Affording College  “College is a match to be made, not a prize to be won” -Frank Sachs Need Based Financial Aid Merit Based Financial Aid Scholarships – Athletic and Otherwise Resources

Some Numbers  3500 to 4000 young women will enter four-year colleges as new recruits destined for the softball team.  Only about 50% will get any softball-based aid.  Most programs are not fully funded (NCAA Div. I 12 scholarships; Div. II 7.2 full scholarships).  Athletic scholarship dollars are spread over rosters of athletes and cover four years only. THE BOTTOM LINE: DON’T RELY ON ATHLETIC SCHOLARSHIP DOLLARS TO PAY FOR COLLEGE. USE ALL OF THE RESOURCES AT HAND.

Overview - What is Financial Aid? What is Financial Aid? Financial Aid refers to three primary types of financial assistance: LOANS GRANTSSCHOLARSHIPS Three primary sources of aid: 1. FEDERAL funds (loans and grants) 2. INSTITUTIONAL funds (from the college’s financial aid budget) 3. THIRD-PARTY SCHOLARSHIPS Some types of financial aid require an application while others do not.

Two Types of Aid  NEED BASED AID  MERIT AID *Note that these are most often complementary, not exclusive of one another.

NEED BASED AID  NEED BASED AID – aid awarded strictly based on demonstrated financial need of the family  Financial Need = Total Cost of Attendance (tuition, board, etc) – Expected Family Contribution (EFC) EFC – the dollar amount a family can afford to contribute towards the total cost of tuition as determined by the college using institution and federal methodologies. Cost Calculators – the more questions they ask, the more accurate this will be. Try several to get a ballpark of EFC. All schools are required to post this tool.

To Receive Need Based Aid:  File all required financial aid application documents by stated deadlines for each college. The early bird can get the worm!  If need (Tuition - EFC) is determined to exist, student will receive need based financial aid award along with offer of admission (if admitted) to help offset the cost of attendance.

Need Based Aid Documentation  1) FAFSA (Free Application for Federal Student Aid) is required by ALL colleges. This is how a student receives federal assistance (if eligible).  2) CSS Profile is required by some colleges in addition to the FAFSA. This is a how a student receives institutional aid from the college directly (if eligible).  Beginning in 2016, both FAFSA and CSS Profile will be available on October 1 st. There is a “first come, first serve” element to federal and institutional aid. Complete these earlier than later.  Tax Returns should be filed in order to fill out both forms.

FAFSA   Myths about aid: Myths about aid:

CSS Profile  financial-aid-profile financial-aid-profile

FAFSA and PPY  Going into effect 2016, the FAFSA will be available on 10/1/16 (currently available on 1/1 every year) and every 10/1 moving forward.  To complete FAFSA, you will use tax returns from the prior prior year (for enrollment of fall ‘17 using tax info from ‘15).  With CSS Profile college guidance folks are not sure what will happen. CollegeBoard has not announced whether it will move to PPY.  Note that you will update the FAFSA and CSS PROFILE each year.

Need Based Policies  Colleges that meet 100% of need refers to institutions that will fund, through the financial aid award, the complete need of every student admitted. (Total Cost of Attendance – EFC = need) through combination of grants and loans.  Gapping refers to institutions that are unable to meet 100% of need for students admitted. Instead, an institution might meet 80% of the demonstrated need with the expectation that the family is responsible for the remaining 20% gap (just as an example).  Need aware refers to institutions that take a students’ financial need under consideration when making an admission decision.  Need blind refers to institutions that do not consider a students’ financial need in the admission process. sListGuide.pdf sListGuide.pdf

MERIT BASED AID  MERIT = award after admission in recognition of strengths in the academic or extracurricular profile. Merit aid is often referred to as “scholarship”.  Colleges award Merit Based Financial Aid independent of financial need.  Not all colleges award merit-based financial aid. Most that do not deal exclusively in need based financial aid.  All merit aid is awarded in the form of grant/scholarship. You may need to apply separately for some merit based scholarships.

Merit Aid Examples

Merit Aid Example

Merit Aid 

Third Party Scholarships These types of “outside” scholarships typically require an application. Students/parents often need to spend time researching available scholarship opportunities through various resources.

Third Party Scholarships  Third Party Scholarships often require a written application and/or recommendations.  Your coaches and advisors, both with the Speed and your HS, are valuable sources of recommendations.  The community service you do with the Speed may open some doors here too – i.e. Pinky Swear, Miracle League, volunteer coaching, etc.

Resources: Websites: Federal Student Aid  CollegeBoard  Big Future:  Financial Aid for College:  Your college guidance counselors.  Financial Planner

Q & A  How to Contact College Coaches  Insights on the recruiting world.