Transcript Financial Aid and Scholarships For Graduate Students
Understanding Financial Aid and Scholarships For Graduate Students At SDSU
Modified & Presented by: Valerie Cook-Morales, Ph.D.
August 17, 2011 Original Slides Developed by: Rose Pasenelli & Suzanne Goulet July 2011
Agenda
• • • • • • Eligibility for Financial Aid Types of Aid for Graduate students Graduate Cost of Attendance (COA) AidLink Means to obtain additional funds Disbursement of aid
Important Terms
$
FAFSA
= Free Application for Federal Student Aid - file early, Jan 1 $
EFC
= Expected Family Contribution - determined by FAFSA $
COA
= Cost of Attendance $
Resources
= Scholarships, Traineeships, Stipends $ If any of the above changes, aid changes
COA - EFC - Resources = Aid
2011-12 Estimated COA for California Residents
Living with Parents $7,844 Living in University Housing Living Off Campus $7,844 $7,844 Basic Tuition & Fees* Books & Supplies Food & Housing Transportation Misc./Personal Total Academi c Year 1,661 3,863 1,571 2,897 $17,836 1,661 11,549 1,528 2,694 $25,276 1,661 11,693 1,954 2,810 $25,962 *Out-of-state tuition: Add $372 per unit to the basic tuition and fees listed above.
Why COA is Important
Off Campus COA = $25,962 AY Maximum of Federal Loans = $20,500
The cost of attendance for the AY at SDSU now exceeds the maximum limit of federal subsidized & unsubsidized loans.
If maxed out, may not be eligible for additional aid for summer school.
Types of Aid for Graduate Students
State University Grant
– Grant pays enrollment fees – Limited funding for 2011-12 – Eligibility is determined by Expected Family Contribution (EFC) - file FAFSA early!
– Funding is distributed by student’s award date
State University Grant -
(cont.)
• As of 6-22-11 the Office of Financial Aid & Scholarships (OFAS) has processed 24,639 awards. Up 4705 from 2010-11.
– Students with EFC an $0 - $2000 receive SUGP in the amount of the State University Fee ($3369) – Students with an EFC $2001 - $5000 receive SUGP in the amount of 75% of the State University Fee ($2527)
Types of Loans for Graduate Students
• Subsidized Federal Direct Student Loan • • • • Unsubsidized Federal Direct Student Loan Grad PLUS Federal Direct Student Loan Private Loans Strom Emergency Loan
Subsidized Federal Direct Student Loan
• 6.8% interest rate • Interest deferred until loan payment begins 6 months after exiting at least 1/2 time studies • Credit History? N/A • $8,500 Annual Maximum
Unsubsidized Federal Direct Student Loan
• • 6.8% interest rate Interest starts immediately and capitalizes if not paid • Credit History? N/A • • Repayment begins 6 months after being at least 1/2 time student $12,000 Annual Maximum
Federal Direct Grad PLUS Loan
• • 7.9% interest rate Interest starts immediately and capitalizes if not paid • • • Credit History? “Satisfactory” required Repayment begins within 60 days of issue (no grace period) Can request deferment but will continue to pay interest on interest • Maximum is COA-Resources-Loans
Private Student Loan
• • Arranged privately with your bank or other financial institution Interest rate depends on credit history - can go as high as 25%-30% • • Interest starts immediately and capitalizes if not paid Must report to SDSU Office of Financial Aid & Scholarships • Avoid if you can. If you can’t, follow the directions on AidLink.
Strom Emergency Loan
• • • • Only available to enrolled CSP Students Cannot be used for enrollment fees • Only small amounts (e.g., $200) in response to a true emergency (in fact, very little available for the entire department) Must be repaid before the beginning of the next enrollment period Contact your Program Director - this is arranged through our Department Office in collaboration with Financial Aid Office
Loan Forgiveness
The College Cost Reduction Act of 2007 http://studentaid.ed.gov/students/attachments/siteresource/LoanForgivenessv4.pdf
• • • • • For all full-time public sector employees: - School Psychologists & School Counselors - Public Health & Mental Health Positions Must faithfully make payments on time for 120 months (10 yrs) while working full-time in an eligible position Eligible for all remaining principal & interest to be forgiven Federal loans that can be forgiven: - Federal Direct Stafford Loan - Federal Direct Plus Loan - Federal Direct Unsubsidized Stafford Loan - Federal Direct Consolidated Loan 1-800-433-3243 US Dept Ed Call Center - select option to get “live” help
Resources
• • Stipends, research fellowships, reimbursements, scholarships and private education loans (alternative loans) Federal laws and regulations, not university policy, mandate that OFAS consider all sources of assistance a student has available to meet his or her costs
• • • •
$tipends & Reimbursements
Must be reported as “Resources” on your AidLink If associated with a federal, state, or county funded project, your project director will also report your resources to Financial Aid Project directors also provide information regarding reimbursements and conference expenses & allowances (& resulting COA increases) Check with your project director about procedures
$cholarships
Gertrude Bell Scholarship
• • • • One @ $2500 or two @ $1250 For new students in CSP (i.e. 1st yr) Must be enrolled in at least 9 units Scholarship criteria: Academic Achievement, Community Engagement, & Financial Need • Deadline: September 2, 2011 https://sdsueducation.qualtrics.com/SE/?SID= SV_5A4XTO3uQYh2tAU
• • • • • •
$cholarships
Graduate Equity Fellowships
For economically disadvantaged graduate students, especially from groups underrepresented in their disciplines Legal California resident Must be enrolled in at least 9 units with 3.0 GPA $500 - $4,000 per AY, depending on need Maximum 2 Years; Must re-apply Coming soon!
http://gra.sdsu.edu/grad/scholarships.html
• • • •
$cholarships
Inamori Fellowships
10 available university-wide - very competitive Research fellowship Must be enrolled in at least 9 units & have two semesters remaining in official program of studies $5,000 for 12 month period http://gra.sdsu.edu/grad/research/inamori.html
$cholarships
Graduate Student Travel Fund
• • Up to $1,000 (maximum) for travel associated with scholarly research & creative activities Open to all graduate students with GPA at least 3.0
• • • Relevance/merit of professional activity Appropriateness of scope & budget Applications 3 times/year; award about $7,000 per cycle http://gra.sdsu.edu/grad/research/gstf.html
$cholarships
Professional Associations
• • For example: National Association of School Psychologists http://www.nasponline.org/about_nasp/minority.aspx
California Association of School Psychologists http://www.casponline.org
What if the FAFSA does not reflect the student’s current financial situation?
• • •
Student Request for Review
www.sdsu.edu/financialaid PDF Forms • Must attach: – Letter explaining special circumstances – Copies of 2010 tax returns – Final or recent pay stubs – Any other supporting documentation
• • • • • •
Request for a
Budget Increase
Expenses we allow:
•
Auto repair
•
Auto, medical, dental insurance
• •
Medical and dental costs not covered by insurance Child care
•
The purchase of a computer for school (up to $2000), can only be submitted once during program of study Expenses must be incurred during the academic year (August 29, 2011 – May 8, 2012) - Summer may be included if the student was enrolled in summer courses Receipts and payment documentation must be in student’s name Twice/AY - one in Fall & one in Spring Cost of attendance increases are funded with loans Participate in Money Matters Part Two for details
Disbursement of Financial Aid
• • • • Financial Aid disbursements start at the beginning of each semester Students must be enrolled at least half time All Financial Aid and Cashier’s holds must be cleared Direct Deposit (mandatory)
Reminders
•
Complete your FAFSA early! January 1, 2012 for the 2012-13 academic year
•