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Financial Aid Overview 2012-13

Financial Aid Overview 2012-13. Provided by the Office of Student Financial Aid (OSFA) at the University of Georgia Updated: 01/17/2013 Presenter: Joseph Boyles. Agenda. What is Financial Aid? Application Process – FAFSA Types of Financial Aid Federal Grants Federal Loans

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Financial Aid Overview 2012-13

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  1. Financial Aid Overview2012-13 Provided by the Office of Student Financial Aid (OSFA) at the University of Georgia Updated: 01/17/2013 Presenter: Joseph Boyles

  2. Agenda • What is Financial Aid? • Application Process – FAFSA • Types of Financial Aid • Federal Grants • Federal Loans • Federal Work Study • HOPE/Zell Scholarship • Scholarship Search • Maintaining Financial Aid – SAP • Awarding Process • Questions

  3. 1. What is Financial Aid? • Financial Aid – any funding intended to helps students pay for post-secondary education expenses • Grants • Loans • Work Study • Scholarships • Sources of Funding: • Federal Government • State Government • Institution (College) • Private

  4. 2. Application Process - FAFSA • Free Application for Federal Student Aid • Covers Federal Grants, Federal Loans, and HOPE/Zell Scholarship • Calculates Financial Need • Uses previous years Federal Tax Returns • Must be renewed each academic year • Helpful Hints on application • Professional Judgment / Verification • Deadline / Priority Consideration Date • www.fafsa.gov

  5. FAFSA – Dependency Questions

  6. FAFSA FAQ • Divorced Parents • Report information of the parent who you lived with the most during the past 12 months • Investment Information • Do NOT include retirement plans • Business / Farm value • Do NOT include Business value if fewer then 100 full-time employees • Do NOT include Farm value if the farm is your residence • Workers Comp / Disability • Must be included • Untaxed Social Security Benefits / Welfare / SSI Income • Do NOT include

  7. Cost of attendance (COA) • Tuition and Fees • Books and Supplies • Room and Board (ON and OFF Campus) • Transportation • Living Expenses (Miscellaneous Expenses) • Can also include: • Loans Fees • Study Abroad Expenses • Documented Computer Costs • Dependent Care Expenses • Disability Care Expenses

  8. Estimated Cost of Attendance for 2012-13 (2 semesters)

  9. Definition of Need • Cost of Attendance (COA) • – Expected Family Contribution (EFC) • = Established Financial NEED (EFN)

  10. 3. Types of Financial Aid – Federal Grants • Pell Grant • Need Based Grant • Award based on EFC • 2012-13 EFC must be 4995 or less • ONLY awarded to first Bachelors Degree students • Prorated based on enrollment hours • Maximum award at UGA for 2012-13 = $5,550 per year • $2,775 per semester

  11. Federal Grants… • Federal Supplemental Educational Opportunity Grant (FSEOG) • Awarded to students with “Exceptional Financial Need” • Students with lowest EFC • Priority to Pell Grant recipients • Each college may award differently • ONLY awarded to first Bachelors Degree students • Maximum award at UGA for 2012-13 = $1,000 per year • $500 per semester

  12. 3. Types of Financial Aid – Federal Loans • Federal Loans with an Annual Limit: • Subsidized • Based on Financial Need • Federal Government pays interest in college • 2012-13 = 3.4% Fixed Interest Rate • Unsubsidized • Student accumulates interest in college • 2012-13 = 6.8% Fixed Interest Rate

  13. 2012-13 Federal Loan Annual Limits

  14. Federal Loans… • Federal Loans – “GAP Funding”: • Parent Plus – Undergraduate • Student can receive funds • Parents will repay • Parents must apply through Credit Check • 2012-13 = 7.9 % Fixed Interest Rate • Grad Plus – Graduate • Students must apply through Credit Check • 2012-13 = 7.9 % Fixed Interest Rate

  15. 3. Types of Financial Aid – Federal Work Study • Based on Financial Need AND availability • Student works on campus – paid a salary by Federal Funds • Will work with class schedule – work hours are limited • Just like a “normal job” • Good source of funding for living expenses • Each college may award differently • If NOT awarded Federal Work Study there could be other student jobs through the college • Maximum award at UGA for 2012-13 = $3,000 per year • $1,500 per semester

  16. 3. Types of Financial Aid – HOPE Scholarship • Students MUST maintain a 3.0 HOPE/Zell GPA • What will HOPE Scholarship pay? • 2012-13 = HOPE pays $212.10 per credit hour for up to 15 hours per semester at UGA • HOPE does NOT pay for Student Fees or a Book Allowance

  17. 3. Types of Financial Aid – Zell Scholarship • Students MUST maintain a 3.3 HOPE/Zell GPA • What will Zell Miller Scholarship pay? • 2012-13 = Zell pays 100% of the standard rate tuition for the current year at UGA • Zell does NOT pay for Student Fees or a Book Allowance

  18. Zell Scholarship… • Academic Eligibility Requirements out of High School • Eligible High School graduate in 2007 or later • High School HOPE GPA of 3.70, AND • 1200 SAT or 26 ACT in one test administration (by last day of High School) • -OR- • Valedictorian or Salutatorian (HOPE eligible) • If NOT eligible out of High School = NEVER eligible

  19. HOPE/Zell Checkpoints • When are the HOPE/Zell Checkpoints? • 2 Types of Checkpoints: • 30, 60, 90 HOPE/Zell Attempted Hours • Lose AND Regain • Every Spring Semester • Lose ONLY • Students can only lose and regain HOPE/Zell ONCE

  20. HOPE/Zell Scholarship Limits • When will HOPE/Zell Scholarship run out? • First Bachelors Degree • 127 HOPE/Zell Attempted Hours • 127 Paid Hours • 7 Years After High School Graduation

  21. HOPE/Zell GPA & HOPE/Zell Attempted Hours • HOPE/Zell GPA – does NOT use +/- system • HOPE/Zell Attempted Hours – all attempted college hours after High School Graduation • Students MUST contact OSFA • for their HOPE/Zell GPA & • HOPE/Zell Attempted Hours

  22. 3. Types of Financial Aid – Scholarship Search • Institutional Scholarships • Incoming First Year Students – Undergraduate Admissions • Current Students – Academic Department [major/program/college] • Private Scholarships • www.fastweb.com • www.scholarships.com • www.collegeboard.com

  23. 4. Maintaining Financial Aid – SAP • Satisfactory Academic Progress (SAP) • Policy that keeps Federal and State Financial Aid in good standing • After EVERY Semester OSFA checks: • 67% successful completion rate of all UGA attempted hours and all transferred hours • 2.0 Overall Cumulative GPA • Attempting 150% of hours required to complete first undergraduate degree • Appeal Process available for extenuating circumstances

  24. 5. Awarding Process • “Award” = Financial Aid Eligibility Information • This is how OSFA notifies students what Financial Aid they are eligible for • Students are emailed with the “Award” is created/updated

  25. Sample Award

  26. Sample Award…

  27. Sample Award…

  28. OSFA Contact Information • Address: • 220 Holmes/Hunter Academic Building • Athens, GA 30602-6114 • Phone: 706-542-6147 • Fax: 706-542-8217 • Website: http://osfa.uga.edu • Email: osfa@uga.edu • Office Hours: • Summer Hours: M-F 8AM-5PM – Phone Calls • Summer Hours: M-F 9AM-4PM – Office Visits • Fall/Spring Hours: M-F 8AM-5PM

  29. College Goal Georgia • Need Help with the FAFSA? • Our Counselors and other Volunteers will be available to answer questions. • Date: Saturday, 02/23/13 • Time: 2:00PM – 4:00PM • Where: UGA Campus, Miller Learning Center Room 150 • Parking: Tate Center Parking Deck • What to Bring: 2012 Federal Tax Returns…

  30. Questions?

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