In this issue:
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Financial Aid basics: Determining eligibility
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Summer financial aid disbursement
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Drop/add/refund schedule for summer
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Be sure to destroy records properly
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UMACRAO has a new Web url
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RAC meetings canceled for June and July
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The new ASR Web site is now live
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Help revamp the Record!
Financial Aid basics: Determining eligibility
Question: How is eligibility determined for need-based aid programs?
The underlying principle behind federal and state need-based aid is that paying for school is first and foremost the responsibility of the student and her family. For any expenses beyond the family's capacity (the Expected Family Contribution or EFC), federal, state and institutional dollars may be available to make higher education more accessible.
A student begins the need-based financial aid process by completing the Free Application for Federal Student Aid (FAFSA). The form collects detailed information to paint a picture of the family's ability to shoulder its share of educational costs.
The formula breaks down like this:
Cost of Attendance – Expected Family Contribution = Need
Cost of Attendance and Expected Family Contribution
- Student status: Independent or dependent?
- Household size and number in college.
- Adjusted Gross Income
- Financial assets like savings accounts, trusts, investments, business holdings, etc.
For example: Sam Student has a COA of $21,144. His EFC is $8,594. The government believes Sam's family has enough room in its budget to come up with that much on their own during the academic year. The remaining $12,550 is the limit of what Sam can receive this year from all the aid sources he qualifies for.
Packaging
Above all, students should know that completing the FAFSA is the best way to maximize their aid. Every year some students miss out on aid dollars they would have qualified for if only they had applied. Nobody should assume their income is too high for aid. The only way to know for sure is to complete the FAFSA. Timing is also important, as many aid programs are first-come-first-serve. The priority deadline for incoming freshmen is March 1 and for returning students, April 1.
For more information on these topics, please visit the Finances section on the One Stop Web site: http://onestop.umn.edu/finances/index.html.
Summer financial aid disbursement
May/summer financial aid will disburse to students' billing accounts on June 8. There is no separate disbursement for May session. Students should plan their expenses accordingly to accommodate for the June disbursement date.
Drop/add/refund schedule for summer
Because of the various start and end dates for courses during the May and summer sessions, it is important that students pay close attention to the drop, add, and refund deadlines. The deadlines can be found online at: http://onestop.umn.edu/calendars/cancel_add_refund_deadlines/index.html
Be sure to destroy records properly
For many departments, the beginning of summer means
cleaning and discarding things in preparation for fall semester.
As you do your cleaning, keep in mind that appropriate destruction of
student records is as important as appropriate
maintenance of those records because they contain data. Student
information can be destroyed properly by either shredding it or placing
it in confidential recycling. It should never be placed in public trash
bins, dumpsters, or recycling bins.
Confidential recycling can be arranged by contacting Dana Donatucci at 612-624-8507.
Other questions about student privacy can be directed to Tina Falkner at rovic001@umn.edu or 612-625-1064
UMACRAO has a new Web url
The Upper Midwest Association of Collegiate Registrars and Admissions Officers (UMACRAO) has a new Web url. Update your bookmarks to "umacrao.com." The old url, "umacrao.org" is no longer in use.
Also, it's never too early to mark your calendars for the UMACRAO annual conference. The 2009 annual conference will be held at the Holiday Inn in Fargo, ND from October 28-30. Conference and registration details will be appearing on the UMACRAO Web site later this summer.
RAC meetings canceled for June and July
The Registrar's Advisory Committee (RAC) is taking a break during the summer. Join us for our next meeting on Monday, August 3, from 9 a.m. to noon. A location has yet to be determined. Contact Ingrid Nuttall at ingridn@umn.edu with questions.
The new ASR Web site is now live
The new ASR Web is now live! We are pleased to bring you an online home for Academic Support Resources that reflects our cross-functional approach to making a positive difference in students' lives. Log on today at asr.umn.edu for improved access to our projects, services, and information supporting University staff.
Help revamp the Record!
It's time the Record had a face lift. Why do you read the Record each month and what would you like to see in future publications? What suggestions do you have for making it a more useful newsletter? Send your suggestions to Ingrid Nuttall at ingridn@umn.edu. Any and all thoughts are welcome.