Melissa Winship School Counselor South Education Center Alternative Financial Aid 101

Financing Your Future What does college cost? What types of aid are available? How do I apply for financial aid? Where can I get more information?

What does college cost? ( annual tuition and fees) Private Colleges: $31,862 University of Minnesota: $13,062 State Universities: $7,323 Community & Technical Colleges: $5,173 Private Career Colleges: $14,062 Source – MN Office of Higher Education

Cost of Attendance (COA) The cost of attending an institution includes more than just tuition and fees. Also included are: Room and Board Books and Supplies Transportation Personal Expenses

How will I pay for it? Family support Savings Scholarships Financial aid –Grants –Loans –Work-study

Grants FREE MONEY! Do not need to be paid back Based on financial need Federal Pell Grant – up to $5,500/year MN State Grant – up to $9,000/year Institutional Grant – College funds awarded to students with financial need

Loans Must be repaid – Perkins Loan (up to $5,500/year) – Direct Subsidized (up to $5,500/year) – Direct Unsubsidized (up to $20,500/year) – Direct PLUS (for parents)

Scholarships Where can I find them? Community, church, civic, and business organizations Employers Colleges and universities On the Web

How do I apply for financial aid? Obtain a Federal Personal Identification Number (PIN) Complete the Free Application for Federal Student Aid (FAFSA)

PIN Registration PIN Registration

FAFSA on the Web FAFSA on the Web

Expected Family Contribution (EFC) The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. You can get an estimate of your EFC using the FAFSA 4-caster tool at

EFC Components Dependent Student Parents’ income and assets Household size Number of dependents attending college Student’s income and assets Independent Student Student’s (and spouse’s) income and assets Household size Number in household attending college

How does a school determine my financial aid award? How does a school determine my financial aid award? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

Sample Financial Aid Award Package Normandale Community College Cost of tuition and living$10,000 Federal Pell Grant$5,000 Family MN State Grant$1,000Contribution = Federal Perkins Loan$2,000$1,000 Federal Stafford Loan$1,000 _________________________________ Total Aid$9,000

Where can I get more information? Minnesota Office of Higher Education Internet System for Education & Employment Knowledge FinAid! - The Financial Aid Information Page Minnesota Association of Financial Aid Administrators: The College Board

What should I do and when? Apply for scholarships now and throughout college Apply for admission to your school(s) of choice Apply for your PIN number Complete the FAFSA each year and be aware of school financial aid deadlines

What should I do and when? Review your Student Aid Report (SAR) for accuracy Respond promptly if your school requests more information Respond to financial aid award notice Complete loan promissory notes and work-study forms

Financing Your Future … an investment in you ! September 2009

Questions? Feel free to contact me! Melissa Winship