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Understanding Financial Aid and Scholarships
For Graduate StudentsAt SDSU
Modified & Presented by:Valerie Cook-Morales, Ph.D.
August 17, 2011
Original Slides Developed by: Rose Pasenelli & Suzanne Goulet
July 2011
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Agenda
• Eligibility for Financial Aid• Types of Aid for Graduate students• Graduate Cost of Attendance (COA)• AidLink• Means to obtain additional funds• Disbursement of aid
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Important Terms $ FAFSA = Free Application for Federal Student Aid - file early, Jan 1
$ EFC = Expected Family Contribution - determined by FAFSA
$ COA = Cost of Attendance
$ Resources = Scholarships, Traineeships, Stipends
$ If any of the above changes, aid changes
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COA - EFC - Resources = Aid 2011-12 Estimated COA for California Residents
Living with
Parents
Living in
University Housing
Living Off-
Campus
Basic Tuition & Fees*
$7,844 $7,844 $7,844
Books & Supplies 1,661 1,661 1,661
Food & Housing 3,863 11,549 11,693
Transportation 1,571 1,528 1,954
Misc./Personal 2,897 2,694 2,810
Tota l Academic Year
$17,836 $25,276 $25,962
*Out-of-state tuition: Add $372 per unit to the basic tuition and fees listed above.
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Why COA is Important Off Campus COA = $25,962 AY
Maximum of Federal Loans = $20,500
The cost of attendance for the AY at SDSU now exceeds the maximum limit of federal subsidized & unsubsidized loans.
If maxed out, may not be eligible for additional aid for summer school.
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Types of Aid for Graduate Students
State University Grant– Grant pays enrollment fees
– Limited funding for 2011-12
– Eligibility is determined by Expected Family Contribution (EFC) - file FAFSA early!
– Funding is distributed by student’s award date
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• As of 6-22-11 the Office of Financial Aid & Scholarships (OFAS) has processed 24,639 awards. Up 4705 from 2010-11.
– Students with EFC an $0 - $2000 receive SUGP in the amount of the State University Fee ($3369)
– Students with an EFC $2001 - $5000 receive SUGP in the amount of 75% of the State University Fee ($2527)
State University Grant - (cont.)
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Types of Loans for Graduate Students
• Subsidized Federal Direct Student Loan
• Unsubsidized Federal Direct Student Loan
• Grad PLUS Federal Direct Student Loan
• Private Loans
• Strom Emergency Loan
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Subsidized Federal Direct Student Loan
• 6.8% interest rate
• Interest deferred until loan payment begins 6 months after exiting at least 1/2 time studies
• Credit History? N/A
• $8,500 Annual Maximum
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Unsubsidized Federal Direct Student Loan
• 6.8% interest rate
• Interest starts immediately and capitalizes if not paid
• Credit History? N/A
• Repayment begins 6 months after being at least 1/2 time student
• $12,000 Annual Maximum
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Federal Direct Grad PLUS Loan
• 7.9% interest rate
• Interest starts immediately and capitalizes if not paid
• Credit History? “Satisfactory” required
• Repayment begins within 60 days of issue (no grace period)
• Can request deferment but will continue to pay interest on interest
• Maximum is COA-Resources-Loans
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Private Student Loan
• Arranged privately with your bank or other financial institution
• Interest rate depends on credit history - can go as high as 25%-30%
• Interest starts immediately and capitalizes if not paid
• Must report to SDSU Office of Financial Aid & Scholarships
• Avoid if you can. If you can’t, follow the directions on AidLink.
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Strom Emergency Loan
• Only available to enrolled CSP Students
• Cannot be used for enrollment fees
• Only small amounts (e.g., $200) in response to a true emergency (in fact, very little available for the entire department)
• Must be repaid before the beginning of the next enrollment period
• Contact your Program Director - this is arranged through our Department Office in collaboration with Financial Aid Office
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Loan ForgivenessThe College Cost Reduction Act of 2007
http://studentaid.ed.gov/students/attachments/siteresource/LoanForgivenessv4.pdf
• For all full-time public sector employees:- School Psychologists & School Counselors- Public Health & Mental Health Positions
• Must faithfully make payments on time for 120 months (10 yrs) while working full-time in an eligible position
• Eligible for all remaining principal & interest to be forgiven
• Federal loans that can be forgiven:- Federal Direct Stafford Loan- Federal Direct Plus Loan- Federal Direct Unsubsidized Stafford Loan- Federal Direct Consolidated Loan
• 1-800-433-3243 US Dept Ed Call Center - select option to get “live” help
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Resources
• Stipends, research fellowships, reimbursements, scholarships and private education loans (alternative loans)
• Federal laws and regulations, not university policy, mandate that OFAS consider all sources of assistance a student has available to meet his or her costs
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$tipends & Reimbursements
• Must be reported as “Resources” on your AidLink
• If associated with a federal, state, or county funded project, your project director will also report your resources to Financial Aid
• Project directors also provide information regarding reimbursements and conference expenses & allowances (& resulting COA increases)
• Check with your project director about procedures
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$cholarships
Gertrude Bell Scholarship• One @ $2500 or two @ $1250• For new students in CSP (i.e. 1st yr)• Must be enrolled in at least 9 units• Scholarship criteria: Academic
Achievement, Community Engagement, & Financial Need
• Deadline: September 2, 2011https://sdsueducation.qualtrics.com/SE/?SID=SV_5A4XTO3uQYh2tAU
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$cholarshipsGraduate Equity Fellowships
• For economically disadvantaged graduate students, especially from groups underrepresented in their disciplines
• Legal California resident• Must be enrolled in at least 9 units with
3.0 GPA• $500 - $4,000 per AY, depending on need• Maximum 2 Years; Must re-apply• Coming soon!
http://gra.sdsu.edu/grad/scholarships.html
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$cholarshipsInamori Fellowships
• 10 available university-wide - very competitive
• Research fellowship• Must be enrolled in at least 9 units &
have two semesters remaining in official program of studies
• $5,000 for 12 month periodhttp://gra.sdsu.edu/grad/research/inamori.html
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$cholarshipsGraduate Student Travel Fund
• Up to $1,000 (maximum) for travel associated with scholarly research & creative activities
• Open to all graduate students with GPA at least 3.0
• Relevance/merit of professional activity• Appropriateness of scope & budget• Applications 3 times/year; award about
$7,000 per cyclehttp://gra.sdsu.edu/grad/research/gstf.html
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$cholarshipsProfessional Associations
For example:• National Association of School
Psychologistshttp://www.nasponline.org/about_nasp/minority.aspx
• California Association of School Psychologistshttp://www.casponline.org
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What if the FAFSA does not reflect the student’s current
financial situation?
• Student Request for Review• www.sdsu.edu/financialaid • PDF Forms
• Must attach:– Letter explaining special circumstances– Copies of 2010 tax returns– Final or recent pay stubs– Any other supporting documentation
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Request for a Budget Increase
• Expenses we allow:• Auto repair• Auto, medical, dental insurance• Medical and dental costs not covered by insurance• Child care• The purchase of a computer for school (up to $2000),
can only be submitted once during program of study• Expenses must be incurred during the academic
year (August 29, 2011 – May 8, 2012) - Summer may be included if the student was enrolled in summer courses
• Receipts and payment documentation must be in student’s name
• Twice/AY - one in Fall & one in Spring• Cost of attendance increases are funded with loans• Participate in Money Matters Part Two for details
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Disbursement of Financial Aid
• Financial Aid disbursements start at the beginning of each semester
• Students must be enrolled at least half time
• All Financial Aid and Cashier’s holds must be cleared
• Direct Deposit (mandatory)
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Reminders
• Complete your FAFSA early! January 1, 2012 for the
2012-13 academic year
• Check AidLink often!
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Questions?