1. Melissa Winship School Counselor South Education Center Alternative Financial Aid 101

2. Financing Your Future What does college cost? What types of aid are available? How do I apply for financial aid? Where can I get more information?

3. What does college cost? (2011-2012 annual tuition and fees) Private Colleges: $31,862 University of Minnesota: $13,062 State Universities: $7,323 Community & Technical Colleges: $5,173 Private Career Colleges: $14,062 Source – MN Office of Higher Education

4. Cost of Attendance (COA) The cost of attending an institution includes more than just tuition and fees. Also included are: Room and Board Books and Supplies Transportation Personal Expenses

5. How will I pay for it? Family support Savings Scholarships Financial aid –Grants –Loans –Work-study

6. Grants FREE MONEY! Do not need to be paid back Based on financial need Federal Pell Grant – up to $5,500/year MN State Grant – up to $9,000/year Institutional Grant – College funds awarded to students with financial need

7. Loans Must be repaid – Perkins Loan (up to $5,500/year) – Direct Subsidized (up to $5,500/year) – Direct Unsubsidized (up to $20,500/year) – Direct PLUS (for parents)

8. Scholarships Where can I find them? Community, church, civic, and business organizations Employers Colleges and universities On the Web

9. How do I apply for financial aid? Obtain a Federal Personal Identification Number (PIN) Complete the Free Application for Federal Student Aid (FAFSA)

10. PIN Registration PIN Registration www.PIN.ed.gov

11. FAFSA on the Web FAFSA on the Web www.fafsa.ed.gov

12. Expected Family Contribution (EFC) The EFC is calculated from the information you provide on the FAFSA according to a formula established by law. You can get an estimate of your EFC using the FAFSA 4-caster tool at www.fafsa.ed.gov.www.fafsa.ed.gov

13. EFC Components Dependent Student Parents’ income and assets Household size Number of dependents attending college Student’s income and assets Independent Student Student’s (and spouse’s) income and assets Household size Number in household attending college

14. How does a school determine my financial aid award? How does a school determine my financial aid award? Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

15. Sample Financial Aid Award Package Normandale Community College Cost of tuition and living$10,000 Federal Pell Grant$5,000 Family MN State Grant$1,000Contribution = Federal Perkins Loan$2,000$1,000 Federal Stafford Loan$1,000 _________________________________ Total Aid$9,000

16. Where can I get more information? Minnesota Office of Higher Education www.getreadyforcollege.org Internet System for Education & Employment Knowledge www.iseek.org FinAid! - The Financial Aid Information Page www.finaid.org Minnesota Association of Financial Aid Administrators: www.mafaa.orgwww.mafaa.org The College Board www.collegeboard.org

17. What should I do and when? Apply for scholarships now and throughout college Apply for admission to your school(s) of choice Apply for your PIN number Complete the FAFSA each year and be aware of school financial aid deadlines

18. What should I do and when? Review your Student Aid Report (SAR) for accuracy Respond promptly if your school requests more information Respond to financial aid award notice Complete loan promissory notes and work-study forms

19. Financing Your Future … an investment in you ! September 2009

20. Questions? Feel free to contact me! Melissa Winship MAWinship@district287.org 612-355-5837