Financial Aid Information Session Minnesota Association of Financial Aid Administrators (MAFAA)

Objectives of this Session General Overview Application Process Types of Aid Answer Questions

Where to start Check with the college : 4Does college have an institutional aid application? 4Does college do estimates of financial aid? 4Does college have a priority deadline date? 4What is the college’s Federal Code? Go on-line to on-line to

Free Application for Federal Student Aid (FAFSA) facts u Universal tool for data collection u Federal central processor computes data u Apply every year u Takes 1-2 weeks to process--apply early u Generates Student Aid Report (SAR) u Determines your Expected Family Contribution (EFC)

Ways to complete the FAFSA FAFSA on the WEB Paper FAFSA

Why FAFSA on the Web? Faster Built in Edits and skip-logic Fewer Errors

Expected Family Contribution (EFC)  Student and parent contributions are determined by the federal formula  Colleges use your EFC to determine your financial aid eligibility at their school

Remember… The cost of higher education is primarily the responsibility of the family Financial aid supplements the Expected Family Contribution Ability-to-pay vs. willingness-to-pay

Tuition and Fees Room and Board Books and Supplies Misc. Personal Expenses  Transportation  Child Care  Personal Expenses Cost of Attendance

Determining Financial Aid Eligibility Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Eligibility for need based aid

Financial Aid Examples School A COA$30,500 EFC- 5,000 NEED$25,500 School B School C $15,500 $4, ,000 -5,000 $ 10,500 $0 Your Expected Family Contribution (EFC) remains the same!

Types of Financial Aid  Gift Aid  Grants  Scholarships  Self-Help  Student Employment  Student Loans

Grants Federal l Pell Grant l Supplemental Educational Opportunity Grant l ACG/SMART Grant State l Minnesota State Grant Private l Institutional Grants

Scholarships 4Contact Colleges 4Check with High School Guidance Counselor 4Check parent & student clubs, unions, employers 4Search the internet

Student Employment 6Campus-based employment 6Credited to student’s account or paid directly to student depending on college 6Federal and state student work study employment will not be used in determining the student’s contribution on next year’s FAFSA

Student Loans mFederal Stafford/Direct Loan msubsidized and unsubsidized mFederal Perkins Loan mFederal Parent (PLUS) Loan mState of Minnesota SELF Loan  Private Loan Options

Other important WEB resources... Financial Aid Information Page The Internet System for Education and Employment Knowledge (ISEEK) Minnesota Office of Higher Education Minnesota Association of Financial Aid Administrators

We’re ready to help you! Staff Assistance Contact the college financial aid office for assistance. Most offer both telephone & walk in counseling.