Navigating Financial Aid in Plain English Will Patch Assistant Director of Admissions Manchester University
Jun 27, 2015
Navigating Financial Aid in
Plain EnglishWill Patch
Assistant Director of AdmissionsManchester University
Don’t be intimidated!• Headlines are misinforming, “Over $100,000
of debt is the norm”
• WRONG! Average is just over $25,550–Average new car: $30,303–Forbes put the repayment time of a
bachelor’s degree at 4 years
What is the secret to getting the most financial aid?
• There is no secret• Students should do well in school and apply
for outside scholarships
Where to find aid• Institutional – Academic, demographic,
interest, or athletic
• FAFSA – Need based
• Outside Organizations – Nonprofits, employers, churches, etc.
Institutional• School specific– Academic– Need – Based on FAFSA– Demographic – Ethnicity, gender, age– Interest – Arts, major, volunteerism– Athletic – NCAA DI or II and NAIA
FAFSA• Free Application for Federal Student Aid– FAFSA.gov– Federal Aid – Any accredited school– State Aid – Only goes to schools in-state–Max ~ $13,500
Outside organizations• Check with guidance counselors• Community Foundations• Churches/employers• Questa• Online
• Apply NOW – 2/3 per week
Things that aren’t really aid• Work study/campus jobs– Depends upon the jobs available and hours worked– Can help pay for college, but not guaranteed aid
• Loans– FAFSA will show maximum eligible to take out
Ways to Pay• Jobs• Payment plans• Loan options– Direct Subsidized– Direct Unsubsidized– Parent PLUS– Private
Filling the Bucket• Total cost – Aid = Net Cost (What you pay)
Example 1: Scholarship Amounts
University A - $35,000/year University B - $45,000/year
• University A - $35,000– FAFSA - $10,000– Outside - $3,000– Institutional - $10,000– Final Cost = $12,000
• University B - $45,000– FAFSA $10,000– Outside - $3,000– Institutional - $15,000– Final Cost = $17,000
Example 1
Example 2:Why you can’t judge initial price
University A - $20,000 University B - $45,000
• University A - $20,000– FAFSA - $10,000– Outside - $3,000– Final Cost = $7,000
• University B - $45,000– FAFSA $10,000– Outside - $3,000– Institutional - $27,000– Final Cost = $5,000
Example 2
When will you know the final cost?
• Mid March, after state FAFSA deadline• Other states vary
Questions?