Paying for college Regional College Fair Financial Aid Session Monticello High School Regional College Fair Financial Aid Session October 2016 Paying for college

Assistant Director for Financial Aid Alaric Hammell Assistant Director for Financial Aid

Financial Aid: what is it? How do I get aid? How much aid do I get? Helpful Resources Questions

What is financial aid?

Financial aid Scholarships Grants Work Study Loans Funds made available to students & families to help pay for postsecondary expenses. These include: Scholarships/Grants – Money that does not need to be repaid Work Study – The student must work to earn funds Loans – The student or parent must pay back what was borrowed, and possibly additional interest

Scholarships College/University Scholarships Private & Community Scholarships Some schools use the application for admission to determine scholarship eligibility. Some schools have a separate application. Some schools may require you to have a completed application for financial aid on file. Some may require you to file an application for financial aid along with an additional application. You may find them in unexpected places. They may be based on need, merit, talent, athletic ability, artistic skills or other criteria.

Grants Need-based money awarded by colleges and universities. Institutional State Federal Need-based money awarded by colleges and universities.

LOANS Federal Private student loans parent loans Subsidized or unsubsidized Annual maximum for first year student is $5,500 parent loans Parent borrows on behalf of student A credit check is usually required Private The student is the borrower Money that has to be repaid – repayment may be deferred until after the student graduates.

Work Study Get hired Get to work Get paid Need-based award that provides an opportunity to work and earn money to help pay for educational expenses.

How to get financial aid

The application process 1 File the FAFSA, available October 1. 2 If required, file the CSS/PROFILE, available October 1. 3 If required, file an institutional financial aid application. 4 If required, submit tax documents.

FAFSA Free Application for Federal Student AID

Applying for Federal Aid Apply online at www.fafsa.gov

Submitting your fafsa The FAFSA must be submitted each academic year a student would like to be considered for financial aid. The FAFSA is available on October 1. If the student is dependent, then both the student and the parent must sign the FAFSA. You can use a federal FSA ID to sign the FAFSA electronically; register at https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid.

What is asked on the FAFSA? General student information Student dependency questions Student financial data (income and assets) General parent information Household information Parent financial data (income and assets)

CSS/Profile

Completing the CSS/Profile

Why submit a css/profile? The FAFSA is used to determine your eligibility for federal student aid such as the Pell Grant and the Federal Direct Student Loans. Many schools use the CSS/PROFILE to determine eligibility for other sources of funding such as state and institutional funds. The CSS/PROFILE is not a free application. However, if college board does not determine that you qualify for a fee waiver, check with your school to see if they can offer assistance. The CSS/PROFILE is available at https://student.collegeboard.org/css-financial-aid-profile. If your school is not a profile school, check to see if another type of institutional application is required.

How much financial aid

Determining financial need Cost of Attendance Expected Family Contribution Demonstrated Financial Need The FAFSA and other documents are used to determine the Expected Family Contribution (EFC). Schools use the EFC to determine eligibility for need-based financial aid and to prepare a award package. Cost of Attendance (COA) is the school’s official, published total cost. Since COA & EFC may vary by school, demonstrated financial need may also vary.

Need & Aid example using U.Va.’s Net Price Calculator

Caveats & Other notes Some application requirements and deadlines will vary from school to school. Know your school’s requirements and deadlines! Your FAFSA application may be selected by the US Department of Education for federal verification. Financial Aid offices are required to verify selected data fields on the FAFSA using either: A tax return transcript, or The IRS Data Retrieval Tool (DRT), which is integrated into FAFSA on the Web, or Other supporting documentation

Helpful Resources

Websites FAFSA: www.fafsa.gov Federal Student Aid: www.studentaid.ed.gov The College Board (CSS/PROFILE): www.collegeboard.org Net Price Calculator: See the college’s website

Net Price calculator All schools required to have a net price calculator since October 2011 Federally mandated Information is current for academic year If you used a net price calculator today, it would reflect 2016-17 costs & awards Must represent factual data Reflects cost of attendance minus grant aid

MY inTUITION cost estimator http://sfs.virginia.edu/costestimator

Other ways to pay VPEP Virginia Prepaid Education Program VEST Virginia Education Savings Trust VEST Other state college savings plans (529) PAYMENT PLANS

Useful tips Pay close attention to College/University application deadlines. Respond to any requests for additional information or documents as soon as possible. Use the IRS Data Retrieval Tool! Take advantage of the school’s Net Price Calculator. Continue to look and apply for scholarship opportunities. Talk to financial aid offices if you have questions or special circumstances.

paying for college family contribution scholarships loans grants work study

Questions?

Student financial services Carruthers hall (434) 982-6000 sfs@Virginia.edu Thank you!