1. Understanding the Financial Aid Process

2. College FUNDING PROFESSIONALS
Website:
Phone:

3. How Do They Determine If I’m Eligible?
COA – EFC = NEED
COA = Cost of Attendance
(Includes tuition, books, room/board, etc.)
EFC = Expected Family Contribution
(Based on parent and student income, assets, age, number of students in school, etc.)
Need = Amount of aid the family is eligible

4. What should we know about our Family Contribution?
Asset Protection Allowance
What is considered an asset?
Parental Assets vs. Student Assets
Is debt considered?
How should we value our home? -
-Calculators
-Federal Housing Index

5. What should we know about our Family Contribution?
Parent Income vs. Student Income
Student Income allowance = $6,420
Self-employed families
Do NOT include business assets/worth on FAFSA if you have less than 100 employees
Salary to a dependent as tax benefit detrimental for financial aid

6. Borrowing Options Student Loans vs. Parental Loans
Subsidized vs. Unsubsidized Loans
Federal vs. State vs. Private
Read fine-print and understand entire life of loan

7. Financial Aid Myths vs. reality: Income too High Grades too Low
Own a home
Aid is only for special groups

8. Sources of Financial Aid
FEDERAL GOVERNMENT
Pell Grants
SEOG Grants
College Work/Study
Subsidized and Unsubsidized
Stafford Loans
Perkins Loans
PLUS

9. Sources of Financial Aid
State Government
Special programs for in-state residents.
Teachers, health professionals, minorities, etc.
Contact HESAA (609)
NJ TAG Grant
NJCLASS Loans

10. Sources of Financial Aid
Colleges and Universities
Private universities have endowment funds, outside of federal and state funds.
Create competition
Give preferential packaging to students who are in top 25% of applicants.

11. What if I do not Qualify for Need-Based Aid?
Merit Aid
Top 25% of applicants
School by school basis; some more generous than others (some not at all)
Value Schools
Average School cost $30-$70K
Lower end of range = Value
Ex. Binghamton
COA = $35,000
Honors Programs

12. How Do You Apply? The FAFSA (Free Application for Federal Student Aid)
EVERYONE must fill out this form to get aid
You cannot apply for Federal Loans if you do not fill one out
Accessible until October 1st
Accessible at FASFA.ed.gov
2016 will be base income year for Class of 2018
Details of all Assets that day
DEADLINES ARE PARAMOUNT

13. FAFSA - FSA ID New Login/Access Procedure: FSA ID
Required by student and one parent
Needed to access/submit the FAFSA
Username/Password (Replaced PIN number system)
Create Prior to preparing FAFSA:
FSAID.ed.gov

14. CSS/PROFILE Most private schools require this form
Much more invasive and complex
Home equity treated as liquid asset
Section Q
$25.00 for 1st school, $16.00 for each thereafter

15. How Do You Apply For Aid? Institutional Applications
Some schools require their own additional forms.
EX. - UPENN
They should be consistent with other forms
Usually asks similar questions to the other two forms

16. How Do You Apply For Aid? FAFSA CSS/PROFILE
College Institutional Forms
ADDITONAL FORMS:
Business/Farm Supplement
Divorced/Separated Situations

17. Which Colleges Give You The Best Shot At Getting Money?

18. CASE STUDIES :
Williams College: Rutgers Univeristy : Cost - $70,000 Cost - $30,000 EFC - $15,000 EFC - $15,000 Need - $55,000 Need - $15,000 School A: School B: Meets 100% Need Meets 60% Need Gift Aid - 90% Gift Aid - 60% Self Help – 10% Self Help - 40% What you actually pay at each school: Total EFC = $15,000 Original EFC = $15,000 + Unmet Need = $6,00 Total EFC = $21,000

19. How To Appeal For The Best Possible Package
5 Point Plan of Attack
Bring color/background to your story
Ask for specific amount of additional aid
Show awards offered by other colleges
Challenge expenses not considered on taxes
Be persistent

20. Helpful Links collegeboard.com collegeprowler.com fafsa.ed.gov
fastweb.com
finaid.com

21. THANK YOU FOR ATTENDING