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FA Basics PowerPoint Presentation

FA Basics

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FA Basics

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  1. FA Basics

  2. FA Basics • Today we will cover the following: • Cost of Attendance • Basic Packaging • Student Eligibility

  3. Cost of Attendance

  4. Cost of Attendance Should reflect what the student may spend for college in an academic year. Used to determine eligibility for federal student aid. Pell Cost of Attendance– 2 Semesters/900 clock hours. Total Cost of Attendance.

  5. Cost of Attendance • Basic components of COA: • Tuition and Fees • Books, supplies, miscellaneous personal expenses, transportation • Can include an allowance for the purchase (or rental) of a computer. • Room and Board

  6. Cost of Attendance • Other allowances • Study abroad expenses • Educational loan fees • Dependent Care expenses • Disability related expenses • Cooperative education program expenses • First professional credential cost

  7. Cost of Attendance • Tuition and Fees • May use actual tuition cost or an average • Must do the same for all students within an established category. • Overall average must be a weighted average. • Fees may be included if it is necessary for the student’s program or if required of all students or all students in an established category.

  8. Cost of Attendance • Books, Supplies, Transportation, Miscellaneous Personal Expenses • Books & Supplies: can use a single allowance, or allowances for different categories • Computer allowance • Transportation: the allowance must be reasonable • Misc. Personal Expenses: should enable a reasonable standard of living

  9. Cost of Attendance • Room and Board • Living with parents • Living on campus • Living off campus • Cannot include expenses of other members of the household.

  10. Packaging

  11. Packaging Cost of Attendance - Expected Family Contribution = Need

  12. Packaging Need based packaging: Cost of Attendance - Expected Family Contribution - Federal Pell Grant - Estimated Financial Assistance = Remaining need for need based aid

  13. Packaging Non-need based packaging Cost of Attendance - Federal Pell Grant - Other aid already awarded - Estimated Financial Assistance = Remaining need for non-need based aid (unsubsidized Stafford & PLUS)

  14. Packaging Goal: to provide sufficient resources to meet COA. Set realistic self-help aid (such as loans and employment) expectations Distribute resources across student population fairly and equitably Recruit and retain students

  15. Packaging Must make funds reasonably available to all eligible students. School may prioritize packaging categories

  16. Student Eligibility

  17. Student Eligibility • Enrolled as a regular student in an eligible program at an eligible institution. • Have a high school diploma or equivalent, or: • complete a home school program and meet state requirements • if starting college before July 1, 2012 may pass an approved ability to benefit test or successfully complete 6 credit hours.

  18. Student Eligibility • If male, be registered with Selective Service (some exceptions apply) • Be a U.S Citizen or eligible non-citizen: • Permanent resident • Conditional permanent resident • Have an I-94 showing one of the following: • Refugee • Asylum Granted • Parolee (for a minimum of one year, and not expired) • T-Visa holder • Cuban-Haitian entrant • Letter from DHS showing “Victim of Human Trafficking”

  19. Student Eligibility Not be in default on a Title IV loan or owe an overpayment on a grant or loan. Cannot have borrowed over annual or aggregate loan limits. Maintain Satisfactory Academic Progress (SAP) Not have a drug conviction (see requirements)

  20. Student Eligibility When the FAFSA is processed CPS confirms eligibility with: • Social Security Administration (SSA) • National Student Loan Data System (NSLDS) • Selective Service • Department of Homeland Security (DHS) • Department of Veterans Affairs (VA) • Department of Defense • Department of Justice

  21. Student Eligibility • SSA • Confirms student (and parents’) social, name and date of birth • That social does not belong to a deceased person • Confirms if student is a U.S. Citizen • If this is not confirmed then the student needs to provide proof of U.S. citizenship and should be encouraged to update this with SSA. • NSLDS • Aggregate and annual loan limits • Defaults • Overpayments

  22. Student Eligibility • DHS • Confirms whether or not the student is an eligible non-citizen. • If not confirmed then the student needs to bring in documentation showing status (such as a permanent resident card or I-94). • A copy must be made and mailed to USCIS for a manual secondary confirmation of status. • If not confirmed then the student does not qualify for aid.

  23. Application Issues • Household Size • Number in College • Independent vs Dependent • Marital Status • Legal Guardianship/Orphan/Emancipated minor/Foster Care • Homeless • Veteran • Active Duty • Dependents • Divorce

  24. Questions?

  25. Resources • www.ifap.ed.gov • Federal Student Aid Handbook • Application and Verification Guide • Dear Colleague Letters • Colleagues in UASFAA – networking is an essential part of working in financial aid!!! • RMASFAA – Summer Institute • NASFAA – AskRegs • Google It!!!