1. Understanding and Comparing Financial Aid Awards
GEAR UP Success Conference
Jenn Satalino, The College Place Oregon
OASFAA High School Training Committee Co-Chair

2. Every Award is Different
Every institution approaches financial aid uniquely
Every institution has different aid to offer
Award Letters/Financial Packages/Financial Aid Offers will be communicated differently
Paper, , online
Contact institutions to ask about differences in awards

3. Agenda Award Letter Terms Award Letter Differences
Award Letter EXAMPLES
Award Letter Tips
Q & A

4. Understanding Award Letter Terms

5. Cost of Attendance/Budget
Includes:
Tuition and fees
Room and board - On or off campus living expenses
Books and supplies
Transportation expenses
Personal expenses
Some Award Letters include just few of the categories

6. Expected Family Contribution
The Expected Family Contribution (EFC) is an index of your family's financial strength
Equally fair and unfair to all who apply
Lower EFCs are more likely to receive need based aid
Stays the same regardless of college, although colleges may use a different analysis for their institutional funding
Calculated using FAFSA/ORSAA data and federal formula

7. Types of Financial Aid Financial Aid Grants Scholarships Loans Work
Free money
Scholarships
Loans
Pay back
Work
Earn

8. Terms & Conditions Terms outlined on the award/handbook
Based on full-time/part-time enrollment
Living situation (on-campus/off-campus)
Subject to Satisfactory Academic Progress
Requirement for students to maintain:
2.0 GPA
Complete the classes for which they receive aid
Stay on pace to graduate
Other Terms could vary depending on aid

9. Total Cost – Total Offered Financial Aid = Net Cost
Net Out of Pocket Cost
Total Cost – Total Offered Financial Aid = Net Cost
Focus on this Net Cost rather than Sticker Price of institution
Awards may or may not clearly state this amount
Others may just have show gap in offered aid
Tools exist to help determine out of pocket amount

10. Differences in Award Letters

11. Institutions Have Different Aid to Award
Different institutional resources
Endowments, foundations, institutional funds
Different federal allocations for federal aid
Some federal funds awarded based on federal rules
EX: Federal Pell Grant
Other federal funds based on institutions policies
EX: Federal Work Study, Federal SEOG Grant

12. How Loans Are Treated Institutions may:
List student loans as part of the financial aid package
List student loans (and parent loans) as an option to pay the out of pocket costs
Not list student loans at all – student have to inquire regarding loans

13. How Federal Work Study is Treated
Institutions may:
List Federal Work Study as earnings potential = Students earn the funds and get a pay check
List Federal Work Study as work expectation = FWS decreases the amount due then students work the funds off
Not list Federal Work Study eligibility at all = students have to apply for FWS positions to be considered

14. How the aid is broken down
Institutions may:
List the financial aid awarded on a yearly basis, not breaking it down by semester or quarter
List the financial aid awarded by semester, with a total listed as well
List the financial aid awarded by quarter, with a total listed as well
The total aid award should be the same but it will be split differently depending on split of academic year.

15. Award Letter Examples

16. Example – 2 Year Public
Clatsop Community College

17. Portland State University
Example – 4 Year Public
Portland State University

18. University of Portland
Example – 4 Year Private
University of Portland

19. Example – Proprietary
Pioneer Pacific College

20. Things to Consider

21. Important Questions to Consider
Are any parts of financial aid award are locked in and guaranteed past freshmen year?
Look at the terms and conditions of award
What does a student need to do to maintain that aid?
GPA, Major, Program, fill out a FAFSA/ORSAA each year, etc.

22. Important Questions to Consider
What are the chances more aid will be awarded sophomore year or later?
What can a student do to be awarded additional aid?
Are there other resources a student should be considering?

23. Important Questions to Consider
How do outside aid or resources affect the award?
Do outside scholarships reduce institutional aid?
What other resources might affect the aid in the future?

24. Questions?
Jenn Satalino

25. Contact me
The College Place-Oregon Portland Community College-Sylvania Campus Jennifer Satalino .

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