Financial Aid: What You Need to Know

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Financial Aid: What You Need to Know"

Transcription

1 Financial Aid: What You Need to Know South High School December 15, 2014 Sandy Sundstrom St. Olaf College

2 Agenda General Overview and Philosophy of Financial Aid Family Contribution Financial Need Types of Financial Aid Financial Aid Applications Financial Aid Notifications/Award Letters Myths and Realities Questions

3 What is Financial Aid? Financial aid is money (i.e., grants, scholarships, work, loans) provided to students and their families to help supplement their ability to pay for postsecondary educational expenses.

4 Philosophy of Financial Aid Primary responsibility for postsecondary educational expenses rests with the student and his/her family Families with like circumstances will be treated in a similar manner Family contribution assumes a three-legged stool concept (savings, current income, future income) Current Income Savings Loans

5 How is Aid Eligibility Determined? The Free Application for Federal Student Aid (FAFSA) Required for federal, state and institutional aid programs The CSS/Financial Aid PROFILE May be required by higher-cost, private colleges to determine eligibility for institutional aid programs College supplemental application May be required Always check with individual colleges to find out required applications and deadlines!

6 How is the Family Contribution Calculated? Data from applications is used to determine eligibility for federal, state and institutional aid EFC or Expected Family Contribution is calculated

7 Cost of Attendance Direct Costs Tuition & Fees Indirect Costs Books & Supplies Transportation Room & Board* (*if on campus) Personal Expenses

8 What is Financial Need? Total Cost of Attendance Expected Family Contribution (EFC)* Financial Need * Family share Note: This is not the same as the student s bill or the amount a family will actually pay for the student to attend college

9 Financial Need at Three Schools School A School B School C Cost of Attendance $50,000 $20,000 $12,000 (-) EFC $4,000 $2,000 $2,000 Financial Need $46,000 $18,000 $10,000

10 Types of Financial Aid Grants Based on financial need Employment (Work-Study) Loans Student loans Parent loans Scholarships Typically based on merit, academic achievement, talent, etc.

11 Sources of Assistance Federal Government Pell Grant Supplemental Grant TEACH Grant Perkins Loan Direct Loan Submit the FAFSA State Government Submit the FAFSA Each state has a different FAFSA submission deadline Eligibility criteria is different from state to state Colleges & Universities Scholarships & grants Loan programs Applications FAFSA Possibly additional aid application Private Organizations Community Foundations Fortune 500 Companies Non-Profit Agencies Application requirements vary

12 Federal Grants Federal Pell Grant Up to $5,730 in Undergraduates only Need-based, based on EFC and enrollment Federal SEOG Up to $4,000 Undergraduates only Exceptional financial need Based on school s funding level

13 State Grant Programs The Free Application for Federal Student Aid (FAFSA) is used to apply for most state loan, grant, and scholarship programs, in addition to the federal loans and grants. When you submit the FAFSA to the US Department of Education, they forward the information on the form to the state student assistance agency. MN HS graduates attending a MN college may be eligible for MN State Grant.

14 Student Employment/Work-Study Federal Work-Study Institutional campus employment Some states have work-study Typically students work up to 20 hours per week while enrolled Paid hourly, at variable wage rate, around class schedule

15 Loans Student or parent debt Must be repaid Payments can be deferred while enrolled Repayment typically 10 years Students don t need to borrow every dollar in their financial aid package Repayment calculator available at

16 Federal Perkins Loan* 5% interest 9 month grace period Interest subsidized while enrolled $5,500 maximum loan per undergraduate year *This program is currently set to expire on September 30, 2015 unless there are changes to current legislation.

17 Federal Direct Subsidized Loans Interest subsidized while student is enrolled 6 month grace period $3,500 1 st year max $4,500 2 nd year max $5,500 3 rd and 4 th year max Interest Rate 4.66% Origination Fee 1.073%

18 Federal Direct Unsubsidized Loans Not need-based Interest NOT subsidized at any time 6-month grace period Between Subsidized and Unsubsidized Federal Direct Loans students can receive: $5,500 1 st year max $6,500 2 nd year max $7,500 3 rd and 4 th year max Interest Rate 4.66% Origination Fee 1.073%

19 Federal Direct PLUS Loans Parent loan for a dependent undergraduate Interest NOT subsidized at any time 7.21% fixed interest rate 4.292% origination fee No grace period Not need-based Must file FAFSA Credit worthiness (credit check)

20 Private/Alternative Loans NOT federal loans Direct from banks, lenders Based on student s credit, plus often co-signer Higher interest, possible fees Fewer repayment options To be used only as last resort

21 How Much Is Too Much? For the Class of 2013, nationally, 67% borrowed. Of those who borrowed, average indebtedness was $28,400. (Source: The Project on Student Loan Debt, Translates into a monthly payment of approximately $320/month for 10 years. (Source: Finaid.org, One rule of thumb: Student s total borrowing shouldn t exceed what he/she expects to make the first year out of school. This is a family discussion and decision how much should/can the student borrow, and how much should/can parents borrow?

22 Institutional Aid Many schools have their own funds to award students, including: Need-based grants Merit-based (non need-based) scholarships (i.e., academic, leadership, athletics, etc.) Student loans Employment Spectrum some institutions (very selective) offer no merit and & lots of need-based aid, others (less selective) offer lots of merit aid but very little needbased aid. Institutions vary in ability to meet demonstrated need

23 Private Scholarships Scholarships the student receives from private organizations (high school, church, service organizations, companies, foundations, etc.) Outside scholarships must be considered as a financial resource in the aid package Each school determines their policy

24 Other Resources Designed to help students/families meet their part of educational expenses Programs 529 Plans Monthly payment plan Reciprocity Programs ROTC AmeriCorps VA benefits

25 Financial Aid Applications: Used to Determine Your EFC (Expected Family Contribution)

26 FAFSA On The Web

27 FAFSA on the Web Never pay a fee to file a FAFSA FAFSA available January 1, 2015 Also Available in Spanish FAFSA on the Web Worksheet (FOTW) Pre-application worksheet Questions follow order of the FAFSA on the Web

28 Information Needed for FAFSA Student and Parent(s) Prior year federal tax returns, including W-2 form(s) Driver s license and Social Security Numbers Checking, savings, other investment account values Federal PIN # for electronic signatures ( Separated/Divorced Parents Determine which parent to report

29 Who is Considered a Parent on FAFSA? If your legal parents (biological/adoptive) are married to each other, report information about both of them regardless of whether they are same or opposite sex. If your legal parents are not married to each other and live together, report information about both of them regardless of whether they are same or opposite sex.

30 Who is Considered a Parent on FAFSA? (Continued) If your parents are divorced or separated and don t live together, answer the questions about the parent with whom you lived more during the past 12 months. If that parent has remarried, report information for the stepparent too. If you lived the same amount of time with each divorced or separated parent, report information about the parent who provided more financial support during the past 12 months. If your divorced/separated parents live together, report information about both of them. Grandparents, foster parents, legal guardians, aunts and uncles, and other family members ARE NOT considered parents unless they have legally adopted the student. More detailed information available at:

31 Independent Student Criteria At least 24 years old by December 31 of the award year Graduate student Married Has legal dependents who receive more than half of their support from the student Is an orphan, in foster care, or ward of the court On active duty or veteran of U.S. Armed forces Emancipated minor or in legal guardianship as determined by court Has been determined to be homeless by an authorized official Not living with parents or not being claimed by them on tax forms does not automatically make the student an independent student for federal aid purposes.

32 Be careful Put your name and SSN on FAFSA exactly how it appears on your social security card Refer to completed federal income tax return and consult instructions for proper line references If entry is zero or none, enter 0--don t leave blank Enter school code(s) Student and one parent must both sign dependent student s FAFSA

33 FAFSA data with most impact on EFC calculation Dependent Student Parents income (majority of EFC comes from income) and assets Household size Number of dependents attending college Student s income and assets

34 CSS/Financial Aid PROFILE May be required by private, high-cost, selective colleges to award their institutional need-based grant dollars Asks for more detailed information than the FAFSA May require application information from non-custodial parent too Fee is charged ($25 for application and 1 school report; $16 for each additional school). Fee waivers are granted for lowincome filers

35 CSS/Financial Aid PROFILE

36 To Save or Not to Save For parents value of retirement accounts and primary residence are not included in the federal formula. Other assets are protected in part (or full) by Education Savings and Asset Protection Allowance. Approximately 12% of parent net worth exceeding the allowance is included in EFC. There is no asset protection allowance for student savings federal formula assesses student assets at 20%.

37 Special Circumstances Adjustments may be made on a caseby-case basis for: Change in employment status One-time income Medical expenses not covered by insurance Change in parents marital status Unusual dependent or elder care expenses

38 Net Price Calculator The Higher Education Opportunity Act of 2008 required institutions to post a net price calculator on their websites Net price = cost of attendance less scholarship/grant aid Net Price Calculator = ESTIMATE of a family s net price based on data students can input into calculator

39 Review Aid Awards Carefully Compare: Costs of Attendance (COA) Total amount of aid Types of aid offered Amount of gift aid (grant/scholarship) Ask Questions: Is the grant and/or scholarship renewable? What are the terms for renewing? (GPA, number of credits, course of study, etc.) Is the amount of work-study realistic? Amount of loan (interest rate, Will aid change from year to repayment terms, etc.) year? Will aid increase if costs increases?

40 Financial Aid Notification/Award Letter Notifications are sent at different times based upon each school s admissions cycle No set standard Financial Aid Notification comparison tools are available

41 Myths and Realities The college with the lowest price tag is the cheapest to attend. Colleges with the lowest price tags may not be the cheapest, nor the best option. We make too much money to qualify for financial aid. There is no income cut-off to qualify for federal student aid. Many factors besides income from the size of your family and number of siblings in college to the age of the parents are taken into account. A student s eligibility is determined by a mathematical formula, not by income alone. Don t make assumptions fill out the applications to determine your financial aid eligibility.

42 Myths and Realities Continued We are receiving less (no) financial aid because we have saved. Saving for college is always a good idea. Savings could mean fewer loans to repay or more options. A family s share of college costs is based mostly on income, not assets such as savings. We can negotiate a better deal. Many colleges will be sensitive to a family s specific financial situation. But most colleges adhere to specific financial aid award guidelines and will not adjust an award for a family who feels they got a better deal from another school.

43 Where can I get more information? U.S. Department of Education: Minnesota Office of Higher Education: FinAid! - The Financial Aid Information Page: The College Board: FAFSA (Free Application for Federal Student Aid) fafsa.gov 2011

44

Financial Aid: What You Need to Know

Financial Aid: What You Need to Know Financial Aid: What You Need to Know Presented by: Michelle Anderson Associate Vice President for Enrollment Washington & Jefferson College Presentation Topics What is financial aid? Financial need calculation

More information

Financial Aid 101. UNDERSTANDING THE BASICS Sarah Everitt Associate Director, Financial Aid Gonzaga University

Financial Aid 101. UNDERSTANDING THE BASICS Sarah Everitt Associate Director, Financial Aid Gonzaga University Financial Aid 101 UNDERSTANDING THE BASICS Sarah Everitt Associate Director, Financial Aid Gonzaga University Goal of Financial Aid Primary goal: Assist students in paying for college and is achieved by:

More information

What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry

What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry What You Need to Know About Financial Aid Mark Hill Director of Financial Aid SUNY College of Environmental Science and Forestry Monday, January 5, 2014 Slide 1 Agenda Financial Aid Cost of Attendance

More information

Financial Aid 101 Understanding the Basics

Financial Aid 101 Understanding the Basics FAFSA (Free Application for Federal Student Aid) Financial Aid 101 UNDERSTANDING THE BASICS Electronic Application developed by US Dept. Education o Application can be found at www.fafsa.ed.gov Evaluates

More information

Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet

Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet Elements of Financial Aid Oakland University Financial Services Funding Education Beyond High School Supplemental Worksheet A) Four types of financial aid available to students: B) Three different categories:

More information

What You Need to Know About Financial Aid

What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2013 NASFAA Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA)

More information

Mike Johnson, Director of Financial Aid Pacific University

Mike Johnson, Director of Financial Aid Pacific University Mike Johnson, Director of Financial Aid Pacific University Community Colleges $ 4,200 tuition, $16,000 total Public Colleges and Universities $ 8,300 tuition, $22,800 total Private Colleges and Universities

More information

What You Need to Know about Financial Aid

What You Need to Know about Financial Aid What You Need to Know about Financial Aid Topics We Will Discuss Tonight Categories, types, and sources of financial aid What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC)

More information

Financing A College Education. 2014 2015 Financial Aid, Scholarships, and more

Financing A College Education. 2014 2015 Financial Aid, Scholarships, and more Financing A College Education 2014 2015 Financial Aid, Scholarships, and more Topics for Tonight Goal of Financial Aid FAFSA Description of Financial Aid Programs Timelines Payment options Other Benefits

More information

Seton Hall University. Where Leaders Learn. Financial Aid 101

Seton Hall University. Where Leaders Learn. Financial Aid 101 Financial Aid 101 Q: What is Financial aid? A: Any form of monetary assistance that helps pay for college This includes, scholarships, need-based grants, loans, work-study, etc. It is not just gift aid.

More information

Financing Your Future. An introduction to Financial Aid

Financing Your Future. An introduction to Financial Aid Financing Your Future An introduction to Financial Aid Financing Your Future What does college cost? How do I apply for financial aid? What types of aid are available? Where can I get more information?

More information

What You Need to Know About Financial Aid

What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2013 NASFAA Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA)

More information

Financial Aid Tips Applying for and Receiving College Assistance

Financial Aid Tips Applying for and Receiving College Assistance Financial Aid Tips Applying for and Receiving College Assistance What is Financial Aid? Financial aid is money intended to help students pay for their educational expenses. Typically, aid packages contain

More information

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015 FINANCIAL AID for Junior Parents: The Basics April 22, 2015 What is Financial Aid? Cost of Attendance (COA) - Expected Family Contribution (EFC) Student s Financial Need (eligibility) Financial Aid --

More information

National Association of Student Financial Aid Administrators NASFAA 2008

National Association of Student Financial Aid Administrators NASFAA 2008 National Association of Student Financial Aid Administrators What You Need to Know About Financial Aid Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution

More information

It s Time to Apply for Financial Aid

It s Time to Apply for Financial Aid It s Time to Apply for Financial Aid Minnetonka High School Webinar January 11, 2013 Speakers for this presentation Kathy Ruby (former) Dean of Student Financial Aid St. Olaf College Janet Swiecichowski

More information

The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows. Agenda. Going Back to School: The Pros

The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows. Agenda. Going Back to School: The Pros The SAMFund Presents: Going Back to School Post-Cancer: The Pros, Cons and Hows Sherri Avery Director of Financial Aid and Student Employment Brandeis University savery@brandeis.edu Agenda Pros and cons

More information

Financial Aid 101. What You Need to Know About the College Financial Aid Process. Presented by Jack Zegeer Northern Virginia Community College

Financial Aid 101. What You Need to Know About the College Financial Aid Process. Presented by Jack Zegeer Northern Virginia Community College Financial Aid 101 What You Need to Know About the College Financial Aid Process Presented by Jack Zegeer Northern Virginia Community College Topics Why is college important? What is Financial Aid? What

More information

Financial Aid 101 What You Need To Know About Financial Aid

Financial Aid 101 What You Need To Know About Financial Aid Financial Aid 101 What You Need To Know About Financial Aid Jevita Rogers, Director, UCCS Financial Aid Branden Williams, Counselor, UCCS Financial Aid All information in this presentation is general and

More information

Applying for Financial Aid 2016-2017 Academic Year

Applying for Financial Aid 2016-2017 Academic Year Applying for Financial Aid 2016-2017 Academic Year Sean Martin Director of Financial Aid Services Telephone: 860-439-2058 E-Mail: finaid@conncoll.edu Where do I start? Visit college websites for: application

More information

THE FINANCIAL AID PROCESS Paying for College

THE FINANCIAL AID PROCESS Paying for College THE FINANCIAL AID PROCESS Paying for College FINANCING COLLEGE Now that you re planning to go to college, there are a lot of things to think about and many questions you need to ask. Probably the biggest

More information

FINANCIAL AID NIGHT 2015 2016

FINANCIAL AID NIGHT 2015 2016 FINANCIAL AID NIGHT 2015 2016 1 Understanding the College and Financial Aid Application Process Be patient, thorough, and organized as you go through the college admission and financial aid application

More information

What You Need to Know About Financial Aid

What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators What You Need to Know About Financial Aid Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution

More information

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2013 NASFAA Topics We Will Discuss Tonight What is financial aid? Free Application for Federal

More information

F N I ANCIN I G G Y OU O R COL O L L E L GE G EDUCATI T O I N

F N I ANCIN I G G Y OU O R COL O L L E L GE G EDUCATI T O I N FINANCING YOUR COLLEGE EDUCATION 2013-2014 Award Year 1 Overview Types of Assistance Scholarship Information Applying for Need-Based Aid Eligibility Requirements Application Process Award Notification

More information

Financial Aid Seminar

Financial Aid Seminar Financial Aid Seminar What is financial aid? What are the sources of financial aid? How will colleges determine your eligibility for aid? When and how do you apply for aid? Principles of Financial Aid

More information

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2014 NASFAA Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA)

More information

GLOSSARY OF FINANCIAL AID TERMS

GLOSSARY OF FINANCIAL AID TERMS GLOSSARY OF FINANCIAL AID TERMS Candidates Reply Date Agreement: A college subscribing to this nationally-recognized agreement will not require any applicant offered admission as a first-year student to

More information

2015-2016. ABCs of Financial Aid

2015-2016. ABCs of Financial Aid 2015-2016 ABCs of Financial Aid 1 What s Inside General Eligibility Requirements for Federal Financial Aid...2 Dependency Status...2 Applying for Financial Aid and the Need Analysis Process...3 Need Analysis

More information

What You Need to Know about Financial Aid

What You Need to Know about Financial Aid National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution

More information

Family Contribution. College Scholarship. External Scholarships. Private Loans. Federal/State Aid and Loans

Family Contribution. College Scholarship. External Scholarships. Private Loans. Federal/State Aid and Loans 2015-2016 Family Contribution College Scholarship External Scholarships Private Loans Federal/State Aid and Loans Direct Cost Tuition, on-campus room and board, and any special fees Indirect Cost Books

More information

What You Need to Know about Financial Aid

What You Need to Know about Financial Aid National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid Topics We Will Discuss Tonight What is financial aid Cost of attendance (COA) Expected Family Contribution

More information

Costs. Types of Aid. Forms. How much will it cost you? Net cost for a family of 4 earning $120,000 p/year

Costs. Types of Aid. Forms. How much will it cost you? Net cost for a family of 4 earning $120,000 p/year AGENDA Costs Types of Aid Tips for Being a Wise Consumer How Need Based Aid is Calculated Forms Award Letters Rules for Survival 1 Prices Before Financial Aid University of CT Resident University of RI

More information

An Introduction to Financial Aid. Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew.

An Introduction to Financial Aid. Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew. An Introduction to Financial Aid Colby McCarthy University Director of Financial Assistance Drew University Madison, NJ cmccarthy1@drew.edu What We Will Discuss Applying for Financial Aid FAFSA How, Where,

More information

Rochelle Filler. Assistant Director of Financial Aid Rensselaer Polytechnic Institute

Rochelle Filler. Assistant Director of Financial Aid Rensselaer Polytechnic Institute Rochelle Filler Assistant Director of Financial Aid Rensselaer Polytechnic Institute National Association of Student Financial Aid Administrators What You Need to Know about Financial Aid Topics We Will

More information

What You Need to Know About Financial Aid

What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid Presented By: Dr. Linda Williams Sierra Community College 2015 NASFAA Topics We Will Discuss

More information

Financial Aid Glossary

Financial Aid Glossary Financial Aid Glossary NASFAA Financial Aid Glossary edited by MN Office of Higher Education Accruing Interest (on a loan): The cost of the loan, represented by the interest which is added to the loan

More information

FINANCIAL AID VOCABULARY

FINANCIAL AID VOCABULARY Award Letter Notification of the terms and requirements of the financial aid package offered by a college. College Scholarship Service (CSS) Profile A financial aid application, in addition to the FAFSA,

More information

Applying for Financial Aid. Presented by: Clint Young Office of Student Financial Assistance The George Washington University

Applying for Financial Aid. Presented by: Clint Young Office of Student Financial Assistance The George Washington University Applying for Financial Aid Presented by: Clint Young Office of Student Financial Assistance The George Washington University An investment in knowledge always pays the best interest. Benjamin Franklin

More information

The Road To Financial Aid Success Presented By:

The Road To Financial Aid Success Presented By: The Road To Financial Aid Success Presented By: The Road To Financial Aid Success Your PLAN: Prepare Look for Options Apply Never give up your dreams What is the first step? How do I get financial aid?

More information

FINANCIAL AID. The Basics and then some. Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University

FINANCIAL AID. The Basics and then some. Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University FINANCIAL AID The Basics and then some Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University Before we start. Begin with a positive attitude Involve your child in the admission

More information

Top 10 Things to Know About Financial Aid for College. Jerry Cebrzynski Associate VP for Financial Aid Lake Forest College

Top 10 Things to Know About Financial Aid for College. Jerry Cebrzynski Associate VP for Financial Aid Lake Forest College Top 10 Things to Know About Financial Aid for College Jerry Cebrzynski Associate VP for Financial Aid Lake Forest College Choosing a College Program Best Fit Location Size Mix of Students Academics Extracurricular

More information

Financial Aid Workshop. Vicki Hendrickson, Director The University of Tulsa Vicki-Hendrickson@utulsa.edu

Financial Aid Workshop. Vicki Hendrickson, Director The University of Tulsa Vicki-Hendrickson@utulsa.edu Financial Aid Workshop Vicki Hendrickson, Director The University of Tulsa Vicki-Hendrickson@utulsa.edu 1 Different Types of Financial Assistance Outside Scholarship: Outside scholarships are various forms

More information

What You Need to Know about Financial Aid

What You Need to Know about Financial Aid National Association of of Student Financial Aid Administrators What You Need to Know about Financial Aid NASFAA 2012 2013 Slide 1 Topics We Will Discuss Tonight What is financial aid? Categories, types,

More information

Introduction to Financial Aid: An Overview for High School Students and Parents. presented by: Hayato Suzuki Director of Financial Aid

Introduction to Financial Aid: An Overview for High School Students and Parents. presented by: Hayato Suzuki Director of Financial Aid Introduction to Financial Aid: An Overview for High School Students and Parents presented by: Hayato Suzuki Director of Financial Aid Tonight s Topics Types and sources of aid How financial need is determined

More information

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2013 NASFAA Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA)

More information

Financing Education Beyond High School

Financing Education Beyond High School Financing Education Beyond High School Claudia A. Wenzel John Carroll University Director of Financial Assistance Topics We Will Discuss The Basics of Understanding the process including: Expected Family

More information

Ohio Wesleyan University. High School Financial Aid Presentation November 5 th, 2015

Ohio Wesleyan University. High School Financial Aid Presentation November 5 th, 2015 Ohio Wesleyan University High School Financial Aid Presentation November 5 th, 2015 Contact Us for Help Your best source for FREE financial aid information and assistance Assist students with the application

More information

What is Financial Aid. What is Financial Aid. Cost of Attendance (COA) 2/27/15&

What is Financial Aid. What is Financial Aid. Cost of Attendance (COA) 2/27/15& What is Financial Aid What is Financial Aid Provides access to postsecondary education. Helps pay expenses such as tuition and fees, room and board, books and supplies, and transportation. Cost of Attendance

More information

The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation

The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation The Financial Aid Process Paying for College Kenneth McGhee, Financial Aid Manager The SEED Foundation Agenda for Conversation Section One Education Pays Section Two What is Financial Aid?, Section Three

More information

Financial Aid Basics for Students and Families. Chad Spencer Associate Dean Davidson College Admission and Financial Aid

Financial Aid Basics for Students and Families. Chad Spencer Associate Dean Davidson College Admission and Financial Aid Financial Aid Basics for Students and Families Chad Spencer Associate Dean Davidson College Admission and Financial Aid What will we cover? Applying for Aid Cost of Education Need-Based Aid Merit-Based

More information

Accepted Student Reception Financial Aid Presentation. March 29, 2015

Accepted Student Reception Financial Aid Presentation. March 29, 2015 Accepted Student Reception Financial Aid Presentation March 29, 2015 Understanding Your Financial Aid Award Letter Screen shot of award letter here Screen shot of award letter here Estimated costs and

More information

MEFA s Guide to. College Financing

MEFA s Guide to. College Financing MEFA s Guide to College Financing About MEFA Not-for-profit state authority created in 1982 Helping families plan, save, and pay for college Keeping you on track with college planning: MEFA.org: tools

More information

A College Education Is Affordable

A College Education Is Affordable A College Education Is Affordable (but were afraid to ask.) Need based financial aid Merit based scholarships Alternative financing An insider s list of consumer tips Equal access Make education accessible

More information

Glossary of Financial Aid Terms. Accrued Interest --- interest that has accumulated on the unpaid balance of a loan.

Glossary of Financial Aid Terms. Accrued Interest --- interest that has accumulated on the unpaid balance of a loan. Glossary of Financial Aid Terms Accrued Interest --- interest that has accumulated on the unpaid balance of a loan. Adjusted Gross Income (AGI) gross income minus deductions. This figure appears on IRS

More information

Financial Aid Basics for Students and Families. Chad Spencer Associate Dean Davidson College Admission and Financial Aid

Financial Aid Basics for Students and Families. Chad Spencer Associate Dean Davidson College Admission and Financial Aid Financial Aid Basics for Students and Families Chad Spencer Associate Dean Davidson College Admission and Financial Aid What will we cover? Applying for Aid Cost of Education Need-Based Aid Merit-Based

More information

Filing Your Free Application for Federal Student Aid (FAFSA) Academic Year 2015-2016

Filing Your Free Application for Federal Student Aid (FAFSA) Academic Year 2015-2016 Filing Your Free Application for Federal Student Aid (FAFSA) Academic Year 2015-2016 Federal Student Aid PIN Obtain a Federal Student Aid PIN Available online at www.pin.ed.gov Required for students and

More information

Financial Aid Discussion. December 13, 2012

Financial Aid Discussion. December 13, 2012 Financial Aid Discussion December 13, 2012 Discussion Topics Forms and Deadlines Net Price Calculator IRS Data Retrieval Expected Family Contribution (EFC) Financial Need Aid Types Award Notification Special

More information

2/2/2015. Completing the FAFSA. {Unlock money for college} Even if your parents won the. Types of Financial Aid That Require the FAFSA

2/2/2015. Completing the FAFSA. {Unlock money for college} Even if your parents won the. Types of Financial Aid That Require the FAFSA Completing the FAFSA {Unlock money for college} Even if your parents won the Types of Financial Aid That Require the FAFSA 1 Types of financial aid that require the FAFSA Federal and state grants government

More information

Financial Aid FAQs and Figures. David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid

Financial Aid FAQs and Figures. David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid Financial Aid FAQs and Figures David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid What will we cover? Paying for College Applying for Aid Cost of Education Need-Based Aid Merit-Based

More information

College Financial Aid Night

College Financial Aid Night College Financial Aid Night M O R G A N A. K E L L Y D I R E C T O R, S T U D E N T F I N A N C I A L A S S I S T A N C E S A C R E D H E A R T U N I V E R S I T Y Tonight s Agenda Sources and Types of

More information

JESUIT HIGH SCHOOL COLLEGE FINANCIAL AID NIGHT

JESUIT HIGH SCHOOL COLLEGE FINANCIAL AID NIGHT JESUIT HIGH SCHOOL COLLEGE FINANCIAL AID NIGHT PRESENTED BY UNIVERSITY OF PORTLAND S OFFICE OF FINANCIAL AID RUSSELL SEIDELMAN MOLLY WALSH NOVEMBER 19, 2015 HOW WILL I PAY FOR IT? Family support Grants

More information

What You Need to Know About Financial Aid. Office of Financial Aid

What You Need to Know About Financial Aid. Office of Financial Aid What You Need to Know About Financial Aid Office of Financial Aid 1 Tonight s Topics What is Financial Aid Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Types & Sources of

More information

Financial Aid Basics. Leslie Limper Director of Financial Aid Reed College

Financial Aid Basics. Leslie Limper Director of Financial Aid Reed College Financial Aid Basics Leslie Limper Director of Financial Aid Reed College Tonight s Agenda Overview of The Financial Aid Process How do I apply? What is financial need? Cost of Attendance (COA) The Expected

More information

Student Financial Services: Understanding Financial Aid

Student Financial Services: Understanding Financial Aid Student Financial Services: Understanding Financial Aid Employee Financial Aid Night 2011 Overview What is Financial Aid? Free Application for Federal Student Aid (FAFSA) CSS PROFILE How do colleges give

More information

What You Need to Know About Financial Aid

What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2015 NASFAA Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA)

More information

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2015 NASFAA Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA)

More information

(Almost) Everything You Need to Know About Financial Aid Acalanes High School November 5, 2015

(Almost) Everything You Need to Know About Financial Aid Acalanes High School November 5, 2015 (Almost) Everything You Need to Know About Financial Aid Acalanes High School November 5, 2015 Cora Manuel, Asst. Director Saint Mary s College of CA Why is there financial aid? What is financial aid?

More information

Applying for Financial Aid 2016-2017 Academic Year

Applying for Financial Aid 2016-2017 Academic Year Applying for Financial Aid 2016-2017 Academic Year Erica Cummins Associate Director of Financial Aid Services Telephone: 860-439-2058 E-Mail: finaid@conncoll.edu Where do I start? Visit college websites

More information

! The concept of a school that is the right fit has to. ! Parents and students need to study the prices and

! The concept of a school that is the right fit has to. ! Parents and students need to study the prices and #$%& Trends Costs How Colleges Determine Aid Awards Forms Award Letters Appeals What s Next? Percent Changes In CPI 2003-2013 100 80 60 40 20 How Fast Has College Tuition Grown? 22.8 5.6 6 0 Women s Men

More information

Financial Aid FAQs and Figures. David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid

Financial Aid FAQs and Figures. David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid Financial Aid FAQs and Figures David R. Gelinas Senior Associate Dean Office of Admission and Financial Aid What will we cover? Paying for College Applying for Aid Cost of Education Need-Based Aid Merit-Based

More information

Glossary Financial Aid & Student Loan Terms

Glossary Financial Aid & Student Loan Terms Glossary Financial Aid & Student Loan Terms A Academic year A period of time schools use to measure a quantity of study. For example, a school s academic year may consist of a fall and spring semester,

More information

What you Need to Know About Financial Aid 2015-16

What you Need to Know About Financial Aid 2015-16 What you Need to Know About Financial Aid 2015-16 ~ Thanks to ~ Pine Creek High School College Counseling Staff of District 20 National Association of Student Financial Aid Administrators US Department

More information

You Can Do This. About MEFA. Not-for-profit state authority created in 1982. Helping families plan, save, and pay for college

You Can Do This. About MEFA. Not-for-profit state authority created in 1982. Helping families plan, save, and pay for college MEFA s Guide to College Financing Presented by: About MEFA Not-for-profit state authority created in 1982 Helping families plan, save, and pay for college Keeping you on track with college planning: mefa.org:

More information

Afford. St. Olaf College

Afford. St. Olaf College Afford St. Olaf College The St. Olaf College Financial Aid Philosophy Every student s and every family s financial circumstances are different. So are their attitudes and priorities when it comes to saving,

More information

Financial Aid and Scholarships: Planning for your Child s Educational Expenses

Financial Aid and Scholarships: Planning for your Child s Educational Expenses Financial Aid and Scholarships: Planning for your Child s Educational Expenses Renee G. Dann, Assistant Director/Coordinator Financial Aid and Scholarships January 15, 2015 Goals for Tonight What are basic

More information

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid

National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid National Association of Student Financial Aid Administrators Presents What You Need to Know About Financial Aid 2014 NASFAA Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA)

More information

Cost of Attendance (COA) EFC = Demonstrated Financial Need. APPLYING FOR FINANCIAL ASSISTANCE

Cost of Attendance (COA) EFC = Demonstrated Financial Need. APPLYING FOR FINANCIAL ASSISTANCE APPLYING FOR FINANCIAL ASSISTANCE The Office of Financial Aid is dedicated to responding to the needs of our students. We are committed to assisting our students achieve their educational goals by providing

More information

FAFSA Training. U.S. Department of Education Office of Federal Student Aid

FAFSA Training. U.S. Department of Education Office of Federal Student Aid FAFSA Training U.S. Department of Education Office of Federal Student Aid Today s Topics Myths about financial aid Federal Financial Aid Programs The FAFSA: When and How to Apply What to Expect After Applying

More information

Financial Aid Night. Presented By Anna Minniece Irvine Valley College. Education is not expensive, it's priceless."

Financial Aid Night. Presented By Anna Minniece Irvine Valley College. Education is not expensive, it's priceless. Financial Aid Night Presented By Anna Minniece Irvine Valley College Education is not expensive, it's priceless." 1 2 Agenda What is Financial Aid? Application Process How Financial Aid Need is Determined

More information

Ithaca College Response to the Common Data Set, 2015-16

Ithaca College Response to the Common Data Set, 2015-16 H. FINANCIAL AID Aid Awarded to Enrolled uates H1. Enter total dollar amounts awarded to full-time and less than full-time degree-seeking undergraduates (using the same cohort reported in CDS Question

More information

AFFORDABILITY 101. The Basics of College Financial Aid. Sandra M. Moore, MA, Next Step CC, LLC

AFFORDABILITY 101. The Basics of College Financial Aid. Sandra M. Moore, MA, Next Step CC, LLC AFFORDABILITY 101 The Basics of College Financial Aid Sandra M. Moore, MA, Next Step CC, LLC Welcome! Let s demystify this process! One step at a time less stress for all. No guarantees but before you

More information

FINANCIAL AID. Information Session. February 11, 2015

FINANCIAL AID. Information Session. February 11, 2015 FINANCIAL AID Information Session February 11, 2015 AGENDA Trends in Higher Education Financial Aid Defined Types of Aid Programs The FAFSA and You Helpful Financial Aid Sites Office Hours and Contact

More information

Financial Aid 2014-2015. Gloucester High School Counseling Department

Financial Aid 2014-2015. Gloucester High School Counseling Department Financial Aid 2014-2015 Gloucester High School Counseling Department Presentation Overview Terms and Definitions Federal and State Aid FAFSA Process Necessary Forms FAFSA Worksheet Common FAFSA Errors

More information

FINANCIAL AID. Experience the Mercy Difference.

FINANCIAL AID. Experience the Mercy Difference. FINANCIAL AID Experience the Mercy Difference. FINANCING YOUR EDUCATION at Mercy College Congratulations on exploring the many educational options at Mercy College of Ohio! Mercy College is committed to

More information

You Can Afford College

You Can Afford College You Can Afford College Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Categories, types, and sources of financial aid Free

More information

Student Financial Aid

Student Financial Aid Student Financial Aid David P. Pearlman D. Ed Director of Student Aid @ Penn State Altoona Shannon Hawkins Assistant Director of Student Aid @ Penn State Altoona What will you consider when looking at

More information

Your comprehensive AMDA Financial Aid planning guide.

Your comprehensive AMDA Financial Aid planning guide. Your comprehensive AMDA Financial Aid planning guide. We know the financial aid process can sometimes be confusing, so we ve tried to make the process easier with this comprehensive guide. Simply follow

More information

Financial Aid Overview

Financial Aid Overview Financial Aid Overview 1/14/2015 1 Presentation Objectives Understand the financial aid process and timeline Know the different types of financial aid and how to access each of them Understand why everyone

More information

How to Use this Guide

How to Use this Guide How to Use this Guide Thank you for downloading MEFA s Guide to College Financing. This Guide has been created to help you understand and navigate the entire college financing process. Topics include basic

More information

Topics We Will Discuss Tonight. What is financial aid Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA)

Topics We Will Discuss Tonight. What is financial aid Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA) Topics We Will Discuss Tonight What is financial aid Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA) What is Financial Aid? Financial aid is funds provided

More information

Financing a University of Delaware Education. Academic Year 2014-2015

Financing a University of Delaware Education. Academic Year 2014-2015 Financing a University of Delaware Education Academic Year 2014-2015 Notification Process Merit Scholarships In Progress Students eligible for merit scholarship will generally hear a few weeks after receiving

More information

The on-campus student budget includes tuition, room and board, and an allowance for personal and book expenses.

The on-campus student budget includes tuition, room and board, and an allowance for personal and book expenses. Financial Aid Student Financial Services is an important resource for families, whether or not they apply for financial aid. The College participates in a number of parent financing plans and offers a

More information

Paying for School. 6 steps for success. AllNursingSchools.com

Paying for School. 6 steps for success. AllNursingSchools.com 3 This Getting Started Guide is your source for up-to-date information about choosing a nursing school or program. Use these tips to get organized and motivated and get going on making your dreams a reality.

More information

College Financial Aid Night

College Financial Aid Night College Financial Aid Night JULIE B. SAVINO EXECUTIVE DIRECTOR STUDENT FINANCIAL ASSISTANCE SACRED HEART UNIVERSITY For Students, the scariest part is getting into the college of their choice. For their

More information

The Financial Aid Process. Paying for College

The Financial Aid Process. Paying for College The Financial Aid Process Paying for College Making college accessible and affordable for Illinois students. - Mission Statement The Illinois Student Assistance Commission (ISAC) is the college access

More information

Winning at the college financial aid game

Winning at the college financial aid game Winning at the college financial aid game By the numbers Average tuition and fees per year for four-year colleges in 2006-07: 1 Private institutions: $30,367, up 4.6% from the previous year Public colleges:

More information

Presented by: Hayato Suzuki Director of Financial Aid

Presented by: Hayato Suzuki Director of Financial Aid Presented by: Hayato Suzuki Director of Financial Aid Types and sources of aid When and how to apply Completing the FAFSA How to recognize and avoid scams Other college financing options Determine financial

More information

Education Lights the Way at

Education Lights the Way at Education Lights the Way at UC Irvine Today s Topics Sources of Financial Aid General Eligibility Criteria Cost of Education Application Process Needs Analysis Types of Financial Aid Comparing Aid Offers

More information

ADDITIONAL FINANCING OPTIONS. DSU students received over $17.7 million in financial aid in the 2013 award year.

ADDITIONAL FINANCING OPTIONS. DSU students received over $17.7 million in financial aid in the 2013 award year. offers distinctive opportunities in higher education. Our nationally recognized, technology-based curriculum keeps the University on the leading edge of quality programs designed for today s challenges

More information