1. Financial Aid 101

2. Goals Types of Aid Financial Aid Terminology FAFSA process
College Bound Scholarship

3. Types and Sources of Financial Aid

4. Gift Aid Merit Based Need Based
Institutional- offered based on profile, talents
Scholarships – student seeks and applies
Need Based
Federal and state based assistance
Institutional

5. Gift Aid
Scholarships- begin searching, monitoring in 10th and 11th. Make a calendar of scholarships to apply for in senior year.
Look at the colleges’ internal offerings
Consider how some colleges fund aid packages- there are schools that fund 100% of need (about 80%).
Consider Western Undergraduate Exchange (WUE)
Continue applying for scholarships

6. Gift Aid Free Internet scholarship search engines: www.finaid.org
for WA State
Shorecrest’s Naviance site- Colleges Tab

7. Work
Regular jobs- these are added into the student’s possibly taxable earnings and are included in FAFSA calculations.
Work Study jobs- these are awarded as part of the financial aid process through the college, and are intended to help you pay for college. They do not count as income for the purposes of FAFSA filing.

8. Loans Offered to student or parent, through the financial aid offer.
Varying rates of interest and timing.

9. Loans

10. What is the FAFSA? Why file?
Free Application for Federal Student Aid
Starting point for most financial aid, such as federal and state grants, institutional funds, College Bound and many scholarship applications.
Determines the Estimated Family Contribution, the EFC. Colleges use this to calculate your aid offer.
Complete this alongside college applications- in the FALL. Parent and student complete together.

11. When and how do I file the FAFSA?
File online, in fall of senior year.
Start by making an FSA ID
Opens October 1. Try to finish by Halloween!
NO universal deadline- each college sets own deadline.
You will need your most recent completed taxes and SSN.
Never pay someone to fill out the FAFSA. The FAFSA is always FREE.

12. FAFSA Tips Read the directions and use help features.
Make sure your SSN & date of birth are accurate.
Caution and care with NAME CONSISTENCY especially.
You and your parents will create an FSA ID- can be established in advance. Keep in safe location!
Keep copies of your family’s prior year’s taxes.
Include codes for all the colleges you apply to.
Remember to file the FAFSA every year.
Get help from events such as College Goal WA, and use the help tools online.

13. Use YouTube or other website
Office of Federal Student Aid has good videos!

14. The FAFSA Cycle
You file your FAFSA at by the priority deadline for each college.
Your FAFSA is sent to the schools who you listed on your FAFSA
Your FAFSA is sent to the schools you have chosen.
The Financial Aid office will use your FAFSA to determine what aid you are eligible for.
Financial Aid offices begin awarding aid and mailing/ ing letters to new students in late March/early April
APRIL – You receive your Offer of Financial Assistance that will list what aid you are eligible to receive.
Throughout the spring and summer, you turn in or complete any requirements that are listed on your Offer. Commit to college May 1.
10 days prior to the start of the quarter, your aid disburses. This will happen each quarter.
Start the process again for the next year.

15. The Aid Offer
Cost of Attendance: a figure every college provides- see the websites
Cost of Attendance- EFC = Financial Need
Colleges will put together an aid offer that may or may not meet 100% of need.
Colleges all use the same FAFSA information.
Colleges should provide net price calculator

16. Simple Examples
EFC= $5,000
College A: COA $11,000-EFC $5,000= Need is $6,000
College B: COA $27,000- EFC $5,000= Need is $22,000
College C: COA $52,000- EFC $5,000= Need is $47,000

17. Loan offers might include. . .

18. WA State College Bound Program
To receive the scholarship, you must have signed up in 8th grade and:
File the FAFSA by required deadline.
* Be sure to include 6-digit school codes for all schools you would like your FAFSA sent to
Graduate high school with a 2.0 or higher
Be a good citizen with no felony convictions
Enroll within one year of high school graduation in one of the 68 eligible institutions in WA State
Be a US citizen or eligible non-citizen

19. WA State College Bound Program (cont.)
The Dept. of Education will send your FAFSA data to the colleges you list on your FAFSA and to the Washington Student Achievement Council (WSAC) You will see a line item in your aid award letters labeled “state need grant” Keep correspondence from College Bound, including s. Should cover tuition, fees, and a small book stipend.

20. College Bound – Important Notes
The College Bound Scholarship is a four-year scholarship that must be used within five years
Equal to 12 quarters or eight semesters maximum
You must enroll in college within one year of high school graduation
Enrollment does not have to be continuous
You may enroll part-time but your scholarship will be reduced
You must maintain Satisfactory Academic Progress (SAP)

22. Sample Private College Award letter
COA in that year was about $48,000 per year

23. Free Internet scholarship search engines:
Private Scholarships
Free Internet scholarship search engines:
FinAid on the Web:
Naviance
FastWeb:
GoCollege: The Collegiate Web Source:
theWashBoard.org

24. Summary of Dates
Junior Year- make schedule for scholarship applications, begin applications
Senior Year- watch for FAFSA filing dates and process
April- aid award letters
May 1- commitment date