Got Money? To pay for college?

Got Money?To pay for college?

Where does the money go?

GOOD QUESTION…

I’M GLAD YOU ASKED!

Where is my money going when I pay for college?

What am I actually paying for?

5 Basic Cost Components

1. Tuition & Fees

2. Rooms & Board

3. Books & Supplies

4. Personal Expenses

5. Travel

Acceptme University

(In-State) Fall Sem Spring Sem Yearly Total

Tuition & Fees $1906 $1905 $3811

Loan Fees $100 $103 $203

Room and Board $2971 $2970 $5941

Books & Supplies $200 $200 $400

Transportation $413 $412 $825

Miscellaneous Fees $592 $591 $1183

TOTAL $6182 $6181.00  $12,363

Tuition Tech Fee

Activity Fee

Total Per Semester*

Total Per Yr*

$600.00 $24.00 $24.00 $653.00 $1306.00

Transfer Community College

Note: Comm. College Students CAN apply for financial aid!!

Can You Name the Types of Financial Aid Available?

Types of Financial Aid Available

1.Scholarships 2.Grants 3.Loans4.Work Study

• Scholarships = Free Money• Often awarded for excellence—in

academics, athletics, the arts, community service, etc.; however not always!

• Students may have to maintain certain requirements to keep or renew the scholarship.

• No Limits!

• Do research! Apply to as many as you can!

• Grants= Free Money• Usually given on a need-basis. Family and

student income is often considered.

• Loans = Borrowed Money• .Loans must be repaid by the person taking

out the loan.

• If it is the student, repayment usually begins after graduation from college.

•Work Study = Job•allows students to earn money from a (part-time) job (usually on-campus) to pay for their education.

•FAFSA is required to determine eligibility

How can I get these types of financial aid?

Free

Application for

Federal

Student

Aid[www.fafsa.gov]

What is it?

• used to apply for federal student financial aid such as grants, loans, and work-study.

• In addition, most states and schools (college/universities) use information reported on the FAFSA to award students additional financial aid.

•EFC

• Expected Family Contribution. • The EFC is a measure of your

family’s financial strength, and is used to determine your eligibility for federal student aid.

What is it?

How much money$$$$ am I eligible to receive?

Cost of AttendanceEFC ـــــــ ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ = Financial Need $$$

How much money$$$ am I eligible to receive?

Sample scenario:

Student Z applies to NC State University and is accepted! Student Z has also completed the FAFSA and received an EFC of $2000.

How much money is Student Z eligible to receive from the federal government?

Answer…• To find the answer, take NC STATE’S cost of

attendance and subtract Student Z’s EFC:

$16, 767

$ 2000ـــــــ

ـــــــــــــــــــــــــــــــــــــــــــــــــــــــ = $14,767

(Student Z is eligible to receive UP TO this amount in federal student aid)

After the FAFSA…

• “Congratulations, you have successfully submitted your FAFSA.”

• Print and keep track of everything!!• Your Student Aid Report shows the exact

info you reported on the FAFSA. It will show your EFC. Be sure to carefully review your SAR and make corrections if needed.

Now all you have to do is WAIT (patiently) to receive your financial aid award letters from the schools to which you’ve applied. ***

Once you receive all your letters, compare them to see which school gives you a better financial aid package. Pick a school & enroll!

After the FAFSA…

Application to qualify for non-federal financial aid. This money is distributed by the institution itself in the form of scholarships, grants, and fellowships.

Apply via collegeboard website

~NOTE: Only needed if applying to certain colleges/universities.

CSS Profile:

~Dates & Deadlines~

• Apply Early!!!!!

• January 1st Earliest you can submit FAFSA.

• March 1st Date most universities want FAFSA by.

• Be sure to contact your schools’ financial aid administrator to find out their other specific deadlines

Need Help• Schedule an appointment

with your guidance counselor

• FAFSA Day Saturday, February ??, 2012

•CFNC.org

QUESTIONS???