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College Financial Aid Night

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Presentation on theme: "College Financial Aid Night"— Presentation transcript:

1 College Financial Aid Night
Morgan a. Kelly Associate Director Student financial assistance Sacred Heart University

2 Tonight’s Agenda Sources and Types of Financial Aid
Application Process Determining Eligibility Student Loans Outside Scholarships Questions to Ask

3 Types of Financial Aid Grants Scholarships Work-Study Programs Loans
Subsidized vs. Unsubsidized Stafford Read your award package carefully! Understand what is free, what is earned, and what is borrowed.

4 Begin at the Beginning Check with College and Universities to see what Financial Aid Applications are required. Check financial aid deadline dates with Colleges and Universities. Submit required information at least two weeks before earliest deadline. For example: February 15th Deadline -- Submit Information by February 1st.

5 Application Process Free Application for Federal Student Aid (FAFSA)
Required for Federal & State Aid Profile Application (CSS Profile) Used primarily by private colleges. Institutional Applications Check school publications and websites

6 Federal Student Aid PIN
Apply for PIN Change PIN Change PIN Information For students and parents Used for FAFSA application Used for student and parent loans

7 Federal Application Process
Parent & Student tax information It is ok to use 2013 tax information as an estimate! If divorced/separated , use custodial parent information Submitted each year the student is in school 1 FAFSA per student, not per family

8 Federal Application Process
After submitting the FAFSA: Review the Student Aid Report Make corrections, if necessary All filers may access SAR and make changes online If selected for review, a message will be present. You may have to submit tax transcripts and/or other forms for verification purposes to the school. Schools receive the applicant data electronically Schools may offer tentative award based on current information Schools –now or later- may verify or adjust information

9 CSS Profile Application Process
The College Board CSS Profile collects more comprehensive family and financial information It is ok to use 2013 tax information as an estimate! Allows schools to receive information earlier in the cycle Remember to check for other institution specific forms!

10 Determining Eligibility
What’s Next Determining Eligibility Cost of Attendance EFC ____________ Financial Need

11 Total Cost of Education
The Cost of Education Direct Costs Tuition and required fees Room and board for resident students Indirect Costs Books and supplies Transportation to and from campus Miscellaneous personal expenses Direct Costs Indirect Costs Total Cost of Education

12 What is the Expected Family Contribution – EFC?
The EFC is a measure of capacity over time to absorb educational costs Not a dollar amount expected from current income or assets Not an estimate of extra cash available It is a number used by your school to calculate the amount of federal student aid you are eligible to receive. The EFC is subject to school verification and adjustments.

13 Eligibility for Financial Aid
4 Year Private 4 Year Public Total Cost - FM EFC = Eligibility $34,000 $10,000 $24,000 $14,000 $10,000 $4,000

14 Need-Based vs. Merit Based
Need-based aid is dependent on a family’s EFC. Merit-based aid is award considering achievement, talent, participation, not a family’s EFC. Need-Based Aid Pell Grant Work Study Merit-Based Aid Academic Achievement Athletic Achievement

15 The Financial Aid Package
Total Cost = $34,000 Total Cost = $34,000 College Grant: $17,000 Unmet Need: $4,000 College Grant: $13,000 Work: $1,500 Work: $1,500 Loan: $5,500 Loan: $5,500 EFC: $10,000 EFC: $10,000

16 The Financial Aid Package
Total Cost = $34,000 Total Cost = $34,000 College Grant: $17,000 Actual Cost after Merit: $7,000 Academic: $12,000 Work: $1,500 Loan: $5,500 Athletic: $15,000 EFC: $10,000

17 Necessary Information
Net Price Calculator What is it? Necessary Information Allows for an estimate of your expenses and financial aid possibilities Not a guaranteed award Intended to help families understand out-of-pocket expenses earlier in the application process Student & Parent 2013 Income Tax Returns Earnings statements (W2 forms, recent paycheck stubs) Bank statements Student academic information

18 Loan Repayment Calculator
Student Loans Options What to Consider Stafford Loans Solely in the student’s name Subsidized vs. Unsubsidized Stafford No credit check, student cannot be in default on a previous loan Private Loans Student will need a co-signer Requires credit check Parent Plus Loan Solely in the parent’s name Loan Repayment Calculator

19 Outside Scholarships Consider making a specific email account
Look for opportunities where there will be less applicants Start with town, then county, then state, then national Specific major, ancestry, or participation Notify college when you win a scholarship May reduce current award from school Potential Sources Guidance Office Local Businesses Civic and Community Organizations Ethnic & Cultural Organizations Parents’ Employer Churches/Religious Groups

20 Questions to ask and not assume!
How do outside awards affect the aid package? What is the school’s policy on non-custodial parents? What is the average student debt level? Are the scholarships/grants renewable each year? How might awards change in future years? What happens if financial circumstances change?

21 Where There’s “The Web”, There’s a Way
Consumer tips for parents and students as well as financial aid tools for completing required applications. Financial Aid Information Page. Lists a variety of financial aid information, including family contribution calculators. FASTWEB, Free scholarship search. A site designed by the U.S. Department of Education in collaboration with students to help students make the dream of college a reality. The Connecticut State Higher Education website for state financial aid programs and links to Connecticut colleges and universities.

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