1. Paying for college Regional College Fair Financial Aid Session
Monticello High School
Regional College Fair
Financial Aid Session
October 2016
Paying for college

2. Assistant Director for Financial Aid
Alaric Hammell
Assistant Director for Financial Aid

3. Financial Aid: what is it?
How do I get aid?
How much aid do I get?
Helpful Resources
Questions

4. What is financial aid?

5. Financial aid Scholarships Grants Work Study Loans
Funds made available to students & families to help pay for postsecondary expenses. These include:
Scholarships/Grants – Money that does not need to be repaid
Work Study – The student must work to earn funds
Loans – The student or parent must pay back what was borrowed, and possibly additional interest

6. Scholarships College/University Scholarships
Private & Community Scholarships
Some schools use the application for admission to determine scholarship eligibility.
Some schools have a separate application.
Some schools may require you to have a completed application for financial aid on file.
Some may require you to file an application for financial aid along with an additional application.
You may find them in unexpected places.
They may be based on need, merit, talent, athletic ability, artistic skills or other criteria.

7. Grants Need-based money awarded by colleges and universities.
Institutional
State
Federal
Need-based money awarded by colleges and universities.

8. LOANS Federal Private student loans parent loans
Subsidized or unsubsidized
Annual maximum for first year student is $5,500
parent loans
Parent borrows on behalf of student
A credit check is usually required
Private
The student is the borrower
Money that has to be repaid – repayment may be deferred until after the student graduates.

9. Work Study Get hired Get to work Get paid
Need-based award that provides an opportunity to work and earn money to help pay for educational expenses.

10. How to get financial aid

11. The application process1
File the FAFSA, available October 1. 2
If required, file the CSS/PROFILE, available October 1. 3
If required, file an institutional financial aid application. 4
If required, submit tax documents.

12. FAFSA Free Application for Federal Student AID

13. Applying for Federal Aid
Apply online at

14. Submitting your fafsa
The FAFSA must be submitted each academic year a student would like to be considered for financial aid.
The FAFSA is available on October 1.
If the student is dependent, then both the student and the parent must sign the FAFSA.
You can use a federal FSA ID to sign the FAFSA electronically; register at

15. What is asked on the FAFSA?
General student information
Student dependency questions
Student financial data (income and assets)
General parent information
Household information
Parent financial data (income and assets)

16. CSS/Profile

17. Completing the CSS/Profile

18. Why submit a css/profile?
The FAFSA is used to determine your eligibility for federal student aid such as the Pell Grant and the Federal Direct Student Loans.
Many schools use the CSS/PROFILE to determine eligibility for other sources of funding such as state and institutional funds.
The CSS/PROFILE is not a free application. However, if college board does not determine that you qualify for a fee waiver, check with your school to see if they can offer assistance.
The CSS/PROFILE is available at
If your school is not a profile school, check to see if another type of institutional application is required.

19. How much financial aid

20. Determining financial need
Cost of Attendance
Expected Family Contribution
Demonstrated Financial Need
The FAFSA and other documents are used to determine the Expected Family Contribution (EFC).
Schools use the EFC to determine eligibility for need-based financial aid and to prepare a award package.
Cost of Attendance (COA) is the school’s official, published total cost.
Since COA & EFC may vary by school, demonstrated financial need may also vary.

21. Need & Aid example using U.Va.’s Net Price Calculator

22. Caveats & Other notes
Some application requirements and deadlines will vary from school to school.
Know your school’s requirements and deadlines!
Your FAFSA application may be selected by the US Department of Education for federal verification.
Financial Aid offices are required to verify selected data fields on the FAFSA using either:
A tax return transcript, or
The IRS Data Retrieval Tool (DRT), which is integrated into FAFSA on the Web, or
Other supporting documentation

23. Helpful Resources

24. Websites FAFSA: www.fafsa.gov
Federal Student Aid:
The College Board (CSS/PROFILE):
Net Price Calculator: See the college’s website

25. Net Price calculator
All schools required to have a net price calculator since October 2011
Federally mandated
Information is current for academic year
If you used a net price calculator today, it would reflect costs & awards
Must represent factual data
Reflects cost of attendance minus grant aid

26. MY inTUITION cost estimator

27. Other ways to pay VPEP Virginia Prepaid Education Program VEST
Virginia Education Savings Trust
VEST
Other state college savings plans (529)
PAYMENT PLANS

28. Useful tips
Pay close attention to College/University application deadlines.
Respond to any requests for additional information or documents as soon as possible.
Use the IRS Data Retrieval Tool!
Take advantage of the school’s Net Price Calculator.
Continue to look and apply for scholarship opportunities.
Talk to financial aid offices if you have questions or special circumstances.

29. paying for college family contribution scholarships loans grants
work study

30. Questions?

31. Student financial services
Carruthers hall
(434)
Thank you!