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Federal Financial Aid is financial assistance provided to students who fill out the FAFSA application and meet the requirements. Financial aid can include:◦ Pell Grant◦ Oregon Opportunity Grant◦ Federal Supplemental Education Opportunity
Grant◦ Federal Work-Study◦ William D. Ford Direct Stafford Loans◦ Parent PLUS Loan
What is Federal Financial Aid
Determined by FAFSA◦ Household size◦ Income◦ Federal Benefits (SNAP)◦ Child support◦ Citizenship or eligible non-citizen status◦ Major◦ Previous aid used◦ Previous academic history◦ Defaulted student loans◦ Previous drug convictions while receiving aid
How is a student eligible?
Basic information: Name, Address, DOB, SSN, Citizenship status
Income information: Students can link their FAFSA with the IRS or type in their income from their 1040
Parents information: If the student is under 24 by the first day to apply for that years FAFSA
FAFSA Pin Number
What does a student need to apply
FAFSA randomly selects some students for verification
Verification means that the Financial Aid Office has to collect documents determined by FAFSA
These documents must be reviewed If anything is missing or does not match the
documents turned in, the Financial Aid Office is required to update FAFSA before we can process an award
What does a student need to apply
Documents that can be asked for include◦ Household size verification◦ Tax return transcripts or W2s if the student was not
require to file taxes◦ SNAP documentation◦ Childcare cost documentation◦ Child support verification◦ Selective service documentation◦ High school completion documentation◦ Identity documentation◦ Citizenship documentation◦ Other documents as needed
What does a student need to apply
FAFSA submits applications to schools that the students put on their application
Submitted to schools in large batches, sometimes this can be several thousand at a time
Applications go through a series of checks before they are loaded into Banner
Banner upgrades at the beginning of the year often cause delays
Why does it take so long to get a FAFSA?
Priority Deadlines◦ It takes several weeks for students to go through
the financial aid process◦ Students who want to guarantee their aid for an
upcoming term should review and make sure they meet the priority deadlines on the financial aid website
Priority Deadlines
Term you plan to start
2013-14 FAFSA submitted by
Satisfy requirements by
Summer 2013 February 15, 2013 April 15, 2013
Fall 2013 April 15, 2013 July 1, 2013
Winter 2014 July 15, 2013 September 1, 2013
Spring 2014 October 15, 2014 January 1, 2014
Students must make acceptable payment arrangements◦ Third Party funding◦ Payment plan
Financial aid can still come in during the term Students who are not awarded have to pay out of
pocket for books as well as tuition and fees Students may choose to wait until the
following term
What happens if a student is not awarded by the DNP payment deadline?
Satisfactory Academic Progress◦ Good◦ Warning◦ Suspension◦ Probation◦ Probation with an academic plan
What Financial aid looks at◦ Cumulative GPA must be 2.0 or higher◦ Students must complete 2/3rds of attempted
credits These are Federal requirements
What happens to financial aid if students drop or withdraw?
Time Frame Extension◦ Students must complete with 150% of the number
of credits required for their degree These are Federal requirements
◦ Students within 36 credits (a standard academic year) must submit a Time Frame Extension
◦ Students must create an academic planner for required coursework
What happens to financial aid if students drop or withdraw? (Cont.)
Return of Title IV funds◦ When a student withdraws or doesn’t pass any
coursework for a term Determined by the percentage of a term that the
student completes Can result in the student owing part, or all of their
financial aid back These are Federal regulations
What happens to financial aid if students drop or withdraw? (Cont.)
Repeat coursework◦ Financial aid can only pay for a student to take a
course two times. If a student takes a course and either withdraws or
receives an “F” the student can retake the course until they receive a “D” or higher.
Students may take a course more than twice, but the course can not be counted in the number of credits that determines the students level of eligibility These are Federal regulations
What happens to financial aid if students drop or withdraw? (Cont.)
Located on my.pcc.edu Contains information on students financial
aid including:◦ If we have received the application◦ If the student needs to turn in documents◦ If the student has an award◦ If the student can charge books◦ What the financial aid status of the student is
Understanding The Dashboard
Understanding the Dashboard
Needs to be on the correct academic year year. This will default to the current year.
Shows a students application status
Shows the date we are receiving completed FAFSA’s from
Understanding the Dashboard
Requirements that still need to be completed show up as red flags under the clipboard icon
Understanding the Dashboard
Students can read about types of aid and managing their financial aid
Students can click here to accept or decline their terms and conditions and their award offer
Understanding the Dashboard
SAP status is under the notifications. Students can see these on the stoplight channel of the dashboard.
Bookstore charging can be seen under the stoplight channel of the dashboard
Understanding the Dashboard
Resources for students that help them find their loan debt, what their payments would be, how to find scholarships and help them manage finances
Helping Students Navigate the Dashboard
Needs to be on the correct academic year year. This will default to the current year.
Shows a students application status
Shows the date we are receiving completed FAFSA’s from
Rejected FAFSA’s
For certain problems on FAFSA, Students must go to www.fafsa.gov to make corrections
This only happens when a student doesn’t have a valid FAFSA application. When a student logs into FAFSA, they can view their student aid report that tells them what needs to be corrected
Requirements
Requirements that still need to be completed show up as red flags under the clipboard icon
Award Notification
Students can read about types of aid and managing their financial aid
Students can click here to accept or decline their terms and conditions and their award offer
Award Notification
Students can view or print their award letter even after they have accepted it
Students can check disbursements dates here
Notifications
SAP status is under the notifications. Students can see these on the stoplight channel of the dashboard.
Bookstore charging can be seen under the stoplight channel of the dashboard
Bookstore Charging
Bookstore charging can also been seen on the requirements tab, which is under the clipboard icon
Pell Grant◦ Determined by Expected Family Contribution, which
demonstrates financial need which is calculated by FAFSA
◦ Not paid back Oregon Opportunity Grant
◦ Determined by the Oregon Student Access Commission ◦ Must meet OSAC deadline◦ Must have financial need◦ Must be Oregon residents◦ Enrollment in 6 or more credits◦ Not paid back
Types of Aid
Federal Supplemental Educational Opportunity Grant◦ Must have Pell eligibility◦ Limited funding (first come first serve)◦ Enrollment in 6 or more credits◦ Not paid back
Federal Work-Study◦ Must be requested on FAFSA application◦ Must have financial need◦ Limited funding (first come first serve) ◦ Enrollment in 6 or more credits◦ Not paid back
Types of Aid cont.
William D. Ford Direct Stafford Loans◦ Subsidized and Unsubsidized◦ Must be paid back◦ Interest of 3.86%◦ Enrollment requirement of 6 or more credits◦ No payments required while students meet enrollment
requirements Parent PLUS Loans
◦ Loan is in parents name◦ Must be paid back◦ Interest of 6.4%◦ Enrollment requirement of 6 or more credits◦ Requires parent to pass credit check
Types of aid cont.
Loans◦ Direct Loan Request Form◦ Pick what term and what fund you want to reduce
Grants◦ Please see the Financial Aid Office
Want to reduce aid?
Where is your money?Have you checked the disbursement schedule?
Has your enrollment level changed?
Full Time ¾ Time ½ time ¼ Time
12+ credits 9-11 credits 6-8 credits 5 or less credits
How much aid have you used?
See how much aid you have used
See what your payments will be
Create a financial plan
Find other money
Understanding the Veteran Services website
The Veteran ServicesWebpage can help students understand how to apply for and use their veterans benefits.
http://www.pcc.edu/vets
Understanding the Veteran Services website
Complete the online application 6 weeks prior to attending.
Be admitted to PCC
Understanding the Veteran Services website
Students need to bring the certificate of eligibility that they received by applying for benefits
After meeting with a veterans specialist, students can register
Using my.pcc.edu
Located just to the right of the dashboard
Students need to submit their schedule online to be certified