Chris George Dean of Admissions & Financial Aid St. Olaf College

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1 Chris George Dean of Admissions & Financial Aid St. Olaf College

2

3 Sallie Mae How America Pays for College 2014

4 College Search Process Merit Scholarships Need-Based Financial Aid Private Scholarships

5 Its not a question of if, but when 90% of schools accept more than 50% of applicants (national average is ~70%) Remember your vowels! Authentic Engaged Inquisitive Observant Upbeat

6 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)

7 Admissions Office determines eligibility for merit scholarships High School GPA ACT and/or SAT Scores Extracurricular Activities Leadership Community Service Teacher Recommendations

8 Welcome to the Financial Aid, I need the following information: Salary Investments Cash, Savings, Checking balance Home Value Taxes Paid

9 Financial Need Cost of Attendance - Expected Family Contribution (EFC) Financial Need Need varies based on cost Most colleges are unable to meet 100% of financial need with scholarship and grant aid

10 Cost of Attendance Direct Costs Tuition and Fees Room & Board Indirect Costs Books & Supplies Transportation Personal Expenses

11 Income Taxable and untaxed income/benefits Allow for living expenses, taxes, health care, educational savings, and employment expenses Expect a portion of the remaining income for college Assets Real Estate Equity, Cash, Savings, Checking, Investments, Business Net Worth Allow for emergency reserves and college savings Expect a portion of the remaining assets for college

12 FAFSA Free Application for Federal Student Aid Determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work-study and student loans CSS PROFILE College Board Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs $25 application fee

13 Documentation needed to complete applications (Parent and Student) Federal Student Aid ID Social Security Numbers Federal Income Tax Returns W-2 Forms Untaxed Income and benefits Savings and Checking Balances Schools you are applying to

14 Additional Documentation needed to complete CSS PROFILE application (Parent and Student) Current Mortgage Information Records of stocks, bonds, trusts, and other investments Private school tuition amounts Out of pocket medical/dental expenses Want an estimate of aid? Use a College s Net Price Calculator Search for the college Look under General Information for link

15 Tips for Completing Applications Meet Deadlines You can estimate information on both the FAFSA and CSS PROFILE applications Reapply every year Use your full legal name Ensure Social Security Number is correct Send applications to the correct institutions Ask questions if you are unsure Sign the FAFSA, submit the CSS PROFILE

16 Financial Aid Office & Website Webinars / Chats / Videos / FAQs Application Completion Events Minnesota College Goal minnesotacollegegoal.org Department of

17 Comparing Financial Aid Offers 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

18 No, but excessive borrowing is! How much will your payment be? Loan Balance of $10, % interest rate Standard 10 year Repayment Plan A. $89 B. $103 C. $120 D. $145 For every $10,000 in loan balance, you will pay ~$103 per month for 10 years. $2,516 in interest

19 Don t borrow more than your first year salary What do teenagers think their salary will be? Source: Charles Schwab Teens & Money Survey 2011

20 Civic Groups/Organizations (Rotary, Lions) Foundations (Gates) Religious Organizations Corporations (Target, Coca Cola, Ford) High School Counselor Naviance/Family Connection College or University Financial Aid Office Website

21 Use multiple FREE scholarship search sites fastweb.com bigfuture.collegeboard.org scholarships.com Search and apply to scholarships as soon as possible Apply to every scholarship for which you are eligible Scholarships for less than $1,000 often have fewer applicants Adapted from Mark Kantrowitz & FinAid.org

22 Persistence pays Skill and luck are involved Meet deadlines Tailor your application to sponsor s goals If you have to pay to get money, it s probably a scam Adapted from Mark Kantrowitz & FinAid.org

23 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

24 Chris George Dean of Admissions & Financial Aid

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