Financial Aid 101

Financial Aid 101What to Know -

The Basics

Financial Aid TermsFAFSA

EFC

COA

NPC

Work-Study

Loans

Financial Aid

Free money ! ! !

Financial Aid-Two Kinds

Need-Based Financial Aid

✤ determined by financial situation of family

Merit-Based Financial Aid

✤ awarded on basis of merit - academic, athletic, artistic

Need-Based AidFAFSA is completed

✤ www.fafsa.ed.gov

Jan 1 of Senior Year

Parent & Student PIN

Financial Information

Terms to KnowEFC = Expected Family Contribution

✤ What the government says your family should pay for college per year

COA = Cost of Attendance

✤ Tuition, room & board, books, fees, etc. per year

How This WorksCost of Attendance per year = $30,000

Expected Family Contribution = $10,000

Financial “Need” = $20,000

If college meets 100% of demonstrated need, will give financial aid award of $20,000

Financial Aid AwardGrants/Scholarships

Work-Study

Loans

Net Price Calculators

(NPC)Tool to help families determine what the net price would be for the first year of college

Net Price = Cost of Attendance minus estimated need-based financial aid award

Need financial records

Not easy to compare colleges

What to Look For -Generous Colleges

Colleges that give a large % of grants or scholarships in need-based financial aid awards & little or no loans

Colleges that give a large % of merit-based scholarships (not based on financial need)

Examples ofGenerous Colleges

Pay Attention ToEach college’s policies about financial aid and scholarships

Deadlines - can be different than application deadline

Are any additional forms needed - CSS Profile, etc.?

Private Scholarships -

National

Private Scholarships -

Local

Private Scholarships -

Ethnic/Race/Gender

ResourcesFAFSA - www.fafsa.ed.gov

Fast Web - www.fastweb.com

Scholarships - www.scholarships.com

Merit Aid - www.meritaid.org

College Board - www.collegeboard.org

My Information• Joni L. Towles

• Certified Educational Planner

• www. towlesedu.com

• jtowles@towlesedu.com

• 770-850-0910