Transcript Financial Aid Basics The Big Picture

Financial Aid Basics
The Big Picture
CASFAA CONFERENCE 2008
Presented By
Michael Dear
Assistant Director of Financial Aid
California State University, Sacramento
CASFAA Conference 2008 – The Adventure Continues
Agenda
1. Big Picture – 5 Major Steps
2. Types and Categories
3. Need Calculation
4. Agencies
5 Major Steps
1. Complete
FAFSA
Application
2.
Documents
/File Review
3. Packaging
/Award
Notice
5. Payment
4. Tying Up
Loose Ends
1. Student completes the FAFSA (Free
Application for Federal Student Aid)
 www.fafsa.ed.gov
 FAFSA Priority filing
date = March 2nd each
year. (Varies by state)
 Complete Cal Grant GPA
Verification Form (1 time
– auto renew w/ FAFSA
thereafter)
 Cal Grant application
DEADLINE is MARCH
2nd!
2. Documents & File Review
Document Examples:
 I. FA Office collects




necessary documents.
II. FA staff correct FAFSA
ISIR as necessary
III. Corrections sent to
FAFSA Central Processor
(CPS)
IV. Final review of FAFSA
performed
V. Ready for Award
Packaging




Verification Worksheets
Tax Documents
Proof of Citizenship
Satisfactory Academic
Progress (SAP) docs
3. Award Packaging
 Based on Expected
Family Contribution
(EFC) and Cost of
Attendance (COA)
 Student receives Award
Notice and Responds
 Possible Awards may
include Grants, Loans,
FWS, Scholarships, VA
Benefits, Voc Rehab
4. Tying Up Loose Ends
 Meet with Financial Aid
 Address / Clear Holds
(MySacState)?
 Complete Entrance Loan
Counseling (ELC)?
 Complete Promissory
Note (MPN)?
counselor for Special
Circumstances?
 Update Units (Awarded
based on 12 units, is
student attending less
than full time?)?
 Personal Information
Correct (Address)?
5. Payment!
 How does disbursement of
aid occur at your school?
 What is the timing for
disbursements at your
school?
 EFT’s from lenders are




received Friday PM.
Grant/Loan/Scholarship
funds are released
electronically to Cashier
each Tuesday night.
Checks are printed & Direct
Deposits are processed on
Wed./Thurs.
Checks are mailed out on
Friday or Monday
Holds are placed and
removed each night
Financial Aid Types and Categories
Four Types:
Two Categories:
 Grants
 Need Based
 Loans
 Non-Need Based
 Scholarships
* Determining “Need”
will be covered later in
the presentation.
 Federal Work Study
(FWS)
Grants
 State




Cal Grants
U.C. Grants (UC)
State Univ. Grant (CSU)
B.O.G. Fee Waiver (CCC)
 Federal



Pell Grant
FSEOG
ACG/SMART Grants
 Private/Others?
 Free money, no
repayment
 Typically Need Based
Loans
Need Based Loans:
Non-Need Based Loans:
 Federal Subsidized
 Federal Unsubsidized
(FFELP/Direct)


No interest during school
and grace period
6 month grace period after
graduation or withdrawal
 Perkins
 Nursing
(FFELP/Direct)


Interest accrues during school and
grace period
6 month grace period after graduation
or withdrawal
 Federal Parent PLUS
(FFELP/Direct)


Parent is borrower on student’s behalf
Payments begin 60 days after the 2nd
disbursement
 Private Alternative


Higher interest rates
Immediate repayment
Scholarships
 Good Grades
 Typically Free Money (no
 Athletic Ability
repayment)
 Need based and non
need based
 College Major
 Special Talents
 Heritage
 Tribal
 Community Service
 Americorps
Federal Work Study
FWS – Part time job
program
 Student earns hourly
wage
 Taxable income if
applicable
 Typically higher wages –
gov’t and employer each
pay a percentage of $$$
 NOT COUNTED in EFC
calculation for following
FAFSA application cycle!

Need Calculation
Cost Of Attendance (COA)
Expected Family Cont.
(EFC)
 Estimated cost to attend
 Federal Formula, based
for the academic year
 Consists of:






Fees/Tuition
Books
Room & Board
Transportation
Miscellaneous
Possibly Childcare/Other
on FAFSA information
 Includes income and
demographic
information
 Ranges from 0 to
99,998
Need Calculation Cont’d
 Cost of Attendance (COA)
- Expected Family Cont. (EFC)
= Financial Need (for Fin Aid Purposes)
*A student can receive any combination of aid (need
based or non-need based) up to their cost of
attendance.
Undergraduate One Semester Full Time
Budget Category
Res FT
W/Parent
Res FT On
Campus
Res FT Off Campus
NonRes FT W/Parent
NonRes FT On Camp
NonRes FT Off Campus
Books
693.00
693.00
693.00
693.00
693.00
693.00
Fees
1,779.00
1,779.00
1,779.00
1,779.00
1,779.00
1,779.00
Housing
1,737.00
5,051.00
5,229.00
1,737.00
5,051.00
5,229.00
Personal
1,183.00
1,060.00
1,191.00
1,183.00
1,060.00
1,191.00
Transportation
621.00
492.00
603.00
621.00
492.00
603.00
Non Res
0.00
0.00
0.00
4,068.00
4,068.00
4,068.00
Total
6,013.00
9,075.00
9,495.00
10,081.00
13,143.00
13,563.00
Agencies
 Common Origination &
 California Student Aid
Disbursement (COD)
 National Student Loan
Data System (NSLDS)
 FAFSA Central
Processing System (CPS)
 National Assoc. of
Student Fin Aid
Administrators
(NASFAA)
Commission (CSAC)
 State Guarantee Agencies
(EdFund)
 California Assoc. of
Student Fin Aid
Administrators
(CASFAA) 
Important Telephone Numbers & Websites
CSUS Fin Aid Office
(916) 278-6554 Dept of Homeland Security (a.k.a. INS)
6000 J St., Sac, CA 95819-6044
FAX: (916) 278-6082
www.csus.edu/faid
School Code: 001150 California Student Aid Commission (CSAC)
Scholarships (CSUS)
(916) 489-6463
(800) 375-5283
(888) CAGRANT
(916) 278-6179 www.csac.ca.gov
(888) 224-7268
www.fastweb.com/college
FAX (916) 526-8002
FAFSA
(800) 4FEDAID National Student Loan Data System (NSLDS)
www.fafsa.ed.gov
(800) 433-3243 www.nslds.ed.gov
PIN (Personal Identification Number)
Selective Service
http://pin.ed.gov
www.sss.gov
CasperWeb
https://casperweb.csus.edu
SacNote
www.SacNote.csus.edu
VA Office
1819 K Street, Sacramento, CA
(847) 688-6888
Help Line (916) 278-8088 Income Tax Return or Transcripts
(800) 829-1040
http://www.irs.gov
(916) 278-7337 Social Security Office
(916) 381-9410
8351 Folsom Blvd. Sacramento, CA
(800) 772-1213
(916) 440-6811 http://www.ssa.gov/ssnumber
Perkins Loan Borrowers: SFSC/LSN 1003
(916) 278-6190
Muskogee Regional Office
(888) 442-4551 www.mapping-your-future.org
Entrance Loan Counseling
Oakland Office
(800) 827-1000 www.csus.edu/sfsc/Perkins.pdf
Master Promissory Note
www.gibill.va.gov
www.csus.edu/sfsc/PCI.pdf
Personal Confidential Info Form
EdFund - CA State Guarantor
1-888-715-5797 CSUS Preferred Lender List
www.edfund.net
1-888-223-3357 https://webapps1.csus.edu/faid_general/downloads/flyers/Stafford_Lender_List.pdf
Questions?