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PICKING A COLLEGE….. AND PAYING FOR IT
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WELCOME John Martin: University of Virginia Assistant Director Financial Aid
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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Community College PVCC Public Colleges and Universities University of Virginia Private Colleges and Universities University of Richmond TYPES OF SCHOOLS
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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PVCCUVARichmond Tuition/Fees4,14814,47648,090 Room/Board3,50010,40011,120 SUBTOTAL7,64824,87659,210 Books/Supplies1,8001,2701,100 Personal2,0002,3401,000 Transportation2,5003700 TOTAL13,94828,85661,310 COST OF ATTENDANCE BUDGETS
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NET PRICE CALCULATOR Federally mandated All schools required to have a net price calculator Must represent factual data Information is for current academic year If you used a net price calculator today, it would reflect 2015-2016 costs and awards. Reflects cost of attendance minus grant aid
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EDUCATION SHOPPING SHEET
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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Meet 100% of demonstrated need of all students Meet 100% of demonstrated need of all students Affordable Excellence Affordable Excellence In-state, low-income students offered $1,000 in loans/year toward institutional need All other in-state students offered an average of $4,500 in loans/year toward institutional need March 1 st deadline March 1 st deadline AccessUVA
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PVCCUVARichmond FAFSAYES CSS PROFILENOYES INSTITUTIONAL APPLICATION NO TAX RETURNSAS REQUESTED YES DEADLINEMARCH 31MARCH 1FEB 15 APPLICATION REQUIREMENTS, DEADLINES
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Financial Aid timeline After October 1: Complete CSS PROFILE After October 1: Complete FAFSA February to May: Various institutional deadlines. May need to submit tax returns/tax transcript and W-2 forms Early April: Admission decisions and financial aid awards available May 1: Deposit deadline
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CSS/Financial Aid PROFILE www.collegeboard.org
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PROFILE schools in Virginia College of William and Mary Patrick Henry College University of Richmond University of Virginia Washington and Lee University
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FAFSA on the Web www.fafsa.gov
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After submitting your application Review the information and calculate an expected family contribution (EFC). Expected family contribution = ◦ Student contribution from income + ◦ Student contribution from assets + ◦ Parent contribution from income + ◦ Parent contribution from assets
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Determining Financial Need Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package. Cost of Attendance minus EFC equals Demonstrated Financial Need
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CALCULATION OF NEED PVCCUVARichmond Tuition/Fees4,14814,47648,090 Room/Board3,50010,40011,120 SUBTOTAL7,64824,87659,210 Books/Supplies1,8001,2701,100 Personal2,0002,3401,000 Transportation2,5003700 TOTAL13,94828,85661,310 EFC8,282 NEED5,66620,57453,028
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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Funds made available to students and families to help pay for postsecondary educational expenses. These include: Scholarships/Grants – Money that does not need to be repaid Work Study – The student must work to earn funds Loans – The student or parent must pay back what was borrowed, and possibly additional interest Financial Aid Scholarships Grants Work Study Loans
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Need Based ◦ Aid given to a student based on the amount of demonstrated need, as determined by information within the application. ◦ Examples include the Pell Grant, Subsidized Loans and Federal Work Study. Non-need Based ◦ Aid given to a student not based on need. ◦ Examples include credit-based loans or regional scholarships. Merit Based ◦ Aid given to a student based on scholastic or talent achievement. ◦ Examples include awards based on GPA, extracurricular activities, unique talents, and/or leadership potential. Types of Financial Aid
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GRANTS Need-based money awarded by colleges and universities institutional state federal
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WORK-STUDY Need-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses get hired get to work get paid
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LOANS Money that has to be repaid – not until after the student graduates or drops below half-time status subsidized unsubsidized annual maximum for first year student is $5500 federal student loans parent is the borrower credit check required federal parent loans student is the borrower credit check required private student loans
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Subsidized Loans ◦ Available to undergraduate students with financial need ◦ Loan is in the student’s name, guaranteed by the Federal government through the Department of Education ◦ The government pays the interest while the student is in school ◦ Fixed interest rate for 2015-2016 is 4.29% Unsubsidized Loans ◦ Non-need based loan in the student’s name, guaranteed by the Federal government through the DOE ◦ Federal Government does not pay the interest while the student is in school ◦ Fixed interest rate for 2015-2016 is 4.29% SUBSIDIZED VS. UNSUBSIDIZED
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Direct Parent Loan for Undergraduate Students (PLUS) ◦ Credit-based educational loan in the parent’s name guaranteed by the Federal government ◦ Fixed interest rate of 6.84% ◦ The government does not subsidize this loan ◦ Maximum amount a student can borrow is the cost of attendance minus all other financial aid OTHER LOANS
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Alternative/Private Loans for Students available through banks or other financial institutions ◦ Loan in the student’s name ◦ Credit check required, student may need a credit- worthy cosigner ◦ May borrow up to the Cost of Attendance minus other financial aid OTHER LOANS
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SCHOLARSHIPS awarded based upon need, merit and talent community organizations, non-profit foundations, retailers, banks/credit unions, ROTC college and universities
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SCHOLARSHIPS College and universities – every school is different Some schools use the application for admission to determine scholarship eligibility. Some schools have a separate scholarship application. Some schools may require you to file an application for financial aid.
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SCHOLARSHIPS You may find them in unexpected places.
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CHOOSE YOUR SCHOOLS RESEARCH THE COST MEET ALL DEADLINES COMPARE YOUR AWARDS MAKE YOUR DECISION
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Obtain and review admissions and financial aid information from each school. Submit all applications and requested documentation by the deadlines. Investigate other sources of aid every year. Talk to financial aid offices if you have questions or special circumstances. Helpful Tips FOR STUDENTS
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THANKS Student Financial Services Carruthers Hall (434)982-6000 sfs@virginia.edu
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