College and Financial Aid

College Planning and Financial Aid Websites Pennsylvania Higher Education Assistance Authority (PHEAA) The College Board National Center for Education Statistics (NCES) College Scorecard, U.S. Dept. of Education Federal Student Aid College Net Price Calculator

Financial Aid Process Timeline Admissions Application First Semester Senior Year FAFSA January 1 st – May 1 st (recommended) Financial Aid Award Letters Second Semester Senior Year

Financial Aid Process Forms FAFSA CSS Profile State Grant Application Outside Scholarships Applications Loan Applications

Financial Aid Process Need Analysis Expected Family Contribution (EFC) What the family can contribute towards a child’s educational expenses based on income, assets, number in household and number in college Cost of Attendance Tuition, fees, room, board, books, miscellaneous and personal expenses for 1 academic year Cost of Attendance – EFC = NEED

Financial Aid Process Net Cost Comparisons State School $16,000 -$5,000 (EFC) $11,000 Need -$4,000 State Grant $7,000 -$5,500 Student Loan $1,500 + $5,000 (EFC) Net Price $6,500 Private School $40,000 -$5,000 (EFC) $35,000 Need -$4,000 State Grant $31,000 -$15,000 University Grant/Scholarship -$5,500 Student Loan $10,500 + $5,000 (EFC) Net Price $15,500 Despite the $24,000 cost difference, the actual Net Price difference may be $9,000

Financing Options Payment Plans PLUS Loan Alternative Loan

u ext 1208 Joyce Farmer Director of Financial Aid Questions?