Welcome to Wellesley College
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Transcript of Welcome to Wellesley College
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Welcome to Wellesley College
MASFAA “Just the FACTS” Core Training
Materials adopted from the NASFAA Core Training
Lynne Myers, Director of Financial Aid, College of the Holy CrossKendra Lider-Johnson, , MEFA
Day One ~ December 4, 2012
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Housekeeping Details
• Introductions• Restrooms• Lunch Schedule / Location• Technology Reminders (beepers, phones,
etc.)• Extra Supplies• Questions (today and after today)
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Massachusetts Association of Student Financial Aid Administrators Just the FACTS! Presents…
Overview of the Student Aid Programs
Module 1A
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What is Financial Aid?
Financial aid is money supplied by a source other than the family to assist with the costs of a student’s postsecondary education.
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The Basics
• What is financial aid– Need-based– Non need-based
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Types and Sources of Aid
• Types of Aid
– Grant & Scholarship
– Loan
– Employment
– Other
• Sources of Aid
– Federal
– State
– Institution
– Private
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Need Analysis Formula
Cost of attendance (COA)– Expected family contribution
(EFC)
= Need
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Cost of Attendance
• Determined annually by school
• Varies from school to school
• Includes basic components and may also include allowances based on the needs of individual students
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Cost of Attendance
• Includes the following basic components:– Tuition and fees– Room and board– Books and supplies– Transportation– Miscellaneous personal expenses– Other expenses
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Cost of Attendance
• More details next week………
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Student Eligibility
Student must meet general eligibility criteria, including but not limited to:• Be U.S. citizen or eligible noncitizen • Be regular student in eligible program at an eligible school• Not owe overpayment or be in default on Title IV grant or loan• Maintain satisfactory academic progress
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Student Eligibility
• More details next week………
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Title IV Programs• Federal Pell Grant Program• Teacher Education Assistance for College
and Higher Education (TEACH) Grant Program
• Iran and Afghanistan Service Grant
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Title IV Programs
• Campus-Based Programs– Federal Supplemental Educational
Opportunity Grant (FSEOG) Program– Federal Work-Study (FWS) Program– Federal Perkins Loan Program
• Federal Direct Student Loan (Direct Loan) Program
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Federal Pell Grant Program
• “Foundation” of aid package
• Awarded to students with lowest EFCs
• Unaffected by student’s other aid
• Portable
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Federal Pell Grant Program
Eligibility criteria:
• Undergraduates without baccalaureate or first professional degree
• Less-than-half-time students are eligible
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Federal Pell Grant Program
• Eligibility criteria: – Certain students enrolled at least half time in post-
baccalaureate teacher certification or licensing programs
– Students incarcerated in federal or state penal institutions are ineligible
• 2011-12 award amounts– Minimum = $555– Maximum = $5,550
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Teacher Education Assistance for College and Higher Education (TEACH) Grant Program• Incoming undergraduate students must have a
3.25 GPA or score above the 75th percentile on an admissions test– GPA requirement does not apply current teachers
earning graduate degrees and retirees from other professions
– Continuing undergraduate students must maintain 3.25 GPA
• Sign agreement to serve as a highly qualified full-time teacher in a Title I school for at least 4 academic years within 8 years of graduation
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TEACH Grant Program
If recipient does not fulfill service agreement, funds become a Direct Unsubsidized Stafford Loan
• Repay with interest accruing from date funds received
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TEACH Grant Program
• Maximum full-time annual award: $4,000
• Undergraduate and postbacculaureate students may receive up to a total of $16,000
• Graduate students may receive up to a total of $8,000 (excluding amount received at undergraduate level
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Iraq and Afghanistan Service Grant
• Starts with the 2010-2011 award year• Non-need based grants• Made to qualifying student with
parent/guardian who died as a result of U.S. military service in Iraq or Afghanistan after September 11,2001
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Campus-Based Programs
• Funds allocated annually to schools (Institutional match required)
• School selects recipients
• Awards are not portable
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Federal Supplemental Educational Opportunity Grant Program (FSEOG)• Student Eligibility:
– Undergraduate (including part time) without baccalaureate or first professional degree
– “Exceptional financial need” (lowest EFCs)– Priority to Federal Pell Grant recipients
• Annual amounts: $100 minimum $4,000 maximum
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Federal Work-Study Program
• Student Eligibility:– Undergraduate and graduate or professional
degree students– Students must be paid at least minimum wage
(higher of Federal or State)– No minimum enrollment
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Federal Perkins Loan Program
• Student Eligibility:– Undergraduate and graduate or professional
degree students– Priority for “exceptional financial need”
– Willingness to repay
– Determination of Federal Pell Grant eligibility, if undergraduate student
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Federal Perkins Loan Program
• Interest rate: 5%• No loan fees• Annual loan limits
– $5,500: undergraduate– $8,000: graduate or professional
degree student
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Federal Direct Loan Programs
• Federal Direct Stafford Loan
• Federal Direct Unsubsidized Stafford Loan
• Federal Direct PLUS Loan– PLUS Loan is available for graduate students
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Federal Direct Loans: Program Components• Subsidized loans: need-based
– Interest paid by federal government during in-school, grace, and deferment periods
• Unsubsidized loans: non-need-based– Interest paid by student– Interest may be paid as it accrues during
in-school, grace, or deferment periods or be capitalized (added to principal)
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Federal Direct Loan Program
• Subsidized Stafford Loans first disbursed on or after July 1, 2012, and before July 1, 2013, to undergraduate students– Fixed rate of 3.4%
• All other Stafford Loans first disbursed on or after July 1, 2006: – Fixed rate of 6.8%
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Direct Loan Programs Interest Rates
• Direct PLUS interest rates:– Fixed rate of 7.9%
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Federal Direct Loan Programs
• Annual loan limits apply to academic year• Base annual Stafford Loan limits:
– $3,500 for first-year undergraduates– $4,500 for second-year undergraduates– $5,500 for third- and subsequent-year undergraduates– $8,500 for graduate and professional students– $2,000 of unsubsidized eligibility
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Other Federal Resources
• Corporation for National and Community Service
• Department of Veterans Affairs• Reserve Officer Training Corps (ROTC)• Department of the Interior/Bureau of
Indian Affairs (BIA) Grants• Vocational rehabilitation services
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Department of Health and Human Services Programs• Nursing Student Loan (NSL)• Health Professions Student Loan (HPSL)• Primary Care Loan (PCL)• Scholarships for Disadvantaged Students
(SDS)• Loans for Disadvantaged Students (LDS) • National Health Service Corps (NHSC)
Scholarships