: Built-in edits to prevent costly errorsBuilt-in edits to prevent costly errors Skip-logic allows student and/or parent to skip Skip-logic allows student and/or parent to skip

unnecessary questionsunnecessary questions More timely submission of original application and any More timely submission of original application and any

necessary correctionsnecessary corrections More detailed instructions and “help” for common More detailed instructions and “help” for common

questionsquestions Ability to check application status on-lineAbility to check application status on-line Simplified application process in the futureSimplified application process in the future

FAFSA Processing ResultsFAFSA Processing Results

Central Processing System (CPS) notifies student of Central Processing System (CPS) notifies student of FAFSA processing results by:FAFSA processing results by:

Paper Student Aid Report (SAR) if paper FAFSA Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not providedwas filed and student’s e-mail address was not provided

SAR Acknowledgment if filed FAFSA on the Web and SAR Acknowledgment if filed FAFSA on the Web and student’s e-mail address was not providedstudent’s e-mail address was not provided

E-mail notification containing a direct link to student’s on-E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or line SAR if student’s e-mail was provided on paper or electronic FAFSAelectronic FAFSA

Student with PIN may view SAR on-line at Student with PIN may view SAR on-line at www.fafsa.ed.govwww.fafsa.ed.gov

Overview of the federal application Overview of the federal application processprocess Obtain the Federal Student Aid PINObtain the Federal Student Aid PIN

www.pin.ed.gov Fill out the FAFSA form (online or paper)Fill out the FAFSA form (online or paper)

www.fafsa.ed.gov Review the SAR (online or paper)Review the SAR (online or paper) School receives FAFSA dataSchool receives FAFSA data School resolves conflicting data/verificationSchool resolves conflicting data/verification

Once complete…The Expected Family Once complete…The Expected Family Contribution (EFC) is determinedContribution (EFC) is determined

Calculating Financial NeedCalculating Financial Need

Cost of AttendanceCost of Attendance

minusminus

Expected Family ContributionExpected Family Contribution

equalsequals

Financial NeedFinancial Need

Cost of AttendanceCost of Attendance

Budgets based upon Standard Cost Budgets based upon Standard Cost Tuition and FeesTuition and Fees

Resident or Non-ResidentResident or Non-Resident Room and BoardRoom and Board Books and SuppliesBooks and Supplies Miscellaneous AllowanceMiscellaneous Allowance TransportationTransportation Other CostsOther Costs

Dependent child care, overseas study, computerDependent child care, overseas study, computer

The Award LetterThe Award Letter

Review Cost of Attendance Review Cost of Attendance

Expected Family Contribution (EFC)Expected Family Contribution (EFC)

Financial aid offeredFinancial aid offered

What to do if the aid offered isn’t enoughWhat to do if the aid offered isn’t enough

Any Questions, Don’t hesitate to contact you FAAAny Questions, Don’t hesitate to contact you FAA

Special CircumstancesSpecial Circumstances

Cannot report on FAFSACannot report on FAFSA

Send explanation to financial aid office at each Send explanation to financial aid office at each college - College reviews special circumstancescollege - College reviews special circumstances

Request additional documentationRequest additional documentation

Decisions are final and cannot be appealed to U.S. Decisions are final and cannot be appealed to U.S. Department of EducationDepartment of Education

Special CircumstancesSpecial Circumstances

Change in employment statusChange in employment status

Medical expenses not covered by insuranceMedical expenses not covered by insurance

Change in parent marital statusChange in parent marital status

Unusual dependent care expensesUnusual dependent care expenses

Student cannot obtain parent informationStudent cannot obtain parent information

Resources and eventsResources and events

Please contact Your financial aid office for Please contact Your financial aid office for answers to your questionsanswers to your questions

Financial Aid NightsFinancial Aid Nights

College Goal Oregon – January 30, 2010College Goal Oregon – January 30, 2010

THANK YOU FOR ALL THANK YOU FOR ALL YOU DO!!!!!!YOU DO!!!!!!