1. Making College Possible:
Financial Aid Fun

2. 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.

3. Definition of Financial Aid
Money available to families to help them pay for educational expenses.

4. Types of Financial Aid Gift Assistance Self-help Scholarships Grants
Loans
Employment

5. Sources of Financial Aid
Federal Government Programs
State Government Programs
Institutional Programs
Community Programs
National Programs

6. 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

7. Scholarships Types Locating Scholarships Institutional
Non-institutional
Locating Scholarships
Guidance Office
Websites
Community Organizations
Groups, Clubs, Activities
Employers
Professional Organizations

8. FREE Scholarship Services

9. 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

10. 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)

11. 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)

12. 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

13. 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

14. 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!

16. 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

17. 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

18. 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.

19. 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

20. Are you ready?
POP QUIZ!!!

21. What are the types of financial aid?
A. Grants
B. Loans
C. Work Study
D. All of the above

22. True or False?
The FAFSA website is:

23. 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.

24. Name one place to find scholarships.

25. Name two things to include on a scholarship essay.

26. How many schools codes can you list on the FAFSA?

27. Name one place to go to get answers to financial aid questions.

28. Questions?
THANK YOU!!