1. FINANCIAL AID 101… Ann Marie Gruber
Associate Director for Student Service Center
Lakeland Community College

2. Calculating Your Financial Aid Eligibility...
Cost of Attendance
-Expected Family Contribution (EFC)
=Financial Need

3. Cost of Attendance Tuition & Fees Room & Board Books & Supplies
Transportation
Miscellaneous Expenses

4. EFC Factors Parental Income
Parental Assets (excluding primary residence,
retirement accounts)
Age of Older Parent
Family Size
Number in College
Student Income
Student Assets
Federal Means Tested Benefits

5. When is the EFC Calculated?
EFC calculated when Free Application for Federal Student Aid (FAFSA) is submitted

7. Completing the 17-18 FAFSA available October 1, 2016
use 2015 income information (prior-prior year)
Date Retrieval Tool (DRT)

8. FSA ID Student Aid online systems and acts as legal signature
provides access to Federal
Student Aid online systems and
acts as legal signature
both the student and one parent
of a dependent student must
have a FSA ID to complete the
FAFSA

10. Once FAFSA is Complete…
School will determine financial need, amount and type of aid student is eligible for and send notification to student
Compare award offers
how much of financial need has been met?
what type of aid?
what is out of pocket for family?
Special Circumstances

11. Federal State Institutional Private
Sources of Aid
Federal
State
Institutional
Private

12. Types of Financial Aid
Gift Aid - aid which does not need to be repaid (usually)
Grants - usually need based
Scholarships-merit based

13. Examples of Gift Aid - Federal Pell Grant - Federal Supplemental
Educational Opportunity Grant
(FSEOG)
- TEACH Grant

14. Examples of Gift Aid - Ohio College Opportunity Grant (OCOG)
- Endowed Scholarships
- Institutional Scholarships
- Outside Scholarships

15. Self Help - aid which must be repaid or earned Loans Work Study
Types of Financial Aid
Self Help - aid which must be repaid or earned
Loans
Work Study

16. Examples of Self Help - Direct Loans - Direct PLUS
- Alternative Student Loans
- Federal College Work Study
- General Student Employment

17. ABC College Cost of Attendance 19,500 EFC - 2,000
Financial Need ,500
Federal Pell Grant 3,866
SEOG ,000
Ohio College Opportunity Grant ,296
Federal College Work Study ,800
Direct Subsidized Loan ,500
Direct Unsubsidized Loan ,000
Total ,462

18. XYZ College Cost of Attendance 42,610 EFC -2,000 Financial Need 40,610
Federal Pell Grant 3,866
SEOG ,000
Ohio College Opportunity Grant ,592
President’s Scholarship ,000
XYZ College Grant ,000
Federal College Work Study ,500
Direct Subsidized Loan ,500
Direct Unsubsidized Loan ,000
Total ,458

19. 123 College Cost of Attendance 21,598 EFC -15,000 Financial Need 6,598
123 President’s Scholarship ,000
Direct Subsidized Loan ,500
Direct Unsubsidized Loan ,000
Total ,500

20. The Process... 1) Complete the Free Application
for Federal Student Aid (FAFSA) on-line
2) Complete an institutional application and/or the PROFILE if applicable
3) Provide any additional documentation requested by the college in a timely manner
4) Receive award letters from schools
5) Compare and make a decision

21. Tips to Applying Apply early Be aware of deadlines
Use accurate information
Keep copies of everything you submit
Search for outside scholarships
Think before you spend money on financial
aid consultants, scholarship search companies, etc.
Ask questions…get the student involved!

22. Questions?