1. FINANCIAL AID 101… Ann Marie Gruber Associate Director of Financial Aid Lakeland Community College agruber@lakelandcc.edu

2. Financial Aid Myths  “The college with the lowest price tag is the cheapest to attend”  “We make too much money to qualify for financial aid”  “We are receiving less (no) financial aid because we have saved”

3. Calculating Your Financial Aid Eligibility... Cost of Attendance -Expected Family Contribution (EFC) =Financial Need

4. Cost of Attendance  Tuition and Fees  Room & Board  Books & Supplies  Transportation  Miscellaneous Expenses

5. EFC Factors  Parental Income  Parental Assets (excluding primary residence, retirement accounts)  Age of Older Parent  Family Size  Number in College  Student Income  Student Assets  Federal Means Tested Benefits

6. When is the EFC Calculated?  EFC calculated when Free Application for Federal Student Aid (FAFSA) is submitted  EFC estimator available at www.fafsa4caster.ed.gov www.finaid.org

7. www.fafsa.gov

8. www.pin.ed.gov Both the student and one parent of a dependent student need a pin.

9. After April 25, 2015… PIN will be replaced by FSA User ID and password will be asked for PIN (if have one) during user ID account creation link of PIN and new user ID if information matches will be able to link to prior FAFSA submissions when user ID account is created

10. Financial Need  Varies depending on the cost of the school  Compare how and how much of your financial need has been met at each school

11. Determining Need

12. Sources of Aid  Federal  State  Institutional  Private

13. Types of Financial Aid Gift Aid - aid which does not need to be repaid (usually) Grants - usually need based Scholarships-merit based

14. Examples of Gift Aid  Federal Pell Grant  FSEOG  TEACH Grant

15. Examples of Gift Aid  Ohio College Opportunity Grant (OCOG)  Endowed Scholarships  Institutional Scholarships  Outside Scholarships

16. Types of Financial Aid Self Help - aid which must be repaid or earned Loans Work Study

17. Examples of Self Help  Federal Perkins Loan  Direct Loans  Direct PLUS  Alternative Student Loans  Federal College Work Study  General Student Employment

18. ABC College Cost of Attendance 19,500 EFC - 2000 Financial Need 17,500 Federal Pell Grant 3780 SEOG 1000 Ohio College Opportunity Grant 920 Federal College Work Study 1800 Direct Subsidized Loan 3500 Direct Unsubsidized Loan 2000 Total 13,000

19. XYZ College Cost of Attendance 42610 EFC -2000 Financial Need 40610 Federal Pell Grant 3780 SEOG 1000 Ohio College Opportunity Grant 2568 President’s Scholarship 20000 XYZ College Grant 1000 Federal Perkins Loan 2000 Federal College Work Study 1800 Direct Subsidized Loan 3500 Direct Unsubsidized Loan 2000 Total 37648

20. 123 College Cost of Attendance 21,598 EFC -15,000 Financial Need 6,598 XYZ President’s Scholarship 2,000 Direct Subsidized Loan 3,500 Direct Unsubsidized Loan 2,000 Total 7,500

21. Special Circumstances –Job loss –Loss of other income (example: child support received) –Medical expenses –Other unusual expenses –Parent in college paying for their own tuition

22. The Process... 1) Complete the Free Application for Federal Student Aid (FAFSA) on-line 2) Complete an institutional application and/or the PROFILE if applicable 3) Provide any additional documentation requested by the college in a timely manner 4) Receive award letters from schools 5) Compare and make a decision

23. Tips to Applying u Apply early u Be aware of deadlines u Use accurate information u Keep copies of everything you submit u Search for outside scholarships u Think before you spend money on financial aid consultants, scholarship search companies, etc. u Ask questions…get the student involved!

24. Questions?