Making College Possible: Financial Aid Fun
Feb 24, 2016
Making College Possible:
Financial Aid Fun
Financial Aid Topics
What is financial aid?
Where does it come from?
What aid is available?
How to apply for financial aid.
Where to look for information about private sources of aid.
Definition of Financial Aid
Money available to families to help them pay for educational expenses.
Types of Financial Aid
Gift Assistance Scholarships Grants
Self-help Loans Employment
Sources of Financial Aid Federal Government Programs State Government Programs Institutional Programs Community Programs National Programs
Ways to pay for college
Savings Job Financial Aid
Scholarships Grants Loans Campus Employment
Parent Support Outside Support
Military benefits Division of Vocational Rehabilitation Indian Grants Americorp and Vista Grants
Scholarships Types
Institutional Non-institutional
Locating Scholarships Guidance Office Websites Community Organizations Groups, Clubs, Activities Employers Professional Organizations
FREE Scholarship Services
Scholarships (cont.) Essays
Activities and Involvements Awards Volunteer Experiences Leadership Roles Career Goals Personal Goals Inspiring People/Things Special Circumstances
Financial Health Family Personal
Watch for Scams
Eligibility for Aid
Based upon an analysis of data provided on theFree Application for Federal Student Aid (FAFSA)
www.fafsa.gov
Some schools have their own institutional forms (CSS Profile)
Free Application for Federal Student Aid (FAFSA)
The calculation is based upon family size, number in college, income and assets
Available January 1st of your senior year
Complete FAFSA as soon as possible after January 1, 2014 (you will need your 2013 income tax information)
List up to 10 schools to receive FAFSA data
Federal School Code for each school 6 digit number for all schools Housing plans for each school
Financial Aid (cont.) Process (cont.)
FAFSA processed with federal government and sent electronically to schools within 1week
Sometimes additional documentation is required
School reviews information and sends award letter that lists types and amounts of financial aid available
Awarded for both Fall and Spring semesters
Comparing financial aid awards Compare total costs! Total costs include tuition, fees, room and board.
Compare each type of financial aid (grants to grants, loans to loans and work to work) … not just bottom line!
Ask how much tuition increases per year.
Ask what will happen to your financial aid award if you receive an outside scholarship.
Ask what types of payment plans are available.
Ask if there are fees or interest associated with payment plans.
Ask how your financial aid will change in future years.
ASK QUESTIONS!
Tips for Applying for Financial Aid
Apply as early as possible Meet college filing deadline/priority dates Find out what forms are required at each
institution Used completed tax returns Read the instructions - don’t assume Complete all questions Keep a copy for your records
Financial Aid Timeline June ‘13 – December ‘13
Complete your application for admission
Complete your Net Price Calculator
Discuss the results of your NPC with your admissions counselor
Watch the mail for your 2014- 2015 FAFSA information in late December
January ‘14 – May ‘14
Complete the FAFSA and submit it to the Department of Education as soon as possible after January 1, 2014.
About 4-6 weeks after you submit your FAFSA you will receive your official Financial Aid Award
Net Price Calculators
Schools are required to have a Net Price Calculator on their website
The Net Price Calculator is a “mini version of the FAFSA” – which allows schools to provide you with an estimate of what it will cost to attend college.
Financing Options Summer
Employment
Plus Loans Parent’s Loan Federal loan program Fixed Interest Rate =
6.41% Flexible payment
options
Alternative Loans Student’s Loan
Requires co-signer Private Loan Variable or Fixed
Interest rate usually based on Libor or Prime (no cap)
Repayment begins 6 months after student graduates
Are you ready?
POP QUIZ!!!
What are the types of financial aid?
A. GrantsB. LoansC. Work StudyD. All of the above
True or False?
The FAFSA website is:
WWW.FAFSA.COM
Name one cost of college.A. TuitionB. BooksC. Dorm and Food PlanD. A, B, and CE. There is no cost to college.
Name one place to find scholarships.
Name two things to include on a scholarship essay.
How many schools codes can you list on the FAFSA?
Name one place to go to get answers to financial aid questions.
Questions?
THANK YOU!!