CASFAA CONFERENCE 2008

Financial Aid BasicsThe Big Picture

Presented By

Michael DearAssistant Director of Financial AidCalifornia State University, SacramentoCASFAA Conference 2008 – The Adventure Continues

Michael DearAssistant Director of Financial AidCalifornia State University, SacramentoCASFAA Conference 2008 – The Adventure Continues

Agenda

1. Big Picture – 5 Major Steps1. Big Picture – 5 Major Steps

2. Types and Categories 2. Types and Categories

3. Need Calculation 3. Need Calculation

4. Agencies 4. Agencies

5 Major Steps

1. Complete FAFSA

Application

2. Documents /File Review

3. Packaging

/Award Notice

4. Tying Up Loose Ends

5. Payment

1. Student completes the FAFSA (Free Application for Federal Student Aid)

www.fafsa.ed.govFAFSA Priority filing

date = March 2nd each year. (Varies by state)

Complete Cal Grant GPA Verification Form (1 time – auto renew w/ FAFSA thereafter)

Cal Grant application DEADLINE is MARCH 2nd!

Document Examples:

I. FA Office collects necessary documents.

II. FA staff correct FAFSA ISIR as necessary

III. Corrections sent to FAFSA Central Processor (CPS)

IV. Final review of FAFSA performed

V. Ready for Award Packaging

Verification WorksheetsTax DocumentsProof of CitizenshipSatisfactory Academic

Progress (SAP) docs

2. Documents & File Review

3. Award Packaging

Based on Expected Family Contribution (EFC) and Cost of Attendance (COA)

Student receives Award Notice and Responds

Possible Awards may include Grants, Loans, FWS, Scholarships, VA Benefits, Voc Rehab

4. Tying Up Loose Ends

Address / Clear Holds (MySacState)?

Complete Entrance Loan Counseling (ELC)?

Complete Promissory Note (MPN)?

Meet with Financial Aid counselor for Special Circumstances?

Update Units (Awarded based on 12 units, is student attending less than full time?)?

Personal Information Correct (Address)?

5. Payment!

How does disbursement of aid occur at your school?

What is the timing for disbursements at your school?

EFT’s from lenders are received Friday PM.

Grant/Loan/Scholarship funds are released electronically to Cashier each Tuesday night.

Checks are printed & Direct Deposits are processed on Wed./Thurs.

Checks are mailed out on Friday or Monday

Holds are placed and removed each night

Four Types: Two Categories:

GrantsLoansScholarshipsFederal Work Study

(FWS)

Need BasedNon-Need Based* Determining “Need”

will be covered later in the presentation.

Financial Aid Types and Categories

Grants

State Cal Grants U.C. Grants (UC) State Univ. Grant

(CSU) B.O.G. Fee Waiver

(CCC)Federal

Pell Grant FSEOG ACG/SMART Grants

Private/Others?

Free money, no repayment

Typically Need Based

Need Based Loans: Non-Need Based Loans:

Federal Subsidized (FFELP/Direct) No interest during

school and grace period

6 month grace period after graduation or withdrawal

PerkinsNursing

Federal Unsubsidized(FFELP/Direct) Interest accrues during school and

grace period 6 month grace period after

graduation or withdrawal Federal Parent PLUS

(FFELP/Direct) Parent is borrower on student’s

behalf Payments begin 60 days after the 2nd

disbursement Private Alternative

Higher interest rates Immediate repayment

Loans

Scholarships

Good GradesAthletic AbilityCollege MajorSpecial TalentsHeritageTribalCommunity ServiceAmericorps

Typically Free Money (no repayment)

Need based and non need based

FWS – Part time job program

Student earns hourly wage

Taxable income if applicable

Typically higher wages – gov’t and employer each pay a percentage of $$$

NOT COUNTED in EFC calculation for following FAFSA application cycle!

Federal Work Study

Cost Of Attendance (COA)

Expected Family Cont. (EFC)

Estimated cost to attend for the academic year

Consists of: Fees/Tuition Books Room & Board Transportation Miscellaneous Possibly Childcare/Other

Federal Formula, based on FAFSA information

Includes income and demographic information

Ranges from 0 to 99,998

Need Calculation

Need Calculation Cont’d

Cost of Attendance (COA)- Expected Family Cont. (EFC)

= Financial Need (for Fin Aid Purposes)

*A student can receive any combination of aid (need based or non-need based) up to their cost of attendance.

Undergraduate One Semester Full Time

Budget Category

Res FT W/Parent

Res FT On Campus Res FT Off Campus NonRes FT W/Parent NonRes FT On Camp NonRes FT Off Campus

Books 693.00 693.00 693.00 693.00 693.00 693.00

Fees 1,779.00 1,779.00 1,779.00 1,779.00 1,779.00 1,779.00

Housing 1,737.00 5,051.00 5,229.00 1,737.00 5,051.00 5,229.00

Personal 1,183.00 1,060.00 1,191.00 1,183.00 1,060.00 1,191.00

Transportation 621.00 492.00 603.00 621.00 492.00 603.00

Non Res 0.00 0.00 0.00 4,068.00 4,068.00 4,068.00

Total 6,013.00 9,075.00 9,495.00 10,081.00 13,143.00 13,563.00

Agencies

Common Origination & Disbursement (COD)

National Student Loan Data System (NSLDS)

FAFSA Central Processing System (CPS)

National Assoc. of Student Fin Aid Administrators (NASFAA)

California Student Aid Commission (CSAC)

State Guarantee Agencies (EdFund)

California Assoc. of Student Fin Aid Administrators (CASFAA)

Important Telephone Numbers & Websites

CSUS Fin Aid Office (916) 278-6554 Dept of Homeland Security (a.k.a. INS) (916) 489-6463

6000 J St., Sac, CA 95819-6044 FAX: (916) 278-6082   (800) 375-5283

www.csus.edu/faid School Code: 001150 California Student Aid Commission (CSAC) (888) CAGRANT

Scholarships (CSUS) (916) 278-6179 www.csac.ca.gov (888) 224-7268

www.fastweb.com/college     FAX (916) 526-8002

FAFSA (800) 4FEDAID National Student Loan Data System (NSLDS)

www.fafsa.ed.gov (800) 433-3243 www.nslds.ed.gov  

PIN (Personal Identification Number) Selective Service (847) 688-6888

http://pin.ed.gov   www.sss.gov  

CasperWeb Help Line (916) 278-8088 Income Tax Return or Transcripts (800) 829-1040

https://casperweb.csus.edu   http://www.irs.gov  

SacNote (916) 278-7337 Social Security Office (916) 381-9410

www.SacNote.csus.edu   8351 Folsom Blvd. Sacramento, CA (800) 772-1213

VA Office (916) 440-6811 http://www.ssa.gov/ssnumber  

1819 K Street, Sacramento, CA   Perkins Loan Borrowers: SFSC/LSN 1003 (916) 278-6190

Muskogee Regional Office (888) 442-4551 www.mapping-your-future.org Entrance Loan Counseling

Oakland Office (800) 827-1000 www.csus.edu/sfsc/Perkins.pdf Master Promissory Note

www.gibill.va.gov   www.csus.edu/sfsc/PCI.pdf Personal Confidential Info Form

EdFund - CA State Guarantor 1-888-715-5797 CSUS Preferred Lender List  

www.edfund.net 1-888-223-3357 https://webapps1.csus.edu/faid_general/downloads/flyers/Stafford_Lender_List.pdf

Questions?