| NOTE: | The information in this file matches the corresponding print edition. More current information may be found at www.asu.edu/aad/catalogs/. |
2002–2003 Typical Student Budgets
Types of Financial Aid and Major ProgramsTaxability of Financial Aid Programs
The primary responsibility for financing a college education belongs to students and their families (see the “2002–2003 Typical Student Budgets” table). The Student Financial Assistance Office helps students, within the limits of available funds, meet college costs. Financial assistance is available as scholarships, grants, loans, and employment. This aid has been made available collectively by the university, alumni, private foundations, civic groups, individuals, and state and federal governments.
To be considered for financial aid, all students must complete the Free Application for Federal Student Aid (FAFSA). This application should be completed in January or early February preceding the academic year the student anticipates attending ASU. The priority date for applying is February 15. Applications completed after this date are processed; however, they are considered late applications. Late applicants are less likely to receive federal work-study, grants, and scholarships due to funding limitations.
Additional documentation may be requested to verify application data. Students receive an award notification once their file is complete. Applicants should read carefully all correspondence received.
Students receiving aid are required to meet minimum standards of satisfactory academic progress. In addition to maintaining the minimum GPA defined for good academic standing, students must complete the hours for which they are funded during the academic year. Failure to meet these standards results in the suspension of aid for subsequent semesters until the deficiency is satisfied.
Students can access personal information regarding financial aid through the SunDial phone system at 480/350-1500 or by accessing ASU Interactive at www.asu.edu/interactive. Students can access the following information:
Documents needed to complete the aid file can be printed from the Student Financial Assistance Web site at www.asu.edu/fa.
| Dependent | Independent | ||
|---|---|---|---|
| Item | At-Home | On/Off Campus | On/Off Campus |
| Room | $01,000 | $03,728 | $05,098 |
| Board | $01,071 | $02,138 | $02,138 |
| Personal/Miscellaneous | $02,254 | $02,254 | $02,887 |
| Transportation | $01,071 |
$01,071 |
$01,288 |
| Total living1 | $05,396 | $09,191 | $11,411 |
| Resident tuition | $02,508 | $02,508 | $02,508 |
| Special fees | $077 | $077 | $077 |
| Books/supplies | $0748 |
$0748 |
$0748 |
| Resident total | $08,729 | $12,524 | $14,744 |
| Additional tuition for nonresidents2 | 0 | $08,520 |
$08,520 |
| Nonresident total | 0 | $21,044 | $23,264 |
| 1 | Loan fees are not included in this amount. Total living expense items are estimates. Amounts vary based on personal choice. |
| 2 | Amounts of nonresident tuition are shown in Fees, Deposits, and Other Charges, in the “2002–2003 Resident and Nonresident Tuition” table. - Back to Top |
ASU students receive financial aid resources totaling more than $273 million. There are four categories of financial aid: scholarships, grants, loans, and employment.
There are two sources of scholarships at ASU: university-funded scholarships and private donor scholarships. Many scholarships are offered on the basis of academic merit. However, financial need criteria may also be included in the selection of recipients. Other considerations are GPA, leadership qualities, and community service.
The Scholarship Office coordinates all scholarship programs. High school students should contact their high school counselors or visit the scholarship Web site at www.asu.edu/fa/scholarships to determine the appropriate process for obtaining a variety of scholarships available to entering freshmen. Other undergraduate students may contact the Scholarship Office or search the Web site for available scholarships. In addition, many academic units provide scholarship funding and select students based on a variety of criteria, which include artistic talent, musical ability, and athletic performance. Students seeking these scholarships should contact the appropriate academic unit directly.
Educational Tax Credits. Students may be eligible for either the Hope Scholarship Credit or the Lifetime Learning tax credit. Additional information about these tax credits is available on the Web at www.asu.edu/sbs.
Consult a personal tax advisor about qualifications for the Hope Scholarship Credit, and Lifetime Learning tax credit.
Private Donor Scholarships. Most of these scholarship funds are provided by employers, private individuals, organizations, and corporations. In most cases, the private donor specifies the criteria used by the Scholarship Office to identify candidates for a particular scholarship.
University Scholarships. These scholarships generally cover tuition and/or fees. The largest source for university scholarships is the waiver program authorized by the Arizona Board of Regents. In addition, many scholarships are funded from a general endowment fund. Some of the typical areas targeted for these scholarships are top academic seniors in Arizona high schools, students who demonstrate leadership, students who demonstrate scholastic or scientific abilities, students with disabilities, and nontraditional students.
Grants are gift assistance from the federal government, the state, or the university that do not have to be repaid.
Federal Pell Grant. Funded by the federal government, the Pell Grant is awarded to students who demonstrate significant financial need. Pell Grant eligibility is determined by the U.S. Department of Education. All students are informed of their eligibility for the grant through the Student Aid Report. The maximum award for the 2002–2003 academic year was $4,000.
Federal Supplemental Educational Opportunity Grant. The Supplemental Educational Opportunity Grant (SEOG) is a federally funded, campus-based program. A limited amount of funding is available through the program. The amount received will depend upon a student’s financial need, the amount of other assistance awarded, and the availability of funds. Maximum grant awards for 2002–2003 were $1,000.
Leveraging Educational Assistance Partnership (LEAP). This is a three-partner program of federal, state, and university funding. Students with a high financial need may receive this particular form of funding. It is restricted to residents of Arizona. The maximum grant for 2002–2003 was $1,250.
Student Aid Trust Grant. Provided in partnership between ASU students and the state legislature, these funds are provided primarily to resident, undergraduate or underrepresented students with a high financial need. The maximum grant for 2002–2003 was $2,000.
University Grants. University grants are generally reserved as the last grant program to be used to resolve a student’s need. Funded by the university, grants are available for both resident and non-resident students. The maximum grant awards for 2002–2003 were $2,000.
Loans are forms of financial assistance available from sources such as the federal government and private lenders that must be repaid and will include any accrued interest.
William D. Ford Direct Student Loan. Through the William D. Ford Direct Student Loan program, the federal government loans money to students based on the university’s determination of the student’s financial need and cost of education. Repayment begins after the student graduates, leaves school, or drops below half-time enrollment. Under this program there are two loan types: subsidized and unsubsidized. With a subsidized Direct Student Loan, the federal government pays the interest on the loan principal during the student’s in-school status, grace, and other authorized periods of deferment.
The school may determine that the student is eligibile for an unsubsidized Direct Student Loan. In this program, the federal government does not pay the interest during the student’s in-school status, grace, or other authorized periods of deferment. As the student proceeds through school, interest will accrue and will be added once the student enters repayment. Otherwise, conditions and terms for the two programs are the same.
The variable interest rate is adjusted every July 1. The current interest rate can be found at www.ed.gov/directloan. The rate cannot exceed 8.25 percent. In addition, there is a 3 percent loan origination fee deducted from each disbursement. The federal government provides several options for repayment once the student has left school. For students who are considered dependent based on their financial aid application, the following total annual loan limits for subsidized and unsubsidized apply: freshmen may borrow up to $2,625 per year; sophomores, up to $3,500 per year; and juniors and seniors, up to $5,500 per year. For students who are considered independent, the following annual loan limits apply: freshmen may borrow up to $6,625, of which only $2,625 can be subsidized; sophomores, up to $7,500, of which only $3,500 can be subsidized; and juniors and seniors, up to $10,500, of which only $5,500 can be subsidized.
Federal Perkins Loan. The Federal Perkins Loan program is funded by the federal government and is awarded based on financial need. The school is the actual lender, and repayments after graduation are made to the university at a 5 percent interest rate. Like the subsidized Student Loan, no interest accrues on the Perkins Loan during the student’s in-school status, grace, or other authorized periods of deferment. If funding is available, deferment and cancellation provisions may apply to graduates working in community service, qualifying law enforcement, and teaching occupations. Maximum awards for 2002–2003 were $3,000.
Parent Loan for Undergraduate Students. Under the Parent Loan for Undergraduate Students (PLUS), parents may borrow money from the federal government on behalf of their dependent students. With this loan, interest is not deferred and repayment begins within 60 days after the final disbursement for the enrollment period. The PLUS approval is based on the parents’ credit history. There is a variable interest rate adjusted every July 1 that cannot exceed 9 percent. The maximum loan amount is determined by subtracting all other financial aid from the student’s cost of education. If parents are determined ineligible for a PLUS and students need additional funds, they should contact the Student Financial Assistance office to determine their eligibility for an unsubsidized Direct Student Loan.
The Student Employment Office provides employment opportunities to students who must work to meet educational expenses or who wish to work because they feel the experience can be a valuable part of their education. Students may choose between hourly and Federal Work-Study programs.
Federal Work-Study. The Federal Work-Study program encourages community service work and jobs that complement and reinforce educational or career goals. Funds for this program are provided on a matching basis by the federal government and the university. Students employed under this program receive the same pay rates as other students being employed on campus. In this program, students must demonstrate a financial need as established through completion of the Free Application for Federal Student Aid (FAFSA).
University Hourly. The university, with its own resources, hires many students on a part-time basis. Although the jobs are similar to those under the Federal Work-Study Program, the university provides the entire amount of the student’s wage.
Part-Time Off-Campus. The university receives requests for assistance from many agencies and companies throughout the area to help them recruit and hire students on a part-time basis. This job listing service provides opportunities for students not only to earn funds to support their education, but to gain experience in the areas of their majors or career interests.
Scholarships, grants, fellowships, and stipends (but not loan funds) are taxable income to the recipient, except for the portion of these funds used for tuition, registration, and other university fees, or books, supplies, and equipment required for the courses being taken. Special tax regulations also apply to nonresident alien students and may require withholding of taxes at the time of aid disbursements to these individuals. Information on the taxability of scholarships can be obtained from the following Internal Revenue Service (IRS) publications and forms: Publication 4—Student’s Guide to Federal Income Tax; Publication 519—U.S. Tax Guide for Aliens; Publication 520—Scholarships and Fellowships; Form 1040EZ and Instructions—Income Tax Return for Single and Joint Filers With No Dependents; and Form 1040NR and Instructions—U.S. Nonresident Alien Income Tax Return.
These publications and forms can be obtained by calling the IRS at 1-800-829-FORM (3676) or by accessing the IRS Web site at www.irs.ustreas.gov.
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