Financial Aid Update

Financial Aid Update

Melissa Pizzo, Ed. D.Interim Executive Director, Student Financial Assistance

Arizona State University

what is financial aid?

Any money from outside the family that pays postsecondary (college) costs.

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

financial aid

• eligibility• applying• types of aid• cost of attendance

FAFSA facts: January 1

FAFSA facts: FREE

FAFSA facts: priority filing dates

FAFSA facts: apply early

Federal aid eligibility aid

financial aid

U.S. Citizen or eligible

non-citizen.

Register with Selective Service (male applicants only, if required).

Attend a participating

college.

Enroll in a degree or certificate

program.

Maintain satisfactory

academic progress.

FAFSA facts: submit documents promptly

FAFSA facts: file every year

what you need

Social Security Number

.

Business or or farm records.

Bank & Investment

records.

Records of any taxed &

untaxed income.

important changes: IRS Data Retrieval process

verification

financial aid steps

Student submits FAFSA

Student receives a Student Aid Report (SAR) and schools receive Expected Family Contribution (EFC)

School calculates financial need and sends award letter

COA – EFC = Financial Need

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

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

expected family contribution

• Calculated using a federal form and formula

• Two components

– Parent contribution

– Student contribution

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

calculation of financial need

Cost of Attendance$22,000*

(-)Estimated family contribution $ 5,000

Financial Need $17,000


gift aid

• federal grants• institutional grants• scholarships

self-help aid

• federal work study• federal student loans• federal plus (parent) loan• private loans

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

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

Loan Limits—Year 2



sub $2,000

$6,500


sub $6,000

$10,500

Loan Limits—Year 3, 4 & 5



sub $2,000

$7,500


sub $7,000

$12,500

Maximum Total Loan Limits

Total combined sub and unsub

Dependent $31,000

Independent $57,500**max $23,000 sub

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*


$ 9,000$ 10,000$ 1,000$ 1,000$ 1,000

calculation of financial need

Cost of Attendance$22,000*

(-)Estimated family contribution $ 5,000

Financial Need $17,000


Net Price 2012-2013

Cost of Attendance $ 22,000*

Minus gift aid

Pell Grant -4,000University Grant -

1,000Scholarship -

6,000Net Price/Cost $ 11,000


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


shopping sheet

http://collegecost.ed.gov/shopping_sheet.pdf



additional resources

• FAFSA on the Web www.fafsa.gov

• Parent Resource Center www.collegeparents.org

• General Information www.studentaid.ed.gov

College Goal Sunday

Documents

Financial Aid Update