Making College Possible:
Financial Aid Fun
Financial Aid Topics What is financial aid? Where does it come from?
What aid is available? How to apply for financial aid. Where to look for information about private sources of aid.
Definition of Financial Aid
Money available to families to help them pay for educational expenses.
Types of Financial Aid Gift Assistance Self-help Scholarships Grants
Sources of Financial Aid
Federal Government Programs State Government Programs Institutional Programs Community Programs National Programs
Ways to pay for college Savings Job Financial Aid Scholarships Grants
Loans Campus Employment Parent Support Outside Support Military benefits Division of Vocational Rehabilitation Indian Grants Americorp and Vista Grants
Scholarships Types Locating Scholarships Institutional
Non-institutional Locating Scholarships Guidance Office Websites Community Organizations Groups, Clubs, Activities Employers Professional Organizations
FREE Scholarship Services
Scholarships (cont.) Essays Watch for Scams
Activities and Involvements Awards Volunteer Experiences Leadership Roles Career Goals Personal Goals Inspiring People/Things Special Circumstances Financial Health Family Personal Watch for Scams
Eligibility for Aid Based upon an analysis of data provided on the
Free Application for Federal Student Aid (FAFSA) Some schools have their own institutional forms (CSS Profile)
Free Application for Federal Student Aid (FAFSA)
The calculation is based upon family size, number in college, income and assets Available January 1st of your senior year Complete FAFSA as soon as possible after January 1, 2014 (you will need your 2013 income tax information)
List up to 10 schools to receive FAFSA data
Federal School Code for each school 6 digit number for all schools Housing plans for each school
Financial Aid (cont.) Process (cont.)
FAFSA processed with federal government and sent electronically to schools within 1week Sometimes additional documentation is required School reviews information and sends award letter that lists types and amounts of financial aid available Awarded for both Fall and Spring semesters
Comparing financial aid awards
Compare total costs! Total costs include tuition, fees, room and board. Compare each type of financial aid (grants to grants, loans to loans and work to work) … not just bottom line! Ask how much tuition increases per year. Ask what will happen to your financial aid award if you receive an outside scholarship. Ask what types of payment plans are available. Ask if there are fees or interest associated with payment plans. Ask how your financial aid will change in future years. ASK QUESTIONS!
Tips for Applying for Financial Aid
Apply as early as possible Meet college filing deadline/priority dates Find out what forms are required at each institution Used completed tax returns Read the instructions - don’t assume Complete all questions Keep a copy for your records
Financial Aid Timeline
June ‘13 – December ‘13 Complete your application for admission Complete your Net Price Calculator Discuss the results of your NPC with your admissions counselor Watch the mail for your FAFSA information in late December January ‘14 – May ‘14 Complete the FAFSA and submit it to the Department of Education as soon as possible after January 1, 2014. About 4-6 weeks after you submit your FAFSA you will receive your official Financial Aid Award
Net Price Calculators Schools are required to have a Net Price Calculator on their website The Net Price Calculator is a “mini version of the FAFSA” – which allows schools to provide you with an estimate of what it will cost to attend college.
Financing Options Alternative Loans Summer Employment Plus Loans
Parent’s Loan Federal loan program Fixed Interest Rate = 6.41% Flexible payment options Alternative Loans Student’s Loan Requires co-signer Private Loan Variable or Fixed Interest rate usually based on Libor or Prime (no cap) Repayment begins 6 months after student graduates
Are you ready? POP QUIZ!!!
What are the types of financial aid?
A. Grants B. Loans C. Work Study D. All of the above
True or False? The FAFSA website is:
Name one cost of college.
A. Tuition B. Books C. Dorm and Food Plan D. A, B, and C E There is no cost to college.
Name one place to find scholarships.
Name two things to include on a scholarship essay.
How many schools codes can you list on the FAFSA?
Name one place to go to get answers to financial aid questions.
Questions? THANK YOU!!
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