Oregon University System Fall Regional Counselor Conference

1. Oregon University SystemFall Regional Counselor Conference Oregon Association of Student Financial Aid Administrators and Oregon Student Assistance Commission Phillip W.W.D. Rodgers, Sr. Director, Office of Student Financial Aid Portland State University Jenny Ryan Oregon Student Assistance Commission

2. What You Need to Know About Financial Aid

3. Topics We Will Discuss Today • What is financial aid • Standard Types and Sources of Financial Aid • How to Apply for Financial Aid • Free Application for Federal Student Aid (FAFSA) • Calculating financial need • Cost of attendance (COA) • The Award Letter • Special circumstances

4. What is Financial Aid? Financial aid is funding provided to students and families to help pay for postsecondary educational expenses

5. Standard Types and Sources of Financial Aid • Grants • Federal Pell Grant • Supplemental Educational Opportunity Grant • Oregon Opportunity Grant • Academic Competiveness Grant (ACG) • National Science & Mathematics Access to Retain Talent Grant (SMART) • Teach Grant

6. Standard Types and Sources of Financial Aid • EMPLOYMENT • Federal Work Study • Institutional Work Study • Institutional Campus Employment

7. Standard Types and Sources of Financial Aid • Loans • Federal Stafford Loans (Subsidized/Unsubsidized) • Perkins Loans • Federal Parent Loans to Undergraduate Students (PLUS) • Alternative loans - always encourage students to apply for state and federal aid by completing the FAFSA first

8. Standard Types and Sources of Financial Aid Scholarships • Institutional applications • Admission applications • OSAC scholarships • Internet searches • Local and other scholarships • High School scholarships

9. Academic Competitiveness Grant • First year $750/year • Second Year $1300/year Must have a 3.0 GPA at the end of the first year • Pell Grant Eligible • At least half-time enrollment • Completed a Rigorous High School Program • More info online at the US Department of Education www.studentaid.ed.gov

10. Smart Grant • Third year $4000/year – Fourth year $4000/year • Pell Grant Eligible • At least half-time students • Cumulative GPA of 3.0 or greater • Declared Major and taking appropriate classes towards these fields of study: • Computer Science or Technology • Engineering • Life Sciences or Physical Sciences • Mathematics • Specified Foreign Languages • Specified Multidisciplinary Studies More info online at the US Department of Education www.studentaid.ed.gov

11. Teach Grant • Program first effective for 08-09 aid year • Optional for schools to participate $4000/yr Grant for students interested in teaching (Math, Science, Foreign Lang., Special Ed, reading specialist, other “high need fields) Must teach in low income school in high need field for 4 years within the first 8 years after graduation • 75th percentile on standardized test / or maintain 3.25 GPA • If teaching requirement not fulfilled, Grant becomes a Direct Unsubsidized Loan, accruing interest from the first disbursement date.

12. How do students apply for aid? • FREE Application Federal Student Aid (FAFSA) required for federal and state aid. This application is free. Students should not use alternate websites that charge a fee to file the FAFSA. • Profile form (used by some schools) • Institutional forms • FAFSA on the WEB

13. Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • May be filed electronically or using paper form • Available in English and Spanish

14. FAFSA • Information used to calculate the Expected Family Contribution or EFC • The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year • Colleges use EFC to determine eligibility for financial aid

15. FAFSA • May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid • For the 2010-11 academic year, the FAFSA may be filed beginning January 1, 2010 • Colleges may set FAFSA filing deadlines

16. Student Financial Aid Personal Identification Number (SFA PIN) • Web site: www.pin.ed.gov • Sign FAFSA electronically • Can request PIN before January 1, 2010 • Not required, but speeds processing • May be used by students and parents throughout aid process, including subsequent school years

17. FAFSA on the Web • Web site: www.fafsa.gov • 2010-11 FAFSA on the Web available on January 1, 2010 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web

18. FAFSA on the Web Good reasons to file electronically: • Built-in edits to prevent costly errors • Skip-logic allows student and/or parent to skip unnecessary questions • More timely submission of original application and any necessary corrections • More detailed instructions and “help” for common questions • Ability to check application status on-line • Simplified application process in the future

19. FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: • Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s e-mail address was not provided • SAR Acknowledgment if filed FAFSA on the Web and student’s e-mail address was not provided • E-mail notification containing a direct link to student’s on-line SAR if student’s e-mail was provided on paper or electronic FAFSA • Student with PIN may view SAR on-line at www.fafsa.ed.gov

20. Overview of the federal application process • Obtain the Federal Student Aid PIN • www.pin.ed.gov • Fill out the FAFSA form (online or paper) • www.fafsa.ed.gov • Review the SAR (online or paper) • School receives FAFSA data • School resolves conflicting data/verification • Once complete…The Expected Family Contribution (EFC) is determined

21. Calculating Financial Need Cost of Attendance minus Expected Family Contribution equals Financial Need

22. Cost of Attendance • Budgets based upon Standard Cost • Tuition and Fees • Resident or Non-Resident • Room and Board • Books and Supplies • Miscellaneous Allowance • Transportation • Other Costs • Dependent child care, overseas study, computer

23. The Award Letter • Review Cost of Attendance • Expected Family Contribution (EFC) • Financial aid offered • What to do if the aid offered isn’t enough • Any Questions, Don’t hesitate to contact you FAA

24. Special Circumstances • Cannot report on FAFSA • Send explanation to financial aid office at each college - College reviews special circumstances • Request additional documentation • Decisions are final and cannot be appealed to U.S. Department of Education

25. Special Circumstances • Change in employment status • Medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parent information

26. Resources and events • Please contact Your financial aid office for answers to your questions • Financial Aid Nights • College Goal Oregon – January 30, 2010

27. THANK YOU FOR ALL YOU DO!!!!!!