2. Financial Aid Process & Types of Aid

3. GOAL : Demystify All Things Financial Aid  Terminology  Process  Types of Aid

4. A Funding Puzzle  Savings  Work  Family  Scholarships  Merit  Need  Athletic  Military  Other Assets  Financial Aid

5. Terminology  FAFSA  www.fafsa.gov www.fafsa.gov  File by Feb 1st annually  Don’t wait - estimate!  SAR  EFC  COA  MPN  Dependency

6. Dependency  24 years old  Married  Child/Dependent  (that you provide more than 50% of financial support for)  Working on Graduate degree  Orphan/Ward of Court  Military Veteran  Emancipated Minor  Homeless  …Who is my parent?  …Special Circumstances

7. Eligibility  HB 1079  Scholarships  REAL HOPE ACT  WASFA  http://www.readysetgrad.org/wasfa http://www.readysetgrad.org/wasfa  Apply by February 15th every year  DACA  Work/Savings  Filing criteria  Types of Aid  “Financial Aid” includes grants, work-study, scholarships, AND loans

8. The Financial Aid Process FAFSA (FREE APPLICATION FOR FEDERAL STUDENT AID) PRIVATE SCHOLARSHIP AND GRANT APPLICATION CSS FINANCIAL AID REQUIRED BY SOME COLLEGES SAR (STUDENT AID REPORT) EFC (EXPECTED FAMILY CONTRIBUTION) FEDERAL AND STATE GRANTS & LOANS COLLEGE SCHOLARSHIP SERVICE PRIVATE SCHOLARSHIPS & GRANTS YOUR FINANCIAL AID PACKAGE FAFSA PROFILE PRIVATE SOURCES TARGET COLLEGES Non FAFSA Filers FEDERAL CENTRAL PROCESSOR START HERE 33%

9. Types of Aid  Gift Aid :  Federal Grants  State Grants  Institutional Grants  Scholarships  Self-Help Aid:  Work-Study  Loans

10. Stafford Loans Subsidized Un subsidized Not credit based 5 repayment plans Cancellation Repayment Plan Options 1.Standard: fixed monthly amount for 10 years 2.Extended: fixed monthly amount for 12-30 years 3.Graduated: Starts off lower, gradually increases 12-30 years 4.Income Contingent: Payments based on income & total amount of debt up to 25 years 5.Income Based: Similar to Income Contingent but at a lower percentage Annual Borrowing Limits DependentIndependentClass $5,500 $9,500 Freshman $6,500 $10,500 Sophomore $7,500 $12,500 Junior/Senior N/A $20,500 Graduate Lifetime Borrowing Limit $31,000Dependent $57,500Independent $138,500 Graduate

11. Perkins Loans  Not credit based  Subsidized interest  Grace period  Repayment  Deferment/Forbearance  Cancellation

12. Other Loan Options  Parent PLUS  Interest bearing  Credit based  Repayment  Denial Provisions  Private Loans  Interest bearing – terms vary by lender

13. Cost of Attendance Capturing and comparing the costs of college

14. What is Cost of Attendance (COA)?  Varies by school  The total estimated cost associated with attending that institution.  Includes both direct (tuition, fees, books) and indirect costs (transportation, childcare, personal expenses).  Room/Board component – IF a student is living on campus – then R/B a direct cost – however, if living off campus then an indirect cost.  Typically full-time, full academic year.  Helps students and families budget for the year.  Establishes the limits for financial aid available to the student. WASHINGTON FINANCIAL AID ASSOCIATION

15. How is COA used to determine aid? Cost of Attendance (COA) established and varies by school - Expected Family Contribution (EFC) determined by FAFSA and same for all schools = Financial “Need” WFAA

16. COA Examples WFAA

17. Comparing & adjusting costs for individual needs WFAA

18. How is COA used to determine financial aid award? 2 Year College 4 Year – Public 4 Year- Private COA$ 11,836$ 26,756$ 50,258 - EFC$ 6,500 = “Need”$ 5,336$ 20,256$43,758 WFAA

19. Financial Aid Award Letters Getting to your bottom line

20. When Award Letters Start to Arrive...  Schools will produce award letters at varying points in the application process; Some require you to be admitted, others require verification to be completed.  Award letters may come to you in the mail or as an email to login to the school’s secure website.  Award letters are released between mid-to-late February through May and into the summer, depending on the school.  Some schools will send scholarship letters in the fall, based on your academic record.

21. Award Letter Essentials...  How much does it cost to attend?  How much & what kind of aid will You receive?  What is your “Net Cost” Total Cost of Attendance -Total Gift assistance =Net Cost  “Net Cost” should be reasonably close to the figure you get from the school’s Net Price Calculator

22. It would also be nice to know:  What is my “bottom Line” – what do I owe the school?  Where can I get additional information? e.g. Washington Opportunity Pathways  What other resources are available to help with my owing balance or other educational costs?

23. Sample Award Letters  Two Year Community College  Four Year WA University  Four Year Private University  $0 EFC Dependent Student, College Bound eligible, filing on time at all institutions.

24. Sample Award Letters: Washington Community Colleges Type & amount of aid Contact Information Additional Information

25. Sample Award Letter: 4 Year Public Universities Type & amount of aid Additional & Contact Information Cost of Attendance

26. Sample Award Letter: 4 Year Private Universities Cost of Attendance Additional Resources & Contact Information Types & Amount of Aid

27. Provided by schools who have agreed to comply with Executive Order 13607, intended to provide consistent information to students with V.A education benefits. Additional Information & Contact Information Graduation Rate Default Rate Median Loan Debt Shopping Sheet

28. Scholarships How, when and where to apply

29. Topics “I wish it grew on trees, but it takes hard work to make money.” - Jim Cramer  What is a scholarship?  Who needs a scholarship - EVERYONE  Where to find scholarships  Scholarship Tips  Make your essay stand out  Scholarship Scams  Submitting the Application  Who can use scholarship funds?  When your offered scholarship  Questions WFAA

30. What is a scholarship? WFAA Scholarships are usually monetary awards given to students by an organization or donor to help pay for the students' education. Students must meet the organization's or donor’s criteria — such as pursuing a certain program of study, having financial need, or being an exemplary student.

31. Everyone can use scholarship funds WFAA Assume Cost of Attendance is $20,000 a year The Unmet need can be filled with a Parent Plus loan or a private loan; why not fill it with SCHOLARSHIP funds! *This slide would assume someone is getting a full Pell grant **This is the assumption that the student is a freshman and eligible for the full sub loan.

32. Where to find scholarships WFAA

33. Scholarship Tips – Get Organized  Organization  Create a scholarship email – one that you can check throughout the week.  Keep the scholarships that you are working on separate from the ones not started  Track the scholarships you have already applied for  Know the time frame to apply, allow plenty of time to get any additional information  Check the deadline – Post mark or received by that date. WFAA

34. Scholarship Tips – Double Check your Application  Have someone double check your application when possible.  Check spelling and grammar on ALL material being submitted.  Make sure EVERYTHING is answered and accounted for  Make sure that your application is presented well  Type the essay, put content in order, etc.. WFAA

35. How to make your Essay stand out…. Don’t just answer the essay question, consider...  How have your achievements impacted you?  How will obtaining a degree impact your future?  How will a degree impact your community?  How have others inspired you? How did they help shape your life? WFAA

36. Search Engines  Building a profile  Name  Academic standings – GPA, Test Scores  Interests – Athletics, Religious Organizations  Volunteer work - Clubs  Grade level  Career Goals  Special Circumstances  Military Affiliations WFAA

37. Scholarship Scams WFAA  It likely is a scam if:  It is Guaranteed you will win money  There is a fee  FREE money should NOT cost money  No valid contact information  They request personal account information  Checks will be sent to the school – not your personal account

38. When you are offered a scholarship….  Make sure to inform the financial aid department  Read the award letter and make sure to follow up with any additional information requested  The organization may require that you show proof of enrollment to college WFAA

39. Final thoughts…  Resources  College Goal Washington  www.collegegoalsundaywa.org www.collegegoalsundaywa.org  State-wide Scholarship Search  www.thewashboard.org www.thewashboard.org  Paying for College Info  www.readysetgrad.org www.readysetgrad.org  Social networking  Ask for help!  Never give up!!