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Top 10 Things to Know About Financial Aid for College (in 30 minutes or less)! Jerry Cebrzynski Lake Forest College
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“Planning” for College costs What exactly is financial aid The financial aid “ language ” Application process in a nutshell How eligibility is determined How a College can help Timeline Your next step
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Choosing a College Best Fit ► Program ► Location ► Size ► Mix of Students ► Academics ► Extracurricular ► Facilities ► Financial Considerations
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Undergraduate Student Aid by Source and Type (in Billions), 2010-11 SOURCE: The College Board, Trends in Student Aid 2011, Figure 2A.
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1. Everyone should apply for aid ► 82% of all full-time, first-time (FTFT) undergraduate students receive some form of financial aid ► 92% at private colleges; 76% at public institutions ► Nearly half (48%) of FTFT undergraduate students received a Pell Grant ► Sometimes being rejected for federal aid is a prerequisite for receiving private awards
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2. What is Financial Aid? ► Scholarships ► Grants ► Student Loans ► Work-Study
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Four major sources of funding College Private Organizations Private Organizations Federal State
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Two Categories of Financial Aid From College as well as from foundations, etc. Specific criteria eligibility Solely based on student’s credentials Calculated from FAFSA and other aid applications Sources can be federal, state, institutional Types include grants, student loans, work-study Merit-based Need-based
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► To the extent they are able, parents have primary responsibility to pay for their dependent children’s education ► Students also have a responsibility to contribute to their educational costs ► Families should be evaluated in their appropriate financial condition ► A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay 3. Financing a College Education is “A Partnership”
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► Is committed to removing financial barriers ► Educates students and families through quality consumer information ► Provides services that do not discriminate ► Maintains the highest level of professionalism The Financial Aid Office
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4. Cost of attendance (COA) should not be a mystery
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Average Undergraduate Budgets 2011-12 SOURCE: The College Board, Trends in College Pricing 2011, Figure 1. $17,000 $38,500
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Direct costs vs. Indirect Costs ► ► Direct costs = on tuition invoice Tuition, fees, housing, meal plan ► ► Indirect costs = related educational expenses Books, supplies, transportation, laundry, … ► ► COA should reflect direct and indirect expenses
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Sticker Price vs. Net Price (after Financial Aid & Scholarships) Net Price Calculator New!
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Net Price Calculators ► ► Online, College-specific estimator ► ► Average grant/scholarship available to a family like yours ► ► Average student loan and work-study eligibility ► ► Estimated award is not a promise, a guarantee, or an actual aid offer
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So... how does the process begin?
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The FAFSA collects basic financial data is used to determine the student’s eligibility by calculating an “index” # 5. To apply for all federal and state aid, families must complete the...
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Overview of the FAFSA ► 2013-2014 available now! ► FAFSA.GOV ► 7 Steps ► Signed and submitted electronically
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FAFSA on the Web (FOTW) English or Spanish English or Spanish Skip logic and online editing Skip logic and online editing Electronic signature Electronic signature E-mail notification E-mail notification 19 million (99%) FOTWs processed 12/13 so far 19 million (99%) FOTWs processed 12/13 so far
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FAFSA on the Web Worksheet 4-page booklet containing: ► Instructions ► 24 questions in 4 sections
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Start Here for all options – Initial FAFSA Entry Renewal Application Entry FAFSA Corrections Providing Signatures Continuing a Saved FAFSA Viewing Transaction History
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Progress Bar
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FAQs ► ► Estimate figures on FAFSA; adjust later ► ► Divorced, separated, single parents ► ► Assets included Savings, stocks, other real estate 529 Plans ► ► Assets not included Home equity Retirement accounts Insurance policies, annuities ► ► One FAFSA per student ► ► “Paying for help” ► ► Renewal of Aid
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Supplemental Financial Aid Applications ► The College Scholarship Service Financial Aid PROFILE ► A College’s own application for financial aid
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6. Special Circumstances Matter ► ► When the numbers don’t tell the whole story ► ► When the situation is expected to change (or has) ► ► Must be able to document ► consideration will vary from school to school
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Cost of Attendance Cost of Attendance Family’s Contribution Family’s Contribution Financial Need Financial Need -= How much aid can a student receive? Financial Need
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The Financial Aid Award Letter 7. The Financial Aid Award Letter (or “package” ) Will contain a combination of scholarship, grant, loan and work-study funds scholarship, grant, loan and work-study funds Why might “packages” be different? cost of attendance cost of attendance scholarship criteria and availability scholarship criteria and availability institutional philosophy and funding institutional philosophy and funding federal funding levels federal funding levels the College’s needs as it shapes its the College’s needs as it shapes its freshman class freshman class
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Decoding the Award Letter Compare ► ► COA ► ► Total amount of aid ► ► Types and sources Ask questions ► Is aid renewable? ► Terms for renewing? ► Will aid change from year to year? ► Will costs increase? ► Is more aid available if EFC decreases?
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“Financial Aid Shopping Sheet”
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8. Appeals ► ► Can request change in aid if there is a valid reason ► ► Will it make a difference? Is need already fully met? Is more aid available? ► ► Valid reasons Special circumstances
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9. Deadlines are essential
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Deadlines ► Know each College’s priority deadlines Read and retain all communication you receive ► Contact school Merit scholarship deadlines Early Action/Early Decision/Regular Decision deadlines Deadlines for supplemental documents (tax returns, etc.)
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Timeline ► Complete FAFSA after January 1 ► Receive a Student Aid Report (SAR) 48-72 hours later ► Review SAR for correctness ► Check if other additional application required or beneficial ► Receive Financial Aid Award Letter before May 1
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10. Ask for Right here at HPHS and DHS Right here at HPHS and DHS A College’s Financial Aid Office A College’s Financial Aid Office The Internet The Internet www.collegezone.com www.collegezone.com www.finaid.org www.finaid.org www.studentaid.ed.gov www.studentaid.ed.gov College Web Sites College Web Sites
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