Funding a College Education Andrea Mravlja, Director of Financial Services, College Board Anne Shandley, Director of College Counseling, Cannon School November 19, 2014

Getting through the maze

It's too complicated I don't know what to ask What about the bill? Is it all loans? Where do I start? FAFSA? EFC? PROFILE? It's not worth it When is this due? Net price calculators I'll never qualify What forms do I fill out?

Partnership between families and schools ● Enrollment ● Success ● Satisfaction ● Graduation ● Employment ● Happy alumni

The basicsApplyingPaying DefinitionsFAFSADirect vs. indirect costs Sources & Types of aidPROFILEBilling Net price calculators School, state, and private applications Our Roadmap

Expected Family Contribution (EFC) Parent contribution Student contribution EFC* * keep in mind this evaluates ability (not willingness) to finance

Cost of Attendance (COA) Indirect costs (Paid out of pocket) Direct costs (On your school bill) Tuition Fees Meal plans Room charges Books & Supplies Travel Laundry Toiletries

Financial Need or Eligibility for Financial Aid Financial Need or Eligibility for Financial Aid EFC Cost of attendance Financial Need

Should you apply? Net Price Calculator (NPC) not an official offer of aid approximates financial aid that may be offered provides an anticipated net price cost to the student What happens next? complete the FAFSA, PROFILE, and other required formsFAFSAPROFILE keep in touch with your financial aid offices Net Price Calculator (NPC) not an official offer of aid approximates financial aid that may be offered provides an anticipated net price cost to the student What happens next? complete the FAFSA, PROFILE, and other required formsFAFSAPROFILE keep in touch with your financial aid offices

FAFSA fafsa.ed.gov

CSS/Financial Aid PROFILE collegeboard.org/profile

Costs across schools SchoolCostFederal AidDifference 2-year Public$10,550 $0 4-year Public$17,860$12,050$5,810 4-year Private$39,518$12,050$27,468

Types of Financial Aid PrivateFederalState Institutional Federal Pell Grant Federal SEOG Federal Work Study Federal Perkins Loan Federal Direct Student Loans Federal Direct Parent Loan State Scholarships (Merit) State Grants (Need) Scholarships (Merit) Grants (Need) Outside Scholarships Tuition Benefits Private Organizations

Application Tips – Merit-based Find out if there is a separate application for scholarships Interviews may improve your chances Make connections & show interest Ask questions What impact do merit scholarships have on aid? Is the scholarship renewable for all 4 years? Find out if there is a separate application for scholarships Interviews may improve your chances Make connections & show interest Ask questions What impact do merit scholarships have on aid? Is the scholarship renewable for all 4 years?

Application Tips – Need-based Know your deadlines Keep track of what you’ve submitted to each school, and the date it was submitted Find out how schools communicate with you ( s, portals, letters) Respond to requests for additional documentation Get to know your financial aid counselor Ask questions Know your deadlines Keep track of what you’ve submitted to each school, and the date it was submitted Find out how schools communicate with you ( s, portals, letters) Respond to requests for additional documentation Get to know your financial aid counselor Ask questions

What happens after you apply for financial aid? 1.Application materials are reviewed by financial aid staff 2.You may be asked to clarify your information 3.Financial aid notification are typically sent out about a week after admission notifications 4.Ask questions at any point in the process! 1.Application materials are reviewed by financial aid staff 2.You may be asked to clarify your information 3.Financial aid notification are typically sent out about a week after admission notifications 4.Ask questions at any point in the process!

Financial aid notification Compare offers - tools online or a spreadsheet Ask questions Differences between offers Aid in subsequent years (merit and need-based aid) Impact of outside scholarships on awarded aid Next steps (additional application materials, verification) Compare offers - tools online or a spreadsheet Ask questions Differences between offers Aid in subsequent years (merit and need-based aid) Impact of outside scholarships on awarded aid Next steps (additional application materials, verification)

Searching for Scholarships College/University Websites College Counseling – Weekly s; Appointments with Ms. Mee Online Searches Community Groups Elks, Rotary, YMCA, Boy/Girl Scouting, Volunteer Organizations Military/ROTC Scholarships Religious Groups Heritage Scholarships Credit Unions/Local Businesses Employer/Corporate Scholarships or Tuition Benefits College/University Websites College Counseling – Weekly s; Appointments with Ms. Mee Online Searches Community Groups Elks, Rotary, YMCA, Boy/Girl Scouting, Volunteer Organizations Military/ROTC Scholarships Religious Groups Heritage Scholarships Credit Unions/Local Businesses Employer/Corporate Scholarships or Tuition Benefits

Family Connection

Haiku – College Counseling

Scholarships – School Nominations Belk ScholarshipBelk Scholarship: Davidson College Bryan Scholarship:Bryan Scholarship: Davidson College Centennial Scholarship:Centennial Scholarship: NC State University Danforth Scholarship:Danforth Scholarship: Wash U in St. Louis Jefferson Scholars Program:Jefferson Scholars Program: UVA Levine Scholarship:Levine Scholarship: UNC Charlotte Morehead-Cain Scholars Program:Morehead-Cain Scholars Program: UNC Chapel Hill Park Scholarship: Park Scholarship: NC State University

Checklist Know your deadlines Know your application requirements Look for outside scholarships Ask as many questions as you need to as often as you need to