What YOU Need to Know About YOUR FINANCIAL AID at SF State!!

What YOU Need to Know About

YOUR FINANCIAL AID at SF State!!

Nancy JodaitisFinancial Aid Counselor

Scholarship Specialist/AB 540 CounselorSan Francisco State University

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FAFSA & CA DREAM FACTS

Students HAVE to Do It Every YEAR!Should be completed in January or February Recommended to Sign App with P.I.N. Completing Application is only the First Step

Financial Aid Eligibility is Based Primarily on Last Year’s Income, Investments & This Year’s Household Size

If Household Income Changes, Contact the Financial Aid Office after June 2014 to see if eligibility for need-based aid could change.

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How Does My Financial Aid Get Calculated???

Cost of Attendance - Estimated Family Contribution* (EFC)=

Financial Need

•Registration & Fees

•Room & Board

•Books & Supplies

•Transportation

• Personal Expenses

Total Cost of Attendance

Student Contribution + Parent Contribution= Estimated Family Contribution

*The calculation of the EFC is based on the information submitted on the FAFSA, such as income and investments

Determines the eligibility of the student

for Federal & State Financial Aid

(Grants, Loans, Workstudy & Scholarships)

Financial Aid Offer

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What Does Financial Aid Pay For??

• Tuition (paying your classes, gym, health clinic, student services & fun activities!)

• Where You Live (at home, in the dorms, your own apartment)

• School Books & Supplies• How You Get Back & Forth to School (BART,

bus, car & parking costs, bike, walk)• Personal Expenses (Educational Related

Costssz)

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THINGS Financial Aid Usually Doesn’t Cover

•Housing Deposit (due with License)•Books Options Before First Disbursement

O SF State Program ~ BayBucks

•Financial Aid CANNOT Release Until One Week Before School Starts Each Semester.

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How FINANCIAL AID Works

WHEN School Begins, If Financial Aid is ALL IN ORDER $$ comes to the School Tuition & Other Fees (Dorms, etc) are DEDUCTED

$$$ BALANCE Goes to STUDENT and/or PARENT OR $$ Student pays OUTSTANDING Fees Prior to First Day of Classes

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GRANTS = Free $$ to STUDY!

•Federal Grants: OPell O SEOG

•State: O Cal Grants A & BOState University (CSU)OEOP Grant

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Federal STUDENT LOANS•Subsidized Loans: •Gov’t Pays Interest While You’re in School•3.8 % Interest• Maximum Amount ~ Freshman: $3,500 Sophomores $4,500 Jr/Seniors $5,500

•UNSubsidized Loans: •Interest Accrues While You’re in School ~

We recommend you pay interest & it’s tax-deductible

•3.8% Interest•Maximum Amount for Dependents: $2,000

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Federal PARENT LOANS•Based on CREDIT ~ 6.41% Interest Rate•Parent Must complete ALL three steps AFTER July 1st:

1) SF State Parent Plus form 2) Apply at studentloans.gov 3) Complete Master Promissory Note

•Parent Must Be APPROVED & Interest Accrues While Student Is in School

•Maximum Amount: Difference Between Student Financial Aid & Cost of Attendance

• If Parent Declined, Student Can Increase Unsubsidized Loan $4,000 ~ Contact School for Instructions

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FEDERAL WORK STUDY

•Need-Based Aid that You EARN•Great Option for PT job at School•Get Connected to Staff/Faculty on Campus•Can Work as a Tutor with America Reads•Is Not Counted as Income on FAFSA if you Indicate it is Work Study

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Cost of ATTENDANCE orESTIMATED COSTS for SF State

2014-15 SF State•Tuition $6,464•Room & Board$13,052•Books & Supplies $1,826•Transportation $1,496•Personal Expenses $1,364•TOTAL $24,206

COA is found on your award letter & financial aid website

MARCH 2ND !*!*!

REALLY!

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College Student Undergraduate Federal/State

Financial Aid ProgramsWORK STUDY:Financial assistance earned by a student through employment.

GRANTS:Financial aid that does not have to be repaid.

LOANS:Money loaned to students. Repayment begins after student has left college.

FederalWork Study

Up to $4,000 Pell $555 - $5,644 Perkins $1,000 per year

SEOG Up to $500 Stafford/Federal Direct Loan:Subsidized/Unsub.

$5,500 - $7,500 per year

Cal Grant A $5,472 Cal Grant B $6,945 LOANS TO

YOUR PARENTS:

EOP Grant Up to $800 Parent Plus Loan

Up to $24,206 at SF State

University Grant

$5,472 IF Denied : Up to $4,000 for student

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For CAL GRANTS:

www.csac.ca.govCreate an account at WebGrants4Students

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Check your CAL Grant status and Make SURE the Proper School is

Listed

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•Allows certain categories of non-resident students to pay in-state tuition fees

•Must file AB 540 affidavit & present official CA high school transcripts to be exempt from non- resident fees

•Requires 3 Years of CA HS & Graduate from CA High school or Equivalent. (Citizens & Non-Citizens)

www.sfsu.edu/~finaid/ab540

Becoming an AB 540 Student

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Where Do I Get INFO/HELP with My Financial Aid??

•FAFSA www.fafsa.ed.gov•CA Dream Application

www.caldreamact.org •SF State Financial Aid Website

www.sfsu.edu/~finaid •SF State Gateway Student

Center www.gateway.sfsu.edu

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Figure out YOUR Budget… Do You NEED LOANS?

•Tuition~ Has to Be Covered FOR SURE!•Books~ Project Connect Book Loan? Rental? Half.com?•Transportation ~ (Plane, Train, Car or Bus Pass)

O Example: BART from Fremont to Daly City = $12 Roundtrip

O School 3xs week = $36 for 15 weeks= $540 per SEMESTER!!

•Dorms or Housing~ HOW MUCH is IT? Monthly Payment Plan? Do You Have to Pay a Deposit?

•Personal Expenses ~ Educational Expenses, Computer, etc.

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Financial Aid Office at SF State

O Experienced Counselors Available Visit or Call with Questions ~ BE PROACTIVE!

O OneStop, Student Services Building, Monday-Friday 9:00-5:00

O By Phone: M-F 9:00 to 4:30 415.338.7000

O Via email: finaid@sfsu.edu

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Key Times to Check Financial Aid Status•FAFSA or DREAM website

O Check Two Days After Applying

• SF State Student Center gateway.sfsu.eduO March ~ Income Verification or DocumentsO Mid-April ~ To View AwardO PRIOR to Your Student OrientationO Right Before Fee Payment Deadlines

Fall: Early July & Mid August for Fall O Just Before Classes Begin

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Student Center – TO DO List

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To Do List ~ Income Verification

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Verifying Your Income for FAFSA• Students randomly selected by FAFSA to verify income

• Student/Parent completes Income Verification Sheets AND

USES the Data Retrieval Tool at www.fafsa.ed.gov OR

If student or parent cannot use data retrieval tool, then

Parent & Student must submit Tax Return TRANSCRIPT from IRS, if taxes were filed.

1040 TAX RETURNS ARE NOT ACCEPTED!

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14-15 Dependent Student Verification Form

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Verification of Family Household Size

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Parents Who are Tax Filers

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Parents Who Don’t File Taxes

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Student Tax Information

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The IRS Data Retrieval Tool is accessible through the FAFSA website

http://www.fafsa.ed.gov

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“Financial Information” Section of FAFSA

How the questions under the “Financial Information” section are answered, determines whether you can use the tool.

Data Retrieval Tool is AVAILABLE for BOTH Parents & Students

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“LINK TO IRS”

If you are eligible to use the IRS Data Retrieval Tool, you will be prompted to:

1.Enter your FAFSA Pin Number

2. Select Link to IRS

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FAFSA – IRS Data Link

After you are connected to the IRS.gov website:

1.Review your tax information for accuracy2.Select the appropriate box below.3.Select Transfer Now.

You will then be returned to the FAFSA website.

Your Data will now be transferred to your FAFSA

Please sign with FAFSA PIN & resubmit your FAFSA to complete the process.

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Print Tax Return Transcriptfrom www.irs.gov

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VIEWING Your Financial Aid AWARD

Student Center ~ www.gateway.sfsu.edu

Will BE Available to VIEW in Mid to Late APRIL

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MOST Common Reasons Financial Aid Award Could be

Delayed•Not Formally Admitted to the School•Invalid FAFSA: Discrepancy with Name, Date of Birth and/or Social Security Number

•Financial Aid File is INCOMPLTE: O Didn’t sign FAFSA or DREAM AppO Specific Documentation Needed (Foster Youth, Marriage or Birth Certificate, etc. )

•Selected for Income Verification

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Handle Your BUSINESS!*!•Check your Financial Aid Status at www.gateway.sfsu.edu

•SHARE Responsibility with Your Parents to ensure everything is in order.

•BUDGET Your Money! •Take Advantage of all Resources Available!

•Ask for Help if you Need it!

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SCHOLARSHIPS

Looking for Scholarships•Scholarships for Grades,

Community Service, Your Major, Geographic Area, Ethnicity & MORE!

•Apply for AS MANY AS POSSIBLE!

•Apply Early ~Majority of Deadlines are Jan – June

•Use a Scholarship CHART

Writing the Essay•Tell Your Story!•One Good Essay

can be the Base!•Write & Re-Write

Your Essay!•Work Your Chart!

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IDENTIFYING AS MANY SCHOLARSHIPS AS POSSIBLE!@!

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SCHOLARSHIP CHART TO ORGANIZE YOUR

EFFORTS

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Make A Friend In Financial AID!!

SF State Office of Student Financial Aid

OneStop, Student Services Building, Monday-Friday 9:00-5:00

By Phone: M-F 9:00 to 4:30 415.338.7000Via email: finaid@sfsu.edu