Community Financial Aid Night January 28, 2015 Sharon E. Platt, Director of Financial Aid

Topics We Will Discuss Tonight  What is Financial Aid?  Types Of Financial Aid  How To Apply For Financial Aid  Cost of Attendance (COA)  Expected Family Contribution (EFC)  Financial Need  What Happens Next?  FAFSA On-The-Web Demo

What is Financial Aid?  Financial Aid is funds provided to students and their families to help pay for postsecondary educational expenses in the form of:  Grants  Scholarships  Loans  Employment

Gift Aid vs. Self-Help Aid  Grants/Scholarships - Gift money that does not have to be paid back  Loans - Borrowed money that has to be paid back over a period of time, often after the student completes their degree  Work-study - money students earn by working at a part-time job GIFT AIDSELF-HELP AID

Categories of Financial Aid  Aid given to students strictly on the basis of merit.  May be based on:  Academic record  Special characteristics  Skills or talents  Involvement  Does not have to be repaid  Usually renewable from year to year  Aid awarded to students on the basis of financial need.  Re-evaluated each year as financial situations may change. Merit-Based AidNeed-Based Aid

Sources of Aid  Federal government  State  The College/University  Outside Organizations/Employers

Federal Aid  Largest source of financial aid  Aid awarded primarily on the basis of financial need  Must apply each year using the Free Application for Federal Student Aid (FAFSA)

Common Federal Aid Programs  Federal Pell Grant  Federal Supplemental Educational Opportunity Grant (SEOG)  Teacher Education Assistance for College and Higher Education Grant (TEACH)  Federal Perkins Loan  Federal Work-Study  Federal Subsidized and Unsubsidized Loans  Federal PLUS Loans

State Aid  Residency requirements  Use information from the FAFSA  Deadlines vary by state  PHEAA Deadline is May 1

College/University Aid  Factors that may influence institutional aid:  Academics  Athletic Ability*  SAT’s/ACT’s  AP Courses  Legacy (child of alumni)  Activities  Talent  Gender/Ethnicity  Class Rank  Financial Need *Athletic awards offered by NCAA Division I and Division II schools only.

Outside Organizations  Foundations, businesses, charitable organizations  Deadlines and application procedures vary  Begin researching private aid sources early  To what organizations and churches does student and family belong?  Application process usually spring of senior year  Small scholarships add up!  Check company where parent is employed

HOW TO APPLY FOR APPLYING FOR AID

What Is The FAFSA?  FAFSA = Free Application for Federal Student Aid  Application for federal and state aid (may be application for college aid as well, depending upon the school)  File one FAFSA per year, per student (not one per college)  List up to ten colleges - Title IV Code or school name; schools receive information electronically

How/When to File the FAFSA?  FAFSA’s are completed online:  Register for a PIN #:  Complete as soon as possible after January 1 and before the school’s deadline  PA residents must file by May 1 for state grant consideration for following fall term  May use estimated income and taxes or prior year tax forms  Don’t wait to be accepted to college to complete

Cost of Attendance  Tuition  Fees  Room  Board  Books and Supplies  Transportation  Personal  Living Expenses  Child care and special equipment purchases may be considered Direct CostsIndirect Costs

Expected Family Contribution (EFC)  Number used to determine student’s eligibility for financial aid  EFC is the amount the family can expect to pay toward college expenses each year  It is rarely the amount the family actually pays  Number is a result of federal formula based upon information supplied on FAFSA  Income (taxable & nontaxable)  Taxes paid  Assets  Household size  Number in college

What is financial need? Cost of Attendance -Expected Family Contribution __________________________________ =Financial Need

Examples of Financial Need

Net Price Calculator  Every school is required to have one on their website  CAUTION: Some are better than others  Get estimated EFC at: and use FAFSA4casterwww.fafsa.gov

FAFSA on the Web’s Homepage

What happens after FAFSA is filed?

Verification  35% of all students are randomly selected for verification  The school will notify you to submit additional documentation  School may give you an ESTIMATED award letter  YOU MUST SUBMIT ALL REQUESTED INFORMATION BEFORE FINAL AWARDS ARE GIVEN

What Happens Next?  Aid eligibility is determined by school  Receive financial aid award letter from each college/university  Deposit at college of choice (non-refundable usually)

Comparing Aid Offers Don’t assume that more expensive schools will necessarily cost you more! Look at same “bottom line” for each school. Compare “apples” to “apples.” What is amount of loan in package vs. amount of grant? What is amount of work study? Are grants/scholarships automatically renewable? Is there room for movement? Check with the Financial Aid Office—there might be but it’s not “Let’s Make A Deal!”

Need More Financial Assistance?  Payment Plan  Parent PLUS Loan  Alternative Loans

FAFSA On-the Web Demo

What You Need Before Filing FAFSA  Student’s and parents’ social security number or alien registration or permanent resident card (if not a U.S. Citizen)  Student & Parent 2014 W-2 forms and other records of money earned  Student & Parent 2014 Federal Income Tax Return (1040, 1040A or 1040EZ)  Student & Parent 2014 untaxed income records (veterans benefits, child support received, workers compensation)  Student & Parent current bank statements  Student & Parent current business and investment mortgage information, business and farm records, stock, bond, and other investment records  Student drivers license  Depending on parent’s marital status, date of parent’s marriage/separation/remarriage

Special Circumstances  Experience significant decrease in current calendar year income  FAFSA based on 2014 income  Cannot report on FAFSA  Change in employment status  Medical expenses not covered by insurance  Change in parent marital status  Unusual dependent care expenses  Contact Financial Aid Office at each college

Don’t Forget!  Research Outside Scholarships (  Complete the FAFSA form as soon as possible after January 1 of senior year  Keep copies and sign every financial aid form that you complete!  Check with each college/university to see what additional forms they require  Don’t be afraid to call the financial aid office at the schools you are interested in and ask questions if you don’t understand  Remember deadlines – APPLY EARLY!

Any Questions ? Thank you for coming!