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

Transcription

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

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4 Choosing a College Program Best Fit Location Size Mix of Students Academics Extracurricular Facilities Financial Considerations

5 1. What is Financial Aid? Scholarships Grants Student Loans Work-Study

6 Undergraduate Student Aid by Source and Type (in Billions), SOURCE: The College Board, Trends in Student Aid

7 Four major sources of funding Federal State College Private Organizations

8 Private Scholarships : $6.6 Billion awarded > 1.5M scholarships available 4% of undergraduates $2,500 average award Most Colleges do not reduce institutional $s

9 2. Everyone should apply for aid 82% of all FR receive some form of financial aid 92% at private colleges; 76% at public institutions Nearly half (48%) of FR received a Pell Grant In , average aid package $15,000

10 Two Categories of Financial Aid Merit-based From College as well as from foundations, etc. Based solely on the student s credentials Need-based Calculated from FAFSA and other aid applications Sources can be federal, state, institutional Types include grants, student loans, work-study

11 3. Cost of attendance (COA)

12 Average Undergraduate Budgets $18,000 $40,000 SOURCE: The College Board, Trends in College Pricing 2011, Figure 1.

13 Sticker Price vs. After Financial Aid/Scholarship Price Net Price Calculator

14 Net Price Calculators Online, College-specific estimator Average grant/scholarship available to a family like yours Average student loan and work-study eligibility Estimated award is not a promise, a guarantee, or an actual aid offer

15 4. Financial Aid is A Partnership To the extent they are able, parents have primary responsibility to pay for their dependent children s education Students also have a responsibility to contribute to their educational costs Families should be evaluated in their appropriate financial condition A family s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay The Financial Aid Office is your advocate!

16 So... how does the process begin?

17 5. To apply for all federal and state aid, families must complete the... The Free Application for Federal Student Aid (FAFSA) collects basic financial data and is used to determine the student s eligibility by calculating an index #

18 Overview of the FAFSA available January 1, Steps Signed and submitted electronically

19 FAFSA on the Web (FOTW) FAFSA.GOV English or Spanish Skip logic and online editing Electronic signature (PIN) notification 19 million (99%) FOTWs processed 14/15 FOTW Worksheet

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21 Supplemental Financial Aid Applications The College Scholarship Service Financial Aid PROFILE A College s own application for financial aid

22 6. Special Circumstances Matter When the numbers don t tell the whole story When the situation is expected to change (or has) Must be able to document consideration will vary from school to school

23 Special Circumstances Change in employment status Health expenses not covered by insurance Change in parent marital status Other considerations

24 Financial Need How much aid can a student receive? Cost of Attendance Family s - = Contribution Financial Need

25 7. The Financial Aid Award Letter (or package ) Will contain a combination of scholarship, grant, loan and work-study funds Why might packages be different? cost of attendance scholarship criteria and availability institutional philosophy and funding

26 Common Financial Aid Award Letter proposal & College Scorecard

27 Decoding the Award Letter COA Compare Ask questions Is aid renewable? Total amount of aid Types and sources Terms for renewing? Will aid change from year to year? Will costs increase? Is more aid available if EFC decreases?

28 8. Appeals Can request change in aid if there is a valid reason Will it make a difference? Is need already fully met? Is more aid available? Valid reasons Special circumstances

29 9. Deadlines are essential

30 Deadlines Know each College s priority deadlines Read and retain all communication you receive Contact school Merit scholarship deadlines Early Action/Early Decision/Regular Decision deadlines Deadlines for supplemental documents (tax returns, etc.)

31 10. Ask for Right here at DGN A College s Financial Aid Office The Internet College Web Sites

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