1. Financing Your Education Paul Calme Director of Financial Aid Xavier University 513.745.3142www.xavier.edu/financial-aid

2. Topics of Discussion Philosophy of financial aid Definition of financial aid Types of financial aid How to apply for financial aid Resources

3. To the extent they are able, parents have primary responsibility to pay for their dependent children’s education Students also have a responsibility to contribute to their educational costs Families should be evaluated in their present financial condition A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay Philosophy of Financial Assistance

4. The Determination Of Financial Need Cost of attendance (Tuition, Room, Board, Books, Transportation, Miscellaneous) -Expected family contribution (EFC) The Results of Filing the FAFSA =Financial need

5. Philosophy Of Financial Aid

6. What is Financial Aid? Scholarships - do not need to be repaid Grants - do not need to be repaid Loans - must be repaid Employment opportunities - wages must be earned

7. Grants Federal – Pell Grant Based on financial need 2008-09 award amounts ranged from $400 - $4,731 – Federal Supplemental Educational Opportunity Grant Based on financial need Award amounts vary by college (maximum is $4,000 per year)

8. Federal Academic Competitiveness Grant (ACG) First and second year undergraduate students Federal Pell Grant recipient U.S. citizen Full time Completed rigorous secondary school program Award amounts: – $750 first year students – $1300 second year students

9. Federal TEACH Grant Teacher Education Assistance for College and Higher Education (TEACH) Grant: A federal grant program awarding up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

10. Grants Ohio – Ohio College Opportunity Grant Based on financial need Family Income <$75,000 EFC maximum $2,190 – Ohio Student Choice Grant Need is not a criteria Awarded to Ohio residents enrolled fulltime, at private Ohio colleges, in bachelor degree programs 2008-09 award amount is $660 Institutional Private

11. Loans Federal Perkins loan Available to undergraduates and graduates Priority is given to high need students Award amounts vary by college ($4,000 per year maximum for undergraduates) Repayment begins 9 months after the student leaves school Interest rate is fixed at 5%

12. Loans (Continued) Stafford loan program Subsidized (based on need) Unsubsidized (need is not a consideration) Repayment begins 6 months after the student leaves school Interest rate is fixed at 6.8% for unsubsidized Interest rate is fixed at 6.0% for subsidized

13. Stafford Loan Limits Annual  Students may now borrow an additional $2,000 Unsubsidized Stafford Loan each year

14. Loans (Continued) Federal PLUS loan program – Parents of dependent students may borrow this loan on behalf of their children – Interest rate is fixed at 8.5% – Repayment of principal and interest typically begins 60 days after the final disbursement of the loan Alternative loans – Loans borrowed from private lenders

15. Employment Work Study – Federal Available to students based on financial need Employment can be on or off campus – Institutional Employment offered by the college without regard to financial need

16. General Student Eligibility Criteria Must be enrolled or accepted for enrollment in eligible program of study Must be pursuing degree, certificate, or other recognized credential Must be U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male and required) May not have eligibility suspended or terminated due to being convicted of a drug-related offense

17. Application Process Register for a PIN: www.pin.ed.gov (to file on- line)www.pin.ed.gov – Both student and parent must file for a PIN File the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 of the year of enrollment at www.fafsa.ed.gov www.fafsa.ed.gov The FAFSA is the federal application which collects personal information in order to determine financial need

18. Other Forms You May Need College Scholarship Service Profile – Required by some private colleges to collect additional financial data Institutional Application

19. Tips for Completing the FAFSA Know the federal school code(s) of the school(s) to which the student is applying Do not leave any item blank Be sure to use the student’s legal name as it appears on his/her social security card Keep a copy of the FAFSA for your records

20. Frequently Asked Questions How much can we earn and still qualify for financial aid? In cases of divorce, which parent should complete the FAFSA? We won’t have our taxes completed by February 15th. Should we wait to file the FAFSA?

21. Frequently Asked Questions The FAFSA says if we have special circumstances we should check with the financial aid office. What are special circumstances? – The situations that are considered special circumstances can vary from school to school – Each school will have its own policy for how it deals with special circumstances requests – Requesting a special circumstance almost always entails the completion of another form in addition to the FAFSA – Examples of special circumstances could include: Paying private school tuition Unusual medical or dental expenses Loss or reduction of income

22. Summary Important points – Apply for admission – Know which forms your college requires – Keep copies of your applications and tax returns – File the FAFSA for each student – File the FAFSA every year – Apply early – Beware of scholarship scams

23. Resources Federal Department of Education – 800.4.Fed.Aid – www.ed.gov/finaid.html – www.fafsa.ed.gov (FAFSA application) Ohio Board of Regents ( Ohio grants and scholarships) – 888.833.1133 – http://regents.ohio.gov/ http://regents.ohio.gov/ Cincinnati Scholarship Foundation – www.cincinnatischolarshipfoundation.org www.cincinnatischolarshipfoundation.org EFC Calculators –www.finaid.org/calculators/finaidestimate.phtmlwww.finaid.org/calculators/finaidestimate.phtml

24. Private Scholarship Search Free Internet scholarship search engines: FinAid on the Web: www.finaid.org College Board: www.collegeboard.com FastWeb: www.fastweb.comwww.fastweb.com GoCollege: The Collegiate Websource: www.gocollege.com