CHOICES Applying for Financial Aid at James Madison University. February 17,

Transcription

1 CHOICES Applying for Financial Aid at James Madison University February 17,

2 FAFSA The Application for Federal Student Aid (FAFSA) is the only application students at JMU need to complete to apply for all of the federal and state financial aid offered through the Office of Financial Aid & Scholarships 2

3 Financial Aid Process Submit FAFSA (preferably before March 1 st ) Receive Student Aid Report Receive Preliminary Financial Aid Award Notice prior to May 1 st After May 1 st receive Verification request and/or Official Financial Aid Award Notice The process of sending Official Financial Aid Award Notices generally begins the middle to end of June Submit required acceptance documents 3

4 FAFSA Priority Filing Date March 1 st, 2018 This means your FAFSA should have been logged in at the federal processor by March 1 st to be considered on-time You can still complete a FAFSA after March 1 st, but the funds available for awarding at that time could be limited 4

5 Importance of Priority Filing Date In some cases, meeting the priority filing date can increase your eligibility for specific types of financial aid Allows appropriate amount of time for processing before the school year begins 5

6 Professional Judgment Unexpected issues not reflected on the FAFSA Tuition expenses at an elementary or secondary school if it is medically recommended that the student attend a private school Medical or dental expenses not covered by insurance Unusually high child care costs Job loss or unemployment Parents enrolled at least half-time in a degree or certificate program Roth IRA rollovers Dependency overrides Beginning in March, finaid_pj@jmu.edu a letter of appeal if you have qualifying circumstances Issues such as credit card expenses, car payments, standard living expenses, and other normal daily items cannot be considered under Professional Judgment for federal and state aid purposes 6

7 PACKAGING 101 7

8 Cost of Attendance ( Figures) COMPONENTS Tuition & fees Room & board Books & supplies Transportation Personal Loan fees EXAMPLES Full-time In-state $26,004 $21,076 = average billable $4,988 = estimate Full-time Out-of-state $42,446 $37,458 = average billable $4,988 = estimate Note: Average billable includes average tuition/fees, room/board, & internet fee. Costs may vary based on actual registration and housing arrangements. 8

9 EFC = Expected Family Contribution The federal government determines a family s ability to pay for post-secondary expenses (including living expenses) The figure schools use to determine a student s eligibility for need-based aid EFC below $9,501 will be considered for state grants, assuming other criteria are met as well 9

10 JMU Net Price Calculator Get your Expected Family Contribution (EFC) by completing the FAFSA Go to Select JMU Net Price Calculators in the Quick Links section Answer the applicable questions Receive an estimated award immediately 10

11 Definition of Need Cost of attendance (COA) Expected family contribution (EFC) = Financial need 11

12 Sample Award Notice In-State (1) FAFSA Filed by March 1 26,004 COA EFC 25,904 Need 5,870 Pell Grant 6,411 VGAP Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 6,193 PLUS (includes EFC) = Fully Packaged FAFSA Filed after March 1 st 26,004 COA EFC 25,904 Need 5,870 Pell Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan -12,604 PLUS (includes EFC) = Fully Packaged Note: These are provided for example purposes only, based on figures, and are not a guarantee of award amounts, as VGAP and Workstudy eligibility are subject to funding availability and other criteria. 12

13 Sample Award Notice In-State (2) FAFSA Filed by March 1 26,004 COA - 9,600 EFC 16,404 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 18,474 PLUS (includes EFC) = Fully Packaged* *Even though applied by March 1 st, no VGAP because EFC is too high. FAFSA Filed after March 1 st 26,004 COA - 9,600 EFC 16,404 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 18,474 PLUS (includes EFC) = Fully Packaged* *Missed March 1 st FAFSA date and EFC too high for VGAP Note: These are provided for example purposes only, based on figures, and are not a guarantee of award amounts. 13

14 Sample Award Notice Out-of-State SAMPLE 1 42,446 COA EFC 42,346 Need 5,870 Pell Grant 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 29,046 PLUS (includes EFC) = Fully Packaged 42,446 COA - 9,600 EFC SAMPLE 2 42,346 Need 3,500 Subsidized Direct Loan 2,030 Workstudy 2,000 Unsubsidized Direct Loan - 34,916 PLUS (includes EFC) = Fully Packaged Note: These are provided for example purposes only, based on figures, and are not a guarantee of award amounts. Additionally, meeting the March 1 st FAFSA Priority Filing Date does not provide a funding advantage in the awarding formulas, but does allow a Preliminary 14 Financial Aid Award Notice to be sent in a timely fashion.

15 OTHER RESOURCES 15

16 Options Personal savings Investments (e.g., 529 plans, ESA s, Mutual Funds, etc.) Payment plans Part-time employment Scholarships (institutional and private) Private Loans (student and parent) 16

17 Loan Repayment Example Dependent student beginning in and eligible for maximum Direct Loans for 4 years (assume student accepts the loans): 1 st year - $5,500 - no more than $3,500 subsidized (4.45%)* 2 nd year - $6,500 - no more than $4,500 subsidized (4.45%)* 3 rd year - $7,500 - no more than $5,500 subsidized (4.45%)* 4 th year - $7,500 - no more than $5,500 subsidized (4.45%)* Total debt - $27,000 (aggregate maximum $31,000, no more than $23,000 subsidized) 17

18 Loan Repayment (cont.) Standard Repayment Plan is 10 years $279/month in loan payments $33,500 repaid over the 10 year period $6,500 paid in interest This does not include any capitalized interest, which will increase the cost Note: This is based on the rate of 4.45% (rates will differ each year) 18

19 Payment Plan Example ( figures) Payment Plan (5 months per term) Full-time, in-state, on-campus example $10,388 per term / 5 months = $2, (make payment monthly) Averages to $ per week in a 4 week month (figure for budgeting purposes) Full-time, out-of-state, on-campus example $18,588 per term / 5 months = $3, (make payment monthly) Averages to $ per week in a 4 week month (figure for budgeting purposes) See the University Business Office at for more details 19

20 Budget Considerations Are there items you can reduce in your budget or debt you can eliminate before college? Car payments Improve food budgets Credit card or other consumer debt Other adjustments to make for next 4 years to avoid long term college loan debt (Opportunity Cost of debt) 20

21 JMU Specific Aid You will not see these on a Financial Aid Award Notice Institutional Employment Off-Campus Employment You will see these on a Financial Aid Award Notice if you also are receiving aid from the FAFSA JMU Scholarships 21

22 Prospective Student Scholarships Admissions & University Departments Thomas A. Dingledine Scholarship for Achievement in Academics and Service Madison Award for Academic Excellence Second Century Scholars Scholarship Program Centennial Scholarship Program Foundation Scholarships Departmental Scholarships Financial Aid Private Sarah Lanier Tabb Oliver Scholarship (single student) 22

23 Scholarships and Financial Aid Receipt of scholarship funds from any source may reduce your eligibility for need based federal and state financial aid Please use the Supplemental Information Sheet to inform the Office of Financial Aid & Scholarships as soon as you are aware you will receive a scholarship 23

24 Thomas A. Dingledine Scholarship for Achievement in Academics and Service Award amount is equivalent to full in-state tuition for four years at JMU Generally five new students awarded each year Early Action freshman application to JMU is required Application and recommendations must have been postmarked no later than November 1, 2017 to be considered Top candidates were notified no later than February 1, 2018 and invited to campus for an interview scheduled for mid-february The final scholarship recipients will notified by the end of April (mail) 24

25 Madison Award for Academic Excellence Award amounts are determined by the individual awarding department and can vary in amount from: $5,000 to $10,000 per year, depending on department No additional application is required for the this scholarship, as students will be reviewed using their application for admission to JMU Recipients will be notified by mid-april (mail) 25

26 Second Century Scholarships (STEM Majors) This program financially supports exemplary students entering any of the following STEM majors: Biology Biotechnology Chemistry Computer Science Earth Science Engineering Geographic Science Geology Information Analysis Integrated Science and Technology Mathematics Physics 26

27 Second Century Scholarships (STEM Majors) The amount of the scholarship is set at 75 percent of instate tuition of the year recipients enter the university and continues at this amount for the four consecutive years Applications deadline is February 19, 2018 Apply at: Recipients will be notified by the end of April (mail) Potential applicants must meet the following criteria to apply for the SCS scholarship: SAT 1200 or higher (ACT equivalent is 27) GPA 3.5 or higher (performance in science, technology and mathematics courses will receive additional consideration) Demonstrated interest and commitment to study in a STEM area Declaration of major in a designated STEM area 27

28 Centennial Scholars Program Award amount is equivalent to full in-state tuition/fees and room/board for four years at JMU Up to 50 new students awarded each year, but this can vary Virginia resident, Pell Grant eligible, aptitude and interest in program activities Application due no later than March 1, 2018 Once application has been received the applicant will be sent a receipt notification at the address listed on the application within 72 business hours. The will contain instructions about further procedures, processes, and potential interview information. 28

29 Private Scholarships Private scholarships can originate from any non JMU source You can find some private scholarship searches at If you receive a private scholarship, complete an online Supplemental Information Sheet to inform the financial aid office regarding your good fortune According to state and federal regulations, we must consider outside sources of financial assistance when awarding aid 29

30 AWARD NOTICES 30

31 Types of Non-Scholarship Financial Aid Available (FAFSA Related) Federal Grants (Pell SEOG) State Grants (VGAP and CA) University Grants Federal Loans (Direct Loans & Parent PLUS Direct Loan) Federal Work-Study Note: You will see these on a Financial Aid Award Notice 31

32 Preliminary Financial Aid Award Notice ed to the same address Admissions used to notify the student of his/her acceptance to JMU This is an estimate, as the tuition/fees and room/board figures will not be set at the time the award is generated Students and parents cannot accept aid based on this notice Verification will not have been conducted 32

33 Preliminary Financial Aid Award Notice The notice will contain tentative eligibility for aid from: Federal aid programs State aid programs JMU Scholarships (if you also have FAFSA related offers) Official JMU scholarship notifications will come from individual campus departments After May 1, 2018 Preliminary financial aid awards will be canceled New JMU students will receive: Verification request to secure additional information to complete a final FAFSA review (generally in May), or Official Financial Aid Award Notice (generally begins around 33 the middle to end of June)

34 Additional Information If information is needed to verify elements on the FAFSA, then JMU will request it Make sure the student s Home address is current in MyMadison Use IRS Data Retrieval Tool for inputting or updating tax information on the FAFSA 34

35 Official Financial Aid Award Notice Beginning in the middle to end of June, eligible students will be awarded and sent an Official Financial Aid Award Notice These notices are sent electronically to the student s JMU address (note the change from the Preliminary process) Parents will receive a separate notice regarding Parent PLUS Direct Loan eligibility These notices are sent to the parental address listed on the FAFSA Each notice will contain instructions for how to accept or decline the offered aid Students will do this through MyMadison Parents will do this through after receipt of Official Award Notice 35

36 CLOSING ITEMS 36

37 Subsequent Years The FAFSA must be filed each year for need-based scholarships Scholarships for continuing JMU students are typically awarded through: Academic departments, and Office of Financial Aid & Scholarships Application procedures may vary by department Scholarship applications are required for the Office of Financial & Scholarships 37

38 Helpful Tools Announcements: Choices Financial Aid Presentation (February) Prospective Student Scholarships video Quick Links - Terms & Conditions Consumer Information Review information under the Learn section Many other options available 38

39 Questions If you have any questions, please do not hesitate to contact our office via one of the following methods: In person on the 5 th floor of the Student Success Center By phone at (540) On the web at 39