paying for college presented by the Vermont Student Assistance Corporation What is VSAC? VSAC s mission is to ensure that all Vermonters have the necessary financial and information resources to pursue their education goals beyond high school. your role The family has the primary responsibility to pay for higher education. Financial aid is meant to assist families with paying for college. parents students
communication = success Planning Parent expectations Good college matches Student expectations types of assistance grants scholarships work study education loans federal state local college VSAC other the bottom line cost of attendance/budget billable (tuition, room and board, fees) + non-billable (books, travel, personal expenses) (minus) financial aid you receive (equals) = your cost/what you still need to pay
comparing college costs net price calculators net price: cost of attendance minus grants and scholarships customized estimate not a formal offer of admission net price collegenavigator.gov Tuition, fees, and estimated expenses Net price net price sticker price net price* $22,588 $17,259 $52,155 $25,328 $62,895 $17,862 * Costs are for $48,001 $75,000 income band.
financial applications to complete Free Application for Federal Student Aid (FAFSA) Vermont grant application college financial aid forms CSS Profile scholarship applications loan applications determining financial need What is the EFC/family contribution and how is it determined? The family contribution is a starting point NOT what you have to pay. income assets family size age of older parent number in college www.fafsa.ed.gov
how and when to apply file your FREE Application for Federal Student Aid (FAFSA) Required Available January 1, 2016. Use 2016 2017 version (the year student will attend college). Check college deadlines. Use income estimates, if necessary, to meet deadlines. Apply each year. how and when to apply FSA ID New this year. Student applying for aid and at least one parent on the FAFSA each need an FSA ID(dependent student). More security than the FSA PIN. Takes time to set up: More security = more questions. Can do NOW. whose information on the FAFSA generally, parent(s) and college student
FAFSA IRS retrieval Return to FAFSA Submit FAFSA confirmation & link to VT grant start your state application financial aid applications file the VT grant application Open to Vermont residents. Available January 1, 2016. Required for state grant aid. Apply early, check status online and complete. Can fill out forms online, upload documents to complete requests. Take the Vermont grant with you to in-state & out-of-state colleges
financial aid applications myvsac myvsac/account Access 2 1 financial aid applications scholarships Competitive submit your best work. Deadlines are critical. Application requirements vary. Complete all required documents. VSAC booklet available in October, online and in print. May affect other financial aid. Look everywhere. financial aid applications VSAC-assisted scholarships Application available January 1, 2016. Deadlines for all VSAC-assisted scholarships early bird: February 5, 2016 (drawing for a $1,000 scholarship) final: March 4, 2016 New: Fewer documents to submit. Most can be uploaded.
financial aid applications scholarships Unified Scholarship Application (USA) Submit required documents financial aid applications Deadlines vary. Contact financial aid office. CSS Profile (fee required) www.collegeboard.com Available October 2015. college forms You ve applied. Now what? CSS Profile college financial aid form college Vermont grant application FAFSA or renewal form federal state: VSAC
Family pays EFC plus unmet need $49,000 remaining need (gap) $19,500 $29,000 college aid Direct loan for students Vermont grant expected family contribution sample award notification Financial aid award by term for Your state college financial aid year 2015 2016 How do families pay?
loan options Federal Direct loan for students (two types) Federal PLUS loan for parents available from your college your college interest rates 2015 2016 4.29%* 2015 2016 6.84%* Non-federal education loans Banks, private lenders & VSAC check with lenders * Each year s loan will have its own fixed rate. loan calculators Mappingyourfuture.org FinAid.org New York Times before you accept financial aid Compare awards! Follow up on estimated or tentative awards. Determine how scholarships may affect awards. Understand loan terms.
communication is key E-mail communication is to the student. Identify an e-mail that you will check (and continue checking often!). Once accepted, student must check college account and myvsac regularly. Follow up with the financial aid office and VSAC. The last minute is NOT your friend. www.vsacroadmaps.org Thank you for your feedback!