1. Financial Aid & The College Decision Process
Nashwa Bolling
Associate Director of Budget, Research & Analysis
Financial Aid D

2. The College Decision Process
Financial fit & the value of obtaining a degree
Be prepared
Terms & Definitions
Applications
Types of Aid
Next Steps

3. Paying for College Financial Aid Award Letter (Aid Package)
Multi-year commitment
Rising Costs
Family Discussions
Net Price Calculators

4. Is College Worth the Cost?
Adam Looney and Michael Greenstone, the Hamilton Project

5. Be Prepared
Welcome to the Financial Aid, I need the following information:
Salary
Investments
Cash, Savings, Checking balance
Home Value
Taxes Paid
Tax Transcript from the IRS

6. Be Prepared / Organization
Colleges have varying deadlines
Priority deadlines
Ask what it means?
Financial Aid Applications
Scholarship Applications
Terms
Start developing a glossary
(Financial Aid Planning)

7. Admission Office Determines eligibility for merit based aid
Evaluate GPA
ACT and/or SAT Scores
Extracurricular Activities
Leadership
Community Service
Teacher Recommendations

8. Financial Aid Office
Establishes the cost of attendance (Sticker Price)
Evaluates family’s ability to pay by determining an expected family contribution (EFC)
Offers financial aid based on the cost of attendance and the expected family contribution
Distributes resources in an equitable manner
Counsels families on financial issues

9. Determining Costs and Aid
Cost of Attendance
Direct Costs
Tuition and Fees
Room & Board
Indirect Costs
Books & Supplies
Transportation
Personal Expenses

10. Determining Costs and Aid
Financial Need
Cost of Attendance
- Expected Family Contribution
Need varies based on cost
Most colleges are unable to meet 100% of financial need with scholarship and grant aid

11. Financial Aid Applications
FAFSA – Free Application for Federal Student Aid
Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans

12. Expected Family Contribution
FAFSA
Income
Taxed and Untaxed
Allowances for
Basic Living Expenses, Social Security and income taxes
Assets
Cash, Savings, Checking, Stocks, 529 plans, Business Net Worth
Home value is NOT included
Asset Protection and Education Savings
Equation: Adjusted Gross Income – Allowances + Assets = EFC

13. Financial Aid Applications
CSS PROFILE – College Board
Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs
University of Denver, Daniels Fund, Colorado College (400 nationwide)
$25 Application Fee
Comprehensive look at family wealth
Includes home equity
Non-custodial parent information
Why PROFILE:
- better measure of family wealth
- higher income protection than FAFSA
- more comprehensive examination of wealth that includes home equity, assets in siblings name, contribution from both parents even if divorced.

14. Financial Aid Applications
Documentation needed to complete applications (Parent and Student)
Federal Income Tax Returns
W-2 Forms
Driver’s License
Social Security Numbers
Savings and Checking Account Information

15. Financial Aid Applications
Additional Documentation needed to complete CSS PROFILE application (Parent and Student)
Records of untaxed income & benefits
Current Mortgage Information
Records of stocks, bonds, trusts, and other investments

16. Financial Aid Applications
Tips for Completing Applications
Meet Deadlines
You can estimate information on both the FAFSA and CSS PROFILE applications
Reapply every year
Ensure Social Security Number is correct
Send applications to the correct institutions
Ask questions if you are unsure

17. Types of Aid Scholarships & Grants Federal & State Grants
Need-based, merit-based, or a combination
Federal & State Grants
For lower income students & families
Student Employment
Students work on campus hours a week
Paid hourly wages
Great way to gain valuable work experience
Loans
Direct Stafford, Parent PLUS, and private

18. Loans – Are they Evil? No, but excessive borrowing is!
How much will your payment be?
Loan Balance of $10,000
6.8% interest rate
Standard 10 year Repayment Plan
$105
$115
$125
$135
For every $10,000 in loan balance, you will pay $115 per month for 10 years. $3,810 in interest

19. Smart Borrowing Don’t borrow more than your first year salary
What do teenagers think their salary will be? (Charles Schwab - Teens & Money Survey 2011)

21. Financial Aid Resources
Financial Aid Office & Website
Webinars / Chats / Videos / FAQs
Application Completion Events
High School
FAFSA Free for All Events
Financial Aid Office
Department of Education
@FAFSA

22. Private Scholarships Civic Groups/Organizations (Rotary, Lions, etc…)
Religious Organizations
Corporations (Target, Coca Cola, Ford, etc….) or
Facebook App: My College Dollars
High School Counselor
College or University Financial Aid Office Website

23. Where Do I Go From Here?
Make financial aid part of your college visits
Do a bit of detective work!
Do the colleges use financial need in determining their admission decisions?
How does the college treat private scholarships?
On average how much need does a college meet?
Utilize Net Price Calculators
Inform colleges about special circumstances
Investigate and apply for private scholarships

24. Questions? Nashwa Bolling 303-871-4020 finaid@du.edu
Associate Director of Budget, Research & Analysis, Financial Aid
A copy of the presentation is available at: