Understanding Financial Aid
and Scholarships
For Graduate Students
At SDSU
Modified & Presented by:
Valerie Cook-Morales, Ph.D.
August 17, 2011
Original Slides Developed by:
Rose Pasenelli & Suzanne Goulet
July 2011
Agenda
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Eligibility for Financial Aid
Types of Aid for Graduate students
Graduate Cost of Attendance (COA)
AidLink
Means to obtain additional funds
Disbursement of aid
Important Terms
$ FAFSA = Free Application for
Federal Student Aid - file early, Jan 1
$ EFC = Expected Family Contribution
- determined by FAFSA
$ COA = Cost of Attendance
$ Resources = Scholarships,
Traineeships, Stipends
$ If any of the above changes, aid
changes
COA - EFC - Resources = Aid
2011-12 Estimated COA
for California Residents
Living
with
Parents
Living in
Living
University
OffHousing Campus
Basic Tuition &
Fees*
$7,844
$7,844
$7,844
Books & Supplies
1,661
1,661
1,661
Food & Housing
3,863
11,549
11,693
Transportation
1,571
1,528
1,954
Misc./Personal
2,897
2,694
2,810
Total Academic
Year
$17,836
$25,276
$25,962
*Out-of-state tuition: Add $372 per unit to the basic
tuition and fees listed above.
Why COA is Important
Off Campus COA = $25,962 AY
Maximum of Federal Loans = $20,500
The cost of attendance for the AY at
SDSU now exceeds the maximum limit
of federal subsidized & unsubsidized
loans.
If maxed out, may not be eligible for
additional aid for summer school.
Types of Aid for
Graduate Students
State University Grant
– Grant pays enrollment fees
– Limited funding for 2011-12
– Eligibility is determined by Expected Family
Contribution (EFC) - file FAFSA early!
– Funding is distributed by student’s award
date
State University Grant - (cont.)
• As of 6-22-11 the Office of Financial Aid &
Scholarships (OFAS) has processed 24,639
awards. Up 4705 from 2010-11.
– Students with EFC an $0 - $2000 receive
SUGP in the amount of the State
University Fee ($3369)
– Students with an EFC $2001 - $5000
receive SUGP in the amount of 75% of the
State University Fee ($2527)
Types of Loans for
Graduate Students
• Subsidized Federal Direct Student Loan
• Unsubsidized Federal Direct Student
Loan
• Grad PLUS Federal Direct Student Loan
• Private Loans
• Strom Emergency Loan
Subsidized Federal Direct
Student Loan
• 6.8% interest rate
• Interest deferred until loan payment
begins 6 months after exiting at least
1/2 time studies
• Credit History? N/A
• $8,500 Annual Maximum
Unsubsidized Federal Direct
Student Loan
• 6.8% interest rate
• Interest starts immediately and
capitalizes if not paid
• Credit History? N/A
• Repayment begins 6 months after
being at least 1/2 time student
• $12,000 Annual Maximum
Federal Direct
Grad PLUS Loan
• 7.9% interest rate
• Interest starts immediately and capitalizes if
not paid
• Credit History? “Satisfactory” required
• Repayment begins within 60 days of issue (no
grace period)
• Can request deferment but will continue to
pay interest on interest
• Maximum is COA-Resources-Loans
Private Student Loan
• Arranged privately with your bank or other
financial institution
• Interest rate depends on credit history - can
go as high as 25%-30%
• Interest starts immediately and capitalizes if
not paid
• Must report to SDSU Office of Financial Aid &
Scholarships
• Avoid if you can. If you can’t, follow the
directions on AidLink.
Strom Emergency Loan
• Only available to enrolled CSP Students
• Cannot be used for enrollment fees
• Only small amounts (e.g., $200) in response
to a true emergency (in fact, very little
available for the entire department)
• Must be repaid before the beginning of the
next enrollment period
• Contact your Program Director - this is
arranged through our Department Office in
collaboration with Financial Aid Office
Loan Forgiveness
The College Cost Reduction Act of 2007
http://studentaid.ed.gov/students/attachments/siteresource/LoanForgivenessv4.pdf
• For all full-time public sector employees:
- School Psychologists & School Counselors
- Public Health & Mental Health Positions
• Must faithfully make payments on time for 120
months (10 yrs) while working full-time in an eligible
position
• Eligible for all remaining principal & interest to be
forgiven
• Federal loans that can be forgiven:
- Federal Direct Stafford Loan
- Federal Direct Plus Loan
- Federal Direct Unsubsidized Stafford Loan
- Federal Direct Consolidated Loan
• 1-800-433-3243 US Dept Ed Call Center - select option
to get “live” help
Resources
• Stipends, research fellowships,
reimbursements, scholarships and
private education loans (alternative
loans)
• Federal laws and regulations, not
university policy, mandate that
OFAS consider all sources of
assistance a student has available
to meet his or her costs
$tipends &
Reimbursements
• Must be reported as “Resources” on
your AidLink
• If associated with a federal, state, or
county funded project, your project
director will also report your resources
to Financial Aid
• Project directors also provide
information regarding reimbursements
and conference expenses & allowances
(& resulting COA increases)
• Check with your project director about
procedures
$cholarships
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Gertrude Bell Scholarship
One @ $2500 or two @ $1250
For new students in CSP (i.e. 1st yr)
Must be enrolled in at least 9 units
Scholarship criteria: Academic
Achievement, Community Engagement,
& Financial Need
Deadline: September 2, 2011
https://sdsueducation.qualtrics.com/SE/?SID=
SV_5A4XTO3uQYh2tAU
$cholarships
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Graduate Equity Fellowships
For economically disadvantaged
graduate students, especially from
groups underrepresented in their
disciplines
Legal California resident
Must be enrolled in at least 9 units with
3.0 GPA
$500 - $4,000 per AY, depending on need
Maximum 2 Years; Must re-apply
Coming soon!
http://gra.sdsu.edu/grad/scholarships.html
$cholarships
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Inamori Fellowships
10 available university-wide - very
competitive
Research fellowship
Must be enrolled in at least 9 units &
have two semesters remaining in official
program of studies
$5,000 for 12 month period
http://gra.sdsu.edu/grad/research/inamori.html
$cholarships
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Graduate Student Travel Fund
Up to $1,000 (maximum) for travel
associated with scholarly research &
creative activities
Open to all graduate students with GPA
at least 3.0
Relevance/merit of professional activity
Appropriateness of scope & budget
Applications 3 times/year; award about
$7,000 per cycle
http://gra.sdsu.edu/grad/research/gstf.html
$cholarships
Professional Associations
For example:
• National Association of School
Psychologists
http://www.nasponline.org/about_nasp/minority.aspx
• California Association of School
Psychologists
http://www.casponline.org
What if the FAFSA does not
reflect the student’s current
financial situation?
• Student Request for Review
• www.sdsu.edu/financialaid
• PDF Forms
• Must attach:
– Letter explaining special circumstances
– Copies of 2010 tax returns
– Final or recent pay stubs
– Any other supporting documentation
Request for a
Budget Increase
• Expenses we allow:
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Auto repair
Auto, medical, dental insurance
Medical and dental costs not covered by insurance
Child care
The purchase of a computer for school (up to $2000),
can only be submitted once during program of study
• Expenses must be incurred during the academic
year (August 29, 2011 – May 8, 2012) - Summer may
be included if the student was enrolled in summer
courses
• Receipts and payment documentation must be in
student’s name
• Twice/AY - one in Fall & one in Spring
• Cost of attendance increases are funded with loans
• Participate in Money Matters Part Two for details
Disbursement of
Financial Aid
• Financial Aid disbursements start at
the beginning of each semester
• Students must be enrolled at least
half time
• All Financial Aid and Cashier’s holds
must be cleared
• Direct Deposit (mandatory)
Reminders
• Complete your FAFSA early!
January 1, 2012 for the
2012-13 academic year
• Check AidLink often!
Questions?