Presentation on theme: "College Financial Aid “Putting the Puzzle Together” Presented by: Dorothy Gilliard HESAA and FASNA LLC."— Presentation transcript:
College Financial Aid “Putting the Puzzle Together” Presented by: Dorothy Gilliard HESAA and FASNA LLC
What Is Financial Aid? Financial aid is money that can help you pay for college. Some aid needs to be paid back or earned, and some aid is a gift. This money is available to all students that qualify.
Financial aid can help you go to college Getting financial aid can make it possible for you to go to college. Or it might enable you to attend a college you thought you couldn’t afford.
Where Does Financial Aid Come From? Federal Government State Government Private Sources Financial Lenders Family Contributions
Types of Financial Aid Grants Need-based Merit-based Scholarships Need-based Merit-based Often based on specific criteria Loans Work
Things You Need To Know What is the Cost of Attendance? What is the EFC? What is Financial Need?
What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form and a federal formula
What Does a College Cost? Depends on the type of college you choose Community College - $10000 Public University - $32000 Private University -$40000 to $65000 Vocational School - $20000
What is Cost of Attendance (COA)? Direct costs Indirect costs Direct and indirect costs combined into cost of attendance Varies widely from college to college
What is Financial Need? In general terms, financial need is the difference between what a school costs and what you and your family can afford to pay Cost of Attendance – Expected Family Contribution
What Steps Can You Take NOW To Prepare For Later? Its never too early to prepare for college and career Its an on-going process Focus on: Grades Extracurricular Activities Athletics Community Service
For HS Freshmen: Take challenging classes in core academic subjects. Meet with your Guidance Counselor Involve yourself in School or Community based activities Start a list of your awards, honors, paid and volunteer work, and activities. You will need this information for college admissions applications Take a look at the FAFSA4Caster along with your parents to get an estimate of your financial aid eligibility. https://fafsa.ed.gov/FAFSA/app/f4cForm https://fafsa.ed.gov/FAFSA/app/f4cForm Work towards saving money to help defray some of the expenses you will incur Check out KNOW HOW 2 GO: Stay focused. If college or any postsecondary institution is in your view you’ll have to work diligently towards that goal.
For HS Sophomores Continue to meet with your assigned counselor to discuss colleges and their requirements Continue to dedicate your time to outside activities These outside activities can translate into viable scholarships Research colleges that you have an interest in. Websites College Fairs Site Visits Consider taking a practice PSAT to become familiar with what you will face when the PSAT becomes a reality for you Also take the PLAN test: or other standardized tests to get a warm uphttp://www.act.org/planstudent/ Begin to think about college finances Visit college websites to find out their costs, grants, scholarships and the qualifications Explore the HESAA website to become familiar with their financial aid offerings.
For HS Juniors Your academic record will go a long way toward either helping or hurting your chances of gaining admission to your schools of choice. You can make up ground here if your grades have not been so good Consider possible college majors Continue researching colleges that you may have an interest in and pay close attention to admissions requirements and financial aid availability Search for Scholarships www/Scholarships.com Do volunteer work; especially if you haven’t in lower grades Attend an ACT or SAT prep workshop or purchase practice materials to prepare for one or more of these exams Attend College Fairs Attend a Financial Aid Night at your school or somewhere locally to get a flavor of what you can expect
What Types of Financial Aid Can I Expect? Federal Pell Grant Federal SEOG Grant Federal Perkins Loan Federal Work Study Federal Direct Loans NJ TAG Program NJ Class Loan Program NJ Various Scholarship Programs
When Do I Apply For Financial Aid? The process begins in January of the year that you graduate High School Juniors: January, 2016 Sophomores: January, 2017 Freshmen: January, 2018
Its never too early to begin the process! Spend some quality time on the HESAA website to learn everything you need about state and federal financial aid
Explore the Federal Government’s Website, too. You will find a wealth of information that you can use NOW and LATER when it will truly make a difference. Obtaining Financial Aid for College is a process…YOU can do IT!!!!!!!!
Good Luck and…. Do Your best…..to get your best!!!!!!!!!!