1. © American Student Achievement Institute Please delete this slide before printing or presenting. NOTE: To see the speaker notes for each slide, click the “normal view” icon found on your screen.

2. © American Student Achievement Institute Paying for College Professional Development Series For Adults Who Advise Students © American Student Achievement Institute

3. COST OF COLLEGE Financial Aid

4. © American Student Achievement Institute College Costs TYPICAL COLLEGE COSTS Tuition Room and Board Books Fees Personal costs (pizza, shampoo, etc.) Transportation to and from home

5. © American Student Achievement Institute Indiana College Costs Estimator www.indianacollegecosts.org Compares the estimated net cost of Indiana colleges FREE!

6. © American Student Achievement Institute SAVING FOR COLLEGE Financial Aid

7. © American Student Achievement Institute College Choice 529 Direct Savings Plan https://collegechoicedirect.s.upromise.com/content/home.html Indiana taxpayers are eligible for a state income tax credit of up to 20% of contributions to a College- Choice 529 account, up to $1,000 credit per year.

8. © American Student Achievement Institute FINANCIAL AID Financial Aid

9. © American Student Achievement Institute Types of Financial Aid Need Based Aid Available to any student who meets the government’s definition of needy Merit Based Aid Awarded, usually on a competitive basis, to students who meet certain criteria

10. © American Student Achievement Institute Types of Financial Aid Grants and Scholarships Gifts Student Loans Must be repaid to the lender Work-Study Student paid for working

11. © American Student Achievement Institute Types of Loans LOANS TO STUDENTS Subsidized Government pays the interest Repayment begins after college Unsubsidized Student pays the interest Repayment begins after college LOANS TO PARENTS Unsubsidized Parents pays the interest Repayment begins immediately

12. © American Student Achievement Institute Sources of Aid 1.Federal Government 88% 2.State Government3% 3.Institutions (colleges) 4.Private Business and Organizations 9%

13. © American Student Achievement Institute FEDERAL AID Financial Aid

14. © American Student Achievement Institute All students and their families should apply for federal aid. Almost every student qualifies for an unsubsidized student loan regardless of need.

15. © American Student Achievement Institute Eligibility for Federal Aid Federal government uses an eligibility formula based on: Parent income Parent assets Parent age Student income Student assets Note:The formula requires students to contribute a higher percentage of income and assets than their parents.

16. © American Student Achievement Institute Applying for Fed Aid – Step 1 Submit the FAFSA Free Application for Federal Student Aid College Goal Sunday Financial aid professionals available in communities to help families complete the FAFSA. Submission Deadline: March 10

17. © American Student Achievement Institute Applying for Fed Aid - Step 2 STUDENT AID REPORT 1. Families receive the SAR report SAR = Student Aid Report Families check SAR for accuracy and send back corrections 2. Colleges identified by the student on the FAFSA also receive the SAR report

18. © American Student Achievement Institute SAR STUDENT AID REPORT Contains the EFC (Expected Family Contribution) Colleges will try to create a financial aid package that equals the difference between the EFC and the actual cost of attending the college. The financial aid pack will include: o Grants and/or scholarships (gifts) o Student Loans o Work Studies

19. © American Student Achievement Institute Applying for Fed Aid - Step 3 FINANCIAL AID LETTER Families will receive a Financial Aid Letter from each of the colleges that they identified on the FAFSA. The letter contains the: Financial Aid Package

20. © American Student Achievement Institute Which college costs more? State CollegePrivate College Total College Cost24,00041,000 Expected Family Contribution8,300 Need15,70032,700 FINANCIAL AID PACKAGE Federal Grants7,5009,200 Loan4,2003,500 Work Study2,500 College Scholarship (merit)017,500 Total Financial Aid Package14,20032,700 Expected Family Contribution8,300 Unmet Need (Need – Package)1,5000 Cost to the Family9,8008,300

21. © American Student Achievement Institute Which package is best for the student? College ACollege B Total College Cost24,000 Expected Family Contribution8,300 Need15,700 FINANCIAL AID PACKAGE Federal Grants7,5009,200 Loan4,2003,500 Work Study2,500 Total Financial Aid Package14,200 Cost to the Family9,800

22. © American Student Achievement Institute Which package is best for the student? College ACollege B Total College Cost24,000 Expected Family Contribution8,300 Need15,700 Financial Aid Package Federal Grants7,500 Loan4,200 Work Study2,500 Total Financial Aid Package14,200 Cost to the Family9,800

23. © American Student Achievement Institute Which package is best for the student? College ACollege B Total College Cost24,00041,000 Expected Family Contribution8,300 Need15,700 Financial Aid Package Federal Grants7,500 Loan4,200 Work Study2,500 Total Financial Aid Package14,200 Cost to the Family9,800 LOANCollege ACollege B Subsidized2,0003,200 Unsubsidized2,2001,000 TOTAL4,200

24. © American Student Achievement Institute Applying for Fed Aid - Step 4 IF THE FINANCIAL AID PACKAGE IS NOT SATISFACTORY: Contact the Financial Aid Office at the college Explain your circumstances Share what other colleges have offered

25. © American Student Achievement Institute Applying for Fed Aid - Step 5 Let the colleges know if the student is going to accept or not accept their financial aid offer.

26. © American Student Achievement Institute STATE AID Financial Aid

27. © American Student Achievement Institute State Financial Aid Awards Frank O’Bannon Grant Hoosier Scholar Award Twenty-first Century Scholars Program Nursing Scholarship Minority Teachers / Special Education Services Scholarship Robert C. Byrd Honors Scholarship Summer State Work Study Program Indiana National Guard Supplemental Grant Part-Time Grant Program Child of Certain Veterans and Public Safety Officers Supplemental Grant Program

28. © American Student Achievement Institute To Apply for State Aid 1.Complete the FAFSA 2.Complete application for each award Applications available at: www.in.gov/ssaci/2359.htm

29. © American Student Achievement Institute Twenty-first Century Scholars Amount: 2 or 4 yr college = public college tuition At a private career college = cost of Ivy Tech Eligibility: 6th, 7th, and 8th graders who: Enroll in the program Sign a promise of good citizenship Qualify in one of the following ways: o Receive free/reduced lunch o Live in a foster home o Meet family income requirements Application: School counselor 1-888-528-4719 Apply online: http://www.in.gov/ssaci/2429.htm Deadline: June 30

30. © American Student Achievement Institute INSTITUTIONAL AID Financial Aid

31. © American Student Achievement Institute Institutional Aid Award Amount: Varies Eligibility: Varies Application: College Financial Aid Office

32. © American Student Achievement Institute PRIVATE AID Financial Aid

33. © American Student Achievement Institute Private Aid Amount: Varies Eligibility: Varies Application: High School Counselor Community Foundation Employers Service Clubs Local Media

34. © American Student Achievement Institute Private Aid DOLLARS FOR SCHOLARS Community-based scholarship foundations Managed by a board of local volunteers who o Receive training from Indiana Dollars for Scholars o Receive resources form Indiana Dollars for Scholars (e.g. scholarship application templates) o Manage local organizations’ scholarships o Raise funds o Awards scholarships to local students 104 Indiana communities currently have DFS chapters!

35. © American Student Achievement Institute Scholarship Scams The scholarship is guaranteed or your money back. You can't get this information anywhere else. I just need your credit card or bank account number to hold this scholarship. We'll do all the work. The scholarship will cost some money. You've been selected by a 'national foundation' to receive a scholarship You're a scholarship finalist for a scholarship you never sought

36. © American Student Achievement Institute INDIANA FINANCIAL AID EVENTS Financial Aid

37. © American Student Achievement Institute Cash For College Campaign © American Student Achievement Institute www.learnmoreindiana.org/cashforcollege Statewide campaign to encourage students to apply for financial aid

38. © American Student Achievement Institute FAFSA Friday © American Student Achievement Institute http://www.learnmoreindiana.org/college/paying/ financialaid/fafsa/Pages/fafsafriday.aspx Online webinars where students and parents can chat with a financial aid expert FREE!

39. © American Student Achievement Institute College Goal Sunday © American Student Achievement Institute www.collegegoalsunday.org Community-based events where financial aid experts help students and parents complete the FAFSA 30+ locations in Indiana FREE!

40. © American Student Achievement Institute Paying for College Professional Development Series For Adults Who Advise Students © American Student Achievement Institute