Monticello High School Seminar Paying for College

Tonights Agenda  The Application Process  What is Financial Aid  Resources  Questions

Undergraduate Financial Aid Administrator, Uva Nice to meet y’all. Amy Mikeska

The Application Process

How do students get financial aid? 1 Free Application for Federal Student AidFile the Free Application for Federal Student Aid (FAFSA). 2 CSS Financial Aid PROFILE.If required, file the CSS Financial Aid PROFILE. 3 institutional financial aid application.If required, file an institutional financial aid application. 4 tax documentsIf required, submit tax documents.

FAFSA on the Web

CSS/Financial aid PROFILE

Determining Financial Need  The FAFSA and other applications are used to determine the Estimated Family Contribution (EFC)  Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package.  Cost of Attendance less EFC = Financial Need

What is financial aid?

Financial aid is… Funds provided to students & families to help pay for postsecondary educational expenses. These include:  Scholarships/Grants = Free Money  Work Study = Must work to earn funds.  Loans = Must pay back Scholarships Grants Work Study Loans

Scholarships College/University Scholarships Private and Community Scholarships Some schools use the application for admission to determine scholarship eligibility. Some schools have a separate application. Some schools may require you to file an application for financial aid. Some may require you to file an application for financial aid. You may find them in unexpected places Some are merit-based, some are need-based, some are both.

Loans subsidized unsubsidized annual maximum for first year student is $5500 federal student loans parent borrows on behalf of student credit check required federal parent loans student is the borrower credit check required private student loans Money that has to be repaid – usually not until after the student graduates

Need-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses. get hired get to work get paid Work Study

Grants Need-based money awarded by colleges and universities. institutional state federal

paying for college college savings family contribution scholarships loansgrantswork-study

RESOURCES

Websites FAFSA: My FSA: FAFSA4caster : CSS Financial Aid Profile:

Virginia Higher Education: For free college opportunities booklets See Publication 970 for Tax Benefits for Education Net Price Calculators 

Net Price Calculator All schools required to have a net price calculator by October 29, 2011 Federally mandated Information is for current academic year If you used a net price calculator today, it would reflect costs and awards. Must represent factual data Reflects cost of attendance minus grant aid

QUESTIONS?

THANK YOU Student Financial Services Carruthers Hall (434)