The Basics and What You Need to Know

Transcription

1 FINANCIAL AID AND SCHOLARSHIPS The Basics and What You Need to Know

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6 SOURCE: The College Board, Annual Survey of Colleges, (Enrollment-Weighted

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9 DEPENDENT STUDENTS FAFSA FILINGS RISE 16.3% IN FIRST QUARTER OF ST QUARTER ST QUARTER 2009 CHANGE ORIGINAL 1,584,420 1,806, % RENEWEL 1,611,887 1,912, % OTHER 4,999 3, % TOTAL DEPENDENT STUDENTS 3,201,306 3,723, % SOURCE: U.S. DEPARTMENT OF EDUCATION 2009.

10 FAFSA FILINGS ON THE RISE IN GEORGIA DEPENDENT STUDENTS GEORGIA AMONG THE TOP THREE PERCENT CHANGES IN THE U.S. SOURCE: U.S. DEPARTMENT OF EDUCATION 2009.

11 INCREASE IN FAFSA FILINGS INDICATES MORE STUDENTS ARE ACCEPTING ADVICE TO APPLY EARLY FOR FIN. AID GIVEN ECONOMIC RECESSION AND 10% UNEMPLOYMENT, MORE FAMILIES THAN NORMAL ARE APPLYING FOR FIN. AID INCREASE IN FAFSA FILINGS MAY REFLECT THE ECHO BOOMERS GRADUATING IN 2008 AND 2009 THE LARGEST GRADUATING CLASSES IN U.S. HISTORY

12 WHAT COLLEGES ARE SAYING ABOUT THE SPIKE IN INCREASED FAFSA FILINGS IN A 2009 SURVEY OF 500 COLLEGE FINANCIAL AID OFFICES BY NATIONAL ASSOCIATION OF STUDENT FINANCIAL AID ADMINISTRATORS 61% REPORTED A 10 PERCENT OR GREATER INCREASE IN NUMBER OF AID APPLICATIONS FOR AWARD YEAR COMPARED TO % REPORT AID APPLICATIONS INCREASE OF LESS THAN 10 PERCENT. ONLY 8 PERCENT SAW NO INCREASE. QUOTE FROM NAFSAA INTERIM PRESIDENT THIS SURVEY DEMONSTRATES A GROWING DEMAND FOR FINANCIAL AID AND A GROWING BURDEN FOR FINANCIAL AID OFFICES. SOURCE: NAFSAA INSTITUTIONAL AID SURVEY, SEPTEMBER 23, 2009

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14 FREE APPLICATION FOR FEDERAL STUDENT AID FAFSA IS REQUIRED BY EVERY COLLEGE FOR THOSE SEEKING NEED-BASED AID FAFSA APPLICATION IS FREE FAFSA IS NOT AVAILABLE UNTIL AFTER JANUARY 1 ST OF EVERY YEAR ONLINE FORM IS AT: FOCUSES ON INCOME AND DEPENDENTS

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16 BASIC FORMULA FOR COLLEGES THAT REQUIRE FAFSA & CSS PROFILE FOR NEED-BASED AID FAFSA FINANCIAL AID AWARD CSS PROFILE

17 AVERAGES FOR BORROWING BY FULL-TIME DEPENDENT UNDERGRADUATE STUDENTS AVG AMOUNT BORROWED AVG PERCENT BORROWING FOUR-YEAR PUBLIC COLLEGE $5,380 FOUR-YEAR PUBLIC COLLEGE 47% FOUR-YEAR PRIVATE COLLEGE $7,320 FOUR-YEAR PRIVATE COLLEGE 63% SOURCE: THE COLLEGE BOARD, TRENDS IN STUDENT FINANCIAL AID 2007, FIGURE 4b, pg. 13

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19 MORE GOOD NEWS ON FINANCIAL AID 65% OF COLLEGES REPORTED A 10 PERCENT INCREASE IN NUMBER OF PROFESSIONAL JUDGEMENT CASES THIS YEAR COMPARED TO LAST YEAR 21% OF COLLEGES REPORTED AN INCREASE OF LESS THAN 10 PERCENT IN PROFESSIONAL JUDGEMENT CASES. 55% OF COLLEGES SAID THEY HAVE INCREASED INSTITUTIONAL AID FOR STUDENTS. NEARLY 3 IN 4 (74 PERCENT) OF FOUR-YEAR COLLEGES INCREASED INSTITUTIONAL AID. SOURCE: NAFSAA INSTITUTIONAL AID SURVEY, SEPTEMBER 23, 2009.

20 1. NO LOAN: FAMILY PAYS PERCENTAGE OF TUITION OR COST OF ATTENDANCE BASED ON INCOME 2. NO LOAN: ELIMINATION OF PARENTAL CONTRIBUTION IF BELOW A SPECIFIC INCOME 3. NO LOAN: LIMITS THE AMOUNT OF NEED-BASED LOANS IN FINANCIAL AID PACKAGE 4. NO LOAN: ELIMINATES NEED- BASED LOANS FOR FAMILIES BELOW A SPECIFIC INCOME 5. NO LOAN: ELIMINATES NEED- BASED LOANS FOR ALL FAMILIES QUALIFYING FOR NEED

21 PREFERRED DEADLINE FOR APPLYING FOR FINANCIAL AID? FEBRUARY 1 ST OF EVERY YEAR, BUT.THERE IS NO TRUE DEADLINE FOR FILING FOR NEED-BASED AID. SO WHAT IS THE RIGHT ANSWER? COMPLETE YOUR FINANCIAL AID FORMS AS EARLY AS POSSIBLE TO ALLOW FOR MORE PROCESSING TIME FOR THE FIN AID OFFICE

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23 TWO TYPES OF SCHOLARSHIPS COLLEGE SCHOLARSHIPS

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27 TALKING TO YOUR CHILD ABOUT FINANCIAL PARAMETERS FOR COLLEGE THINK HONESTLY ABOUT COLLEGE COSTS BE HONEST AND UPFRONT WITH YOUR CHILD ABOUT COLLEGE COSTS MAKE SURE COLLEGE CHOICES FIT FINANCIAL PARAMETERS

28 HOPE SCHOLARSHIP INFO WHAT IS HOPE? STATE FUNDED SCHOLARSHIP GRANT PROGRAM FOR ALL GEORGIA STUDENTS GRADUATING FROM HIGH SCHOOLS IN GEORGIA. STUDENTS WHO HAVE A *3.0 CUMULATIVE CORE GPA ARE ELIGIBLE FOR THE HOPE SCHOLARSHIP. HOPE CAN ONLY BE USED AT PARTICIPATING GEORGIA COLLEGES AND UNIVERSITIES. HOPE COVERS FULL-TUITION AT ALL GEORGIA PUBLIC COLLEGES/UNIVERSITIES, HOPE-APPROVED FEES AND PROVIDES $150 BOOK STIPEND PER SEMESTER AT GEORGIA PRIVATE COLLEGES/UNIVERSITIES, HOPE PROVIDES $3,500 A YEAR TOWARDS TUITION. *HOPE GPA IS DETERMINED BY GEORGIA STUDENT FINANCE COMMISSION(GSFC)

29 ONLY CORE COURSES AND ALL WEIGHTING REMOVED FROM SCHOOL GPA 0.5 WEIGHT ADDED TO EACH AP COURSE ENGLISH MATH SOCIAL STUDIES FOREIGN LANGUAGE SCIENCE

30 GEORGIA STUDENT FINANCE COMMISSION (770) HOPE APPLICATION ONLINE. IT CAN ONLY BE FILLED OUT EVERY FEBRUARY BY SENIORS ONLY FREE SAT/ACT PREP SERVICES UNDER COLLEGE PLANNING FREE SERVICES FOR RESEARCHING COLLEGES AND COLLEGE MAJORS