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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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Presentation on theme: "Top 10 Things to Know About Financial Aid for College (in 30 minutes or less)! Jerry Cebrzynski Lake Forest College."— Presentation transcript:

1 Top 10 Things to Know About Financial Aid for College (in 30 minutes or less)! Jerry Cebrzynski Lake Forest College

2  “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

3 Choosing a College Best Fit ► Program ► Location ► Size ► Mix of Students ► Academics ► Extracurricular ► Facilities ► Financial Considerations

4 Undergraduate Student Aid by Source and Type (in Billions), 2010-11 SOURCE: The College Board, Trends in Student Aid 2011, Figure 2A.

5 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

6 2. What is Financial Aid? ► Scholarships ► Grants ► Student Loans ► Work-Study

7 Four major sources of funding College Private Organizations Private Organizations Federal State

8 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

9 ► 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”

10 ► 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

11 4. Cost of attendance (COA) should not be a mystery

12 Average Undergraduate Budgets 2011-12 SOURCE: The College Board, Trends in College Pricing 2011, Figure 1. $17,000 $38,500

13 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

14 Sticker Price vs. Net Price (after Financial Aid & Scholarships) Net Price Calculator New!

15 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

16 So... how does the process begin?

17 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...

18 Overview of the FAFSA ► 2013-2014 available now! ► FAFSA.GOV ► 7 Steps ► Signed and submitted electronically

19 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

20 FAFSA on the Web Worksheet 4-page booklet containing: ► Instructions ► 24 questions in 4 sections

21 Start Here for all options –  Initial FAFSA Entry  Renewal Application Entry  FAFSA Corrections  Providing Signatures  Continuing a Saved FAFSA  Viewing Transaction History

22 Progress Bar

23 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

24 Supplemental Financial Aid Applications ► The College Scholarship Service Financial Aid PROFILE ► A College’s own application for financial aid

25 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

26 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

27 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

28 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?

29 “Financial Aid Shopping Sheet”

30 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

31 9. Deadlines are essential

32 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.)

33 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

34 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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