The Harker School College Counseling Office Financial Aid Fundamentals

Vugraph 2 Goals of Financial Aid  Primary goal is to assist students in paying for college and is achieved by: Evaluating family’s ability to pay educational costs Distributing limited resources in an equitable manner Providing balance of gift aid and self-help aid

Vugraph 3 Gift Aid  Need based or merit-based  Scholarship Scams

Vugraph 4 Self-Help Aid Earned or repaid Loans and work- study

Vugraph 5 How Need is Determined  Cost of Attendance  Estimated Family Contribution (EFC)

Vugraph 6 Cost of College Attendance  Tuition and Fees  Room and Board INDIRECT COSTS  Books and supplies  Transportation  Misc. Expenses

Vugraph 7 Expected Family Contribution [EFC]  Federal Methodology  Institutional Methodology  Parent Contribution from Income and Assets  Student Contribution from Income and Assets

Vugraph 8 The Basic Financial Aid Equation Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

Vugraph 9 Example MIT Cost of Attendance: $48,000 – EFC: $20,000 = Demonstrated Financial Need: $28,000

Vugraph  Expected Family Contribution Calculator Financial Aid Estimators

Vugraph 11 Applying for Financial Aid  Which Colleges?  Which Forms?  When are the deadlines?

Vugraph 12 Application Forms  FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) – all  CSS PROFILE—mainly private colleges  COLLEGE’S OWN FORM – some

Vugraph 13 Federal Student Aid PIN Registration  Web site:  Can obtain PIN before January 1, 2008  Parent AND student

Vugraph 14 Free Application for Federal Student Aid (FAFSA)  ALL colleges  FAFSA on the Web at  FAFSA on the Web available on or after January 1, 2008  FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web  Student Aid Report (SAR)

Vugraph 15 CSS PROFILE  Private colleges  Colleges set own deadlines  Register online 

Vugraph 16 Cal Grant  California colleges  FAFSA required  academic achievement and financial need  GPA Verification Form due March 1, 2008  For more information visit: California Student Aid Commission at

Vugraph 17 Additional Forms Possibly Needed  OTHER DOCUMENTS POSSIBLY NEEDED CSS Business/Farm supplement Tax returns (parents and student) W-2 forms

Vugraph 18 Financial Aid Award Offer  Sent with or after the Admission Decision Letter  Compare Packages  Payment Plans

Vugraph 19 Where to go from here  Find out required forms  Know Financial Aid deadlines  Apply for Federal PIN  Register for CSS Profile (if needed)  Visit helpful Websites

Vugraph 20 For More Information  Contact the college Financial Aid Offices directly and visit their web pages  Visit FAFSA Online at Apply for Federal PIN at  Visit CSS Profile at  Visit FinAid at  Visit FastWeb at

Vugraph 21 Thank you for coming! Questions?