Acronym Fun. College Foundation of North Carolina. Free Application for Federal Student Aid. Expected Family Contribution

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1 The Cost of College

2 Acronym Fun CFNC FAFSA EFC PLUS College Foundation of North Carolina Free Application for Federal Student Aid Expected Family Contribution Parent Loan for Undergraduate Students 2

3 Bonus Question What school and in what year was the first recorded offering of financial aid?

4 Bonus Question What school and in what year was the first recorded offering of financial aid? In 1643 Lady Anne Radcliffe Mowlson established the first scholarship at Harvard University.

5 COST OF ATTENDANCE Tuition and Fees Room and Board Books & Supplies Miscellaneous

6 What is Financial Aid? Any resource that helps a family offset/defer the cost of a student s education.

7 General Types of Aid Gift Aid Grants Scholarships Self-help Aid Loans Work Study

8 What is Financial Aid Based On? Merit Need-Based

9 Financial Aid Programs

10 Typical College Aid Programs: Need Based Grants Endowed Grants and Scholarships Academic/Athletic Scholarships Special Scholarships Loan Programs College work programs

11 Federal Aid Programs Federal Pell Grant Federal Supplemental Grant Federal Work-Study Federal Perkins Loan Federal Subsidized Direct Student Loan 11

12 North Carolina Aid Programs NC Need Based Scholarship/Grant (private) UNC Need-Based Grant NC Lottery Scholarship (state schools only) NC Community College grant Golden Leaf Scholarship 12

13 Other Funding Options Federal Unsubsidized Direct Student Loan Federal Parent Loans (PLUS) Private Alternative Loans for students College Payment Plans Outside Scholarships Tax credits- Hope and Lifelong Learning 13

14 How do I Apply for Financial Aid? The Free Application for Federal Student Aid (FAFSA) (all schools require it) The CSS/Financial Aid Profile (some schools require it) Separate Supplemental Application (some schools require it) Non-resident or foreign students? Some schools require a separate financial aid application.

15 When do I Apply? FAFSA Form only after January 1. (Depends on school.) CSS/Financial Aid Profile - varies Separate Supplemental Application varies Non-resident or foreign student applicationvaries

16 Completing the CSS/ Financial Aid Profile The CSS/ Financial Aid Profile must be completed online at Click on Paying for College, then click on CSS/Profile

17 Completing the FAFSA Online at Paper version available but is limited Also Online at

18 Before you Complete the FAFSA Do your taxes Gather documents (taxes, account balances and other information) Check each college s financial aid deadlines Register for a pin at Use the FAFSA on the Web Worksheet Narrow your schools to ten schools to receive the FAFSA information

19 Information requested on the FAFSA Parent and student Adjusted Gross Income Untaxed Income Federal Tax Paid (not withheld) Child Support paid by parents Child Support received Value of Cash, Saving and Checking accounts Assets/Investments (excluding home equity) Number of Family Members in the Household Number of children attending college

20 Student Aid Report Student Aid Report (SAR) results after the FAFSA is processed. Allows you to check your answers It will display a Expected Family Contribution (EFC) and this will decide your Federal aid eligibility.

21 Verification What is it? Some may or may not be selected Send Tax Transcripts; not copies of taxes Submit W-2 forms Complete Verification Worksheet

22 The Financial Aid Award Letter Presents all eligible aid programs that the family may qualify. Sent only to those who are accepted. Fall Award letters are typically mailed in the spring. Each College s award letter may be different

23 Helpful Hints Apply early Keep track of financial aid deadlines Do federal income taxes early Unusual circumstances? Explain to each college s Financial Aid Office Complete all forms accurately and completely Provide all information requested Be consistent on all forms Keep copies Follow up with offices

24 What can I do now? Begin searching for outside scholarships now Work on your student s resume DO NOT PAY for scholarship searches DO NOT PAY to complete the FAFSA Figure out what type of school you may like? Narrow possible majors Make a list of potential schools 24

25 Preparation General Websites: College Foundation of North Carolina 25 FinAid! The SmartStudent Guide to FA Scholarship Searches

26 Preparation Net Price Calculators What is it? Each college has one Enter your information Provides an estimate of aid eligibility Information is not standardized 26

27 My Contact Information Kevin Michaelsen Director of Financial Assistance Meredith College 3800 Hillsborough Street Raleigh, NC MEREDITH