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Financial Aid Update

Financial Aid Update

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Financial Aid Update

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  1. Financial Aid Update Melissa Pizzo, Ed. D. Interim Executive Director, Student Financial Assistance Arizona State University

  2. What is Financial Aid? Any money from outside the family that pays postsecondary (college) costs.

  3. Arizona University System FY2011 FINANCIAL AID DOLLARS PROVIDED TO STUDENTS ASU $894,455,119 51.6% NAU $251,864,292 16.4% UA $557,804,077 32.2% Total Financial Aid Awarded: $1.7 Billion Source: ABOR FY 2011 Student Financial Aid Report

  4. Financial Aid eligibility applying types of aid cost of attendance

  5. FAFSA Facts:January 1

  6. FAFSA Facts:FREE

  7. FAFSA Facts: Priority Filing Dates

  8. FAFSA Facts:Apply Early

  9. financial aid Federal Aid Eligibility Aid

  10. FAFSA facts:Submit Documents Promptly

  11. FAFSA Facts:File Every Year

  12. What You Need

  13. Important changes: IRS Data Retrieval process

  14. Verification

  15. Financial Aid Steps

  16. What is Financial Need? Difference between college costs and EFC Will vary by college Amount of financial need determines the aid a student will receive

  17. Expected Family Contribution Amount family can reasonably be expected to contribute, but not what family will pay to the college EFC the same regardless of college the student attends

  18. Expected Family Contribution Calculated using a federal form and formula Two components Parent contribution Student contribution

  19. Estimated Cost of Attendance 2012-2013 Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000 $ 1,000 $ 1,000

  20. Calculation of Financial Need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts

  21. Gift Aid federal grants institutional grants scholarships

  22. Self-Help Aid federal work study federal student loans federal plus (parent) loan private loans

  23. Student Loans Subsidized (sub) Interest paid by federal government during: In-school status (enrolled) Deferment Grace period Unsubsidized (unsub) Interest paid by student from beginning

  24. Loan Limits—Year 1 Student Status Totals Dependent sub and/or unsub $3,500 sub $2,000 $5,500 Independent sub and/or unsub $3,500 sub $6,000 $9,500

  25. Loan Limits—Year 2 Student Status Totals Dependent sub and/or unsub $4,500 sub $2,000 $6,500 Independent sub and/or unsub $4,500 sub $6,000 $10,500

  26. Loan Limits—Year 3, 4 & 5 Student Status Totals Dependent sub and/or unsub $5,500 sub $2,000 $7,500 Independent sub and/or unsub $5,500 sub $7,000 $12,500

  27. Maximum Total Loan Limits Total combined sub and unsub Dependent $31,000 Independent $57,500* *max $23,000 sub

  28. Estimated Cost of Attendance 2012-2013 Tuition and fees (in-state) Room and board (on-campus) Books and supplies Personal Transportation Cost of Attendance: $ 22,000* *not actual dollar amounts $ 9,000 $ 10,000 $ 1,000 $ 1,000 $ 1,000

  29. Calculation of Financial Need Cost of Attendance $22,000* (-)Estimated family contribution $ 5,000 Financial Need $17,000 *not actual dollar amounts

  30. Net Price 2012-2013 Cost of Attendance $ 22,000* Minus gift aid Pell Grant -4,000 University Grant -1,000 Scholarship -6,000 Net Price/Cost $ 11,000 *not actual dollar amounts

  31. Net Price 2012-2013 Net Price/Cost $ 11,000 Minus self help aid Subsidized loan -3,500 Unsubsidized loan -2,000 Net Price/Cost $ 5,500 *not actual dollar amounts

  32. Shopping Sheet http://collegecost.ed.gov/shopping_sheet.pdf

  33. Additional Resources FAFSA on the Web www.fafsa.gov Parent Resource Center www.collegeparents.org General Information www.studentaid.ed.gov

  34. College Goal Sunday