Financial Aid 101Chris George
Assistant Vice Chancellor for Enrollment & Director of Financial Aid
Paying for College
Paying for College – The Process
Family Discussions Net Price Calculators Seek and Apply for Private Scholarships Apply for Financial Aid Financial Aid Award Letter (Aid Package) Multi-year commitment Rising Costs
Be Prepared
Welcome to the Financial Aid, I need the following information:◦ Salary◦ Investments◦ Cash, Savings, Checking balance◦ Home Value◦ Taxes Paid◦ Tax Transcript from the IRS
Organization
Colleges have varying deadlines◦ Priority deadlines◦ Ask what it means?
What Applications are required?◦ FAFSA, CSS PROFILE, institutional◦ Scholarship applications
Terms◦ Start developing a glossary◦ studentaid.ed.gov (Types of Aid)
Admission Office
Determines eligibility for merit based aid◦ Evaluate GPA ◦ ACT and/or SAT Scores◦ Extracurricular Activities◦ Leadership◦ Community Service◦ Teacher Recommendations
Financial Aid Office
◦ Establishes the cost of attendance
◦ Evaluates family’s ability to pay by determining an expected family contribution (EFC)
◦ Offers financial aid based on the cost of attendance and the expected family contribution
Determining Costs and Aid
Cost of Attendance◦ Direct Costs
Tuition and Fees Room & Board
◦ Indirect Costs Books & Supplies Transportation Personal Expenses
Financial Aid Applications FAFSA – Free Application for Federal Student Aid
◦ Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans
◦ studentaid.ed.gov
CSS PROFILE – College Board◦ Many private universities and scholarship providers
require the CSS PROFILE application to determine financial eligibility for institutional aid programs
◦ student.collegeboard.org/css-financial-aid-profile◦ $25 Application Fee
Determining Costs and Aid
Financial NeedCost of Attendance - Expected Family ContributionFinancial Need
◦ Need varies based on cost◦ Most colleges are unable to meet 100% of
financial need with scholarship and grant aid
Types of Aid / Award Letters
Grants and Scholarships Self-help Aid
◦ Work Study◦ Direct Stafford Loans
Additional Loan Resources◦ Parent PLUS or Private Loans
Multi-year investment and costs Tuition increases
Financial Aid Applications Tips for Completing Applications
◦ Meet Deadlines◦ You can estimate information on both the FAFSA
and CSS PROFILE applications◦ Reapply every year ◦ Ensure Social Security Number is correct◦ Send applications to the correct institutions◦ Ask questions if you are unsure
Financial Aid Resources
Financial Aid Office & Website◦ Webinars / Chats / Videos / FAQs
Application Completion Events◦ High School◦ FAFSA Free for All Events◦ Financial Aid Office
Department of Education◦ @FAFSA◦ http://studentaid.ed.gov
Loans – Are they Evil?
No, but excessive borrowing is!
How much will your payment be?◦ Loan Balance of $10,000◦ 3.86% interest rate◦ Standard 10 year Repayment Plan
A. $80B. $100C. $120D. $140
For every $10,000 in loan balance, you will pay ~$100 per month for 10 years. $2,070 in interest
Smart Borrowing
Don’t borrow more than your first year salary
What do teenagers think their salary will be?
Source: Charles Schwab – Teens & Money Survey 2011
Private Scholarships Civic Groups/Organizations (Rotary, Lions) Foundations (Daniels’ Fund, Gates) Religious Organizations Corporations (Target, Coca Cola, Ford) High School Counselor College or University Financial Aid Office Website Online Resources
Tips on Winning a Scholarship
Use multiple FREE scholarship search sites◦ fastweb.com◦ bigfuture.collegeboard.org◦ scholarships.com◦ My College Dollars (Facebook App)◦ College In Colorado (Financial Aid)
Search and apply to scholarships as soon as possible
Adapted from Mark Kantrowitz & FinAid.org
Tips on Winning a Scholarship Answer all optional questions on scholarship
search sites Apply to every scholarship for which you are
eligible◦ Scholarships for less than $1,000 often have fewer
applicants Persistence pays
◦ Skill and luck are involved Meet deadlines Tailor your application to sponsor’s goals
Adapted from Mark Kantrowitz & FinAid.org
Tips on Winning a Scholarship
Clean up your online profile◦ Perform a Google search on your name◦ Review public profile on Facebook,
LinkedIn, Twitter, & YouTube Print, read and speak your essay to
correct spelling and grammar mistakes
If you have to pay to get money, it’s probably a scam
Adapted from Mark Kantrowitz & FinAid.org
Where Do I Go From Here? Talk about what the family can afford Utilize Net Price Calculators Understand dates and deadlines for both admission
and financial aid Inform colleges about special circumstances Investigate and apply for private scholarships
Questions?
Chris GeorgeAsst. Vice Chancellor for Enrollment & Director of Financial Aid
@CGeorge_DU
303-871-4020 [email protected]