Financial Aid 101
Racquel Smith, M.EdUniversity of Nevada, Las VegasFinancial Aid Counselor
What is Financial Aid?Money for educational expensesTypes of Aid
Grants : do not have to be repaid; “gift aid”
Loans: can be Federal or private, must be repaid with interest
Scholarships: do not have to be repaid, based on varying criteria
What is the FAFSA?
Free Application for Student Aidwww.fafsa.ed.govDetermines eligibility for Federal AidData collected and analyzed by the United States
Department of EducationFile in January for the next academic year -example January 2014 for Fall 2014/Spring 2015
Who can get Federal Student Aid?US Citizen or permanent residentHigh school graduate/GED holderEligible degree/certificate programValid Social Security numberMales must be registered for Selective ServiceMust make Satisfactory Academic Progress (SAP)
Meet requirements set by college/university
Undocumented StudentsUndocumented students are eligible for the Millennium
Scholarship if academically qualifiedUndocumented students are not eligible for federal aid, but
there are resources available to assist students with financing higher education http
://www.nygearup.org/collegesense/students/scholar_undoc.htm http://e4fc.org/images/E4FC_Scholarships.pdf http://www.dreamactivist.org/faq/education/scholarships/ https://www.scholarshipaid.net/app/univision/ http://www.latinocollegedollars.org/ http://www.salef.org
Undocumented ParentsStudents who are US citizens or permanent residents, but
have undocumented parents should complete the FAFSAUNLV’s Financial Aid office is not a reporting agency
Families should not be concerned about providing the information requested on the FAFSA
Parent(s) Social security number should be entered as all zeros on the FAFSA
Example: 000-00-0000 - do not use invalid SSN!
Federal Maximum Amounts Federal Pell Grant: $5730/year
0 EFC; amount decreases as EFC increases; based on enrollment
Federal Stafford Loans: $5500 (freshman) 3 kinds of loans:
Subsidized; no payment & no interest until graduation or less than half time enrollment (less than 6 credits/semester)
Unsubsidized; no payment until graduation or less than half time enrollment, interest begins to accrue when loan “pays”
Parent Plus; approval is based on parent’s credit report; payment can begin while student is enrolled; a deferment can be requested
All students are eligible for some type of Stafford Loan
Federal Work Study: very limited at UNLV, consider regular student employment
Federal Parent PLUS loan: COA minus other aid
Completing the FAFSA Apply online
www.fafsa.ed.gov
Include school codes (UNLV: 002569) SUBMIT your application
Both student & parent must sign electronically using the pin (dependent student)
Most students are NOT independent On or after January 1 Pay attention to Priority DeadlinesUNLVs Priority Date is FEBRUARY 1st
Verification
Verification Verification is a process used to verify certain information on the
FAFSA to ensure its accuracy
The Federal government selected approximately 7,300 students for the 12/13 academic year and 7,150 students for the 11/12 academic year for verification
We are required to make sure that all aid is awarded to students according to federal, state, and institutional regulations. If selected, the verification process must be completed before financial aid can be awarded
Why students are selected and what is being verified? While there are several reasons why a student may be selected for verification
some leading causes are: The submitted FAFSA application has incomplete data The data on the FAFSA application appears to contradict itself The FAFSA application has estimated information on it Random selection
You and/or your parents may be asked to submit documentation or clarification of information for one or more of the following data elements on your FAFSA: Adjusted Gross Income Taxes Paid Income Earned from Work (for non-tax filers) Certain Untaxed Income Items Number of family members in the household Number of family members enrolled in college (excluding parents for a dependent student) Receipt of Food Stamps/SNAP Benefit Child Support Paid Citizenship status Compliance with Selective Service registration requirement Any other inconsistent or conflicting information (including name, date of birth, social security number, etc.)
Financial Aid Awards
How Student need is determined Expected Family Contribution
Amount family can reasonably be expected to contribute Stays the same regardless of college Two components
Parent contribution Student contribution
Calculated according to a federal formula using FAFSA data
Cost Of Attendance Includes
Tuition & Fees Room & Board Books, supplies, transportation, and misc. personal expenses Sometimes can include
Loan fees Study abroad costs Dependent care expenses
How Student need is determined
Cost of Attendance – Expected Family Contribution
____________________________________
= Financial Need
Accepting Awards
Award or Financial Aid Package is the amount of assistance you have been assigned for the academic year
Accept loans on MyUNLVComplete Entrance Counseling & Master Promissory Note
www.studentloans.govMoney sent to cashiering first then refunds to student if there
is an overage
Maintaining Eligibility
Scholarships: know renewal procedures specific to each scholarship
GPA and completion rates are measures for Satisfactory Academic Progress 2.0 GPA 70% completion rate 186 credit limit
Scholarships-Millennium Nevada resident for at least two high school years
Must have graduated from a Nevada high school
Must complete high school with a 3.25 cumulative gpa
Must pass all Nevada High School Proficiency Exams
Must have the following core units: English 4 Math (including Algebra II) 4 Natural Science (two labs) 3 Social Science 3
Will pay up to $960/semester for classes over 100 level at University
Will pay up to $480/semester at a Community College
Renewable with a 2.6 (first two semesters) & 2.75 following semesters
No FAFSA is required
UNLV Scholarships President’s Scholarship: $23,000 per year (approximate ; resident) or
$38,000 per year (approximate ; non-resident) National Merit Finalist
Provost’s Scholarship: $3,250 per year 3.8 unweighted GPA and 1340 SAT/30 ACT minimum Complete the FAFSA
UNLV Excellence Scholarship: $2,250 per year 3.5 unweighted GPA and 1220 SAT/27 ACT minimum Complete the FAFSA
Rebel Achievement Scholarship: $1750 per year 3.2 unweighted GPA and 1150 SAT/25 ACT minimum OR 3.7 unweighted GPA and 1070 SAT/23 ACT minimum Complete the FAFSA
Additional Scholarships
Valedictorian Scholarship: $7,350 per year (resident) or $11,900 per year (non-resident)
Top 10%: $1,000 per year
Clark County Housing Scholarship: $2,000 1st year, $3,000 2nd year
Faculty Senate ScholarshipsDepartmental AwardsExternal Scholarships
Return to Title IV Funds
What is Title IV Aid?
Title IV of the Higher Education Act of 1965, as amended in 1998, (Title IV, and HEA program) establishes general rules that apply to the student financial assistance programs.
For purposes of Return of Title IV Funds, these programs include: Pell Grant Federal TEACH Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Direct Loans (Subsidized and Unsubsidized Loans) Federal Perkins Loans Federal PLUS Loans
Who this Applies to
Students who:Withdraw from all classes, or switched to audit in all
classes
Receive all non-passing grades
Any combination of withdrawal, non-passing grade, or ineligible courses for Title IV aid
What is Return to Title IV Funds?
When a financial aid recipient withdraws from classes the Financial Aid Office must calculate the amount of financial aid the student has earned prior to withdrawing.
The unearned financial aid must be returned to the respective programs.
In most cases the student will owe money back to UNLV cashiering and/or the Department of Education.
How you Can HelpWhen interacting with a financial aid recipient who is in
jeopardy of failing or withdrawing from all classes inform them of the financial consequences
On average we perform the R2T4 calculation on 350-400 students per semester
Fall 2012: Our office performed 385 R2T4 calculations. As a result UNLV had to return $481,434.00
Advise them to visit our office for further counseling if needed
Questions?
Top Related