Coordinator of Financial Literacy & Advising

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Presentation transcript:

Coordinator of Financial Literacy & Advising DeLucaL2@southernct.edu Financial Aid 101 Lew DeLuca Coordinator of Financial Literacy & Advising DeLucaL2@southernct.edu

EFC (estimated family contribution) Applications FAFSA (free application for federal student aid) https://fafsa.ed.gov/ Complete October 1 annually CSS Profile (fee application for non federal financial aid) https://student.collegeboard.org/css-financial-aid-profile EFC (estimated family contribution)

Cost of Attendance (COA) Direct costs Tuition & Fees Room & Board (live on campus) Indirect costs Room & Board (live home/off campus) Books & Supplies Personal & Transportation

Award Elements Scholarships (gift aid, merit based) Awarded by college, state or private Grants (gift aid, need based) Awarded by government, state or college Loans (self-help aid, pay back with interest) Awarded government, bank or college Work Study (usually not posted to bill) Awarded by college

Sample Awards Private 4 yr. College Public 4 yr. College Cost of Attendance $70,000 $30,000 $13,000 EFC Financial Need Federal Pell Grant $5,920 Federal SEOG Grant $3,000 $500 $400 College Scholarship $14,000 Fed. Work-Study $2,000 $5,000 Stafford Sub. Loan $3,500 $0 Stafford Unsub. Loan Parent PLUS Loan $38,580 $13,080

Next Steps Good luck and thank you! Submit FAFSA October 1 annually Apply for private scholarships monthly Work and save each summer Consider commuting if costs prohibit graduation Appeal Financial Aid awards if special circumstances Good luck and thank you!