Presentation on theme: "Stanford Financial Aid Office"— Presentation transcript:
1 Stanford Financial Aid Office Ron DiazStanford Financial Aid Office
2 Topics We Will Discuss What is financial aid? Cost of attendance (COA) The expected family contribution (EFC)What is financial needCategories, types, and sources of financial aidApplication Forms
3 What is Financial Aid?Financial aid is funds provided to students and families to help pay for postsecondary educational expenses.Can include loans, jobs and scholarships or grants.
4 Myth: You can’t go to college if you don’t have the MONEY FACT: Colleges come in all price rangesFinancial aid is available almost half of all college students receive financial aidIn more than $130 billion in financial aid was distributedEven though the cost of college is going up, it is still the best step you can take for a good future
5 You Can Get MONEY to Go to College Because You . . . Need it (this is the biggest reason students get money)Earn good grades or take hard coursesHave talent in music, art, sports, etc.Have a certain background or characteristicHave a special need or a disability(There are lots of other ways to get money for college, too.)
6 What is Cost of Attendance (COA) Direct costsIndirect costsVary widely from college to college
10 What is the Expected Family Contribution (EFC) Computed amount family is expected to contributeTwo componentsParent contributionStudent contributionCalculated using FAFSA (Free Application for Federal Student Aid) data and a federal formulaSome schools may use Institutional Methodology (Profile Application)
12 What is Financial Need – Expected Family Contribution = Financial Need Cost of Attendance– Expected Family Contribution= Financial Need
13 Example of Need-Based Aid Package Scholarship and/or Grant FundsCost of AttendanceStudent Loan & Job ExpectationExpected Family Contribution
14 Types of Financial AidScholarshipsGrantsLoansEmployment
15 Scholarships/Grants Money that does not have to be paid back Awarded on the basis of need, merit, skill, or a unique characteristic
16 LoansMoney students and parents borrow to help pay educational expensesRepayment usually begins after education is finished – look at federal programs firstOnly borrow what is really neededLook at loans as an investment in the future
17 Employment Allows student to earn money to help pay educational costs Working part-time is helpful for most students; Working too much can affect grades!
18 Sources of Financial Aid Federal governmentStatesColleges/UniversitiesPrivate sourcesCivic organizations and churchesEmployers
19 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial needMust apply every year using the FAFSA
20 Common Federal Aid Programs Federal Pell GrantAcademic Competitiveness GrantNational Science and Mathematics Access to Retain Talent GrantFederal Supplemental Educational Opportunity GrantFederal Perkins LoanStafford Loans/Ford Direct LoansPLUS LoansFederal Work-Study
21 States Residency requirements Award aid on the basis of both merit and needUse information from the FAFSADeadlines vary by state; Cal Grant deadline is March 2nd!
22 California Student Aid Commission 2008-09 Cal Grant Program Income CeilingsAsset Ceilings
23 Private Sources Foundations, businesses, charitable organizations Deadlines and application procedures vary widelyBegin researching private aid sources early; internet is a great tool!
24 Civic Organizations and Churches Research what is available in communityTo what organizations and churches does student and family belong?Application process usually spring of senior yearSmall scholarships add up!
25 EmployersCompanies may have scholarships available to the children of employeesCompanies may have educational benefits for their employees
26 Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and familyMay be filed electronically or using paper formAvailable in English and SpanishRequired by all schools awarding federal aid
27 FAFSA on the Web Web site: www.fafsa.ed.gov FAFSA on the Web available on January 1, 2009FAFSA on the Web Worksheet:Used as “pre-application” worksheetQuestions follow order of FAFSA on the Web
28 FAFSA on the Web Good reasons to file electronically: Built-in edits to prevent costly errorsSkip-logic allows student and/or parent to skip unnecessary questionsMore timely submission of original application and any necessary correctionsMore detailed instructions and “help” for common questionsSimplified renewal application process
29 Special Circumstances Change in employment statusMedical expenses not covered by insuranceChange in parent marital statusUnusual dependent care expenses
30 Special Circumstances Cannot report on FAFSASend explanation to financial aid office at each collegeCollege will review special circumstancesRequest additional documentationDecisions are final and cannot be appealed to U.S. Department of Education
31 CSS Profile Application A standard form that collects demographic and more detailed financial information about the student and familyMust be filed electronicallyTypically required by schools that are awarding large amounts of institutional aid