1 / 33

Welcome to Wellesley College

Welcome to Wellesley College. MASFAA “Just the FACTS” Core Training Materials adopted from the NASFAA Core Training. Day One ~ December 4, 2012. Lynne Myers, Director of Financial Aid, College of the Holy Cross Kendra Lider -Johnson, , MEFA. Housekeeping Details. Introductions

mili
Télécharger la présentation

Welcome to Wellesley College

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Welcome to Wellesley College MASFAA “Just the FACTS” Core Training Materials adopted from the NASFAA Core Training Day One ~ December 4, 2012 Lynne Myers, Director of Financial Aid, College of the Holy Cross Kendra Lider-Johnson, , MEFA

  2. Housekeeping Details • Introductions • Restrooms • Lunch Schedule / Location • Technology Reminders (beepers, phones, etc.) • Extra Supplies • Questions (today and after today)

  3. Module 1A Overview of the Student Aid Programs

  4. What is Financial Aid? Financial aid is money supplied by a source other than the family to assist with the costs of a student’s postsecondary education.

  5. The Basics • What is financial aid • Need-based • Non need-based

  6. Types of Aid Grant & Scholarship Loan Employment Other Sources of Aid Federal State Institution Private Types and Sources of Aid

  7. Need Analysis Formula Cost of attendance (COA) – Expected family contribution (EFC) = Need

  8. Cost of Attendance • Determined annually by school • Varies from school to school • Includes basic components and may also include allowances based on the needs of individual students

  9. Cost of Attendance • Includes the following basic components: • Tuition and fees • Room and board • Books and supplies • Transportation • Miscellaneous personal expenses • Other expenses

  10. Cost of Attendance • More details next week………

  11. Student Eligibility Student must meet general eligibility criteria, including but not limited to: • Be U.S. citizen or eligible noncitizen • Be regular student in eligible program at an eligible school • Not owe overpayment or be in default on Title IV grant or loan • Maintain satisfactory academic progress

  12. Student Eligibility • More details next week………

  13. Title IV Programs • Federal Pell Grant Program • Teacher Education Assistance for College and Higher Education (TEACH) Grant Program • Iran and Afghanistan Service Grant

  14. Title IV Programs • Campus-Based Programs • Federal Supplemental Educational Opportunity Grant (FSEOG) Program • Federal Work-Study (FWS) Program • Federal Perkins Loan Program • Federal Direct Student Loan (Direct Loan) Program

  15. Federal Pell Grant Program • “Foundation” of aid package • Awarded to students with lowest EFCs • Unaffected by student’s other aid • Portable

  16. Federal Pell Grant Program Eligibility criteria: • Undergraduates without baccalaureate or first professional degree • Less-than-half-time students are eligible

  17. Federal Pell Grant Program • Eligibility criteria: • Certain students enrolled at least half time in post-baccalaureate teacher certification or licensing programs • Students incarcerated in federal or state penal institutions are ineligible • 2011-12 award amounts • Minimum = $555 • Maximum = $5,550

  18. Teacher Education Assistance for College and Higher Education (TEACH) Grant Program • Incoming undergraduate students must have a 3.25 GPA or score above the 75th percentile on an admissions test • GPA requirement does not apply current teachers earning graduate degrees and retirees from other professions • Continuing undergraduate students must maintain 3.25 GPA • Sign agreement to serve as a highly qualified full-time teacher in a Title I school for at least 4 academic years within 8 years of graduation

  19. TEACH Grant Program If recipient does not fulfill service agreement, funds become a Direct Unsubsidized Stafford Loan • Repay with interest accruing from date funds received

  20. TEACH Grant Program • Maximum full-time annual award: $4,000 • Undergraduate and postbacculaureate students may receive up to a total of $16,000 • Graduate students may receive up to a total of $8,000 (excluding amount received at undergraduate level

  21. Iraq and Afghanistan Service Grant • Starts with the 2010-2011 award year • Non-need based grants • Made to qualifying student with parent/guardian who died as a result of U.S. military service in Iraq or Afghanistan after September 11,2001

  22. Campus-Based Programs • Funds allocated annually to schools (Institutional match required) • School selects recipients • Awards are not portable

  23. Federal Supplemental Educational Opportunity Grant Program (FSEOG) • Student Eligibility: • Undergraduate (including part time) without baccalaureate or first professional degree • “Exceptional financial need” (lowest EFCs) • Priority to Federal Pell Grant recipients • Annual amounts: $100 minimum $4,000 maximum

  24. Federal Work-Study Program • Student Eligibility: • Undergraduate and graduate or professional degree students • Students must be paid at least minimum wage (higher of Federal or State) • No minimum enrollment

  25. Federal Perkins Loan Program • Student Eligibility: • Undergraduate and graduate or professional degree students • Priority for “exceptional financial need” • Willingness to repay • Determination of Federal Pell Grant eligibility, if undergraduate student

  26. Federal Perkins Loan Program • Interest rate: 5% • No loan fees • Annual loan limits • $5,500: undergraduate • $8,000: graduate or professional degree student

  27. Federal Direct Loan Programs • Federal Direct Stafford Loan • Federal Direct Unsubsidized Stafford Loan • Federal Direct PLUS Loan • PLUS Loan is available for graduate students

  28. Federal Direct Loans: Program Components • Subsidized loans: need-based • Interest paid by federal government during in-school, grace, and deferment periods • Unsubsidized loans: non-need-based • Interest paid by student • Interest may be paid as it accrues during in-school, grace, or deferment periods or be capitalized (added to principal)

  29. Federal Direct Loan Program • Subsidized Stafford Loans first disbursed on or after July 1, 2012, and before July 1, 2013, to undergraduate students • Fixed rate of 3.4% • All other Stafford Loans first disbursed on or after July 1, 2006: • Fixed rate of 6.8%

  30. Direct Loan Programs Interest Rates • Direct PLUS interest rates: • Fixed rate of 7.9%

  31. Federal Direct Loan Programs • Annual loan limits apply to academic year • Base annual Stafford Loan limits: • $3,500 for first-year undergraduates • $4,500 for second-year undergraduates • $5,500 for third- and subsequent-year undergraduates • $8,500 for graduate and professional students • $2,000 of unsubsidized eligibility

  32. Other Federal Resources • Corporation for National and Community Service • Department of Veterans Affairs • Reserve Officer Training Corps (ROTC) • Department of the Interior/Bureau of Indian Affairs (BIA) Grants • Vocational rehabilitation services

  33. Department of Health and Human Services Programs • Nursing Student Loan (NSL) • Health Professions Student Loan (HPSL) • Primary Care Loan (PCL) • Scholarships for Disadvantaged Students (SDS) • Loans for Disadvantaged Students (LDS) • National Health Service Corps (NHSC) Scholarships

More Related