Financial Aid Presentation 2011

Founded in 1851 Connected Learning Over 25 Undergraduate Programs Relevant Graduate Programs Over 1500 Undergraduate Students  From 23 States and 17 Foreign Countries

Office of Student Financial Planning Director: Michele R. Kosboth Associate Director: Thomas Hunt Coordinator: Brittany Baker

Introduction We will discuss: What Financial Aid is Sources of Financial Aid When and how to apply

A Few Terms… COA = Cost of Attendance - Includes tuition, room, board, fees. Books, supplies, transportation, personal expenses may also be added. EFC = Expected family contribution - Measure of what a family can be reasonably be expected to contribute over a year. Financial Need = Difference between COA and EFC

Need vs. Merit Merit aid – aid awarded based on performance or other non financial based criteria such as GPA, SAT scores, talent such as musical, athletic, etc. Need Based aid – aid usually awarded based on FAFSA information and financial need as defined by federal, state and institutional policies and formulas.

Types of Financial Aid Grants (or Scholarships) – Money that doesn’t need to be repaid. Can be merit or need based. Loans – Money which must be repaid; may be borrowed by student, parent, or both Work – Money which the student is given the potential to earn – does not get credited toward bill at most colleges.

Sources of Financial Aid Federal Government – Grants/Scholarships, Loans State Government – Grants/Scholarships, Loans in some cases College / University – Grants/Scholarships, Loans in some cases Private Agencies (Kiwanis, Elks, church/synagogue, employer etc.) - Scholarships

The Forms You Need to Know You Must Complete (need based aid) FAFSA - Free Application for Federal Student Aid – Required by all colleges for most aid – Free – no charge AND Lasell Financial Aid form – Free – no charge (Check with other colleges for their institutional requirements…)

“Insider” Tips Make sure to complete your forms as early as possible! – Don’t have to wait for your taxes – Keep copies of what you send “Guess-timate” on your forms If you have questions, ask! Don’t rule out a school just because of its cost, financial aid is available! Look at all of your financing options (loans, monthly payment plans etc.)

Timeline: FAFSA: File form beginning January 1, DO NOT COMPLETE it until after Jan. 1!! Available online. Institutional applications: Begin filing as soon as they are available at the college or online (CSS profile not required at Lasell) under Tuition and Aid section. Provide other forms and documents as soon as possible, when asked for by college.

Financial Aid Package An aid package will include everything you are eligible for from: - Federal grants - State grants - Federal loans - Institutional grants and scholarships (you may have received a separate notification during the admissions acceptance process of these already) - Possibly Federal or institutional Work Study NOTE: does not get counted toward paying your bill. You only receive this funding if you work on campus during the school year

An aid package may also include information about: - Alternative financing options such as - Parent Loans - Monthly Payment Plans - Private Student Loans

How to Evaluate The Aid Offer Compare apples to apples. - Make sure you know the COA of the school. - Make sure you know which funds are grants/scholarships, which are loans that have to be paid back. - What is the net price of the school to you COA less the applicable financial aid

Questions to ask of any college: -What do I have to do to get aid each year (reapply, deadlines, grades or other requirements for scholarships and grants) -What happens if my financial circumstances change, for better or worse? -Is my institutional aid guaranteed for the entire time I am in school?

“I need more help!...” Federal Student Aid Center - FAFSA Processing: FEDAID College Scholarship Service - Profile Processing: Scholarship search online: and Lasell College – Your guidance office!

And your last source... (Let this be the beginning of a beautiful friendship…) CONTACT US! – – Phone: (617) – Snail Mail: Office of Student Financial Planning Lasell College 1844 Commonwealth Avenue Newton, MA 02466

Questions about Admission: Contact the Office of Undergraduate Admission at LASELL4

Follow the Office of Undergraduate Admission on