Transcript Types of Financial Aid

Samford Financial Aid
Office
(205) 726-2905 - www.samford.edu/financialaid
What We’ll Cover
Two Types of Financial
Aid
Five Sources of Financial
Aid
Types of Financial Aid
Grants/Scholarships
(free money)
Self Help
1. Loans
2. Work Study
5 Sources of Financial Aid
Federal Government
State Government
Private/Outside Resources
Samford University
Personal Finances
Federal Aid
Grants (free money)
Loans (self help)
Work Study (self help)
Fed. Aid - FAFSA
Free Application for Federal Student Aid
1. Free is the key – do not pay
2. www.fafsa.gov NOT www.fafsa.com
Fed. Aid - FAFSA
Starting point every year
Required by Samford for institutional
need-based aid
Available NOW
Input
1. Parents’ and Student Income
2. Demographic Information
Fed. Aid - FAFSA
Output
EFC – Expected Family Contribution
1. Portable
2. Key factor in determining NEED
FAFSA Forecaster
http://www.fafsa4caster.ed.gov
Paper version on the web
http://www.fafsa.ed.gov/options.htm
Fed. Aid - FAFSA
Verification
1. Required to verify certain % of applicants
2. In place to make sure info is correct
3. Family to provide official documentation
Professional Judgment
1. Make allowances for out of the ordinary
circumstances
a.
b.
c.
d.
Loss of job
Private School expenses for siblings
Medical expenses
Not casino winnings!!! 
Fed. Aid - FAFSA
Dependency Status
1. Born before January 1, 1989 (2012-13)
2. Married
3. Have a dependent that receives at least 50%
of their support from student
4. Graduate student
5. Orphan or ward of the court
6. Veteran or Active Duty Soldier
7. At risk of being homeless or is homeless
Fed. Aid – Cost of Attendance
Maximum amount of aid for one year
All students have a COA
Components
1. Tuition & Fees
2. Room & Board
3. Books & Supplies
4. Transportation
5. Miscellaneous Expenses
COA – EFC = Need
Cost of Attendance
COA
$40,000
EFC
$20,000
Unmet Need $20,000
Samford Merit Scholarship
$9,750
Unmet Need $10,250
Subsidized Stafford Loan
$3,500
Unmet Need $6,750
Federal Work Study
$2,000
Unmet Need $4,750
Unsubsidized Stafford Loan $2,000
Unmet Need $2,750
Parent PLUS Loan
$2,750
Unmet Need $00.00
Federal Aid - Grants
Pell Grant (all schools have access)
1.
2.
3.
4.
High need students
Guaranteed
2012-2013 award of $5,550
Award prorated due to enrollment status
SEOG (not all schools have access)
1.
2.
3.
4.
5.
Pell recipients only – MARCH 1st DEADLINE
High need
Awarded to full time students
2011-2012 award of $1,000 per year
Not guaranteed
Federal Aid – Work Study
Unmet need allows for work study
Example:
Mike has a COA of $20,000 and an EFC of
$3,000. His need is $17,000.
He has scholarships and grants totaling
$15,000.
The amount of work he can earn is $2,000.
Must be enrolled at least half time
Federal Aid - Loans
Subsidized Stafford Loan
1. Need based loan
- Similar to work study in how it is determined
2. No interest paid or accrued while enrolled
3. Up to $3,500 for Freshmen year
Unsubsidized
1. Anyone is eligible
2. Student makes quarterly interest payment
3. Up to $5,500 less any Subsidized Loan
Federal Aid - Loans
Stafford
1.
2.
3.
4.
5.
6.
7.
FAFSA required
Guaranteed
6.8% interest rate for both Sub and Unsub
$3,500 - $4,500 - $5,500 - $5,500 (plus extra $2,000)
Must be enrolled at least ½ time
Six month grace period after graduation
Two types
a. Subsidized
b. Unsubsidized
8. App in Samford Portal
9. E-sign the Master Promissory Note
Federal Aid - Loans
PLUS Loan
1.
2.
3.
4.
5.
6.
Parent Loan for Undergraduate Student
Max amount is COA less any other aid
Based on credit check of parent
This is the parents’ loan not the student’s
7.9% interest
Payments begin after second (spring)
disbursement or later if be deferred until
after graduation
Federal Aid - Loans
Perkins Loan
1.
2.
3.
4.
5.
6.
7.
Need based
Must file FAFSA by March 1st
Up to $3,000 awarded per year
5% interest rate
Must be enrolled at least ½ time
Nine month grace period after graduation
Can be forgiven due to service in
Public School Teaching – Public Service –
Peace Corps – Americorps – Military
State of Alabama Aid Programs
No central application like FAFSA
No ministerial students
Alabama Student Grant
1. Application available in FAO/Website
2. Amount varies – approx $250
3. Prove Alabama residency
Private/Outside Resource
Any scholarship or grant not from the
state, feds or Samford
Form in student portal
Church
Employer – student’s and/or parents’
Corporations
Civic Groups
www.fastweb.com or www.scholarshipexperts.com
or www.schoolsoup.com
Institutional Specific Scholarships
Primarily awarded by the Admissions
Office or the Financial Aid Office
Some awarded by the schools w/in univ.
Both merit based and need based awards
Private Loans
Private Loans
1. Not federally guaranteed
2. Interest rate depends on credit
3. Co-signer usually required for best
rates and approval
4. Could be as expensive as a credit card
5. 6 to 9 month grace period
6. Absolute last resort
Additional Information
Your college’s financial aid web page
www.samford.edu/financialaid/
www.finaid.org
www.collegeboard.com
www.fafsa.gov
www.college.gov and www.ed.gov
www.upromise.com
www.collegesavings.org
www.staffordloan.com