FINANCIAL AID PRESENTED BY KATRINA L. SARTIN MATANO, MBA DIRECTOR OF STUDENT FINANCIAL SERVICES & FINANCIAL AID WARNER PACIFIC COLLEGE National Christian College Fairs
Why a Christian college? High-quality education from a Christian world view Christian community that emphasizes character development, service and spiritual growth Preparation for life, as well as a living Why Choose a Christian College?
Financing a College Education Combination of resources -- Family Federal Government State Government College Private Sources
What is Financial Aid? 4 Financial Aid is money provided to students and their families to help supplement their ability to pay for postsecondary educational expenses. The primary responsibility for postsecondary educational expenses rests with the student and his/her family.
Financial Aid Programs Grants Federal State Institutional Scholarships Federal Work-Study Federal Loans Student Parent
Free Application for Student Financial Aid (FAFSA) Free Standard form that collects demographic and financial information about the student and family Used to apply for federal and state grants, work-study and loans Calculates eligibility for financial aid
How is Financial Aid Determined? 7
FAFSA4Caster 8 Early Start! Experience similar to FAFSA on the Web Allows transfer of FAFSA4Caster data to FAFSA on the Web Option to apply early for PIN Increase knowledge of financial aid process & other sources of aid
What is the Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute Federal formula used to calculate EFC, based on FAFSA data Stays the same regardless of college
Role of the Financial Aid Office Determines Cost of Attendance (COA) Evaluates family’s ability to pay & eligibility: Expected Family Contribution (EFC) Offers financial aid based on COA & EFC Distributes resources in an equitable manner Counsels families on financial issues 10
Cost of Attendance (COA) College responsible for determining Indirect Costs Books / Supplies Transportation Personal Expenses Direct Costs Tuition / Fees Room & Board (if on campus)
Financial Aid Formula Cost of Attendance - Expected Family Contribution = Financial Need
Scholarships College scholarships Check deadlines and eligibility criteria OSAC Scholarship Application February 1, 2013 Early Bird Review & chance to win $500 scholarship March 1, 2013 final deadline Use free national scholarship searches Other
Private and Other Sources Local community organizations Alternative education loans Employers Internet National and Community Service (Americorps) Veterans Benefits Military Service Scholarships (ROTC) Bureau of Indian Affairs (BIA) Grants
Special Circumstances Should your circumstances change after you file your FAFSA, contact your college’s financial aid office Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses
Financial Aid Calendar Year-Round Scholarship Search January 1 st Apply for financial aid using FAFSA March/April Receive financial aid award letter from college May 1 st Reply date Summer Apply for loans August/September Classes begin, financial aid applied to account Senior Year of High School