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Financial Aid Training for Academic Advisors

Financial Aid Training for Academic Advisors. Purpose of this Training. Give Academic Advisors a broad understanding of Financial Aid, including types of federal and state aid, important dates and deadlines as well as how a student’s educational progress effects their financial aid.

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Financial Aid Training for Academic Advisors

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  1. Financial Aid Training for Academic Advisors

  2. Purpose of this Training Give Academic Advisors a broad understanding of Financial Aid, including types of federal and state aid, important dates and deadlines as well as how a student’s educational progress effects their financial aid. Satisfactory Academic Progress Pace/Completion Rate GPA Requirements Max Time Frame Petition Process Other Financial Aid Items Summer Financial Aid Tips for Academic Advisors • FAFSA vs WASFA • Cost of Attendance vs Financial Aid Awarded • Enrollment Requirements

  3. What is Financial Aid? Any Money you get to pay for your charges and expenses while attending CWU

  4. FAFSA vs WASFA • Free Application for Federal Student Aid (FAFSA) • US Citizens • Eligible Non-Citizens • Permanent Resident with a Permanent Resident Card • Conditional Permanent Resident with a Conditional Resident Green Card • Washington Application for State Financial Aid (WASFA) • Must be a Washington Resident • Not eligible to fill out FAFSA due to immigration Status

  5. Important Time Frames and Deadlines • FAFSA / WASFA • Priority Deadline : October 1 – February 1 • Scholarship Central • Open : October 1 – February 1 • Verification Deadline • Submitted by : April 1 • August 1, 2019 submitted income and other complex revision requests. Cannot guarantee that verification of documents submitted after this date will be completed for an on-time fall financial aid payment

  6. Important Time Frames and Deadlines • Tuition and Fees due • 5th day of the quarter • Financial Aid Refund • 10th day of the quarter • Payment Plan Enrollment • 5 – 10th day of quarter • Unpaid Tuition Late Fees • 11th and 30th day of quarter

  7. Types of Financial Aid(2018-2019 amounts) Federal Aid State Aid and Institutional Aid Washington State Need Grant up to $6,560 College Bound Scholarship starts at $823 CWU Tuition Waivers Merit up to $5,000 (2,1,1,1) Up to $1,800 depending on FAFSA info and other aid offered • Pell Grant up to $6,095 • SEOG $1,050 • Loans • 0 – 45 Credits Earned: $5,500 • 46 – 90 Credits Earned: $6,500 • 91 + Credits Earned: $7,500 • Parent PLUS Loan

  8. College Bound Scholarship • In 2007 the Washington State Legislature established the College Bound Scholarship. This program was created to provide state financial aid to low-income students who may not consider college a possibility due to the cost. The scholarship covers tuition (at comparable public college rates), some fees, and a small book allowance.

  9. 2018-2019 Cost of Attendance for the Year Tuition (10-18 credits per quarter for 3 quarters) ($6,170 Resident or $21,151 Non-Res.) Fees ($1902) Housing / Food ($11,115) ($10,383 - $15,877) Books / Supplies (Budgeted at $1,002) Transportation (Budgeted at $1,260) Misc. Living Expenses (Budgeted at $1,752) TOTAL: $23,201

  10. What does typical first quarter look like? Charges Potential Aid Package $2,031 Pell $350 SEOG $2,186 SNG $274 CBS $1,815 in loans (non PLUS) $6,656 total • $2,700 FT tuition and fees • $4,446 Room and Board* • $334 Books (est.) • $7,480 total • $224 Parking Pass • $500 Remedial Course fee • $8,000+ is closer to reality *$4,446 + $3,668 + $3,001 = $11,115

  11. Enrollment Requirements Loans: At least ½ Time (6 Credits) Grants: 12 + Credits = Full Time* / Full Award ($4,842) 9 – 11 Credits = ¾ Time / 75% Award ($3,631) 6 – 8 Credits = ½ Time / 50% Award ($2,421) 1 – 5 Credits = Less than ½ Time / 25% - 0% Award (depending) *Western Undergraduate Exchange (WUE) and Non-Resident Tuition Discount require 12 credits

  12. Satisfactory Academic Progress • Cumulative Credit Completion Rate (PACE) • Minimum Grade Point Average (GPA) • Maximum Time Frame Requirement • CWU Academic Standing Requirement (don’t be suspended) • Once suspended from aid, student remains suspended until they petition to have it reinstated

  13. Satisfactory Academic Progress: PACE

  14. PACE Example - Freshman

  15. SAP Process • Once suspended from Aid, a student must petition to have it reinstated • We check SAP the Wednesday/Thursday following finals • Communication (email and letter) sent and checklist items created the Friday following finals • Petitions due the 15th day of class (Spring Quarter due April 10) • Reviewed in order received • May request supporting documentation, including Academic Plan • May be placed on probation or two quarter contract

  16. Communication This student completed 2/16 for a pace of 12.5% and was suspended from WA State Aid. Student is still eligible for Federal and Institutional aid.

  17. Petition What caused you to fail SAP requirements? How did the situation directly impact your ability to be successful? What is the current status of the situation? How are you ready to be successful going forward?

  18. Academic Plan If requested, we need to see how the student will regain SAP (typically GPA) within two quarters. Query CWFA_SAP_VIEW_B ID and Name Cumulative GPA Total Attempted Total Earned % of Completion

  19. Minimum Cumulative GPA (reviewed at the end of the Academic Year)

  20. Academic Plan Students must be enrolled in the classes listed Please indicate if these are repeat classes Class standing may change Minimum grade to achieve required GPA at the end of two quarters Students will be held to listed classes/grades

  21. Maximum Time Frame (ALL credits attempted including transfer credits)

  22. Summer Aid • Summer aid is not included in your academic year award and requires separate processing. Summer Cost of Attendance is based on the session length. Summer term is the last quarter of the award year at CWU and typically funds are extremely limited by this time of year. • Pell Grant • College Bound Scholarship brings State Need Grant • No WUE/NRTD • Remaining Loan Eligibility • Community College and FAFSA

  23. Other Financial Aid Items • Consortium Agreements – allow us to count dual enrolled credits at another institution towards the enrollment for FinAid purposes. Refer to Financial Aid Office for eligibility/process. • R2T4 – No Earned credits (complete withdrawal or all Fs) a portion of the aid may be reversed for the quarter. • Change in class standing leads to additional loan eligibility • Financial Aid for Internships – start paperwork early

  24. How Advisors Can Help • Stress completing classes, especially first quarter • Refer to to-do list items. Financial Aid will start with FA: • Mention Remedial Class fees • Encourage WASFA/FASFA completion, especially at fall enrollment • Estimated Award letter vs Actual Award Letter (Social Security Number) • Ask: “What’s your balance?” to get students checking.

  25. OFFICE OF FINANCIAL AID Bouillon Hall Room 106 (509) 963-1611 FinancialAid@cwu.edu www.cwu.edu/financial-aid Counselors Available Monday – Friday: 9am to 4pm (closed holidays) Social Media www.facebook.com/CWUFinAid Twitter: @CWUFinAid Appointment based meetings coming soon!

  26. QUESTIONS?

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