Samford Office of Financial Aid (205)

What Does College Cost? (Per semester) Univ. of Alabama - $10,625 Auburn University - $9,345 Jefferson State Community College - $1,656 Miles College - $7,898 Alabama State University- $6,649 Univ. of North Alabama - $9,069 Jacksonville State University - $5,902 Alabama A&M University - $6,154 Samford University – $15,866

What We’ll Cover Types of Financial Aid Sources of Financial Aid Next Steps

Types of Financial Aid Grants/Scholarships (free money) Self Help 1. Loans 2. Work Study

Sources of Financial Aid Federal Government State Government Private/Outside Resources Your College or University Personal Finances

Federal Aid Grants (free money) Loans (self help) Work Study (self help)

Fed. Aid - FAFSA Free Application for Federal Student Aid 1.Free is the key – do not pay 2. NOT

Fed. Aid - FAFSA Starting point every year Required by some colleges for institutional need-based aid Available NOW Input 1.Parents’ and Student Income 2.Demographic Information

Output EFC – Expected Family Contribution 1. Portable 2. Key factor in determining NEED FAFSA Forecaster Paper version on the web Fed. Aid - FAFSA

Dependency Status 1.Born before January 1, 1989 ( ) 2.Married 3.Have a dependent that receives at least 50% of their support from student 4.Graduate student 5.Orphan or ward of the court 6.Veteran or Active Duty Soldier 7.At risk of being homeless or is homeless Fed. Aid - FAFSA

Federal Aid - Grants Pell Grant (all schools have access) 1.High need students 2.Guaranteed award of $5,550 4.Award prorated due to enrollment status SEOG (not all schools have access) 1.Pell recipients only 2.High need 3.Awarded to full time students award of $1,000 per year 5.Not guaranteed

Federal Aid – Work Study Awards vary from college to college Not available at all colleges Must be enrolled at least half time

Federal Aid - Loans Stafford 1.FAFSA required 2.Guaranteed 3.6.8% interest rate for both Sub and Unsub 4.$3,500 - $4,500 - $5,500 - $5,500 (plus extra $2,000) 5.Must be enrolled at least ½ time 6.Six month grace period after graduation 7.Two types a.Subsidized b.Unsubsidized 8.App in Samford Portal 9.E-sign the Master Promissory Note

PLUS Loan 1.Parent Loan for Undergraduate Student 2.Max amount is COA less any other aid 3.Based on credit check of parent 4.This is the parents’ loan not the student’s 5.7.9% interest 6.Payments begin after second (spring) disbursement or later if be deferred until after graduation Federal Aid - Loans

State of Alabama Aid Programs No central application like FAFSA No ministerial students Alabama Student Grant 1.Application available in FAO/Website 2.Amount varies – approx $250 3.Prove Alabama residency

Private/Outside Resource Any scholarship or grant not from the state, feds or Samford Form in student portal Church Employer – student’s and/or parents’ Corporations Civic Groups or or

Institutional Specific Scholarships Primarily awarded by the Admissions Office or the Financial Aid Office Some awarded by the schools w/in univ. Both merit based and need based awards

Private Loans 1.Not federally guaranteed 2.Interest rate depends on credit 3.Co-signer usually required for best rates and approval 4.Could be as expensive as a credit card 5.6 to 9 month grace period 6.Absolute last resort

Additional Information Your college’s financial aid web page and

College Options Tuition Fees Room + Board Total Costs Scholarships + Grants Total Gift Aid Costs - Gift Aid Net Costs Stafford Loan Perkins Loan + Parent Loan Total Loans Cost Scorecard