Financial Aid Tips & Tricks Financial Aid & Scholarships. Theresa Barajas, Interim Assistant Director Adabel Franco, Sr. Financial Aid Counselor

Transcription

1 Financial Aid Tips & Tricks Financial Aid & Scholarships Theresa Barajas, Interim Assistant Director Adabel Franco, Sr. Financial Aid Counselor

2 Application Process Summary

3 Free Application for Federal Student Who applies? U.S. Citizen Eligible non-citizen Aid (FAFSA) Where do they apply? Application Timeline October 1 st application available March 2 priority filing May 1 priority processing document submission Create an FSAID at to electronically sign the FAFSA

4 Dream Act Application Who applies? Non U.S. Citizen, AB 540 Deferred Action Application Timeline October 1 st application available March 2 filing deadline May 1 priority processing document submission Where do they apply?

5 What is Financial Aid? Financial Aid are resources intended to supplement and not replace the resources of the family

6 Types of Aid Grants Cal Grant A / B Chafee Grant Educational Opportunity Grant Federal Work Study Middle Class Scholarship Pell Grant State University Grant Supplemental Ed. Opportunity Grant TEACH Grant Loans Direct Subsidized Loan Direct Unsubsidized Loan Direct Parent PLUS Direct Graduate PLUS Dream Loan Nursing Loan Scholarships Institutional Departmental Community

7 Funding Limits Pell Grant 600% or 6 years full-time enrollment Prorated for less than fulltime State University Grant 150 unit limit for Undergraduate students 125% required for Masters degree Cal Grant 4 years if received first time as Freshman 2 years if received first time as Transfer Loans Annual limit Aggregate limit

8 Cost of Attendance DIRECT COSTS Tuition Fees (may change) INDIRECT COSTS Live w/ Parents Live On-Campus Live Off-Campus $6,900 $6,900 $6,900 Food & Housing $4,968 $13,916 $12,492 Books & Supplies $1,792 $1,792 $1,792 Transportation $1,108 $838 $1,242 Misc. Personal $1,416 $1,416 $1,416 Total $16,184 $24,862 $23,842

9 How much money can I get? Cost of Attendance (COA) projected costs to attend Sac State Expected Family Contribution (EFC), calculation of how much the student / family are expected to contribute towards their educational costs EFC is determined by income, asset, household size, etc. reported on the financial aid application

10 Satisfactory Academic Progress (SAP) The SAP policy governs eligibility for all Federal and State aid programs When accepting financial aid, the student acknowledges their obligation to maintain SAP standards

11 SAP Standards Maximum Time-Frame 150% i.e.: 120 units x 150% = 180 units Standard Pace 75% of attempted units must be completed with passing grades Cumulative GPA Undergraduate students must maintain a minimum of 2.0

12 Repeat Coursework Federal Policy Federal aid may only be awarded to an undergraduate, graduate or professional student once for a previously passed course (i.e., one repetition per class) Passing Grade Passing grades are: A, B, C, D Not passing grades are: NC (No Credit), I, WU, "W, F

13 Helpful Hints and Tips

14 Financial Aid Meter Student Center OR

15 Financial Aid Meter

16 Student Center Accept / Decline Awards Students will be sent an notification to accept / decline their awards Students should accept / decline within 2 weeks; Awards may be cancelled Students MUST accept their awards for disbursement

17 Student Center Fee Deferments

18 Continuing Students Continuing students will begin to receive their award notifications starting mid-june We must determine they met our annual Satisfactory Academic Progress (SAP) review after spring semester grades have posted

19 Disbursement vs. Refund Disbursement = Financial Aid We disburse funds to eligible students Refund = Bursar s Office Disbursement first applied to University debt - Credit balance is issued to student

20 Family Educational Rights & Privacy Act (FERPA) FERPA is a federal law regarding protecting a students right to privacy A FERPA form must be on file before we can discuss students record with others Student specifies on the form who is authorized (i.e., parents, spouse) Where can students access the FERPA form? Registrar s website under Forms Where does the student submit the FERPA form? In person (with photo ID) at the Student Service Center

21 Questions?