FINANCIAL AID 101… Ann Marie Gruber Associate Director for Student Service Center Lakeland Community College agruber@lakelandcc.edu

Calculating Your Financial Aid Eligibility... Cost of Attendance -Expected Family Contribution (EFC) =Financial Need

Cost of Attendance Tuition & Fees Room & Board Books & Supplies Transportation Miscellaneous Expenses

EFC Factors Parental Income Parental Assets (excluding primary residence, retirement accounts) Age of Older Parent Family Size Number in College Student Income Student Assets Federal Means Tested Benefits

When is the EFC Calculated? EFC calculated when Free Application for Federal Student Aid (FAFSA) is submitted

www.fafsa.gov

Completing the 17-18 FAFSA available October 1, 2016 use 2015 income information (prior-prior year) Date Retrieval Tool (DRT)

FSA ID Student Aid online systems and acts as legal signature provides access to Federal Student Aid online systems and acts as legal signature both the student and one parent of a dependent student must have a FSA ID to complete the FAFSA

https://fsaid.ed.gov

Once FAFSA is Complete… School will determine financial need, amount and type of aid student is eligible for and send notification to student Compare award offers how much of financial need has been met? what type of aid? what is out of pocket for family? Special Circumstances

Federal State Institutional Private Sources of Aid Federal State Institutional Private

Types of Financial Aid Gift Aid - aid which does not need to be repaid (usually) Grants - usually need based Scholarships-merit based

Examples of Gift Aid - Federal Pell Grant - Federal Supplemental Educational Opportunity Grant (FSEOG) - TEACH Grant

Examples of Gift Aid - Ohio College Opportunity Grant (OCOG) - Endowed Scholarships - Institutional Scholarships - Outside Scholarships

Self Help - aid which must be repaid or earned Loans Work Study Types of Financial Aid Self Help - aid which must be repaid or earned Loans Work Study

Examples of Self Help - Direct Loans - Direct PLUS - Alternative Student Loans - Federal College Work Study - General Student Employment

ABC College Cost of Attendance 19,500 EFC - 2,000 Financial Need 17,500 Federal Pell Grant 3,866 SEOG 1,000 Ohio College Opportunity Grant 1,296 Federal College Work Study 1,800 Direct Subsidized Loan 3,500 Direct Unsubsidized Loan 2,000 Total 13,462

XYZ College Cost of Attendance 42,610 EFC -2,000 Financial Need 40,610 Federal Pell Grant 3,866 SEOG 1,000 Ohio College Opportunity Grant 2,592 President’s Scholarship 20,000 XYZ College Grant 1,000 Federal College Work Study 2,500 Direct Subsidized Loan 3,500 Direct Unsubsidized Loan 2,000 Total 36,458

123 College Cost of Attendance 21,598 EFC -15,000 Financial Need 6,598 123 President’s Scholarship 2,000 Direct Subsidized Loan 3,500 Direct Unsubsidized Loan 2,000 Total 7,500

The Process... 1) Complete the Free Application for Federal Student Aid (FAFSA) on-line 2) Complete an institutional application and/or the PROFILE if applicable 3) Provide any additional documentation requested by the college in a timely manner 4) Receive award letters from schools 5) Compare and make a decision

Tips to Applying Apply early Be aware of deadlines Use accurate information Keep copies of everything you submit Search for outside scholarships Think before you spend money on financial aid consultants, scholarship search companies, etc. Ask questions…get the student involved!

Questions?