Presentation on theme: "Financial Aid Cindy Griffin Assistant Director Rollins College."— Presentation transcript:
Financial Aid Cindy Griffin Assistant Director Rollins College
Agenda Financial Aid Definition Cost of Attendance (COA) Expected Family Contribution (EFC) Financial Need Types and Sources of Financial Aid Free Application for Federal Student Aid (FAFSA) Special Circumstances Net Price Calculator
What is Financial Aid? Paying for college is primarily the responsibility of the family Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
What is Financial Need Cost of Attendance – Expected Family Contribution Gross Financial Need
What is Cost of Attendance (COA) Direct costs Indirect costs Varies between colleges
What is the Expected Family Contribution (EFC) Factor Stays the same regardless of college Two components Parent contribution Student contribution Calculated using data from a federal application form (Free Application for Federal Student Aid) and a federal formula (EFC Formula)
Cost Comparison Private University 60,000 (COA) - 10,000 (EFC) 50,000 (Need) Public University 20,000 (COA) - 10,000 (EFC) 10,000 (Need)
Types of Financial Aid Scholarships Grants Loans Employment Gift Aid Self-Help Aid
Sources of Financial Aid Federal government States Institutions Private sources
Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic Considered ‘Non-Need’
Scholarship Sources State Florida Bright Futures Awards (private colleges) Florida Academic Scholars Fund - $103 per credit Florida Medallion Scholars Award - $77 per credit Florida Vocational Gold Seal Award - $77 per credit, 2 yr Institutional Merit-based awards Talent-based awards Athletic aid Performance scholarships Private Sources www.fastweb.com www.fastweb.com www.scholarships.com www.scholarships.com
Grants Money that does not have to be paid back. Usually awarded on the basis of financial need. In general, FAFSA is required.
Grant Sources State Florida Resident Access Grant - $3,000 (private) Florida Student Assistance Grant - $2,610 max Federal Pell Grant - $5,730 max Supplemental Ed Opportunity Grant (SEOG) - $4,000 max Institutional Florida Pre-Paid Plan
Loans Borrow to help pay college expenses. Repayment usually begins after education (federal loans have a six or nine month grace period depending on loan type). Only borrow what is really needed. Look at loans as an investment in the future.
Loan Sources Federal: Federal Stafford Loan Subsidized versus Unsubsidized Subsidized Maximums $3500, $4500, $5500 Perkins Loan Federal Parent Loan for Undergraduate Students (PLUS loan) Private: Always consider federal loans first!
Employment Allows student to earn money to help pay educational costs A paycheck; or Non-monetary compensation, such as room and board
Employment Sources Federal College Work Study Need-based Experiential Income is excluded from future FAFSA Institutional work programs State work programs (Florida Work Experience Program)
Application Process Apply and be accepted to the college. Complete federal tax returns. Complete 2015-2016 Free Application for Federal Student Aid (FAFSA.gov).
Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family. Filed electronically or using paper form.
FAFSA Information used to calculate the Expected Family Contribution or EFC. Colleges use EFC to award financial aid.
Benefits of Filing Electronically Avoid unnecessary questions. Built-in edits to prevent costly errors. Timely submission. Detailed instructions and “help.” Ability to check application status on-line. Simplified application process in the future. Use Internal Revenue Service (IRS) data retrieval.
IRS Data Retrieval Submit real-time request to IRS for tax data. IRS will authenticate taxpayer’s identity. IRS sends real-time results to applicant. Choose whether or not to transfer data.
IRS Data Retrieval Available early February 2015 for 2015-16 processing cycle. Participation is voluntary. Reduces documents requested.
Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
What Happens Next? Tax Returns Award Letter FAFSA Admitted
Special Circumstances Cannot report on FAFSA. Send written explanation to financial aid office at each college. Examples: Change in employment status Medical expenses not covered by insurance Change in parent marital status Other
Net Price Calculator (NPC) Every college must provide an NPC More detailed, but it’s only an estimate
Helpful Websites www.fafsa.gov File the FAFSA online. www.fafsa.gov www.pin.ed.gov Request FAFSA PIN. www.pin.ed.gov www.studentaid.ed.gov Information and links. www.studentaid.ed.gov www.fastweb.com Private scholarship database. www.fastweb.com www.scholarships.com Outside scholarships. www.scholarships.com www.nasfaa.org/AnnualPubs/CashforCollege.PDF www.nasfaa.org/AnnualPubs/CashforCollege.PDF www.FloridaStudentFinancialAid.org www.FloridaStudentFinancialAid.org http://www.fasfaa.org/cgs http://www.fasfaa.org/cgs **Portion of slides provided by NASFAA.