Financial Aid 2010-2011

University of Portland &Mt Hood Community

CollegeOffice of Financial Aid

Agenda

• What is financial aid?

• How to get financial aid?

• Where to go for help?

Pop quiz!

• True or false ?

– Just like in high school, the government is responsible for paying for a college education

What is Financial Aid?

Money from:

• Government Agencies

• Private Individuals• Parents• Grandparents• Saving Plans• Businesses• Yourself

So….where to start?

PIN

Apply for a PIN

www.pin.ed.gov

Parents & students will have separate PIN’s

Worksheet

Download the FAFSA Worksheet

•Complete worksheet. (Questions can be resolved w/o

being online)

•Use this to complete the online application.

(www.fafsa.ed.gov)

Apply … onlinewww.fafsa.ed.gov or www.fafsa.gov

When?

• Complete the Free Application for Federal Student Aid (FAFSA) each and every year

Submit as soon as possible after January 1st

“FAFSAs then Taxes”

If paper application is needed, then call1-800-4FEDAID to request a paper copy

What will be needed?For student & parent

• Social Security Number and Legal name – (Refer to the social security card)

• Alien registration or permanent resident card (if not a U.S. citizen)

• Driver's license number (if any)• 2009 W-2s, 1099 Forms and other records of earned income• 2009 Federal Income Tax Return (estimate if not done)

– IRS 1040, 1040A, 1040 EZ

• 2009 untaxed income records– Veterans non-educational benefits

– Tax deferred programs

• Current bank statements• Current business and investment information

Common FAFSA Errors

• Parent information: SSNs, DOBs, Names

• Divorced/remarried parent information

• Income earned by parents/stepparents

• Untaxed income(refer to FAFSA worksheet)

• U.S. income taxes PAID

• Household size

• Number in college

• Real estate and investment net value

(Sold Value – Owed = Net Value)

What does Financial Aid pay for?

Cost of Attendance

• Tuition (full or part time)• Fees• Books and Supplies• Room and Board• Transportation• Personal• Miscellaneous: (variable)

– Tools– Child Care expense– Adaptive needs for the disabled

Definition of aid eligibility

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Eligibility for need-based Financial Aid

Eligibility varies based on cost

X

Y

Z

Cost of Expected Family NeedAttendance Contribution (Variable) (Variable) (Constant)

1

2

3

EFC EFC

Packaged Award

• May include -

• Grants• Federal Work Study• Loans• Tuition Waivers• Scholarships (must separately apply

for these)

“Free” Gift Aid

• Federal Pell Grant• Federal Supplemental Educational

Opportunity Grant (SEOG)• Oregon Opportunity Grant • Institutional Grants• Scholarships• Talent Waivers • Recognition Awards

Additional Federal grants

• Academic Competitive (ACG) Grant

• Science and Mathematics Access to Retain Talent (SMART) Grant

• Teacher Education Assistance for College and Higher Education (TEACH) Grant

– Only non-need based federal grant***

Work programs

• Federal Work Study

• Institutional Student Employment Programs

• Veteran Work Study

• Cooperative Education Work Programs – Volunteer/Paid: Directly related to a program.

Loans

• Federal Perkins Loan

• Subsidized Federal Loan • Unsubsidized Federal Loan• Federal Parent/Graduate (PLUS) Loan • Institutional Loans • Alternative/Private Loans• Credit Cards

Most aid is conditional !

• Must pass courses with at least a 2.0 GPA (“C”)

• Must complete courses that aid pays for

• Some programs/scholarships require keeping higher GPAs

• Some programs require full time enrollment

FEDERALGRANTS

FEDERALWORK STUDY PROGRAMS

FEDERAL LOANS

Federal Aid has only 3 ways to help

FAFSA may be the key to other aid too

• Scholarships• Tribal Funds• Voc Rehab Funds• Job Training• State Grants

Much…Much more

Remember

• Everyone should apply!– Don’t assume you are not eligible– Everyone, at least, is eligible for loans

DO NOT WAIT to file taxes ESTIMATE if you can

“FAFSAs then Taxes”

Read

the

Mail

AND

EMAIL

Solid tips to remember

1. Every student should apply for aid.

2. Deadlines do matter.

3. All Aid Applications are not the same.

4. Students should know what colleges mean by “family contribution”. (EFC)

5. Students should know what is in their Cost of Attendance. (COA)

6. Eligibility and Need are not always the same.

7. There is a BIG difference between need-based aid and merit aid.

8. There are different forms of aid.

9. Award letters vary.

10. Award letters can be appealed.

Pop quiz!

• True or false ?

– Only students with a 4.0 GPA receive scholarships

Scholarships

Can find them everywhere…• Internet Searches • High Schools• Financial Aid Offices• Libraries• Community Organizations• State Agencies• Credit Unions• Employers• Volunteer Associations• Kitchen table…

Caution !

Avoid being scammed

• U.S. Department of Education: www.studentaid.ed.gov

• Federal Trade Commission: www.ftc.gov

• Better Business Bureau: www.bbb.com

Helpful places

High Schools

College Financial Aid Offices

800-4FEDAID

Oregon Student Assistance Commission(OSAC)

www.getcollegefunds.org

Helpful web sites

• Financial Aid Page:www.finaid.org

Scholarship searches & ScamsTitle IV codesEFC estimator

• FAFSA4caster:www.fafsa4caster.ed.gov

Explore and get familiarEstimate eligibility

Will transfer to FAFSA on the Web

• U.S. Department of Education:www.ed.gov

Student GuideTitle IV codes

Helpful web sites

• Federal Student Aidwww.studentaid.ed.gov

• College Answerwww.collegeanswer.com

• College Boardwww.collegeboard.org

• Petersons Guidewww.petersons.com/ugrad

Just do it ! ! ! ! !

Important dates:

• 2010-2011 FAFSA available: January 1, 2010www.FAFSA.ed.gov or www.fafsa.gov

• 2010-2011 Oregon Student Assistance Commission (OSAC) Scholarship Packet

•Early Bird Deadline: February 16, 2010•Deadline: March 1, 2010

www.getcollegefunds.org

QUESTIONS???