Building Connections with the Financial Aid Office: What interactions, contacts, and conversations do you need? Andy Hoge, Director of Admissions and Placement, NJ SEEDS Sarbeth Fleming, College Counselor, Westminster Schools John Leach, Director of Financial Aid, Emory University

Goals for Today Overview of financial aid process Engaging in the FA process: The Family, the CBO, and the College Golden Nuggets of FA

The College Process at times feels like the Wild West Social Networking Merit Aid Reporting of Data Meeting “full need” Early Decision Total Cost of Attendance Use of Federal Shopping Sheet Net Price Calculator

Make higher education accessible to students who can’t afford it on their own Enable students to apply to first- choice colleges Attend college based on best fit – Equity in distributing limited funds Role of merit aid Background: What is the purpose of need-based financial aid?

Background: How do students apply for need-based financial aid? Federal formula FAFSA (Free Application for Federal Student Aid) - tax transcript Institutional formula CSS/Financial Aid PROFILE At school’s discretion: Institutional application Tax returns and W-2 forms Noncustodial Parent PROFILE Families must reapply annually

Background: How is eligibility for financial aid determined? COST OF EDUCATION - Estimated Financial Assistance (or outside resources) - Family contribution (EFC) _________________________________. = STUDENT’S FINANCIAL NEED

Background: How is the family contribution determined? Parent contribution from income Parent contribution from assets Student contribution from income and assets

Background: How is financial need met?  Gift aid  Grants  Scholarships  Self-help aid  Employment  Student loans

Background: Important terms FAFSA CSS Profile Expected Family Contribution (EFC) Need-blind Demonstrated Need Demonstrated Interest Yield Potential Gapping Award Letter Grants Scholarships Loans Cost of Attendance (COA) Work Study FERPA

The Right Fit When does “fit” matter more than financial aid? What role do parents play in this conversation? What is “undermatching” and what does it have to do with financial aid? * * Addressed in report by Caroline Hoxby, et al.

Talking to the Financial Aid Office How does the CBO communicate with the College Counseling Office, and how does this relate to financial aid? Who do you need to know? What role does the college admission office play? How can you advocate for your students in the financial aid office? Do financial aid offices make themselves available to high school counselors or CBOs? What are the big concerns of a financial aid office? What’s the best approach?

Golden Nuggets for Financial Aid Fly In Programs ( Early Decision: Times are a-changin’ Deadlines matter Help your students to be self-advocates The FA Appeal Equal opportunity programs (HEOP, EOF, and BEOP) What colleges might be most friendly to your students? Are there specific qualities to look for?

Golden Nuggets for financial aid Beyond US NEWS & WORLD REPORT The schools with the right stuff –Average Net Price for Low Income Families –Graduation Rate for Underrepresented Minority Students vs Overall Graduation Rate –% Pell Recipients –Retention to Year 2 –Endowment per Student –Fly In Programs Handout

Questions? Thank you!