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What YOU Need to Know About
YOUR FINANCIAL AID at SF State!!
Nancy Jodaitis
Financial Aid CounselorScholarship Specialist/AB 540 Counselor
San Francisco State University
2
FAFSA & CA DREAM FACTS
Students HAVE to Do It Every YEAR!Should be completed in January or February Recommended to Sign App with P.I.N. Completing Application is only the First Step
Financial Aid Eligibility is Based Primarily on Last Year’s Income, Investments & This Year’s Household Size
If Household Income Changes, Contact the Financial Aid Office after June 2014 to see if eligibility for need-based aid could change.
3
How Does My Financial Aid Get Calculated???
Cost of Attendance - Estimated Family Contribution* (EFC)=
Financial Need
•Registration & Fees
•Room & Board
•Books & Supplies
•Transportation
• Personal Expenses
Total Cost of Attendance
Student Contribution + Parent Contribution= Estimated Family Contribution
*The calculation of the EFC is based on the information submitted on the FAFSA, such as income and investments
Determines the eligibility of the student
for Federal & State Financial Aid
(Grants, Loans, Workstudy & Scholarships)
Financial Aid Offer
4
What Does Financial Aid Pay For??
• Tuition (paying your classes, gym, health clinic, student services & fun activities!)
• Where You Live (at home, in the dorms, your own apartment)
• School Books & Supplies
• How You Get Back & Forth to School (BART, bus, car & parking costs, bike, walk)
• Personal Expenses (Educational Related Costssz)
5
THINGS Financial Aid Usually Doesn’t Cover
•Housing Deposit (due with License)
•Books Options Before First DisbursementO SF State Program ~ BayBucks
•Financial Aid CANNOT Release Until One Week Before School Starts Each Semester.
6
How FINANCIAL AID Works
WHEN School Begins, If Financial Aid is ALL IN ORDER
$$ comes to the School
Tuition & Other Fees (Dorms, etc) are DEDUCTED
$$$ BALANCE Goes to STUDENT and/or PARENT
OR
$$ Student pays OUTSTANDING Fees
Prior to First Day of Classes
7
GRANTS = Free $$ to STUDY!
•Federal Grants: OPell O SEOG
•State: O Cal Grants A & BOState University (CSU)OEOP Grant
8
Federal STUDENT LOANS
•Subsidized Loans:
•Gov’t Pays Interest While You’re in School
•3.8 % Interest
• Maximum Amount ~ Freshman: $3,500
Sophomores $4,500 Jr/Seniors $5,500
•UNSubsidized Loans:
• Interest Accrues While You’re in School ~ We recommend you pay interest & it’s tax-deductible
•3.8% Interest
•Maximum Amount for Dependents: $2,000
9
Federal PARENT LOANS
•Based on CREDIT ~ 6.41% Interest Rate
•Parent Must complete ALL three steps AFTER July 1st:1) SF State Parent Plus form 2) Apply at studentloans.gov 3) Complete Master Promissory Note
•Parent Must Be APPROVED & Interest Accrues While Student Is in School
•Maximum Amount: Difference Between Student Financial Aid & Cost of Attendance
• If Parent Declined, Student Can Increase Unsubsidized Loan $4,000 ~ Contact School for Instructions
10
FEDERAL WORK STUDY
•Need-Based Aid that You EARN
•Great Option for PT job at School
•Get Connected to Staff/Faculty on Campus
•Can Work as a Tutor with America Reads
•Is Not Counted as Income on FAFSA if you Indicate it is Work Study
11
Cost of ATTENDANCE orESTIMATED COSTS for SF State
2014-15 SF State
•Tuition $6,464
•Room & Board $13,052
•Books & Supplies $1,826
•Transportation $1,496
•Personal Expenses $1,364
•TOTAL $24,206
COA is found on your award letter & financial aid website
MARCH 2ND !*!*!
REALLY!
13
College Student Undergraduate Federal/State
Financial Aid ProgramsWORK STUDY:Financial assistance earned by a student through employment.
GRANTS:Financial aid that does not have to be repaid.
LOANS:Money loaned to students. Repayment begins after student has left college.
FederalWork Study
Up to $4,000 Pell $555 - $5,644 Perkins $1,000 per year
SEOG Up to $500 Stafford/Federal Direct Loan:Subsidized/Unsub.
$5,500 - $7,500 per year
Cal Grant A $5,472 Cal Grant B $6,945 LOANS TO
YOUR PARENTS:
EOP Grant Up to $800 Parent Plus Loan
Up to $24,206 at SF State
University Grant
$5,472 IF Denied : Up to $4,000 for student
14
For CAL GRANTS:
www.csac.ca.govCreate an account at WebGrants4Students
15
Check your CAL Grant status and Make SURE the Proper School is
Listed
16
• Allows certain categories of non-resident students to pay in-state tuition fees
• Must file AB 540 affidavit & present official CA high school transcripts to be exempt from non- resident fees
• Requires 3 Years of CA HS & Graduate from CA High school or Equivalent. (Citizens & Non-Citizens)
www.sfsu.edu/~finaid/ab540
Becoming an AB 540 Student
17
Where Do I Get INFO/HELP with My Financial Aid??
•FAFSA www.fafsa.ed.gov
•CA Dream Application www.caldreamact.org
•SF State Financial Aid Website www.sfsu.edu/~finaid
•SF State Gateway Student Center www.gateway.sfsu.edu
18
Figure out YOUR Budget… Do You NEED LOANS?
•Tuition~ Has to Be Covered FOR SURE!
•Books~ Project Connect Book Loan? Rental? Half.com?
•Transportation ~ (Plane, Train, Car or Bus Pass)O Example: BART from Fremont to Daly City = $12
RoundtripO School 3xs week = $36 for 15 weeks= $540 per
SEMESTER!!
•Dorms or Housing~ HOW MUCH is IT? Monthly Payment Plan? Do You Have to Pay a Deposit?
•Personal Expenses ~ Educational Expenses, Computer, etc.
19
Financial Aid Office at SF State
O Experienced Counselors Available Visit or Call with Questions ~ BE PROACTIVE!
O OneStop, Student Services Building, Monday-Friday 9:00-5:00
O By Phone: M-F 9:00 to 4:30 415.338.7000
O Via email: [email protected]
20
Key Times to Check Financial Aid Status•FAFSA or DREAM website
O Check Two Days After Applying
• SF State Student Center gateway.sfsu.eduO March ~ Income Verification or
DocumentsO Mid-April ~ To View AwardO PRIOR to Your Student OrientationO Right Before Fee Payment Deadlines
Fall: Early July & Mid August for Fall O Just Before Classes Begin
21
Student Center – TO DO List
22
To Do List ~ Income Verification
23
Verifying Your Income for FAFSA
• Students randomly selected by FAFSA to verify income
• Student/Parent completes Income Verification Sheets
AND
USES the Data Retrieval Tool at www.fafsa.ed.gov OR
If student or parent cannot use data retrieval tool, then
Parent & Student must submit Tax Return TRANSCRIPT from IRS, if taxes were filed.
1040 TAX RETURNS ARE NOT ACCEPTED!
24
14-15 Dependent Student Verification Form
25
Verification of Family Household Size
26
Parents Who are Tax Filers
27
Parents Who Don’t File Taxes
28
Student Tax Information
29
The IRS Data Retrieval Tool is accessible through the FAFSA website
http://www.fafsa.ed.gov
30
“Financial Information” Section of FAFSA
How the questions under the “Financial Information” section are answered, determines whether you can use the tool.
Data Retrieval Tool is AVAILABLE for BOTH Parents & Students
31
“LINK TO IRS”
If you are eligible to use the IRS Data Retrieval Tool, you will be prompted to:
1.Enter your FAFSA Pin Number
2. Select Link to IRS
32
FAFSA – IRS Data Link
After you are connected to the IRS.gov website:
1.Review your tax information for accuracy2.Select the appropriate box below.3.Select Transfer Now.
You will then be returned to the FAFSA website.
Your Data will now be transferred to your FAFSA
Please sign with FAFSA PIN & resubmit your FAFSA to complete the process.
33
Print Tax Return Transcriptfrom www.irs.gov
34
VIEWING Your Financial Aid AWARD
Student Center ~ www.gateway.sfsu.edu
Will BE Available to VIEW in Mid to Late APRIL
35
MOST Common Reasons Financial Aid Award Could be
Delayed
•Not Formally Admitted to the School
•Invalid FAFSA: Discrepancy with Name, Date of Birth and/or Social Security Number
•Financial Aid File is INCOMPLTE: O Didn’t sign FAFSA or DREAM AppO Specific Documentation Needed (Foster Youth, Marriage or Birth Certificate, etc. )
•Selected for Income Verification
36
Handle Your BUSINESS!*!
•Check your Financial Aid Status at www.gateway.sfsu.edu
•SHARE Responsibility with Your Parents to ensure everything is in order.
•BUDGET Your Money!
•Take Advantage of all Resources Available!
•Ask for Help if you Need it!
37
SCHOLARSHIPS
Looking for Scholarships
•Scholarships for Grades, Community Service, Your Major, Geographic Area, Ethnicity & MORE!
•Apply for AS MANY AS POSSIBLE!
•Apply Early ~Majority of Deadlines are Jan – June
•Use a Scholarship CHART
Writing the Essay
•Tell Your Story!
•One Good Essay can be the Base!
•Write & Re-Write Your Essay!
•Work Your Chart!
38
IDENTIFYING AS MANY SCHOLARSHIPS AS POSSIBLE!@!
39
SCHOLARSHIP CHART TO ORGANIZE YOUR
EFFORTS
40
Make A Friend In Financial AID!!
SF State Office of Student Financial Aid
OneStop, Student Services Building, Monday-Friday 9:00-5:00
By Phone: M-F 9:00 to 4:30 415.338.7000Via email: [email protected]