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Financial Aid 101 What to Know - The Basics. Financial Aid Terms FAFSA EFC COA NPC Work-Study Loans.

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Presentation on theme: "Financial Aid 101 What to Know - The Basics. Financial Aid Terms FAFSA EFC COA NPC Work-Study Loans."— Presentation transcript:

1 Financial Aid 101 What to Know - The Basics

2 Financial Aid Terms FAFSA EFC COA NPC Work-Study Loans

3 Financial Aid Free money ! ! !

4 Financial Aid- Two Kinds Need-Based Financial Aid ✤ determined by financial situation of family Merit-Based Financial Aid ✤ awarded on basis of merit - academic, athletic, artistic

5 Need-Based Aid FAFSA is completed ✤ Jan 1 of Senior Year Parent & Student PIN Financial Information

6 Terms to Know EFC = Expected Family Contribution ✤ What the government says your family should pay for college per year COA = Cost of Attendance ✤ Tuition, room & board, books, fees, etc. per year

7 How This Works Cost of Attendance per year = $30,000 Expected Family Contribution = $10,000 Financial “Need” = $20,000 If college meets 100% of demonstrated need, will give financial aid award of $20,000

8 Financial Aid Award Grants/Scholarships Work-Study Loans

9 Net Price Calculators (NPC) Tool to help families determine what the net price would be for the first year of college Net Price = Cost of Attendance minus estimated need-based financial aid award Need financial records Not easy to compare colleges

10 What to Look For - Generous Colleges Colleges that give a large % of grants or scholarships in need- based financial aid awards & little or no loans Colleges that give a large % of merit-based scholarships (not based on financial need)

11 Examples of Generous Colleges

12 Pay Attention To Each college’s policies about financial aid and scholarships Deadlines - can be different than application deadline Are any additional forms needed - CSS Profile, etc.?

13 Private Scholarships - National

14 Private Scholarships - Local

15 Private Scholarships - Ethnic/Race/Gender

16 Resources FAFSA - Fast Web - Scholarships - Merit Aid - College Board -

17 My Information Joni L. Towles Certified Educational Planner www. towlesedu.com


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