New Facilities

Carmen Coleman MBASr. Coordinator, Regional Admissions and Recruitment

Contact Number: (510)393-4411 * Email: carmenc@unr.edu

“FINANCIAL AID 101”

Agenda

TerminologyTypes of AidHow to applyHow eligibility is determinedWhat happens after applying

Cost of Attendance

Tuition and fees Room and board Books and supplies Transportation Miscellaneous personal expenses May cover cost of computers May also include other extraordinary

expenses

Expected Family Contribution

Need Analysis is the formula used in determining a family’s EFC

EFC is the measure of a family’s financial strength

The Financial Aid Office uses the EFC to determine the student’s overall need for financial aid

Basic Equation of Need

Cost of Attendance (COA)- Expected Family Contribution (EFC)

= Student’s Financial Need

(eligibility)

Calculating Eligibility

Federal EFC will be same at all schools

Federal financial aid eligibility varies based on institution’s COA

Some schools may use institutional methodology to award their own institutional funds

Private 4-year COA $45,000

- EFC 5,000

= Need $40,000

Public 4-year COA $23,000

- EFC 5,000

= Need $18,000

Public 2-year COA $13,000

- EFC 5,000

= Need $ 8,000

Eligibility Varies Based on Cost

Sources of Financial Aid

• Gift Aid• Grants & Scholarships

• Self Help• Loans & Work

Gift Aid

Scholarships Academic Community Service Institution Specific

www.fastweb.com www.finaid.com

www.scholarships.com

Gift Aid

Grants

Pell Grant: up to $5,730 (2014-15)

Supplemental Educational Opportunity Grant: up to $4,000

Cal Grant

Cal Grants

Student must meet All federal eligibility criteria Income & asset limits GPA requirement (3.0 for Cal A)

Amount paid is determined by Grant program & school segment

Renewal is based on program participation

www.calgrants.org

Cal Grant A

Cal A (13-14)Community College $2,462CSUs $5,472UCs $12,192Privates $9,084http://www.calgrants.org/?navId=11

Cal Grant

Cal Grant B Cal Grant A Stipend of $2,462

Stipend only at CCs Stipend only first year at CSUs, UCs, Privates

www.calgrants.org

Tuition Discount Programs: WUE

Purpose: Provide undergraduate students opportunity to attend school out of state

15 participating states, 148 institutions

Reduced out-of-state tuition: 150% of in-state tuition

Two-year and four-year colleges

Most undergraduate fields available

More options, more affordable!

WUE Example (2014-2015)

Annual tuition costs:

Resident: $ 5,745.00

Non-resident: $ 19,655.00

WUE: $ 8,617.50

A few institutions automatically offer WUE to residents from WICHE states (Montana & Nevada)

At most institutions, WUE must be requested

Indicate WUE status on school application; there is no general “WUE application”

4 years maximum

Commonly requested, but don’t participate: Arizona State University-Tempe University of Colorado-Boulder Oregon State University

Each school is different: Minimum GPA/SAT/ACT ? Limited fields of study? Cap on the number accepted? Transfers accepted?

Did you know…

WUE Recommendations

Website: www.wiche.edu/wue

Contact admissions office: How to apply for WUE status? Qualified field(s) of study? Specific requirements? Space-available basis?

“Once a WUE, always a WUE”

Self Help

Federal Perkins Loans (up to $5,500 per year @ 5% interest)

Federal Stafford (interest rate, 3.86% of amount borrowed for subsidized AND unsubsidized)

Grade LevelDependent Undergraduate Student

Independent Undergraduate Student*

Freshman$5,500 (max $3,500 subsidized)

$9,500 (max $3,500 subsidized)

Sophomore$6,500 (max $4,500 subsidized)

$10,500 (max $4,500 subsidized)

Juniors, Seniors and Beyond

$7,500 (max $5,500 subsidized)

$12,500 (max $5,500 subsidized)

Cumulative Limit$31,000 (max $23,000 subsidized)

$57,500 (max $23,000 subsidized)

Self Help

Direct Loans (are the same as Stafford with different interest rates through Dept. of Education)

PLUS Loans Parent Loan - subject to credit check Can borrow more at higher interest rate

(7.9%) Federal Work Study - student works

for paycheck

Packaging: 4 Year Private

COA $45000 – EFC $2500 = $42500Pell $1,860University Grant $7,500

FWS $2,000Perkins $3,000Stafford Sub $3,500Stafford Unsub $2,000PLUS $19,140

TOTAL $42,500

Types of Applications

FAFSA (FREE Application for Student Aid)

www.fafsa.ed.gov

Private and other applications CSS Financial Aid Profile

FAFSA Tips

First year . . . Don’t wait for admission!!!

Always apply Yearly process After January 1 prior to the fall term

(ie. January 1, 2011 for fall 2011 semester)

Student needs a PIN Parent needs a PIN

FAFSA Tips

Interested in Loans or Work-Study? If unsure, answer “yes” then decline

once aid is awarded A “yes” does not obligate student to

either program, nor will it cause them to lose out on gift aid

A “no” may restrict some of their options for certain limited loan and work-study funds

FAFSA Tips

Date and Sign If filing electronically, don’t

forget PIN or signature page If filed by a dependent student,

student and 1 parent must sign If filed by an independent

student, only student must sign

Parent Information

Who is a Parent?

Biological parent(s) Custodial Parent (lived with

most over the past 12 months and/or provided most financial support)

Adoptive parent(s) Stepparent

Parent Information

Custodial parent filed with ex-spouse

Consider only income of custodial parent (which includes any child or spousal support received)

Custodial parent remarried

Stepparent information must be included

Parent Information

Who is not considered a parent for this section? Foster parent(s)

The ward is automatically considered an independent student

Legal guardian(s)Must attempt to get parental information

*FAO may use Professional Judgment to make student independent

Parent Information

Total of Cash, Savings and Checking Accounts

Total as of the day the FAFSA is signed

Be careful not to double count!

Student Information

Student Income (taxable and untaxable)

Minus state and federal taxes Minus Income Protection allowance Plus percentage of student assets

Prioritizing College Choices

List schools most likely to attend Ways to add schools

Wait for Student Aid Report (SAR) Add schools by phone or on the

Web Up to 10 colleges at a time

Student Aid Report (SAR)

Expect SAR after filing Up to 4 weeks for paper FAFSA 1 to 2 weeks for Online FAFSA

Carefully review for any errors Contact school before submitting

corrections

What Happens Next?

Alerts on SAR to applicant and

school To possible database match

problems If application has been selected for

verification To whether or not EFC has been

calculated

Awarding and Packaging

Award letters may vary in composition Listing of awards and amounts COA, EFC, need and unmet need Period of enrollment covered

Response may or may not be required

Will still need to accept loans

Helpful Hints

Open ALL mail No “magic formula” so reconsider paid

assistance Still need to process paperwork for

loans/apply for Parent Plus Need to file a new FAFSA each year Need to consider 4 year commitment Even if parent isn’t paying for school,

still need the information.

Thanks!

Any Questions?

Carmen Coleman M.B.A.

Sr. Coordinator, Regional Admissions & Recruitment

University of Nevada, Reno

carmenc@unr.edu

(510)393-4411