EDUCATION BEYOND HIGH SCHOOL- START YOUR ENGINES! A Short Course in Understanding Financial Aid for Post-Secondary Education Presented by Sandi Morgan, GRASP Advisor for Clover Hill & Cosby High Schools

What is GRASP?  GRASP is a non-profit organization that helps students and their families find the financial resources needed for the student to continue his or her education after high school.  GRASP financial aid advisors are available in every high school in the Richmond metro area, as well as other counties in VA, and their services are provided free of charge. to add text

Get Ready!  You are about to start a race on two parallel tracks  One is the Admissions Track  One is the Financial Track  The two will intersect when you are accepted to a school  Each track has their own deadlines, their own forms, their own language add text

What Can I do Now for the College Admissions Track?  Start Early!  Research colleges that might be a good match for you and begin campus visitations  Prep for and register for SAT & ACT tests  Identify teachers, coaches, and/or mentors for recommendations. Prepare a resume!  Think about potential essay topics  Keep those grades up

Where Do I Start on the Financial Track? Have a Realistic Target In Mind by having a Reality Check Conversation with your Parents Discuss your Family Philosophy Identify Available Resources Come up with a Protection Plan

Definition of Financial Need College’s Cost of Attendance (COA) Minus Expected Family Contribution (EFC) _______________________________ = Your Financial Need to add text

What affects the EFC on the FAFSA?  Family income and assets  Size of a family  Number of children in college  Parental age has an impact  Marital Status of parents  Special Circumstances: Let your institution’s financial aid office know about high medical bills, recent unemployment, expenses due to natural disasters, etc

Financial Aid is Not “One Size Fits All” But, a few things hold true for everyone:  Filing the Free Application For Federal Student Aid (FAFSA) is essential  Why? It opens up the opportunity to tap into 4 resources: 1. Federal fund $ 2. State fund $ 3. Institutional fund $ 4. Private $ cholarships may require FAFSA

Overview of the Financial Aid Process

Let’s Take a Closer Look at FAFSA... Filing the FAFSA is Never a Waste of Time The quickest way to file is on-line Always be sure you are on the OFFICIAL website: Complete the FAFSA as soon as possible after January 1 st of the year you will need funding Do not wait to file if your parents have not completed their taxes and do not wait to be accepted to a college

Other Applications & Deadlines  More schools are also requiring the CSS Profile for Financial Aid  The CSS Profile has an earlier deadline than FAFSA– check with your college!  Be aware of “Priority Deadlines” for financial aid. Check the college website for exact dates  Institutional Aid Applications- provided to college applicants to report directly financial circumstances directly to the school

Ways to Pay Your College Bill  Free Money – Grants and Scholarships  Special Programs – Work Study; Tuition Adjustments  o add text

Ways to Pay Your College Bill--Continued Federal Loans  Subsidized  Unsubsidized  Perkins Loan  Direct Plus Loans (for Parents) to add text

More Ways to Pay Your College Bill  Private Student Loans  529 Plans  Tuition Payment Plans  OOP= Out of Pocket t o

And one more way to consider to lower your college costs... VA Community College System 2-Year Transfer Program  Less then $4,000/year at a community college  Guaranteed Admissions Agreement with over 20 public and private 4 yr. institutions in Virginia  Earn an Associate Degree with at least a 3.0 and qualify for a $1,000 Transfer Grant  Go to for more informationwww.vawizard.org

Examples of Other Resources  VA Financial Aid Sources  AmeriCorps, Peace Corps, National Health Services Corps  Businesses and Labor Organizations  Community Organizations and Foundations  US Armed Forces  ROTC  US Department of Veterans Affairs

Review: What I Can Do Today?  Set expectations with your parents  Decide how much you want to cover  Take an inventory of current resources  Run the FAFSA Forecaster  Review your plan of protection  Educate yourself

Review: What is this Alphabet Soup?  GRASP  FAFSA  CSS Profile  COA  EFC  OOP

Resources   Your high school GRASP advisor  University financial aid offices and websites  Other websites:     