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					   Regis University


BISHOP MACHEBEUF
   HIGH SCHOOL

  FINANCIAL AID
     NIGHT
          Financial Aid Presentation



 Vic Davolt, Director of Admissions
 Nick Kirrane, Admissions Counselor
            Topics of Discussion



 Free Application For Federal
    Financial Aid (FAFSA)
   Deadlines
   Federal Methodology
   Types of Financial Aid
   Appeal Process
   Regis Payment Option (RPO)
   Recap
                       FAFSA



 Free Application for Federal Student Aid
 (FAFSA)
    Created by the U.S. Department of Education
    The FAFSA is required at every college or University for
     need-based aid
    The FAFSA information gauges the students’ eligibility
     for different types of funds
    www.fafsa.gov
                 Other Applications


 The CSS Profile (in Colorado, only Daniels Fund, University
  of Denver, and Colorado College) required by a select
  number of schools to determine how to distribute
  institutional need-based aid—non-custodial parents and
  home value are key factors



 Other institutional applications
              Federal Methodology


 The FAFSA calculates the
  Expected Family Contribution (EFC)
    The EFC number is based on a government
     formula and is used as an Eligibility Index for
     aid purposes.
 Department of Education’s
 Philosophy of Financial Aid: It is a
 family’s responsibility to pay for
 the cost of higher education expenses
 to the extent they are able.
            EFC Calculation Summary

 EFC is combination of Student and Parent Contributions
 Student’s prior year income
 Parents prior year income
 Income Protection Allowances based on family size
 Value of student’s assets
 Value of parent’s assets
 Calculation for Student and Parent Asset Protection
  Allowances
 Number of household members attending college at least
  1/2 time (does not include parents) calculated for parent
  contribution
  Why must schools use the FAFSA process?




 Ensure consistent and equitable evaluation of a
 family’s financial circumstances and to help
 provide access to higher education opportunities.
                      How to Apply


 Request Pin numbers for both student and parents in
 advance of filing the FAFSA. (Can do this now!)
      - Get a Pin at www.pin.ed.gov
 File tax returns early, if possible
 Complete the Free Application for Federal Student
 Aid (FAFSA)
     www.fafsa.gov


 Beware of alternative sites that charge fees to file
 the FAFSA for you
                Pin Information



 www.pin.ed.gov
 KEEP IT SAFE & PRIVATE
 Acts as an electronic signature
 Used to access your Student Aid Report (SAR)
 PIN advantages: faster processing and the pin is
  good for other federal websites
 Don’t forget parent needs their very own PIN
  too! Good for multiple siblings.
                       Deadlines


 Apply for admission
   know their specific deadlines

 Submit the FAFSA by February 14th.
 Regis must receive FAFSA by March 1 for our
  priority funding date. Estimate if necessary.
 Each college has their own priority deadline!
 FAFSA electronic filing is faster and easier.
 May 1 National Candidates Reply Date
            Important FAFSA Points

 Unusual circumstances
 Selective Service
 Degree, grade level
 Felony Question
 Student Dependency Status
 Definition of Parent
 Asset Information
 Housing Plans
 IRS Electronic Retrieval
             Frequent FAFSA Errors



 Parent and student Social Security Numbers
 Divorced/remarried parental information
 Income earned by parents/stepparents
 Untaxed income
 U.S. income taxes paid
 Household size
 Number of household members in college
 Real estate and investment net worth
             FAFSA Processing Results

 Central Processing System notifies student of FAFSA
 processing results by:
     E-mail notification containing a direct link to student’s on-
      line Student Aid Report (SAR) if student’s e-mail was
      provided on paper or electronic FAFSA
 Student with PIN can view SAR on-line at
 www.fafsa.gov once processed
 Students can go back online and make corrections to
 their processes FAFSA, if necessary
                    DRN Number

 Your Data Release Number (DRN) will be available on your
 confirmation page when you submit the FAFSA and will
 appear close to the top right hand corner on the first page
 of your paper or electronic Student Aid Report (SAR). You
 will need the DRN if you contact the Federal Student Aid
 Information Center by phone to make corrections to your
 email, postal mailing address, phone number or the
 colleges you listed on your FAFSA. The DRN also allows
 you to release your FAFSA data to schools you did not list
 on your original FAFSA. Allows individuals who are not
 first party on the FAFSA to change information.
                 Verification


 When this happens, you must supply additional
  information as requested by the college. The
  information should be submitted to your
  prospective college financial aid office as soon as
  possible to prevent delays in your aid. Examples
  are federal income tax forms, Colorado Residency
  Form, etc.
 Aid is “Tentative” under verification complete—no
  money in account!!!
        Where’s Your Blue File Folder?

Student and Parents…
 IRS Data Retrieval option available January 30, 2012
 2011 Income Tax Returns (1040, 1040A, 1040EZ, 1040TeleFile…)
 W-2 Forms and other records of money earned
 2010 untaxed income records—Social Security, Temporary Assistance to Needy
   Families, welfare, or veteran’s benefits
 Current bank statements
 Current business and investment mortgage information, business and farm
   records, stock, bond, and other investment records
 Driver’s License (student)
 Social Security Number or Alien Registration Number (student and parent)
 Birth Certificate (student)
 Selective Service Registration (males)
 Marriage License (student if applicable)
 Citizenship Records (if applicable)
 Make copies of anything mailed for your records.
 Student and parent’s PIN #
 ID’s and Passwords in a central place
  Financial Need Formula



Cost of Attendance –
Expected Family Contribution
=
Financial Need
       Cost of Attendance (COA)



 Tuition and Fees
 Books and Supplies
 Room and Board
 Transportation
 Miscellaneous and Personal Expenses
       Need Comparison Example



         School A   School B   School C


COA      $45,000    $20,000    $10,000


EFC      $15,000    $15,000    $15,000


Need     $30,000    $5,000     $0
        Financial Aid Awards




“Now  that I have my FAFSA
results, how can my need be met?
When do I find out my aid
package?”
Award Timeline and Types of Financial Aid


   Tentative Awards Mailed Starting in January--
   Many Schools not until late February or March

  Gift Aid
   Scholarships
     merit based

   Grants (FAFSA)
     need based—federal, state, and institutional
             Search for Scholarships


 Consider swing dancing with an Elk--Local Clubs
    and Organizations
   Fastweb.com (more at the end of presentation)
    “Gives you an idea of the stuff out there!”
   Public Library
   Local Clubs and Organizations; student/parent
    employers
   Newspapers and Magazines
   Internet Searches
   Financial Aid Office
   University Academic Departments
   Foundations
         Scholarship Scams vs. Services


 Require a fee of any kind*
 Refuse to release their telephone number and provide only
  a P.O. Box you can mail your check
 Offer an award for which you did not apply
 Promise to do all the work for the student
 Guarantees you will win an award




DON’T QUALIFY FOR FEDERAL AID…Services…
 managingcollegecosts.com
        Regis University Scholarships


 Regis Achievement Award $5,000 to $11,000
 Board of Trustees Scholarships $13,000 to $15,000
 Science and Math Scholarships $Full-tuition
 Scholar Activist Award $Full-tuition
 Forensic Scholarships $Variable
 Honors Scholarships $5,000
 Music Scholarships $1,000 - $2,500
 Athletic Scholarships (NCAA Division II) Up to Full-
  Ride
 Catholic High School Award $1,000
 Parents in Catholic Service Award $2,000
  Grant Programs determined by FAFSA results


 Federal Pell Grant
 Federal Supplement Educational Opportunity Grant
  (SEOG)
 Colorado Student Grant
 Regis Grant


STATE ASSISTANCE (NO FAFSA REQUIRED*)
 The College Opportunity Fund (COF)* (privates: FAFSA
  Required, Pell Eligible)
                     Pell Grant


 Federally funded program based upon high financial
  need available to students across the country
  attending eligible institutions
 Minimum Award $555
 Maximum Award $5,550 (2012-13)


FAFSA is all that is needed!
Auto Zero Expected Family Contribution


 Family Received Federal Means Tested Benefits
   TANF

   SSI

   Free or Reduced Price Lunch

   Food Stamps

   WIC

 AND
 Income less than $30,000
      College Opportunity Fund COF

 Apply for stipend at www.collegeincolorado.org
 Won’t receive funds if not an applicant
 Value set by state legislators—per credit hour
 Not Need Based at Colorado state
  colleges/universities
 Private universities—Regis, Co Christian, DU—Pell
  eligible, Colorado residents, graduates of a
  Colorado high school only— award was $31 per
  credit hour
     Types of Financial Aid Continued


  Self Help
 Student Loans
  need or non-need based
  Be familiar with postponement, forgiveness, etc.
   options
 Student Employment (Work-study)
    need or non-need based
                  Perkins Loan


 Up to $4,000
 At Regis $2,500 for less than $10,000 EFC
 Need based Federal loan at an interest rate of 5%
 Repayment of loan begins 9 months after
  graduation (or dropping below half-time
  enrollment)
 May have up to 10 years to repay
 In loan consolidation—up to 30 years!
                 Federal Direct Loans


 Loan to students at an interest rate of
   For 2012-2013 3.4% on subsidized 6.8 unsubsidized- Cap at
    8.25%
 Subsidized loan is paid by the government while
  student is in school
 Unsubsidized loan student is responsible for interest
  though can be deferred
 Repayment of Direct loans 6 months after
  graduation or drop below half-time enrollment
Federal Direct Loan Maximums



  Freshmen             $5500
  Sophomore            $6500
  Junior & Senior      $7500
  Cumulative Maximum   $31000
      Loan Consolidation & Forgiveness


 Loan Consolidation is a free and allows for reduced
  monthly payments over a longer period of time
 Loan forgiveness example: 100% of student loan
  discharged by serving full-time in eligible public
  school as a teacher or non-profit that serves state
  recognized underserved population; nursing ed loan
  repay program with 2 years of service and 60%
  reduction. Limited Funds Available
      Is Borrowing Affordable Consider Direct at
                       $27,000


Loan Balance              Maximum Loan Term
Less than $7,500                                 10 years
$7,500 to $9,999                                 12 years
$10,000 to $19,999                               15 years
$20,000 to $39,999                           20 years
$40,000 to $59,999                               25 years
$60,000 or more                                  30 years
                Is Borrowing Affordable?

Repayment Plan          Reduction in               Increase in
and Loan Term           Monthly Payment            Total Interest Paid
Extended Repayment - 12                        12%        22% (factor of 1.22)
years
Extended Repayment - 15                        23%        57% (factor of 1.57)
years
Extended                                    34%          118% (factor of
Repayment - 20                                                     2.18)
years
Extended Repayment - 25                        40%       184% (factor of 2.84)
years
Extended Repayment - 30                        43%       254% (factor of 3.54)
years
Graduated Repayment            50% initial payment        89% (factor of 1.89)
                             38% average reduction
Income Contigent Repayment      41% declining to 33%        178% (factor of 2.78
(Salary = initial debt, 4%     37% average reduction
annual raise)
         Loan Repayment Calculator



 http://www.finaid.org/calculators/loanpayments.ph
 tml
  Learn & Earn: Student Employment at Regis


 An employment opportunity for full-time students
 Guaranteed if they meet the March 1 FAFSA
  deadline!
 Recommend students work 10-15 hours per week
 Hourly rate range $7.28 to $8.10
 Work-Study Maximums at Regis University
    Freshmen                     $2400
    Sophomores,Juniors,Seniors   $3000
              Parent PLUS Loan

 Parent Loan credit-worthiness
 Borrow up to the Cost of Attendance less financial
  aid offered to the student
 Graduated, Multi-year Payments Available
 Parents are responsible for both interest and
  principal on the PLUS loan.
 Repayment starts 60 days after the second
  disbursement (sometime second semester)
                Unusual Circumstances

 The FAFSA is based on previous tax year information
   Example: 2012-2013 FAFSA uses 2011 taxes

 After you review your initial financial aid award, you
  can appeal due to extenuation circumstances
 2012-2013 Income Appeal Form
 2012 income may be significantly different due to:
    Loss of income
    Elementary and secondary private school tuition
    Medical expenses
    One-time adjustments to income
             Regis Payment Options


 Regis Payment Option (RPO)
 If students/parents owe a balance, they can set up a
  RPO through Student Accounts
 The balance is paid off in monthly installments for
  the semester
 $50 charge to set up the RPO
 The RPO is good for one semester. You must contact
  Student Accounts each semester you wish to make
  those arrangements
             Regis Guarantee



 “We guarantee that as a Regis College student
 you will graduate in four years or take the
 additional course work at Regis necessary to
 complete your degree at no additional tuition
 cost to you.”
                                  Recap

   FAFSA on the web: Reminder! Renew each year
     www.fafsa.ed.gov


   FAFSA Pin Number
     www.pin.ed.gov


   www.finaid.org
     Loan repayment calculator
     Scholarship and other financial aid information


   Visit Regis:
     www.regis.edu


   Scholarship searches
     www.fastweb.com
     www.collegeincolorado.org
     www.collegeboard.com/paying
     www.scholarships.com
A Presentation Courtesy of


REGIS UNIVERSITY
FINANCIAL AID AND
   ADMISSIONS
     OFFICES

				
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