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Financial Aid & The College Decision Process

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Presentation on theme: "Financial Aid & The College Decision Process"— Presentation transcript:

1 Financial Aid & The College Decision Process
Nashwa Bolling Associate Director of Budget, Research & Analysis Financial Aid D

2 The College Decision Process
Financial fit & the value of obtaining a degree Be prepared Terms & Definitions Applications Types of Aid Next Steps

3 Paying for College Financial Aid Award Letter (Aid Package)
Multi-year commitment Rising Costs Family Discussions Net Price Calculators

4 Is College Worth the Cost?
Adam Looney and Michael Greenstone, the Hamilton Project

5 Be Prepared Welcome to the Financial Aid, I need the following information: Salary Investments Cash, Savings, Checking balance Home Value Taxes Paid Tax Transcript from the IRS

6 Be Prepared / Organization
Colleges have varying deadlines Priority deadlines Ask what it means? Financial Aid Applications Scholarship Applications Terms Start developing a glossary (Financial Aid Planning)

7 Admission Office Determines eligibility for merit based aid
Evaluate GPA ACT and/or SAT Scores Extracurricular Activities Leadership Community Service Teacher Recommendations

8 Financial Aid Office Establishes the cost of attendance (Sticker Price) Evaluates family’s ability to pay by determining an expected family contribution (EFC) Offers financial aid based on the cost of attendance and the expected family contribution Distributes resources in an equitable manner Counsels families on financial issues

9 Determining Costs and Aid
Cost of Attendance Direct Costs Tuition and Fees Room & Board Indirect Costs Books & Supplies Transportation Personal Expenses

10 Determining Costs and Aid
Financial Need Cost of Attendance - Expected Family Contribution Need varies based on cost Most colleges are unable to meet 100% of financial need with scholarship and grant aid

11 Financial Aid Applications
FAFSA – Free Application for Federal Student Aid Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans

12 Expected Family Contribution
FAFSA Income Taxed and Untaxed Allowances for Basic Living Expenses, Social Security and income taxes Assets Cash, Savings, Checking, Stocks, 529 plans, Business Net Worth Home value is NOT included Asset Protection and Education Savings Equation: Adjusted Gross Income – Allowances + Assets = EFC

13 Financial Aid Applications
CSS PROFILE – College Board Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs University of Denver, Daniels Fund, Colorado College (400 nationwide) $25 Application Fee Comprehensive look at family wealth Includes home equity Non-custodial parent information Why PROFILE: - better measure of family wealth - higher income protection than FAFSA - more comprehensive examination of wealth that includes home equity, assets in siblings name, contribution from both parents even if divorced.

14 Financial Aid Applications
Documentation needed to complete applications (Parent and Student) Federal Income Tax Returns W-2 Forms Driver’s License Social Security Numbers Savings and Checking Account Information

15 Financial Aid Applications
Additional Documentation needed to complete CSS PROFILE application (Parent and Student) Records of untaxed income & benefits Current Mortgage Information Records of stocks, bonds, trusts, and other investments

16 Financial Aid Applications
Tips for Completing Applications Meet Deadlines You can estimate information on both the FAFSA and CSS PROFILE applications Reapply every year Ensure Social Security Number is correct Send applications to the correct institutions Ask questions if you are unsure

17 Types of Aid Scholarships & Grants Federal & State Grants
Need-based, merit-based, or a combination Federal & State Grants For lower income students & families Student Employment Students work on campus hours a week Paid hourly wages Great way to gain valuable work experience Loans Direct Stafford, Parent PLUS, and private

18 Loans – Are they Evil? No, but excessive borrowing is!
How much will your payment be? Loan Balance of $10,000 6.8% interest rate Standard 10 year Repayment Plan $105 $115 $125 $135 For every $10,000 in loan balance, you will pay $115 per month for 10 years. $3,810 in interest

19 Smart Borrowing Don’t borrow more than your first year salary
What do teenagers think their salary will be? (Charles Schwab - Teens & Money Survey 2011)

20

21 Financial Aid Resources
Financial Aid Office & Website Webinars / Chats / Videos / FAQs Application Completion Events High School FAFSA Free for All Events Financial Aid Office Department of Education @FAFSA

22 Private Scholarships Civic Groups/Organizations (Rotary, Lions, etc…)
Religious Organizations Corporations (Target, Coca Cola, Ford, etc….) or Facebook App: My College Dollars High School Counselor College or University Financial Aid Office Website

23 Where Do I Go From Here? Make financial aid part of your college visits Do a bit of detective work! Do the colleges use financial need in determining their admission decisions? How does the college treat private scholarships? On average how much need does a college meet? Utilize Net Price Calculators Inform colleges about special circumstances Investigate and apply for private scholarships

24 Questions? Nashwa Bolling 303-871-4020 finaid@du.edu
Associate Director of Budget, Research & Analysis, Financial Aid A copy of the presentation is available at:


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