1. Opening the door to your future
Paying for college

2. How much will your college experience cost?

3. Cost of attendance
Every college or university has an estimated cost of attendance (COA)
Tuition & fees
Room & board
Books & supplies {
Direct costs {
Transportation
Personal expenses
Indirect costs

4. Check college & university websites for net price calculators

5. Sticker price –
Grants & scholarships
Net price

6. What is
financial aid?
money that helps pay for college

7. Sources of financial aid
Federal government
College or university
Civic organizations
Sources of financial aid
Private companies
State of residence
Employers
Religious organizations

8. { Types of aid Gift aid Scholarships Federal grants
Institutional grants
Self-help aid
Federal work-study
Federal student loans
Private loans {
Types of aid

9. Personal characteristics
College
University
Private donor
Merit-based
Need-based
Scholarships
Major
Personal characteristics
Culture
Leadership
Location
involvement
Talents

10. Additional resources Guidance office College/university
Admissions counselors
Employers
Community businesses
Civic groups
Professional organizations
Online search

11. Scholarship game plan 1
Be college-ready. Prove your college readiness by testing well, maintaining good gpa and class rank. 3
Prepare. Set time aside for scholarships research and applications.
Don’t procrastinate. Be aware of deadlines and apply on time. 4
Follow up. Make sure your contact information is up to date and that you follow up with scholarships. 5
Be organized. keep track of all awards, volunteer work, and extracurricular activities that you participate in. 2

12. { New American University scholarships ASU academic merit awards
No separate application required
GPA, class rank, and test scores
Renewable
New American University
scholarships

13. Federal financial aid

14. Federal aid eligibility US citizen or eligible non-citizen
Register with selective service
Attend participating college
Federal aid
eligibility
Enroll in degree-seeking program
Maintain satisfactory academic progress

15. { Grants Gift aid – you don’t pay back
Usually awarded based on financial need
Federal or institutional
Ex. Pell, TEACH, Supplemental Educational Opportunity Grant (SEOG)

16. Work-study Need-based student employment program
Earn bi-weekly paycheck

17. { Loans Federal or private Available for students and parents
Pay back with interest

18. Federal student loans 4.45% Subsidized (sub) Unsubsidized (unsub)
Does not accrue interest while in school
Does accrue interest while in school

19. Payments based on income Gradual increases in loan payments
Loan repayment
Income-driven
Graduated
Fixed
Payments based on income
Gradual increases in loan payments
Fixed loan payment to 10
years after graduation 25
Repay loans between

20. { Parent plus loan Subject to credit approval
Current interest rate is 7%
Payments begin 60 days after the loan is fully disbursed
Parent
plus loan

21. { Private student loan Financial institution May require co-signer
Interest rates vary
Repayment options differ
May have penalties
Private
student
loan

22. Applying for aid

23. *Some scholarships require a FAFSA to be submitted regardless of need
Free application for federal student aid
*Some scholarships require a FAFSA to
be submitted regardless of need

24. Materials needed Social security number Bank & investment records
Tax information
from two tax years prior
2016 for students entering college fall 2018
Materials
Bank & investment records
needed
Electronic signature:
FSA ID username & password
Records of any
untaxed income

25. “Parent”on the FAFSA:
Legal (biological or adoptive) parent or stepparent

26. Who’s my parent?
studentaid.gov

27. Creating an FSA ID Begin with creating a username and password
Student and parent both need an FSA ID to act as an electronic signature
Student and parent need to use different addresses
Username – do not include personal info such as date of birth or name
You can select “Show Text” to see what you’re typing

28. FAFSA.gov

29. -

30. FAFSA
log in
Remember this is the student’s application, so provide student information

31. Select the correct FAFSA
Based on the year the student will be attending college

32. FAFSA simplified with help and hints Explains the questions
Helps you find the answers & info you need

33. IRS data retrieval tool
Internal Revenue Service (IRS) Data Retrieval Tool (DRT)
Available to those who have already filed tax returns
Eligibility & processing timelines

34. Data retrieval tool (DRT)

35. Remember, it’s free to apply for federal student aid

36. Available
October 1, 2017
For students entering college in fall 2018

37. Submit by priority deadlines

38. How it works
The financial aid process

39. Financial aid steps Student receives award letter
Student may be selected for verification and may need to submit additional documentation
School calculates financial need
COA-EFC = financial need
Student receives a Student Aid Report (SAR) and institutions receive EFC
Student submits FAFSA

40. { Special circumstances Parent/student loss of income
Separation/divorce
Unusual circumstances
Special circumstances

41. CSS profile
Used by some colleges to apply for nonfederal aid

42. Financial aid award notification (FAN)
Financial aid offer
Financial aid award notification (FAN)
Financial aid package
Financial aid letter

43. Sample
financial aid notification

44. Financial aid shopping sheet
Tool designed to simplify information
Standardized form
Easily compare institutions to make informed decisions

45. Compare costs & financial aid awards
1 year vs. 4 year awards
Resident vs. non-resident tuition
Pay per credit hour or flat amount
Renewal / eligibility criteria
Net price

46. Important deadlines Fall 2017 Apply for admission
FAFSA becomes available
ASU priority deadline
National College Decision Day
Enrollment deposit
Orientation
Oct 1
Jan 1
May 1
May 1
Spring/summer

47. Special ASU programs for eligible Arizona students
Tuition and fees
Room and board
Books and supplies
ASU priority deadline: January 1st
Barack Obama Scholars Program
College Attainment Grant

48. Get help filling out the FAFSA
College Goal FAFSA
collegegoal.az.gov