presented by: jeff gregory university of colorado at boulder peg mason colorado school of mines
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Applying for Federal Financial Aid 2010-2011 And other Financial Aid Fun Facts. Presented by: Jeff Gregory University of Colorado at Boulder Peg Mason Colorado School of Mines. What’s new in 2010-2011 ?. IRS Database Match - PowerPoint PPT PresentationTRANSCRIPT
Presented by:
Jeff GregoryUniversity of Colorado at Boulder
Peg MasonColorado School of Mines
Applying for Federal Financial Aid 2010-2011
And other Financial Aid Fun Facts
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What’s new in 2010-2011?
IRS Database Match
Currently available for FOTW filers for 2009-2010 financial aid year
Will be available mid-summer for 2010-11
3
What’s new in 2010-11?
Paper FAFSA
Overall design and layout unchanged for 2010-2011
Revised Student’s Marital Status Responses
Removed Veteran Questions “Will you receive Benefits”, “Types of Benefits”
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What’s new in 2010-11?
Paper FAFSA (cont.)
Added New Income Exclusions for Cooperative Education Program Benefits
Added Guidance Regarding Military Housing Allowance
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What’s new in 2010-11?
FAFSA on the Web
Continue to offer three paths to apply without parental data
Added additional Special Circumstances Flag values to Student Aid Report (school use)
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What’s new in 2010-11?
FAFSA on the Web (cont.)
Automated match process for DOD match for parent or guardian killed in Iraq or Afghanistan after Sept. 11, 2001
Enhanced Two Pell Grant report (school use)
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What’s new in 2010-11?
FAFSA on the Web Item Changes and Comparisons Presentation
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Cash, savings, checking accounts (do NOT include financial aid)
Investments including real estate (do NOT include primary residence)
Business or investment farms (do NOT include family farm or business with 100 or fewer employees)
Assets – What are they?
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Do NOT include value of life insurance
Do NOT include the value of retirement plans (401k, 403b, pension funds, annuities, non-education IRAs, Keogh plans, etc.)
Do NOT include cash, savings and checking accounts already reported
Assets – What are they not?
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Independent student – report value of student and spouse 529s as student asset
Dependent student – report value of 529s in name of parent and student as parent asset
Assets – What about 529s?
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Two basic models
Dependent
Independent
With dependents
Without dependents
Basics Unchanged
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Case by case basis
Handled institutionally
Contact college or university directly
Special Circumstances
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May include:
Parental loss of income
Significant medical expenses
Unusual employment expenses
Other factors impacting family ability to pay
Special Circumstances (cont.)
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FAFSA questions 56,57,58
Unaccompanied homeless youth
Determined by school homeless liaison, emergency shelter director, director of homeless youth basic center or transitional living program
Homeless Youth
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Only U.S. citizens and eligible non-citizens are eligible to receive federal student aid
Undocumented individuals may:
Have entered U.S. Illegally
Have entered U.S. legally on temporary basis and stayed after documents expired
Have been brought into the U.S. by someone else
Undocumented Individuals
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U.S. permanent residents
Citizens of the Freely Associated States: Federated States of Micronesia, Palau, and the Marshall Islands
Other eligible non-citizens:
Refugees
Victims of human trafficking
Persons granted asylum
Eligible Non-citizens
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Other eligible non-citizens:
Conditional entrants
Persons paroled into the U.S. for at least one year
Cuban-Haitian entrants
Eligible Non-citizens (cont.)
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State of Colorado Aid
Colorado institutions use the data provided on the (FAFSA) to award state aid
Other states may require submission of supplemental forms. If applying to an out of state institution, determine if aid is available to non-residents.
While not financial aid, Colorado residents planning on attending a Colorado public college or university, Regis University, Colorado Christian University, or the University of Denver, should apply for the College Opportunity Fund (https://cof.college-assist.org)
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Pell Grant Changes
Maximum Pell Grant Award for 2010-11 - $5,550
Two Pell Grants in one year – student qualifies for a second scheduled award upon successful completion of one academic year as defined by credit hours completed
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Other Federal Aid Programs
Federal ACG
Federal SMART Grants
Federal TEACH Grants
Federal SEOG
Federal Workstudy
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Cost of Attendance (Budget)
Sample Resident Undergraduate (9 month)
On-campus Off-campus
Tuition and fees $7,278 $7,278Books and supplies 1,749 1,749Room and board 9,860 8,478Personal 1,233 1,233Transportation 1,296 1,296Medical expenses 1,845 1,845Total $ 23,261 $21,879
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Financial Literacy
Making Wise Decisions
Regarding the Use of Your
Financial Aid Funds
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How can I reduce my costs 1/3?
Do the math! Completing a 120 credit bachelor’s degree in four years requires completing 30 credits each year or 15 credits per semester. Completing your degree in the least amount of time possible reduces cost and increases future income!
If available, utilize the tuition window at your school. It’s like getting free tuition. In many cases, there is no or little cost difference between taking 15 credits and 12 credits per semester.
If you are allowed to waive school health insurance because of parental coverage, do it by the deadline!
Used books read just as well as new books and usually cost less.
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How can I reduce my costs 2/3?
Avoid the avoidable! When parking on campus, do not park in no-parking zones. If possible, consider leaving your car at home.
Return library books and materials by the due date. Fines and late fees add up quickly and will be added to your bill.
When renting a dorm room or apartment, resist the temptation to perform major renovations. They rarely increase the value and normally reduce the amount of your damage deposit.
School supplies are usually less expensive when purchased off-campus.
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How can I reduce my costs 3/3?
Practice effective money management. You will likely receive one refund of excess financial aid each semester. You will need to budget these funds to last for several months.
If living on-campus, purchase a meal plan that is consistent with your eating habits and tastes. If living off-campus, be a smart consumer when grocery shopping.
Maintain your eligibility for financial aid. Too many dropped classes or poor performance in the classroom can cost you your financial aid eligibility.
Remember, college is a means to an end! For most students, it is the best investment of time and money you will ever make.
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Questions and Answers