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Erik J. Lips Assistant Dean of Admission and Financial Aid Emory University Emory WorkLife Resource Center, July 2010.

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Presentation on theme: "Erik J. Lips Assistant Dean of Admission and Financial Aid Emory University Emory WorkLife Resource Center, July 2010."— Presentation transcript:

1 Erik J. Lips Assistant Dean of Admission and Financial Aid Emory University Emory WorkLife Resource Center, July 2010

2 Merit vs. Need Based Aid Eligibility for Merit Awards Application processes will vary greatly by school - With Admission Application - Nomination by High School/College invite Criteria will depend on the objectives of the awarding entity Colleges/Universities Online/Local Organization Scholarship Awards Typically, the more selective the institution, the fewer the opportunities for merit-based awards Eligibility for Need Based Aid Funding awarded based on the consideration of a familys income, household size, and asset information etc. Based on Submission some or all of the following: - FAFSA, CSS Profile, Institutional Forms, Complete tax information Common Sources Federal Government Colleges/University

3 Looking for Merit Money? - First, know the school!!!

4 Other factors to consider… How large is the applicant pool? How selective is the admission process? Selective – Percentage of students admitted from applicant pool (Admit Rate) More selective – low admit rate - means less score/grade/achievement variance in the applicant pool Less selective - higher admit rate - does not equate to a bad school Geographical relationship to school

5 Back to the brochure…

6 Key Definitions for Need Based Aid Expected Family Contribution (EFC) Measure of a familys financial strength and is calculated according to a formula established by law. Taxed and untaxed income, assets, and benefits (such as unemployment, etc.) are all considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year. Cost of Attendance (COA) An estimate of how much money will be required to attend school for one year at that college, including all reasonable expenses (Sticker Price) Billed Costs Tuition Fees Room Board Other Personal Expenses Books Supplies Transportation

7 Cost of Attendance, Emory College Tuition$38,600 Fixed charge for 12 credit hours or more for which you are billed. Fees558 Fixed athletic, activity and mental health fees for which you are billed. Books1,100 Per information from the Emory bookstore, average expenses for required books. Will vary by curriculum. Housing6,800 Students living in residence halls are billed for a specific hall. This figure represents the average charge for a double room and includes all utilities, cable TV and one campus computer connection. As an average it may be more or less than your actual charges. Food4,398 Freshmen are billed for a minimum food charge of $2,115 per semester. The total estimated food expense of $4,230 covers the mandatory food charge for the unlimited food plan. Upperclass students' costs may vary depending upon their choice of meal plan. Personal1,200 A variable figure which includes items such as laundry, telephone, grooming and entertainment. This fee is not assessed by Emory. Travel900 Represents a modest travel allowance. Actual expenses will vary by student. This is not a fixed charge. TOTAL$53,556

8 FAFSA The FREE APPLICATION for FEDERAL STUDENT AID (FAFSA) Used in all Federal Funds awarding PELL, SEOG, Perkins Loans, Stafford Loans, Work Study, etc. Uses parental, student income and assets to generate the Expected Family Contribution (EFC) Available January 1 of the students Senior Year

9 CSS PROFILE Used by organizations to award nonfederal student aid funds - Mainly, Private Institutional Grants $25 Fee for initial application and one college (or program report) Additional reports are $16 Completing Online requires a valid credit card or checking account Fee waivers are granted automatically based on the information entered on the PROFILE application Available October 1 of the students Senior Year

10 Non-Custodial PROFILE When marital status of the biological or adoptive parents is separated, divorced, or never married (FAFSA doesnt ask for NC information) Waivers should be pursued where abuse, a restraining order, incarceration, or total disability, etc. exists. documentation is necessary Unwillingness is not a reason for a university to waive their requirement Students need to be proactive and adhere to posted deadlines

11 Schools/Organizations that require the CSS PROFILE Adelphi University Adrian College Alabama A&M University Albany College of Pharmacy Albany Law S of Union U Albert Einstein C of Medicine Alfred University Amer Assoc of C of Osteo Med American Foreign Srvc Assoc SF American University American University of Paris Amherst College Aquinas Inst of Theology Archeworks Armenian Student Assoc of Amer Athenaeum of Ohio Attleboro Scholarship Found Aubrey Lee Brooks Foundation Babson College Bard College Bard College at Simon's Rock Barnard College Bates College Benedictine University Bennington College Bentley U: Mccallum Graduate Bentley University Boston College Boston U: Goldman Sch Dental Boston U: Sch of Medicine Boston U: Sch of Public Health Boston University Bowdoin College Bradley University Brandeis University Bridgton Academy Brown University Bryn Mawr College Bucknell University Butler University California Institute of Tech Cardinal Stritch University Carleton College Chaminade Univ of Honolulu Charles R Drew U Med/Science Chinese U of HK: Intl Asian SP Claremont McKenna College Clark University Cochran School of Nursing Colby College Colgate University College of Wooster College of the Holy Cross Colorado College Columbia College (SC) Columbia U: Business School Columbia University Connecticut College Cooper Union Science and Art Cornell U: C of Vet Med Cornell University D'Youville College Dartmouth College Dartmouth College: Thayer Sch Davidson College Davis and Elkins College DePauw University Delaware State Dental Society Dickinson College Drew University Duke University ETSU: Quillen C of Medicine Eastern Baptist Theo Sem Edgewood College Edward M. Armfield Sr. Found Eliot School Fine Applied Arts Elmira College Elon University Emerson College Emory U: Sch of Medicine Emory University Eugene Atwood Fund Fairfield University Flagler College Fordham University Fordham University Lincoln Ctr Franklin & Marshall College Franklin College: Switzerland Furman University George E Stifel Schol Fund George Washington University Georgetown U: Law Ctr Georgetown University Gettysburg College Gordon College (MA) Goucher College Great Lakes Teacher Training Green Mountain College Gustavus Adolphus College Gutenberg College Hamilton College (NY) Hampden-Sydney College Hampshire College Harvard College Harvard Kennedy Sch Government Harvard U: Dental Sch Harvard U: Grad Sch of Design Harvey Mudd College Haverford College Hebrew Union College - CA Hebrew Union College - NY Hebrew Union College - OH Henrico Cnty-St Mary's Hosp S Heritage University Hillsdale College Hobart and William Smith Coll Holy Cross College Hughesian Free School Trust Illinois Institute Technology Illinois Wesleyan University Irene S Wischer Schol Prg Ithaca College Jacobs University Bremen Jaggannathan Scholarship Found Jewish Theo Sem: Rabbinical S Jewish Theol Sem of America Jewish Theol Sem: Cantorial S Jewish Theol Sem: Grad S Johns Hopkins University Kalamazoo College Kamehameha Schools Kenyon College Kuyper College LaPenta Med Scholarship Trust Lafayette College Lehigh University Lenoir-Rhyne University Lewis & Clark College Linfield College Long Island Univ: Brooklyn Long Island Univ: C. W. Post Loyola University Maryland Lyme Academy College Fine Arts Lynn University MES Financial Aid Fund Inc MIUAD: Fine Arts College Macalester College Madonna U: St Mary's College Manhattan School of Music Marygrove College Massachusetts Inst of Tech McGill University Meharry Medical College Middlebury College Monmouth College Moody Bible Institute Moravian College Morris Brown College Mount Holyoke College Mount Mary College Muhlenberg College NY State College Ceramics - AU NYU Abu Dhabi National Achievement Schol Prg National Merit Schol Corp Nazareth College of Rochester New College Franklin New York C of Podiatric Med North Carolina A&T SU Northeastern University Northwestern University Oberlin College Occidental College Ohio Wesleyan University Olivet College Oxford College of Emory Univ Patrick Henry College Patten University Pitzer College Pomona College Princeton University Principia College Providence College Queen's University at Kingston Reed College Regis College Rensselaer Polytechnic Inst Rhode Island School of Design Rhodes College Rice University Roger Williams University Sacred Heart University Saint Mary's College Salve Regina University Santa Clara University Sarah Lawrence College Schol Found of St Joseph Cnty Scripps College Seabury-Western Theo Sem Seton Hill University Shimer College Siena Heights University Skidmore College Smith College Smith College: Sch Social Work Southern Calif C of Optometry Southern Methodist University St. Anselm College St. John's College (MD) St. John's College (NM) St. Lawrence University St. Michael's College St. Olaf College Stanford U: Grad Sch of Bus Stanford University Stevens Institute Technology Stonehill College Susquehanna University Swarthmore College Syracuse University Texas Christian University The Student Aid Fund Tiffin University Town of Chelmsford Schol Fund Transylvania University Trevecca Nazarene University Trinity College (CT) Tufts U: Sch of Dental Med Tufts University Tulane University U Mass: Medical School U of California: San Francisco UCLA: School of Medicine Union College (NY) Univ of Chicago Univ of Denver Univ of Dubuque Univ of Michigan Univ of North Carolina Chapel Univ of Notre Dame Univ of Pennsylvania Univ of Puget Sound Univ of Rochester Univ of Southern California Ursinus College Valley Health System Valparaiso University Vanderbilt University Vassar College Villanova University Wabash College Wake Forest U Sch of Medicine Wake Forest University Washburn U: Sch of Law Washington Univ St. Louis Washington and Lee University Wellesley College Wells College Wesleyan University Wheaton College (MA) Whitman College Willamette University Williams College Worcester Polytechnic Inst Xavier University of Louisiana Yale University

12 Estimated EFC Chart updated for

13 Estimate your EFC Go to GOOGLE, type in EFC Calculator Records you will need - Student drivers license & social security card - W-2 forms and other records of money earned - Federal income tax returns - Records of untaxed income - Current bank statement - Business and farm records - Records of stocks, bonds and other investments - Current Home Value/Debt (Profile)

14 Figuring an award NEED The difference between COA and EFC, the resulting amount may be fully or partially accounted for with gift and/or self-help aid. - COA – EFC = NEED X Y Z Cost ofExpected Family Need Attendance Contribution (Variable) (Variable) (Constant) EFC

15 Financing Options Federal Parent PLUS Loan Fixed 8.5% Federal Stafford Loan 5.6% ( ) 4.5% ( ) 3.4% ( ) With a return to 6.8% in Other recent interest rates include: - Prime Lending Rate: 3.25% - 30-year Fixed Rate Mortgage: 5.07% - 91-day T-Bill: 0.17% - Certificate of Deposit (6 month): 0.40% - Commercial Paper Rate (3 month): 0.27% - Constant Maturity Treasury (1 year): 0.47% - Federal Funds Rate (Effective Rate): 0.19% - LIBOR (1 month): 0.30% - LIBOR (3 month): 0.40% Source: 4/1-4/15/2010

16 Look for Private Lender Lists Use the information schools gather The more costly, the more volume = better relationships

17 Internet Scholarship Search FinAid on the Web: College Board: FastWeb: Scholarship Resource Network Express: GoCollege: The Collegiate Websource: Scholarship Experts:

18 Emory Courtesy Information Courtesy Benefit Call your HR Representative to gain a complete understanding of the program Emory Staff/Faculty: Emory Healthcare:

19 More about Courtesy Additional Federal or State Funds will reduce Full Courtesy awards Student Eligible for HOPE ($4000) and Full Courtesy will be awarded: $34,600 Courtesy $4,000 HOPE Totaling $38,600 = Tuition Partial Courtesy will allow HOPE to stack Scholarships from the High School or other organizations will stack on top of Courtesy Courtesy only applies to Emory and is not transferred to other institutions Tuition Benefits - Regular full-time employees are eligible to be reimbursed for the tuition costs of up to 5 credit hours per academic session

20 Is Courtesy taxable?? Call your HR Representative to gain a complete understanding of the program Emory University Staff/Faculty: Janice Parmer Emory Healthcare: Rhonda Pennigton

21 Closing tips… Open the college search Include more schools Private and Public, In and Out of state Understand every school has its own rules on awarding Need Based and Merit Based Funding Find their brochures take notes know their requirements Merit money is not awarded to everyone at every school Sticker Price should not be an immediate selection tool Apply to 5-12 schools, more responses equals more options

22 Questions??

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