Presentation byAllison Koenig, Director TRiO EOC/ETS

Rogue Community College

What We’ll CoverWhat is Financial Aid?What is a COA?What is EFC?Professional Judgment for

Special CircumstancesWhat is Financial Need?Categories, Types & Amounts of Aid?How to Apply? (FAFSA, etc.)Additional Resources

What is Financial Aid?

Financial aid is funds provided to students and families to help pay for postsecondary educational expenses.

Financial aid may not cover all your costs.All financial aid is not “created equal.”

What is COA?Cost of Attendance: A budgetary estimate of how

much it will cost you to live and go to college for the school year; not how much you’ll have to pay. Includes:

•Tuition & Fees •Personal & Miscellaneous•Books & Supplies •Childcare•Room & Board •Disability Expenses•Transportation •Program Expenses

Established by college’s financial aid office.Higher COA = higher need

(so, possibly more aid)Average 10/11 COAs in Oregon:

Public 2-Year $14,914Public 4-Year $21,047Private 4-Year $37,645

What is EFC?“Expected Family Contribution” – The amount

you/your family can reasonably be expected to contribute to your COA over the school year

Not what you/your family will pay for you to go to college

Two components:Parent contribution (income, assets)Student contribution (income, assets)

Federal methodology used to evaluate FAFSA data (income from last completed tax year, current assets)

Base EFC is the same at any college (only exception: Professional Judgment for special circumstances)

Directly impacts eligibility for need-based aid

What is “Financial Need?”The difference between your COA and EFC:

COA-EFC=Financial NeedThe higher your COA, the higher your financial need

(Will vary, depending on various college costs)Determines how much/what type of aid you may

receive

Categories of Financial AidGrants

Need-basedFree

ScholarshipsNeed-based and/orMerit-based

Student EmploymentPart-time, student work

Educational LoansStudent loansParental loans

Types of Aid: GrantsFederal

Pell – Up to $5,350 for 09/10 (prorated for other than full-time)

Supplemental Education Opportunity Grant (SEOG) – Up to $4,000

Academic Competitiveness Grant (ACG) - Up to $750/FR, $1300/SO (“rigorous” high school program required)

Science and Mathematics Access to Retain Talent (SMART)- Up to $4000/JR&SR (for high need majors)

TEACH grant – up to $4,000/year in teaching program (may revert to loan if teaching requirement unfulfilled)

State (OR)Oregon Opportunity Grant (OOG) – The 2009–2010

award range is $400 to $2,675, based on each student’s financial need. Prorated for half-time. Application deadline may apply.

ACG Highlight:Must be high school graduate, full-time, Pell-

eligible, pursuing at least a 2-year program and completed a “rigorous” high school program:

A set of courses similar to the State Scholars Initiative. This program of study requires passing grades in the following: Four years of English; Three years of math (including Algebra I and a higher level

course such as Algebra II, geometry, or data analysis and statistics);

Three years of science (including at least two courses from biology, chemistry or physics);

Three years of social studies; and One year of a foreign language (not English).

  or Advanced Placement (AP) or International Baccalaureate

(IB) courses and test scores. This program requires a minimum of two Advanced Placement (AP) or International Baccalaureate (IB) courses in high school and a minimum passing score on the exams for those classes. Students must score 3 or higher on AP exams and 4 or higher on IB exams.

Types of Aid: ScholarshipsHigh SchoolInstitutional (College/University)

Ex. RCC Foundation awarded over $700,000+ in 09/10

www.rccfoundation.orgEarly march application packet submission deadline

StateOSAC (Oregon Student Assistance Commission)

awards $14,000,000+/year to Oregon residentswww.getcollegefunds.org NOW! Early March 1 application submission deadline.

February 16, 2010 Early Bird Review (get started early – application online in early Nov.)Apply for up to 12-20 with one, online application!Highlight: Ford Family Foundation

Scholarships (cont.)Private/Independent scholarship search tools

RCC’s “Scholarship Central” at www.roguecc.edu/FinancialAid/Scholarships.asp

SOU’s Scholarship website at http://www.sou.edu/enrollment/financial-aid/scholarships/

www.college.gov/, select “how to pay”, then “learn what’s available”, then scroll down and select “financial aid and scholarships wizard”.

FinAid on the Web - www.finaid.orgThe College Board - http://apps.collegeboard.com/

cbsearch_ss/welcome.jsp FastWeb - www.fastweb.comScholarship Resource from Student Loan Network -

www.studentscholarshipsearch.comGo College - www.gocollege.com, select

“scholarships”.

Type of Aid: Student EmploymentFACT: Students who work up to 16 hours/week on top

of a full-time course load, do better academically.Federal Work Study (FWS)

Part-time employmentOn- or off-campusTaxable income is 100% excluded on FAFSAGenerally conducive to student scheduleLess transportation time/cost

College employmentGenerally conducive to student scheduleLess transportation time/cost

Independent, off-campus employment

Type of Aid: Student LoansDebt that must be re-paid, over time.Consider all loan options and repayment plan.Use federal loan options first.

Federal Stafford Loan (FSL) FFELP (lenders) or Direct Loan (federal government) Most common student loan. Almost everyone qualifies.

Undergraduate and graduate students. Availability: Subsidized (need-based loan with interest

subsidy) and/or Unsubsidized (granted regardless of need) Base eligibility; up to $3,500/FR,$4,500/SO, $5,500/JR&SR

(Subsidized maximum) + up to $2,000/year for Unsubsidized loans

Additional Unsubsidized eligibility; up to $4,000 (independent students only)

Student liability for repayment (after no longer at least half-time and 6-mo grace period after graduation), including principal, interest (fixed, 6.8%) and fees.

By 2012 the fixed interest rate on subsidized Stafford Loans will be reduced to 3.4%

Applying for a Loan:Step 1 - Complete the FAFSA.Step 2 -Complete a Loan application.

Other Student LoansFederal Parental Loan Undergraduate Students (PLUS)

Parental liability for repayment (as of disbursement), including principal, interest (fixed, 7.9-8.5%, depending on college type) and fees

Requires decent credit and timely repayment of Title IV debt. Attendance must be at a qualifying school. Amount up to COA-aid

Federal PERKINS Loans Offered only by participating colleges to highest need students Student liability for repayment Undergraduate and qualifying graduate students. Fixed, 5% interest rate 9-mo grace period with Repayment to college Up to $5,500/year

Alternative Student Loans (may be difficult to secure) Not federal loans or federally regulated. Use after federal loans are

maximized. Shop for terms and conditions Up to COA-aid & resources

Applying for a Loan:Step 1 - Complete the FAFSA.Step 2 -Complete a Loan application.

Other Ways to Pay for CollegeOnce you have maximized student aid, scholarships, loans and work study programs, look for opportunities to save money through your high school or college.

2+2 creditsComplete college classes while still in high school.

Dual EnrollmentTuition fee reduction or waiver programs

RCC Buy one-get one free (BOGO)SOU Diversity programsDislocated or disadvantaged worker programsPrograms for specialized majors or high academic achievers.

How to Apply: FAFSAFree Application for Federal Student AidSubmit one for each school year

(generally begins ‘09 Summer or Fall and ends ‘10 Spring or Sumer)

Application available Jan. 1 of year preceding school year

Don’t wait for federal taxes; estimate and correct laterOnline (FAFSA on the Web

at www.fafsa.gov) recom-mended with student (and parent) federal PIN(s) (real-time) as electronic signature(s)

FAFSA Tools for NOW:Demo site available early December ‘08 at

http://fafsademo.test.ed.gov (user name – eddemo; password – fafsatest)

FAFSA Forecaster available at www.fafsa4caster.ed.gov

FAFSA – Filing OptionsOnline (use FAFSA on the Web Worksheet to

complete FAFSA on the Web at www.fafsa.gov) with federal PIN(s) as electronic signature(s)

– 3 days federal processingFAFSA with wet signature(s), mailed

printable FAFSA pdf at www.fafsa.gov - 3-4 weeks federal processing

call 1-800-4FEDAID to order hard-copy- 3-4+ weeks federal processing

FAFSA HighlightsGeneral Eligibility Requirements:Must be enrolled or accepted for enrollment in an

eligible program of studyMust be pursuing an eligible certificate or degree programMust be a U.S. citizen or eligible noncitizenMust be registered with Selective Service

(if male and required to do so)May have eligibility suspended or terminated

due to a drug-related convictionMust have a valid Social Security NumberMay not be in default on a federal student loanMust not owe repayment of a federal grantMust be making satisfactory academic progress

as defined by the school

Suggested Documents (FAFSA)Student and Parents Social Security #Student Drivers LicenseStudents and Parents 2009 W-2 forms and other

records of money earned.Student and Parent(s) 2009 federal Income Tax

Return (dependent student)2009 record of untaxed income (child support,

gov. benefits, etc.)Current bank statementsBusiness and investment information.Alien Registration or Permanent Resident card (if

not US citizen).

FAFSA Highlights (cont.)

School Codes: RCC 010071 OSU 003210 WOU 003209 SOCC 003220 UofO 003223

OIT 003211 SOU 003219 PSU 003216 LCC 003196 UCC 003222

Don’t see your school listed? FAFSA on the Web has an online look-up feature. Or, visit www.fafsa.ed.gov/FOTWWebApp/FSLookupServlet.

Dependent vs. Independent Students (no parental data required by FAFSA)Age 24 by 12/31/10 (born before 1/1/87).Married (including separated) as of date FAFSA

filed.Working on master’s or doctorate in 09/10.Currently serving on active duty in US Armed

Forces.Veteran of the US Armed Forces.Have children who will receive > ½ their

support from you 7/1/10-6/30/11.Other dependents who live with you and receive

> ½ their support from you now through 6/30/11.

Dependent vs. Independent Students (no parental data required by FAFSA)Orphan (both parents deceased), in foster care or ward of the

court as of age 13 or beyond.As of today, an emancipated minor (<=21) per the court in your

state of legal residence.As of today, in legal guardianship per the court in your state of

legal residence.Unaccompanied, homeless youth (<=21) any time on/after 7/1/08

(per documentation from high school or district homeless liaison).Unaccompanied, homeless youth (<=21) any time on/after 7/1/08

(per director of emergency shelter program funded by HUD).A youth (<=21) who is/was a) unaccompanied and homeless or b)

self-supporting and at risk of being homeless any time on/after 7/1/08 (per director of a runaway or homeless youth basic center or transitional living program).

NOTE: Be ready to provide documentation to the Financial Aid Office.

Need help?Learn about colleges, applying for admission, or complete a financial aid application South Medford High School

Visit the Panther Future Center Arlene Louis, SMHS Scholarship Director Angel Garcia, TRiO Talent Search -Transition Specialist Marybeth Pearson, ASPIRE Coordinator

North Medford High School Nancy Griffith, Vice Principal, 541-842-3672 

Jackson County adults and students not served by ASPIRE or TRiO Talent Search.

Visit TRiO Educational Opportunity Centers, 541-245-7699