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National Association of Student Financial Aid Administrators © NASFAA 2008 What You Need to Know About Financial Aid
Slide 2 © NASFAA 2008 Discussion Topics What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances
Slide 3 © NASFAA 2008 What is Financial Aid? Financial aid is made up of federal, state, institutional and private funding. These funds are used to help provide students and families a way to pay for college educational expenses
Slide 4 © NASFAA 2008 What is the Cost of Attendance (COA) Direct costs – Tuition, fees and books Indirect costs – Room, board, transportation and personal expenses Direct and Indirect costs combined into cost of attendance (COA) Varies widely from college to college
Slide 5 © NASFAA 2008 What is the Expected Family Contribution (EFC) The amount a student/parent(s) is expected to pay toward the student’s COA (the EFC is calculated by using federal methodology from the Department of Education). Stays the same regardless of college Two components –Parent contribution –Student contribution
Slide 6 © NASFAA 2008 What is Financial Need? Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
Slide 7 © NASFAA 2008 Categories of Financial Aid Need-based Non need-based
Slide 8 © NASFAA 2008 Types of Financial Aid Scholarships Grants Loans Employment
Slide 9 © NASFAA 2008 Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or a unique characteristic
Slide 10 © NASFAA 2008 Grants Money that does not have to be paid back Usually awarded on the basis of financial need
Slide 11 © NASFAA 2008 Loans Money that does have to be paid back Money student and/or parent borrows to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future
Slide 12 © NASFAA 2008 Employment Money that students earn that can be used to help pay college educational costs. –A paycheck –Non-monetary compensation, such as room and board
Slide 13 © NASFAA 2008 Sources of Financial Aid Federal government State government Private sources Civic organizations and churches Employers
Slide 14 © NASFAA 2008 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply every year using the Free Application for Federal Student Aid (FAFSA)
Slide 15 © NASFAA 2008 State Government Residency requirements Award aid on the basis of both merit and need Uses information from the FAFSA application Deadlines vary by state; Check Application Deadline Dates on the FAFSA’s Web site
Slide 16 © NASFAA 2008 Federal Aid Programs Federal Pell Grant Academic Competitiveness Grant (ACG Grant) National Science and Mathematics Access to Retain Talent Grant (SMART Grant) Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Federal Supplemental Educational Opportunity Grant (SEOG) Federal Work-Study Federal Perkins Loan Federal Direct/Stafford Student Loans Federal Direct/Stafford Parent Loan for Undergraduate Students (PLUS) Loan
Slide 17 © NASFAA 2008 Minnesota State Government Aid Programs Minnesota Achieve Scholarship Program – check with HS counselor Minnesota State Grant Minnesota Post-Secondary Child Care Grant Minnesota Public Safety Officer’s Survivor Grant Student Educational Loan Fund (SELF) Loan
Slide 18 © NASFAA 2008 Institutional/Outside Financial Aid Institutional Grant Tuition Waiver Special Programs Scholar Awards Other – Veterans, research and internships, non- resident tuition, etc. Loans
Slide 19 © NASFAA 2008 Private Sources Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early Check with HS counselor and colleges
Slide 20 © NASFAA 2008 Civic Organizations and Churches Research what is available in community To what organizations, clubs and churches does student and family belong? Application process usually spring of senior year Small scholarships add up! Check with HS counselor and colleges
Slide 21 © NASFAA 2008 Employers Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees
Slide 22 © NASFAA 2008 Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form – *New* - by phone for 2009-2010 –Available in English and Spanish
Slide 23 © NASFAA 2008 FAFSA Information used to calculate the Expected Family Contribution (EFC) Colleges use EFC to award financial aid
Slide 24 © NASFAA 2008 FAFSA Web site: www.fafsa.ed.gov May be filed at any time during an academic year, but no earlier than the January 1 st Colleges may set FAFSA filing deadlines Check with the specific colleges for additional deadlines or financial aid forms that must be completed
Slide 25 © NASFAA 2008 FAFSA on the Web Good reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student/parent to skip unnecessary questions More timely submission of original application and any necessary corrections More detailed instructions and “help” for common questions Ability to check application status on-line Simplified application process in the future
Slide 26 © NASFAA 2008 Student Financial Aid Personal Identification Number (SFA PIN) Web site: www.pin.ed.gov Sign FAFSA electronically Can request PIN before January 1, 2015 Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school years
Slide 27 © NASFAA 2008 Now What? Take the FAFSA on the Web worksheet to the FAFSA Web site. To sign the FAFSA electronically have the student/parent (one parent for dependent students) PIN numbers ready Complete and submit the 2009-2010 FAFSA application
Slide 28 © NASFAA 2008 FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: –E-mail notification containing a direct link to student’s on-line Student Aid Report (SAR) if student’s e-mail was provided – parent will also receive notification if e-mail was provided.
Slide 29 © NASFAA 2008 Student Aid Report (SAR) Student with PIN may view SAR on-line at www.fafsa.ed.gov –Review data for accuracy –Update estimated tax information when actual figures are available
Slide 30 © NASFAA 2008 FAFSA Processing Results FAFSA information is sent to the colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews the FAFSA information –May request additional documentation, such as copies of federal tax returns
Slide 31 © NASFAA 2008 Making Corrections to a processed FAFSA If necessary, corrections to FAFSA information may be made by: Using FAFSA on the Web (www.fafsa.ed.gov) using your student/parent PIN;www.fafsa.ed.gov Submitting documentation to college’s financial aid office
Slide 32 © NASFAA 2008 Special Circumstances Cannot be reported on FAFSA Call financial aid office at each college to explain your circumstance(s) College will review and may request additional documentation
Slide 33 © NASFAA 2008 Special Circumstances Change in employment status Medical expenses not covered by insurance Change in parent marital status Death of a parent Student cannot obtain parent information
Slide 34 © NASFAA 2008 Difficulties in completing the FAFSA? Call the financial aid office at the college the student plans to attend Call the Federal Student Aid toll-free number at 1-800-433-3243 Call your tax preparer or financial advisor
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