University. Financial Aid Planning Session December 5, 2007

Transcription

1 Florida A & M University Financial Aid Planning Session December 5, 2007

2 Financial Aid Overview The Application Process FAFSA to ISIR Student Eligibility Academic Calendar Cost of Attendance (Budget)

3 The Student The financial aid process begins with the student. Encourage all students to complete the Free Application for Federal Student Aid (FAFSA) early.

4 The Application Process First, a student must be admitted to the university it as a degree-seeking student. t To be considered for federal student aid, a student must complete a FAFSA.

5 Types of Applications FAFSA on the Web - Students can use FAFSA on the Web at to complete an application online and submit it directly to the Central Processing System (CPS). Paper FAFSA Some students still use the paper FAFSA, which they can order from the Federal Student Information Center at FED-AID. FAA Access to CPS Online You can submit a student s application data at FAA Access to CPS online (

6 The PIN The Federal Student Aid personal identification number (PIN) along with other identifiers, gives students Internet access to their information in FSA systems. Students and parents can get a PIN by going to the website

7 Renewal FAFSA Returning students can use a regular FAFSA, but they should be encouraged to use Renewal FAFSA on the WEB (which h requires a PIN) instead because some data from the application the student t filed the year before will already be filled in.

8 Processing the FAFSA If the FAFSA was submitted on paper, it goes first to the FAFSA processor for data a entry and then the CPS. If the FAFSA was signed and submitted on the Web, it goes directly to the CPS. If a Web applicant indicated she would sign electronically later or send a paper signature page, the FAFSA goes to a signature hold file for up to 14 days.

9 Processing the FAFSA The CPS uses the application data to calculate cu a the Expected ed family Contribution o (EFC) and to match several databases: those of NSLDS, the Department of Justice, the Social Security Administration, and the Department of Veterans Affairs; the Department of Homeland Security s database of non citizens and the Selective Service System registration database.

10 Output Documents After processing is complete, the CPS produces output documents or records that show the information the student originally provided, the EFC, the results of the eligibility matches, and information i about inconsistencies identified through the CPS edits. If the CPS was unable to calculate an EFC, the output will not show one.

11 Output Documents There are two types of output documents: Institutional Student Information Record (ISIR) Student Aid Report (SAR)

12 Output Documents You will receive an ISIR for the student only if she includes your school on her FAFSA. If your school is not listed, you can request an ISIR for her through FAA Access if you have her data release number (DRN).

13 Output Documents The DRN appears in the upper right corner of the first page of the SAR and at the top of the correctable pages. The DRN and the PIN are different: The DRN authorizes your access to the student s application; The PIN is the student s s personal code, which she should give to no one.

14 DEADLINES The application processing cycle lasts 18 months. For the award year, applications are accepted beginning January 1, 2008 and will be accepted through June 30, 2009.

15 Student Eligibility A person must be enrolled as a regular student t in an eligible ibl program in order to receive FSA funds. A regular student is someone who is enrolled or accepted for enrollment in an eligible institution for the purpose of obtaining i a degree or certificate offered by the school.

16 Basic student eligibility issues Must be enrolled as a regular student in an eligible program Cannot also be enrolled in elementary or secondary school Must have a high school diploma or equivalent, pass an approved ability-to-benefit test or have been homeschooled Must make satisfactory academic progress Must meet enrollment status requirements Must have resolved any drug conviction issue

17 Academic Calendar Every eligible program, including graduate programs, must have a defined academic year. There is a minimum standard of 30 weeks of instructional time for an academic year. Semesters and trimesters are terms that are generally 14 to 17 weeks long. An academic calendar that uses semesters traditionally has two terms, in the fall and spring, and trimester academic calendar traditionally has three terms, in the fall, spring, and summer.

18 Academic Calendar Academic progress is measured in semester credit hours, and full time is at least 12 credit hours. Most undergraduate programs require 120 credit hours for completion.

19 Cost of Attendance (Budget) The cost of attendance is the cornerstone of establishing a student s s financial need, as it sets a limit on the total aid that a student may receive for purposes of the Campus-Based Programs and Stafford/Plus loans, and it is one of the basic components of the Pell Grant calculations.

20 Cost of Attendance The cost of attendance for a student is an estimate t of that t student s t educational expenses for the period of enrollment.

21 Allowable costs Tuition and Fees Books, supplies, transportation, personal, misc Room and board Dependent care Study Abroad expenses Disability expenses Loan fees

22 Exceptions Did you know For students who are enrolled less than half time, only the costs for tuition and fees and allowances for books and supplies, transportation and dependent care expenses may be included as part of COA (misc expenses, room and board, and personal expenses may not be included).

23 Need Formula Cost of Attendance minus EFC = Demonstrated t Need.

24 Types of Aid Need based Aid Non-Need based Aid

25 Types of Programs Federal State Institutional Loans Grants/Scholarships Federal Work-study

26 Questions????? Break