Common Acronyms Types of Aid Cost of Attendance Examples of Financial Aid Packages Frequently Asked Questions Resources
FAFSA ◦ Free Application For Financial Aid Apply Every Year SAR ◦ Student Aid Report Estimates Pell eligibility, EFC and additional requirements
EFC ◦ Expected Family Contribution Amount student and/or family can pay determined by Federal Government COA ◦ Cost of Attendance Tuition, books, supplies, transportation, room, board and personal expenses Yearly amount
DL ◦ Direct Loan AKA Stafford or FFELP Subsidized and Unsubsidized PLUS ◦ Parent Loan Undergraduate Student Parent borrows for student Parent responsible for repayment
Grants ◦ Federal Pell Grant ◦ Federal Supplemental Opportunity Grant ◦ State Need Grant ◦ Institutional Grants Work-Study ◦ Federal ◦ State
Loans ◦ DL ◦ PLUS ◦ Private/Alternative Scholarships ◦ Institutional ◦ General
Total Cost of Attendance$15858 ◦ Tuition & Fees$3210 ◦ Books & Supplies $972 ◦ Room & Board$8460 ◦ Transportation$1176 ◦ Personal Expenses$2040
COA $15858 EFC- $1000 Unmet Need=$14858 ◦ Aid officer tries to meet unmet need with a “package” of aid need based aid
Unmet Need$14858 ◦ Pell Grant$4600 ◦ FSEOG $600 ◦ Work-Study$4500 ◦ Subsidized DL$3500 ◦ Unsubidized DL$1658 Total Aid$14858 THIS STUDENT CAN GO TO SCHOOL!
Reduce COA ◦ Live at Home ◦ Utilize Public Transportation ◦ Carpool ◦ Purchase Used Books Apply For Scholarships
Why do I need to use my parents income? ◦ Independent Requirements Born before January 1, 1988 Married Completed BA degree Veteran Children Legal Guardianship Both Parents Deceased
Who’s information do I need to use if my parents are divorced? ◦ The parent you lived with more during the past 12 months ◦ Or the parent who provided more financial support during the past 12 months ◦ Or during the most recent year that you actually received support ◦ If this parent is remarried must include the stepparent information
What if I cannot get my parents information? ◦ May qualify for Dependency Override ◦ Contact school if you have extenuating circumstances ◦ Documentation will be required ◦ Parent refusal to complete FAFSA not considered extenuating ◦ May apply without parent information and receive loan only
Can I complete my FAFSA before I file my taxes? ◦ Yes – You can estimate your taxes and then update when the actual return is completed ◦ Make sure your FAFSA is submitted before the financial aid deadline What are the DL and PLUS interest rates? ◦ Subsidized4.5% ◦ Unsubidized6.8% ◦ PLUS7.9%
FAFSA on the Web ◦ Avoid being charged a fee – FAFSA is FREE Early Determination ◦ Department of Education ◦
The Higher Education Coordinating Board ◦ The SmartStudent Guide to Financial Aid ◦ The College Board ◦ FedMoney.org ◦ WashBoard ◦
The Department of Education ◦ ndex.html ndex.html The Better Business Bureau ◦ Federal Trade Commission ◦
Where do I go from here? ◦ Complete FAFSA ◦ Apply for Admissions ◦ Review college websites ◦ Submit all requested information and documents ◦ Meet all applications deadlines ◦ Look for other types of aid