Financial Aid Doesn’t Have To Be Scary!!! Kathy Leaver and Kim Bailey Shelby County Gifted Resource College Advisors

What is Financial Aid? Scholarships –M–Merit Based Academic Leadership Service Departmental Talent/Skill –N–Need Based –I–Institutional –P–Private –A–Athletic (register with net)

Grants –F–Federal –S–State Employment Opportunities –W–Work Study –S–Summer Internships Loans –S–Stafford Loans –P–Perkins Loans –P–PLUS Parent Loan –O–Other (Federal and state aid along with many university aid and grants are awarded by completing the Free Application for Federal Student Aid at

Goals of Financial Aid To assist students in paying for their educational investment To evaluate the family’s financial ability to pay educational costs To distribute limited resources in a fair manner To attempt to provide a balance of scholarships, loans, grants, work study, etc.

Cost of Attendance (COA) Tuition and fees Housing Meal plan and additional food and snacks Books and supplies Entertainment Transportation Miscellaneous personal expenses Study abroad costs

Definition of Need Cost of Attendance (COA) - Expected Family Contibution (EFC) ________________________________________________ = Financial Need

How much will you need?

Why do I have to pay so much? As much as they are able, parents have a responsibility to pay for their children’s education Students also have a responsibility to pay for educational costs Family’s are evaluated in their present financial condition

How do I qualify? CSS Profile – –register now FAFSA (Free Application for Federal Student Aid) – –register after January 1st

Eligibility Accepted to an eligible program of study Must be planning to enroll as a full time student US Citizen or eligible non-citizen Males must be registered with selective service Must not have a drug-related conviction Must have a valid social security number Must maintain satisfactory academic progress as determined by the higher ed. institution

Role of the Financial Aid Office Determine eligibility after receiving information from FAFSA or CSS Profile Create an aid package Send award letter to student that includes –COA –Student Need –Types and Amount of Aid Offered –How and When Aid Will Be Dispersed –Student Employment Conditions –Terms and Conditions of Aid Offer

Role of the Student Apply to college Talk to your parents about your resourcesTalk to your parents about your resources Contact financial aid offices at your schools Complete the FAFSA and/or CSS Profile Review financial aid award letter Compare school offers Talk to your parents ( AGAIN ) about offersTalk to your parents ( AGAIN ) about offers Accept or reject offers and return paperwork to schools Notify all colleges of your decisions by May 1st

Other Sources of Funds and Financing Resident Assistant Benefits PACT 529 Plans University Payment Plans

Other Resources Student/Parent place of employment Local business and civic organizations