Paul Calme Xavier University

Philosophy of Financial Assistance COLLEGEA B C COST OF COLLEGE$40,000$20,000$10,000 EFC$10,000$10,000$10,000 FINANCIAL ELIGIBILITY$30,000$10,000$0

Philosophy of Financial Assistance Parents have primary responsibility to invest in their dependent children’s education Students have a responsibility to contribute to their educational costs A student’s ability to pay for educational costs must be evaluated in an equitable and consistent manner Families should be evaluated in their present financial condition Special circumstances may be considered

The Cost of Attendance Tuition & Fees Room & Board Books & Supplies Transportation Personal Expenses

The Cost of College Total Billable Price -Financial Assistance Net Price (amount you pay)

Sources of Financial Aid Scholarships – academic based non-repayable Grants – need or talent based non-repayable Loans – borrower must repay Work Opportunities – wages must be earned

Scholarship Considerations Value of the scholarship Restrictions Renewability Appeals On-going value Sources

Grants Need based Not based on academics Talent based

Student Loan Programs Federal Perkins Loan – 5% fixed interest; no interest while enrolled at least half time in college; up to 10 years to repay once out of college Federal Stafford Loan – subsidized and unsubsidized Subsidized (need-based)- 4.5% interest; no interest while enrolled at least half time in college; up to 10 years to repay once out of college Unsubsidized (not need-based)– option to pay the 6.8% interest while student in college, or allow interest to accrue and make both interest and principal payments once student out of college – up to 10 years to repay

Federal Stafford Loan Annual Limits Federal Stafford Loan (subsidized or unsubsidized) Freshman $3500 Sophomore $4500 Junior $5500 Senior $5500 Student may also borrow additional $2000 unsubsidized each year Stafford may be all subsidized, all unsubsidized or a combination, not to exceed the annual loan limit

Parent Loan - Plus Parent may borrow up to full cost of attendance minus aid offered Interest rate 7.9% Option to pay interest while student in college, or allow interest to accrue and make both principal and interest payments once student out of college Repayment – up to 10 years

Private Education Loans Students may also secure loans from private lenders Usually at a higher/variable interest rate and less favorable repayment provisions Likely to need a co-signer Repayment usually deferred until after graduation Sometimes interest only payments are required Approval based on student and/or co-signer’s credit history Amount cannot exceed COA minus all other aid

Work Opportunities Federal Work-Study (need-based) Awarded work-study Secure job usually on campus Work the hours Receive payment Use earnings for billable costs or personal use University Employment (not need-based) Secure job on campus through office responsible for non work study employment

How to Qualify Admission acceptance University financial aid forms Free Application for Federal Student Aid (FAFSA) fafsa.ed.gov

Application Process Register for a PIN: - dependent student and parent must file for a PIN File the FAFSA as soon as possible after January 1 of the year of enrollment at Determine if colleges require an institution financial aid form and/or the College Scholarship Service Profile form (the Profile is required by some private colleges in addition to the FAFSA)

Timeline Apply and be accepted for enrollment at colleges File FAFSA after January 1 Results returned to filer and colleges listed on FAFSA usually within two weeks Colleges prepare financial aid award notification for student beginning late February or early March All award notifications should be received by student by May 1 Student reviews aid offers and makes college choice

A Few Tips Complete your income tax form before completing the FAFSA, if possible Up to ten colleges can be listed on the FAFSA Know the Federal School Code(s) for each college listed on the FAFSA Save a copy of the completed FAFSA Save a copy of the completed income tax form(s) Present special circumstances to college(s) FAFSA must be filed each year Get an estimate:

For More Help High School Guidance Office College Financial Aid Office Public and College Libraries and Bookstores The Internet

More Help (continued) Federal Department of Education -(8oo) 4 FED AID - Ohio Board of Regents -(888) Cincinnati Scholarship Foundation - Ohio Association of Student Financial Aid Administrators

College Goal Sunday February 13, 2011 Sunday 2:00 – 4:00 To be held at several locations in our area Details at

Questions? Xavier University Office of Financial Aid