1. PEMBROKE PUBLIC SCHOOLS
Financial Aid Night October 11, 2017
Financial Aid Night Presentation
OUR MISSION:
To ensure student achievement through excellence in teaching and learning.
72 Pilgrim Road, Pembroke, Massachusetts

2. Financial Aid Night October 11, 2017
Agenda:
Scholarships & Naviance – Erik Meerbach, Guidance Director
2. Parent Perspective – Paul Bosworth, Parent
3. Financial Aid Overview – Jodi Conway, Financial Aid Expert

3. Naviance & Scholarships
Log into Naviance:
Every senior has a Naviance account
Click on “Colleges” tab
Scroll to bottom and click on “Scholarship List”
Sort by category: Athletics, Music/Fine Arts, Military, Strong Character, Specific Major, Financial Need, Essay Requirement
Guidance office will start updating in early December, but check more frequently (weekly rec.) starting January 1

4. Naviance & Scholarships

5. Scholarship Search Tips
Apply to as many as applicable. Scholarships with essay requirements have much fewer applicants.
Pay attention to deadlines, requirements (essay, letters of rec, and where to send application (Guidance Office or Scholarship Committee).
Work with your son or daughter throughout this process. Break it down into a manageable amount of work and explain the importance of applying.
Let your school counselor know if you have any financial circumstance or hardship.
Results can vary greatly, difficult to predict.

6. Financial Need Total Cost of Attendance $50,000
Item
Child 1
Total Cost of Attendance
$50,000
FAFSA Estimated Family Contribution
$20,000
Financial Need
$30,000
Federal Loans
$5,500
Additional Financial Aid
$24,500
Gap
$0 (100% of need met)
Amount determined by FAFSA formula that family can afford
Federal Subsidized and Unsubsidized loans – increases each school year
Maximum amount school can provide
Paul Bosworth

7. Financial Need Item Child 1 (Private) Child 2 (Public)
Total Cost of Attendance
$50,000
$20,000
FAFSA Estimated Family Contribution
$10,000
Financial Need
$40,000
Federal Loans
$6,500
$5,500
Additional Financial Aid
$33,500
$1,500
Gap (85% of need met) $0
(100% of need met)
$3,000
(70% of need met)
Financial need is different for each school
Family Contribution is allocated to each child
Schools do not need to meet financial need
Paul Bosworth

8. Total Cost of Attendance
Tuition and Fees
Tuition is set by the school
Fees include:
Activity Fees
Lab Fees
Health Center Fees
Loan Fees
Room and Board
Least expensive full meal plan
Average cost for dorm room
Books, Supplies and Other Expenses
Text books
Studio supplies
Computers
Software
Transportation
Will be different based on location of school
Include airfare for all breaks
Commuting costs if living at home
Paul Bosworth

9. Appealing Financial Aid
Build Relationship with Financial Aid Officer
Identify who the financial aid officer to work with
Send all correspondence to that person
Arrange to meet at accepted student day or other time
Be nice
Appeal Letter
Be specific – provide details
Identify areas in the total cost of attendance they should increase
Calculate the percent of need met and provide a number to reach 100% of need
Include extenuating circumstances that have occurred since FAFSA (i.e. job loss)
Compare offer to other school but indicate student would rather attend their school
Follow up
Be prepared to send financial aid offers from other schools
Call financial aid officer to confirm receipt and expected timeline
Appeal again if necessary
Ok to appeal to multiple schools at same time and use responses in other appeals
Paul Bosworth

10. Other Thoughts How do we get the best education for the money?
Student can still take out federal loans even if family does not need financial aid
Look at the amount of loans, grants, and work study in a package
Consider job placement and starting salary at each school
Early decision should not affect financial aid
Private schools sometimes are cheaper than public schools because they meet more of the need
How do we get the best education for the money?
Have student pay for their own text books
Paul Bosworth

11. Review of FAA application process: (3)
Parent and student must apply for a federal student aid id (FSA ID) at
Complete FAFSA on-line at (available now);
Use the IRS data retrieval tool to import your 2016 income directly from the IRS (for security purposes, you will not see the results);
May file corrections if necessary;
Separated/Divorced parents: report custodial parent (and step-parent if applicable) information only.
Jodi Conway, Conway College Aid LLC,

12. Review of the College Board Profile application (private colleges only): (4)
Apply on-line at (available now);
Non-Custodial Profile process;
Corrections cannot be made once submitted; communicate directly to the colleges if you need to make corrections;
Profile vs. FAFSA- how do they differ? (home equity, business value, medical expenses, retirement.
Jodi Conway, Conway College Aid LLC,

13. How your EFC (expected family contribution) is determined: (5)
All income (taxed and untaxed) and net value of non-retirement assets are assessed (except for principal residence on FAFSA) to calculate your expected family contribution;
# in college;
UGMA, UTMA vs. 529 (UFUND) plan: How do they differ? How are 529 distributions assessed from a family member other than parents?
Pre-tax contributions to retirement.
Jodi Conway, Conway College Aid LLC,

14. Types of need based aid awarded: (6)
Grants;
Loans: Stafford Loan (subsidized and unsubsidized 4.45%), Perkins loan (5%);
Federal college work study.
Jodi Conway, Conway College Aid LLC,

15. Merit Awards (non-need based): (7)
Communicated by colleges in the acceptance letter; this money can often be used to “bargain” with other colleges in similar cost categories. Use the Net Price Calculator on the college website to see if your child is a candidate for merit. “Reach” schools are not likely to be the ones that offer merit.
Jodi Conway, Conway College Aid LLC,

16. How do I compare awards from each college? (8)
Balance of loans vs. grants;
Need is relative (higher the cost, higher the need);
Must accept/decline package by May 1, 2018.
Jodi Conway, Conway College Aid LLC,

17. What are the various options for paying the tuition bill? (9)
Federal PLUS Loans (7% interest rate for 17-18). Apply at with parent FSA ID number (cannot have adverse credit). This is parent’s debt.
Private educational loans (MEFA, Citizens Bank, etc.);
Home equity line of credit (favorable interest rates vs. Parent PLUS);
Monthly payment plans offered by colleges;
Should you investigate a mortgage re-fi?
Jodi Conway, Conway College Aid LLC,

18. Student Debt (10)
Average indebtedness for an undergraduate is $27,000 (subsidized and unsubsidized Stafford Loans only; any other loans borrowed will be in addition to the $27,000);
Average monthly payment for Federal Stafford loans upon graduation is $ (overall repayment is approximately $37,300 if repaid in 10 years);
Watch this very carefully, particularly if the student may pursue a Masters’ Degree.
Jodi Conway, Conway College Aid LLC,

19. Other Information (11-13)
Do not eliminate colleges due to cost but do include financial safety schools in the application process
Appeals
College Board Profile help: (844)
FAFSA help: (800)
thecollegesolution.com
collegescorecard.gov.edu
mefa.org
Jodi Conway, Conway College Aid LLC,

20. Questions? Financial Aid Night
Jodi Conway, Conway College Aid LLC,