Presentation on theme: "My money and my child go to MIT!. FINANCIAL AID Need-Based Merit-Based."— Presentation transcript:
My money and my child go to MIT!
FINANCIAL AID Need-Based Merit-Based
Financial Aid FACTS $52 Billion + 95% from the Colleges
Comprehensive Fee Tuition and Fees Room Board (Food) Books and Supplies Personal Expenses Travel
Total Coverage Parents + Student + College _______________ Total College Costs
Expected Family Contribution (EFC) (PC) Parents Contribution + (SC) Students Contribution _____________________________ (EFC) Expected Family Contribution
Computing Need Comprehensive Fee (College Cost of Attendance) - Expected Family Contribution (EFC) ____________________ Students Financial Need
Forms PROFILE October 1 https://profileonline.collegeboard.com FAFSA January 1 Institutions Form or Supplement Varies
Financial Aid Package Scholarships Merit/Performance/Character Grants Federal/State/Institutional Work-Study Jobs Loans Federal/State/Institutional
PROFILE October 1 35 % Student Savings 50% Student Salary $2,500+ Parents Home Equity
FAFSA Online FAFSA School and College Codes Student Pin Number
Worksheet Social Security card and drivers license Last years income tax return W-2 forms Record of any untaxed income Current asset information Users name on social security card Never leave anything blank/use 0s instead
Deadlines Second week in January February 15?
SAR Web-Based Application 2-3 Weeks Hardcopy 4-6 Weeks
CFAR Report Income Tax Returns
State Residency Permanent and mailing addresses Your social security number Students High School Most recent employers Parents' place of employment
Scholarships Colleges Private Sources
Specific Scholarships College Admission Office Department of Interest
Other Sources of Aid Cooperative Education (and some Internships) Three Year Degree Programs Military Commitment Junior or Community College Non-Need Work Study Western Undergraduate Exchange Reciprocal Agreements College Opportunity Fund
529 Plans College Savings Plan Prepaid Tuition Plan
Financial Aid Tips Apply to more than one college. Establish a contact in the financial aid office by phoning and/or visiting. This will give you a single, direct resource for answering questions and solving problems. Appeal your financial aid package when it arrives if it is not satisfactory. Be gracious, be positive and have your reasons for requesting more funding be reasonable and justifiable. Consider appealing your award AFTER the response deadline for offers of admission.