1. Paying for College Felice Rollins

2. What is Financial Aid? Funds provided to students and families to help pay for postsecondary educational expenses

3. College Finance Hierarchy College-Based Scholarships Outside Scholarships Grants Student Contribution Parent Contribution Student Loans Parent Loans

4. Cost of Attendance Direct costs Tuition Room & Board Fees Indirect costs Books Travel Laptop

5. Expected Family Contribution (EFC) Amount family can reasonably be expected to contribute, but not what the family will pay to the college. EFC the same regardless of what college the student attends

6. Expected Family Contribution (EFC) Parent contribution + Student contribution Calculated using FAFSA data and a federal formula

7. Financial Need  The difference between the cost of attendance and the EFC  Need will vary based on cost of different colleges

8. Financial Need Your financial need determines how much aid you may receive Colleges may or may not be able to award enough financial aid to meet your financial need

9. Types of Financial Aid Scholarships Grants Loans Work Study

10. Scholarships  Money that does not have to be paid back  Awarded on the basis of merit, skill, or unique characteristic  Students must make the effort to apply in order to be awarded

11. Scholarship Sources www.collegeboard.org www.fastweb.com www.scholarships.com Family Connection/ Naviance

12. Loans Money students or parents borrow to pay college costs Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future

13. STAFFORD LOAN (STUDENT) May be need-based No credit check Maximum fixed interest rate of 4.29% First year students can borrow up to $5,500 Usual repayment period is 10 years Repayment begins when student is no longer in school Not need-based Credit check required Fixed interest rate of 6.84% Parents may borrow up to the COA Usual repayment period is 10 years Repayment begins 60 days after disbursement PLUS LOAN (PARENT) Loan Comparison

14. Federal Pell Grant Largest federal grant program Need-based award that does not have to be repaid Award amount based on enrollment status, COA, and EFC Maximum award amount is $5,775

15. Federal Work-Study Allows student to earn money to pay educational costs Receive a paycheck Non-monetary compensation (such as room and board)

16. FAFSA Free Application for Federal Student Aid Information used to calculate the Expected Family Contribution (EFC)

17. FAFSA  For the 2016-2017 academic year, the FAFSA may be filed beginning January 1, 2016.  Colleges may set FAFSA filing deadlines

18. FAFSA Eligibility  U.S. citizen  U.S. national  U.S. permanent resident  In possession of an I-94

19. fafsa.gov

20. Student Financial Aid PIN  www.pin.ed.gov www.pin.ed.gov  Sign FAFSA electronically

21. Information Needed for FAFSA PIN numbers for student and one parent Social Security Numbers Alien Registration number for student List of colleges

22. Information Needed for FAFSA 2015 federal tax forms (or last pay stubs of 2015 and 2014 tax forms) Amounts in savings, checking, investments

23. CSS PROFILE  Available Oct. 1 st at www.collegeboard.org www.collegeboard.org  More detailed than FAFSA  Fees - $25 for first school, $16 for each additional school

24. Special Circumstances Job loss Retirement Death of a parent Unusual medical expenses

25. Special Circumstances Send explanation to financial aid office at each college College will review special circumstances

26. Felice Rollins 703.680.4780 CollegeMomentumAcademy.com