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

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.“Exceptional” 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 freshman, 6500 sophomore, 7500 beyond 4.6.8% interest rate for both Sub and Unsub 5.Must be enrolled at least ½ time 6.Six month grace period after graduation 7.Two types a.Subsidized b.Unsubsidized

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 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 your university Churches Employers – student’s and/or parents’ Corporations & civic Groups or or Google [your school] + financial aid

Institutional Specific Scholarships Primarily awarded by the Admissions Office or the Financial Aid Office Some awarded by specific schools / departments within the 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 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

Important Milestones: 9.EXPLORE, meet counselor, start thinking about what interests you. GPA starts! 10. PLAN, PSAT, meet counselor, think AP, practice ACT (actstudent.org), visit a business that interests you, visit a college fair.

11 TH GRADE a. ACT: practice & take it Oct / Dec. b. PSAT again (Nat’l Merit Scholarship) c. Visit colleges. Visit businesses. d. Start thinking dual enrollment. e. Start applying over the summer. f. Gather letters of recommendation (civilly)

12 th GRADE a.Sep / Oct is your last chance to take the ACT and meet scholarship deadlines. b.11/1 is typically the “early decision” deadline for college apps. c.After 1/1, fill out the FAFSA (fafsa.ed.gov) to qualify for Fin. Aid. d.LOOK FOR PRIVATE SCHOLARSHIPS

Where CCS comes in: 1.College Preparation—through 12 years of school. 2.ACT Preparation – through regular classes, ACT Prep class, and summer opportunities. 3.College guidance – through scheduled meetings and classroom discussions. 4.To answer your questions.