Transcript The Financial Aid Process

Five Basic Steps
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Application
Verification
Awarding
Disbursement
Maintaining Eligibility
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Free Application for Federal Student Aid (FAFSA)
Good for one Academic Year (July 1st-June 30th)
New application available beginning January 1st
online at FAFSA.gov
◦ PIN Personal Identification Number www.pin.ed.gov
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Grants, Work Study, Loans, Scholarships
College Goal Sunday (And Saturday, Too!) - Feb. 8 & 9, 2014
◦ www.collegegoalsunday.com/cgs/
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Carefully review your Student Aid Report
(SAR).
The SAR is a summary of all of the
information you put on the FAFSA.
Along with your data are comments about
corrections, revisions or next steps
Tells you if you are eligible for PELL Grant &
how much in loans
◦ These amounts are based on your full-time
enrollment
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You can view your SAR on the FAFSA website
◦ You will receive an email once it is available
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If you do not provide an email address, a
copy of the SAR will be mailed to you
◦ You can make any corrections or revisions right on
the SAR or you can make corrections online
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A digital version of your SAR will be
electronically sent to the colleges and
universities you put on the FAFSA
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Most if not all colleges or universities have an
“Official” way to communicate with students
Usually students are given a student email
address
The college or university you are selecting to
attend will begin to notify you electronically if
they need additional information
Pay close attention to those messages and
check for them frequently
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Additional Required Documents
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Random selection or common
mistakes
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A school must verify any application information that
it has reason to believe is incorrect [34 CFR
668.54(a)(3)] or discrepant [34 CFR 668.16(f)] (Code
of Federal Regulations).
IMPORTANT NOTE: An application that is selected for
the verification process is not VALID:
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The verification process must be complete.
The suggested award amount(s) mentioned on the FAFSA
Award amount may change upon completion of the verification process.
Sometimes during the verification process, the Office
of Student Financial Assistance (SFA) will ask the
student and/or their parent(s) for addition
documentation. The need for these item(s) is not
always known until the detailed verification process
has begun.
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Award Notification- Electronic Letter notification
from the Financial Aid Office
Most common - yearly award (Both fall &
Spring)
Includes: PELL Grant, other grants, student
loans, scholarships, work-study and third-party
resources
Pell Grant
 Only available to undergraduate students
 Lifetime limit= 600% (equivalent to 6 years of
full-time enrollment)
Student Loans (undergraduate)
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Dependent Students:
◦ Combined total= $31,000—No more than $23,000 of this
amount may be in subsidized loans.
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Independent Students:
◦ Combined total= $57,500—No more than $23,000 of this
amount may be in subsidized loans.
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Students with financial need are eligible
The U.S. Department of Education pays the
interest
◦ While you are in school at least half-time (6 credits)
◦ For the first six months after you leave school (grace
period) *Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1,
2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your
grace period. If you choose not to pay the interest that accrues during your grace period, the
interest will be added to your principal balance.
◦ During a period of deferment (a postponement of
payments)
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Time limit for subsidy= 150% of program length
(ex. A 2 yr program has a limit of 3 yrs)
*Effective: July 1, 2013
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Financial need is not a requirement
You are responsible for paying the interest
during all periods
If you choose not to pay the interest while
you are in school and during grace periods
and deferment or forbearance periods, your
interest will accrue (accumulate) and be
capitalized (that is, your interest will be
added to the principal amount of your loan).
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Disbursements of your awards will pay toward
tuition & fees first for each semester/term.
REFUND = Unused funds
Sent to you using one of three methods a check
(via mail), debit card or directly deposited to bank
account.
Reduction of enrollment can equal adjustments to
student’s award, which would result in a debt
Standards of Academic Progress (SAP)
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Completion Rate: Must complete 2/3
(cumulative)
GPA: Minimum GPA requirements (varies
based on number of attempted credits)
Timeframe: earned less than 150% of required
credit hours (ex. 150% of 60 credits is 90)
If one or more are not met, you have the right
to appeal citing extenuating circumstances
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PVCC Financial Aid
◦ www.paradisevalley.edu/finaid
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Federal Student Aid
◦ studentaid.ed.gov
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Student Loans
◦ studentloans.gov
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Financial Aid Answer Center
◦ 1-855-622-2332
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Religion
GPA
Gender
Race
Nationality
Ethnicity
Parent’s
profession
Volunteer history
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Field of interest
Political party
First in family to
attend college
Willingness to
work in
economically
depressed areas
Whomever applies
*A combination of
one or more of
these factors
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Federal Government
State Government
Colleges & Universities
◦ (Private and Public)
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Public & Private Sources
◦ (Cooperation, Charitable & Personal Foundations)
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College or University Application
 Access
to a computer
 A little planning
 A lot of research
 A lot of common sense
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Financial Aid Offices
Academic Department’s website of any
college or university
Local Libraries
High schools
Religious Organizations
Professional organizations
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Safe Scholarship Applications can be found
on the scholarship websites of an
accredited college or university
If you are not sure of the legitimacy of a
scholarship, ask the financial aid
department at any higher education
institution.
Avoid going to a search engine and typing
“scholarships”
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Scholarship Application
Personal Essay
Letters of Recommendation
Academic Transcripts
◦ (Official or unofficial – Plan ahead. Official require a
fee and takes time)
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Scholarship Interview
Paper application (always type)
 Web application
 Free Application for Federal Student
Aid (FAFSA)
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*Some scholarships require that you complete a
FAFSA along with the scholarship application.
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Read the application instructions carefully
If you have questions, contact the scholarship
organization.
NOTE DEADLINE!!!
Before filling out any application forms, make
extra copies in case you make mistakes.
Proofread your application and have at least
two other people review your essays
Make a copy of the completed forms before
mailing them
Consider sending your documents through
certified mail or receipt return
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Who are you?
What are your life experiences?
Where do you want to go?
What are your goals?
What keeps you focused on your goals to
attend a college or university?
Community Service involvement?
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Teachers/Faculty
Religious leaders
Political leaders
Leaders and/or members of Professional
organizations
Should never come from friends or neighbors
Should always be on a letterhead
Be proactive, ask Early!
Inform them of your deadline and set a date
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Make the commitment to win a scholarship
If you missed deadlines, check next year for the
scholarship posting
Develop the attributes to be the scholarship’s
profile
Become the (Coke, IBM, Maricopa, PVCC, Faculty,
Dougherty, etc.) scholarship winner
Be deliberate and intentional!