1. Understanding and Comparing Financial Aid Packages Revised 8/2013

2. Agenda Financial Aid TimelineAnatomy of a Financial Aid Award LetterWhat Do I Need To Consider?Responding

3. Financial Aid Process Overview

4. Agenda Financial Aid TimelineAnatomy of a Financial Aid Award LetterWhat Do I Need To Consider?Responding

5. What’s In a Financial Aid Award Letter?  Cost of attendance (COA)  Estimated Family Contribution (EFC)  Need  Award package  Total award  Gap  Option to accept, reject or reduce COA -EFC Need COA -Award Gap

6. Financial Aid Shopping Sheet

7. Sample Award Letter

8. $30,150 -$20,400 Gap: $9,750 COA -Award Gap

12. What’s In a Financial Aid Award Letter?  Cost of attendance (COA)  Estimated Family Contribution (EFC)  Need  Award package  Total award  Gap  Option to accept, reject or reduce COA -EFC Need COA -Award Gap YOUR COST = EFC + GAP

13. Agenda Financial Aid TimelineAnatomy of a Financial Aid Award LetterWhat Do I Need To Consider?Responding

14. Consider: How Final is the Package? How Final is the Package? Is there anything outstanding that I need to submit? Are any pieces contingent on anything? How might external scholarships or other factors affect the package offered?

15. Consider: How Final is the Package?

19. Consider: Does It Meet My Need? Does It Meet My Need? Will I need to cover more than my EFC? If I accept this package, will I be able to afford continued schooling here? What personal choices can I make to lower my cost of attendance or avoid taking out as much in loans?

21. PELL-Eligible Student (low EFC) Balance owed=unmet need Doesn’t include full CoA

22. Consider: What Are the Components? What is the package made of? How much of the package is in scholarships/grants? How much of the package is in loans? What kind of loans? How much of the package is in work study?

23. Lots of loans considering the low EFC

24. Consider: Are the Items Recurring? Are the Items Recurring? Can I expect the same grants/scholarships every year in school? What do I have to do to maintain eligibility for my financial aid? Can I afford this school if the items are not recurring?

25. Consider: Are the Items Recurring?

26. Based on full-time enrollment

27. College Bound Scholarship ACTIVATE & ACCESS Must enroll in college within 1 year of HS graduation 4-year scholarship (12 quarters/8 semesters) must be used within 5 years of HS graduation MAINTAIN ELIGIBILITY Maintain your school’s required GPA throughout college. File the FAFSA early (preferably by Feb 1) every year in college CHANGES If you’re ineligible one year, file the FAFSA the next year to re-evaluate eligibility If your citizenship status changes, file the FAFSA to evaluate your eligibility

28. College Bound Scholarship

29. You were missed in the matching system You are no longer eligible It is grouped with other state aid on your award letter It appears under a name that is not recognized Your college is waiting for verification of GPA/Graduation before adding it to your package Tuition and fees are already covered by other state aid Your College Bound award may not appear in your award package if: CollegeBound.wa.gov Remember: College Bound Scholarship covers tuition & fees not covered by other state aid—not a “full ride”

30. Other Things to Consider scholarships overpaymentrepayment

31. Practice: Determining Need School 1School 2School 3 Tuition & Fees Room & Board Books & Supplies Transportation Other Expenses Total Estimated Cost of Attendance Student Contribution Parent Contribution Total Estimated Family Contribution YOUR NEED

32. Practice: Determining Need School 1School 2School 3 Tuition & Fees $10,346 Room & Board $9,771 Books & Supplies $1,035 Transportation $642 Other Expenses $2,265 Total Estimated Cost of Attendance $24,265 Student Contribution $50 Parent Contribution $3,000 Total Estimated Family Contribution $3,050 YOUR NEED $21,009 4-yr public

33. Practice: Determining Need School 1School 2School 3 Tuition & Fees $10,346$7,896$40,180 Room & Board $9,771$6,810$10,160 Books & Supplies $1,035$900$1,400 Transportation $642$270$500 Other Expenses $2,265$1,167$2,000 Total Estimated Cost of Attendance $24,265$17,043$54,340 Student Contribution $50 Parent Contribution $3,000 Total Expected Family Contribution $3,050 YOUR NEED $21,009$13,993$51,290 4-yr public2-yr public4-yr private

34. Evaluate Your Package  Does it meet my need?  How much of it is loans vs. grants & scholarships?  What kind of loans are included?  How much of it is renewable?  What are the conditions of this package?  Is there room for negotiation?

35. Practice: Comparing Packages School 1School 2School 3 YOUR NEED $21,009$13,993$51,290 Pell Grant FSEOG State Need Grant Scholarships Other Grants Total Grants & Scholarships Federal Work Study State Work Study Institutional Work Study Total Work Study Perkins Loan Subsidized Stafford Loan Unsubsidized Stafford Loan PLUS Loan Other Loans Total Loans TOTAL AWARD PACKAGE

36. Practice: Comparing Packages School 1School 2School 3 YOUR NEED $21,009$13,993$51,290 Pell Grant $2,400$2,000$3,000 FSEOG $1,500$0$2,000 State Need Grant $5,000$4,000$3,500 Scholarships $2,000 $18,000 Other Grants $2,100$0$14,000 Total Grants & Scholarships $13,000$8,000$40,500 Federal Work Study $1,500$0$2,000 State Work Study $2,000$0 Institutional Work Study $500$0$4,000 Total Work Study $4,000$0$6,000 Perkins Loan $2,000$1,000$0 Subsidized Stafford Loan $2,009$1,000$1,290 Unsubsidized Stafford Loan $0$3,993$500 PLUS Loan $0 Other Loans $0 Total Loans $4,009$5,993$3,790 TOTAL AWARD PACKAGE $21,009$13,993$48,290

37. Stretching Student Aid $ UNMET NEED EXPENSESRESOURCES $3,000

38. Stretching Student Aid $ UNMET NEED EXPENSESRESOURCES Option 1: Get rid of $3,000 of expenses

39. Stretching Student Aid $ UNMET NEED $3,000 EXPENSESRESOURCES $3,000 Option 2: Find $3,000 of resources to cover expenses

40. Stretching Student Aid $ UNMET NEED EXPENSESRESOURCES $1,500 Option 3: A combination of getting rid of expenses + adding resources

41. Agenda Financial Aid TimelineAnatomy of a Financial Aid Award LetterWhat Do I Need To Consider?Responding

42. Accept Decline Reduce Sign Submit

43. CWU Accept Decline Reduce Sign Submit

44. Financial Aid Overview

45. Resources  YOUR FINANCIAL AID OFFICE!!!  College Cost Navigator  Collegecost.ed.gov  USA Funds Workshops(usafunds.webex.com)  Paying for College  Understanding the FAFSA  After the FAFSA  Scholarship Strategies  Stretching Student Aid Dollars  Student Loan Options

46. A nonprofit corporation, USA Funds ® works to enhance postsecondary education preparedness, access and success by providing and supporting financial and other valued services.