Presentation on theme: "FINANCING A COLLEGE EDUCATION PRESENTED BY THE STUDENT FINANCIAL SERVICES OFFICE SEATTLE UNIVERSITY."— Presentation transcript:
FINANCING A COLLEGE EDUCATION PRESENTED BY THE STUDENT FINANCIAL SERVICES OFFICE SEATTLE UNIVERSITY
Overview How Much Will It Cost? How Much Will We Pay? Closing the Gap: Private Outside Scholarships Closing the Gap: Need-Based Financial Aid Applying for Financial Aid How are Financial Aid Awards Determined? Types of Financial Aid Timelines Web Sites and Resources
How much will it cost? The cost of attendance for a nine-month school year … sometimes called the student’s “budget” … varies from school to school and includes actual or estimated amounts for: Tuition and fees Room and board Books and supplies Miscellaneous personal expenses Transportation Other documented educational expenses
2014-15 Nine-Month Cost of Attendance Washington State College Averages 4-Year 4-Year Community PublicPrivate College College College Tuition and Fees$ 3,900 $12,400 $38,200 Books $ 1,250 $ 1,250 $ 1,250 Room and Board* $ 3,250 $10,800 $10,800 Personal Expenses $ 1,600 $ 2,300 $ 2,300 Transportation $ 1,350 $ 1,350 $ 1,350 Estimated Total Cost $11,350 $28,100 $53,900 * Assumes living at home for community college and not living at home for 4-year colleges
Net Price Calculator All institutions that participate in federally funded financial aid programs are required to have a net price calculator on their web sites Shows estimated cost Calculates estimated financial aid … and often institutional academic scholarships … based on: Simplified FAFSA-like information and GPA and/or other information (test scores, for instance) if merit- based scholarships are part of the estimate The difference between estimated cost and estimated aid is the estimated “net price” to the student and his or her family
Finding the Net Price Calculator Check out the “Net Price Calculator” on the web site of each school in which you’re interested Go to the school’s web site Search that site for “Net Price Calculator” The Net Price Calculator can often be found on the Admissions and/or Financial Aid page of a school’s web site The Department of Education required that this information be provided, but did not specify the format and/or content. The result? These sites differ from school to school … sometimes a little, sometimes a lot.
How much will we pay? The student and family will pay the difference between the cost of attendance and the assistance the student receives from ALL sources: Cost of Attendance - Assistance from ALL Sources* = Amount the Student and Family Will Pay *Includes any and all sources of funding whose purpose is to help cover the student’s educational costs: need-based financial aid, institutional academic and talent scholarships, outside scholarships, veterans benefits, tribal stipends, tuition remission and exchange, etc.
Closing the Gap: Applying for Private Outside Scholarships Use your favorite search engine to find FREE “FREE College Scholarship Search Websites” A few of the results include: The College Board Scholarship Search collegeboard.com/paying FastWeb Scholarship Search fastweb.com FinAid! finaid.org Student Scholarship Search studentscholarshipsearch.org Washington Scholarship Coalition thewashboard.org Searching will produce many, many more!
Closing the Gap: Applying for Need-Based Financial Aid The Free Application for Federal Student Aid (FAFSA) is filed each year, preferably in January, for the following academic year (January 2015 for the 2015-16 Academic Year) Free Application for Federal Student Aid (FAFSA) fafsa.gov Personal Identification Number (PIN) The student and parent each use their PIN as their electronic signature on the student’s FAFSA pin.ed.gov
Who’s eligible to apply? NEARLY EVERYONE!!! You won’t know unless you apply … and it’s free If you think you’ll need help paying for college, complete the FAFSA DON’T exclude yourself because you don’t think you’ll qualify With very few exceptions, EVERYONE who files the FAFSA is eligible for at least a student loan Keep your options open: have a “Plan B” You can list several colleges to receive the results of your FAFSA.
Frequent FAFSA Errors Filing too early (before January 1) = filing for the incorrect year … 2014-15 instead of 2015-16, for instance Filing too late = missing priority funding deadlines (file by February 1 if at all possible) Waiting to complete tax return to file the FAFSA. Don’t wait … it’s okay to estimate!!! FAFSA not signed Incorrect number of people in the household and/or number of people in college Incorrect information from parents who have divorced or divorced and remarried
Special Circumstances You must provide the information the FAFSA requests If, for instance, 2014 information is requested, you cannot provide 2013 or anticipated 2015 information Contact the Financial Aid Office(s), not the FAFSA processor, about financial circumstances you’re not able to explain on the FAFSA such as: Inability to obtain parent information Loss of Income (retirement, lay-off, etc.) Private K-12 Tuition for siblings Medical/Dental expenses not covered by insurance Unusual non-discretionary expenses If you’re unsure, it never hurts to ask!
How is the amount of financial aid a student receives determined? The information provided on the FAFSA is used by the Department of Education’s FAFSA processor to calculate the student’s Expected Family Contribution (EFC) The EFC is sent by the processor to the schools the student lists on the FAFSA The EFC is an index of the family’s overall financial strength and also a rationing device of sorts At most schools, the student’s EFC, calculated by the Federal FAFSA processor from the information the family provides on the student’s FAFSA, is one of the main tools financial aid offices use to determine the amount of aid they are able to award to the student
How is the amount of financial aid a student receives determined? The schools … to which the student has been admitted, and to which the student had FAFSA results sent … create financial aid awards based on, among other things The need-based aid for which the student is eligible and Aid the student will receive from other sources, and The amount of aid available to be awarded
Types of Financial Aid SCHOLARSHIPS and GRANTS “Gift Aid” Don’t have to be repaid WORK STUDY Must work part-time to earnLOANS Must be repaid Students and parents may borrowSOURCES Federal, State, Institutional & Private
Timeline for 2015-16 Fall 2014: Apply for admission Complete institutional financial aid form and/or supplemental application such as the College Board’s PROFILE as requested January 2015: File the 2015-16 FAFSA … by February 1 if possible Begin scholarship search High School Counselor and/or Career Center Web Search Don’t wait to be admitted to apply for financial aid
Helpful Financial Aid Web Sites Free Application for Federal Student Aid (FAFSA) fafsa.gov fafsa.gov * FAFSA Personal Identification Number (PIN)* pin.ed.gov pin.ed.gov Department of Education, Federal Student Aid studentaid.ed.gov studentaid.ed.gov “Prepare for College” tab on home page * *The Department of Education has announced that on April 15, 2015, they will change their access and signature protocol. As a FAFSA filer, you will be notified of what you need to do to update to and use the new protocol.
Have Questions? Get Answers! Meet with your high school counselor Contact the Financial Aid Office at the college(s) you’re considering fafsa.gov fafsa.gov Contact the Department of Education’s FAFSA processor using the “Contact Us” menu link from fafsa.govfafsa.gov Online chat Toll-free phone E-mail Whether or not you’re considering attending Seattle University, contact Rebecca Wonderly, Outreach Specialist in the Student Financial Services Office at Seattle University 206-296-5839 firstname.lastname@example.org