January, 2012 Financial Aid Night.  Facts vs Myths  Deadlines  Parent’s Marital Status  Parent & Student Assets  Special Circumstances  Comparing.

Slides:



Advertisements
Similar presentations
Top 10 Things to Know About Financial Aid for College Jerry Cebrzynski Director of Financial Aid, Lake Forest College.
Advertisements

Financial Aid 101 Hal J. Wilkinson K-12 School Representative Georgia Student Finance Commission.
Understanding the Financial Aid Process Northside College Preparatory High School December 6, 2010 Mary Stonis & Brian Drabik Office of Undergraduate Financial.
1 College Financing Seminar Presented by: The Massachusetts Association of Student Financial Aid Administrators (MASFAA)
Financing Education Beyond High School To the annual Financial Aid Information Night at AHS.
{ Navigating James Hammar Interim Assistant Director of Financial Aid and Admissions University of St. Thomas Financial Aid.
COLLEGE MONEY PLANNING Presenter: Kalman A. Chany President, Campus Consultants Inc. PLEASE TURN OFF YOUR CELL PHONES AND PAGERS.
Financial Aid Financial aid provides money so you can continue your education.
Student Financial Aid: What You Need to Know! Spring/Summer 2015.
6/9/2015 Financial Aid: Getting your Fair Share By Dennis Bye Member National Financial Aid Practitioner’s Alliance.
FAFSA Application What you need to know before you apply.
Three Important Tips Be Aware of Deadlines File the Free Application for Federal Student Aid (FAFSA) Apply for Scholarships.
“An investment in knowledge always pays the highest return.” -Benjamin Franklin.
College Goal Sunday Advanced Training An Overview of Unique Situations and Commonly Asked Questions.
Student Financial Aid What High School Seniors & Parents Need to Know.
Preparing for College: Student Financial Aid What High School Students & Parents Should Know.
FINANCIAL AID 101… Ann Marie Gruber Associate Director of Financial Aid Lakeland Community College
Understanding Your Financial Aid Awards Paying for College.
Financing A College Education
Scholarships and Financial Aid Paying for College.
December College is a… Vocational or Technical College Certificate 2-Year or Community College Certificate Associates Degree 4-Year College Bachelors.
Financial Aid Information Session. Paying for College: Financial aid was created as the BRIDGE to Higher education. All the information gathered on the.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ College Financial Aid for the academic year $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1.
Financial Aid Presentation PCS December 2011 Liz Martin-Garcia work cell.
You Can Afford College! GOUCHER COLLEGE EXPLORE GOUCHER DAY 1.
Preparing for College: Student Financial Aid What Students & Parents Should Know.
Top 10 Things to Know About Financial Aid for College (in 30 minutes or less)! Jerry Cebrzynski Lake Forest College.
Financial Aid: What You Need to Know
Senior Advisory Financial Aid 101. “How will I pay for college?” Financial Aid.
Where does the money come from? Merit Scholarships and need-based financial aid.
FINANCIAL AID 101… Ann Marie Gruber Associate Director of Financial Aid Lakeland Community College
The Harker School College Counseling Office Financial Aid Fundamentals.
Monticello High School 1/9/2012 Applying for Financial Aid Walking through the FAFSA,
Professional Judgment Presented by Renee Pelletier Financial Aid Advisor Office of Financial Aid and Scholarship Services.
What You Need to Know THE FINANCIAL AID PROCESS.
Student Financial Aid What High School Seniors & Parents Should Know.
Senior Presentation. Financial Aid (What is it?)  Financial aid is money given or loaned to help pay for college.  It can come from federal & state.
Scott Seibring Director of Financial Aid Illinois Wesleyan University.
By: Scott Kessler LPL Financial SmartCollegeFunding.com LPL Financial Member FINRA/SIPC.
College and Financial Aid. College Planning and Financial Aid Websites Pennsylvania Higher Education Assistance Authority (PHEAA)
National Association of Student Financial Aid Administrators © NASFAA 2009 What You Need to Know About Financial Aid.
1560 Broadway, Suite 1700, Denver CO Paying For College: Financial Aid 101.
Financing Your College Education Information for college-bound students and their families Presented by Student Financial Services Office Seattle University.
Financing Your College Education Information for college-bound students and their families Presented by Seattle University.
Boys Division Lunch Groups October 24, Federal Student Aid, ensures that all eligible individuals can benefit from federally funded financial assistance.
Top 10 Things to Know About Financial Aid for College Jerry Cebrzynski Director of Financial Aid, Lake Forest College.
©2016 Discover Bank. Member FDIC
Figuring Out Financial Aid and the FAFSA December 11, 2014
Early Awareness: The Financial Aid Basics
Financial Aid Navigating James Hammar
Financial Aid Navigating James Hammar
Presentation Overview
Linda K. Shirey Director of Financial Aid Hiram College
Scholarships and Financial Aid
Financial Aid Navigating James Hammar
Presentation Overview
Financial Aid: Understanding the Basics:
FINANCIAL AID & SCHOLARSHIPS
“An investment in knowledge always pays the highest return
Luther College Janice Cordell (800) x1018
Financial Literacy Coordinator
Financial Aid Navigating Neil Leibundguth
What you need to know about financial aid!
Financial Assistance 101 James McDonald Assistant Director
WELCOME Parents and Students to “The Financial Aid Game”
Erin Chiaro University of New Haven
Making Cents of Financial Aid
Financial Literacy Coordinator
Financial Aid Navigating Neil Leibundguth
Financial Aid 101 Fall 2019.
Presentation transcript:

January, 2012 Financial Aid Night

 Facts vs Myths  Deadlines  Parent’s Marital Status  Parent & Student Assets  Special Circumstances  Comparing Financial aid Packages

 My income is too high so I won’t apply.  The only way to know is to apply  My parents saved so I won’t get FA  Only a % of savings is considered  Millions of scholarships go unclaimed  These are “employer-reimbursement” plans  You have to be a minority to get FA  Federal FA is based on financial need, not race

 The form is too hard  FASFA keeps getting easier—help available online, phone, and in-person  Private colleges are too expensive  Sticker price does not take into account FA  My home is worth too much  Home value not considered for federal FA  Some institutions require the CollegeBoard Profile form that considers home equity

 Significant part of the college process  Negative consequences if missed  Application for financial aid Federal State Collegeboard Profile (some institutions)  Application for Scholarships Check deadlines in Junior year Apply in Senior year

 Federal  As of the date the application completed Single Widowed Divorced or Separated Parent the child lives with (or contributes 50% or more) Married or Remarried Parent the child lives with (or contributes 50% or more) Step-parent  CollegeBoard Profile  Non custodial parent may be considered

 Not: Home one lives in, life insurance, retirement plans, pension funds, annuities, IRAs, Keogh plans  Includes:  Other real estate  Trust funds  UGMA and UTMA accounts (owner)  Money market  Mutual funds

 Includes  CDs  Stock and stock options  Bonds  Other securities and commodities  Educational savings plans of all children Generally reported as a parent asset  Business 50.1% owner 100 or more full-time employees

 Parent Earnings to Consider Assets  Earnings over $50,000 and  Filed a complete 1040  Parent age 45 (single parent)  Protects up to $14,900  $120 for every $1,000  Parent age 45 (two parents)  Protects up to $42,900  $120 for every $1,000  Student  $200 per $1,000 of assets

 Student earnings up to $5,250 protected  Parent Income Reductions  State taxes  Social security taxes  Income protection allowance  % of the difference # in Family# in College 12 2 $16, $13, $20, $17, $24, $22, $29, $26, $34, $31,680.00

A need analysis formula established by Congress determines a student’s Expected Family Contribution; using information reported on the FAFSA. What?Why?Where? A comparative measure of how much a family can be expected to contribute over the course of an academic year Used to determine a student’s eligibility for most federal and state assistance Shown on the Student Aid Report (SAR) EFC Expected Family Contribution EFC Expected Family Contribution

 If the FAFSA does not reflect the current situation  High medical or dental expenses  Recent unemployment/Loss of untaxed income  Death of a parent  Documentation Required (contact college)  Written explanation  Unemployment decision  Letter from agency such as social security  Death certificate

Tuition & Fees Room & Board Transportation Books & Supplies Miscellaneous Living Expenses Cost of Attendance (COA) +

Cost of Attendance (COA) Cost of Attendance (COA) Expected Family Contribution (EFC) Expected Family Contribution (EFC) Financial Need Financial Need - = How much aid can a student receive?

College A COA (Cost of Attendance) EFC (Expected Family Contribution) Financial Need $3,000 $10,000 $7,000 $3,000 $20,000 $17, = = $3,000 $35,000 $32,000 - = College B College C

 Grants  Loans  Scholarships  More information available at:  

  EFC  Federal Financial Aid  College Costs   Illinois Monetary Award Grant (MAP  Federal Supplemental Educational Opportunity Grant(SEOG)  College Website  Net Price Calculator

Questions???