1. Financial aid
A review of the application process & Guide to financing a Higher education

2. Agenda Applications and Deadlines Filing tips Eligibility Types of aid
Financing options
Q & A

3. Applications
CSS Profile
d.org/css-financial-aid- profile
FEE! Cost to register & list one college is $25. each additional school listed is $16.
Comprehensive evaluation of a family’s economic strength
Customized by school
Used in determining institutional aid eligibility
Available NOW!
Free Application for Federal Student Aid (FAFSA)
FREE!
Determines eligibility for federal aid
Schools use to award federal, state & institutional aid
Submit every year
Available October 1, 2016

4. Wait…What? FAFSA October 1?

5. Federal student aid ID = FSA ID
Your federal username and Password
Who needs one? Both the student and parent
Used to complete an initial fafsa, when making corrections, and to complete direct loan process
Create your FSA ID noW! It can take 3-5 days to authenticate your identity

6. Fafsa Tips – Questions 1-31
Questions 1-31: Collect PII Data, citizenship status Tips: Use complete, legal name Current address State/date legal residence Male/Female? Selective Service

7. Fafsa tips - income and asset questions
Questions 32-58: Collect student financial info Questions 59-94: Collect parent financial info Tips: USE DRT if you are able to If you can’t, use 2015 tax year data for income Report all Untaxed income Assets are reported as of the date the application is being completed

8. Which parent’s info should I report?
If your parents are living together and are not married, answer the questions about both of them.
If your parent is widowed or was never married, answer the questions about that parent.
If your parents are divorced or separated and don’t live together, answer the questions about the parent with whom you lived more during the past 12 months. If you lived the same amount of time with each parent, give answers about the parent who provided more financial support during the past 12 months or during the most recent year that you actually received support from a parent.
If your parents are divorced but live together, you’ll indicate their marital status as “Unmarried and both parents living together,” and you’ll answer the questions about both of them.
If your parents are separated but live together, you’ll indicate their marital status as “Married or remarried,” and you’ll answer the questions about both of them.
If you have a stepparent who is married to the legal parent whose information you’re reporting, you must provide information about that stepparent as well.

9. Fafsa tips – questions 103-105
Questions 103 – 105 – Colleges and signatures Tips: 103. College codes and housing plans 104. Date form completed 105. Signatures – Student and Parent

10. CSS profile tips More thorough review of family financial picture
Will use the same PPY income data; current year asset data
Do not leave blanks, use estimates or zero if n/a
Use the Comments section if desired, BUT also notify the school of special conditions not reflected on the CSS
First year, first time students who took the SAT’s should log in to PROFILE using the same credentials used for the SAT
SAT fee waiver = PROFILE fee waiver - $25 first report, $16 ea add’l

11. Universal philosophy
Students and their family have the primary responsibility to pay for college.
Sacrifice is assumed.
Financial aid assessment is NOT a cash flow analysis but rather an evaluation of an individual family’s economic strength.
Willingness is not a factor.

12. Cost of attendance - coa

13. Expected family contribution - EFC
The Expected Family Contribution (EFC) is the number that is used to determine students’ eligibility for federal student financial aid.
institutions may also use the EFC to determine eligibility for institutional aid.
This number is calculated from the results of the financial information the student and family provide in the Free Application for Federal Student Aid (FAFSA).
The student's EFC is reported on the Student Aid Report (SAR).

14. Calculating eligibility
Total Cost of Attendance
Expected Family Contribution (EFC)*
Financial Need
*Note: This is not the same as the student’s bill or the amount a family will actually pay for the student to attend college
Most colleges will NOT meet 100% of your need

15. Net Price COA Gift Aid (Grants & Scholarships) = Net Price
Net price is what undergraduate students pay after grants and scholarships (financial aid a student does not have to pay back) are subtracted from the institution’s cost of attendance (COA).
Colleges provide net price calculators on their websites. 
The net price on average is considerably less than the sticker price or total cost of attendance.

16. What is financial aid? Need based & non-need based
Consists of funds to help you pay for college:
Need based & non-need based
Federal grants Pell (need based & enrollment based; up to $5815 for ) SEOG (Need based, awarded to pell recipients, award amount varies by school)
Institutional aid Can include: Scholarships & grants. Both represent gift aid (free $$$) that does not need to be paid back Scholarships & Grants can be based on: need, academic, or athletic ability.

17. What is financial aid (cont…)?
Consists of funds to help you pay for college:
Need based & non-need based
Employment Federal Work Study (Self-Help aid); need based; eligibility determined by the school; used to help with personal, living, educational expenses.
loans Money borrowed, must be repaid, student is the borrower.

18. Financial aid award letter
A financial aid award notification is a communication from a college that states the type and amount of financial aid the student is eligible to receive if the student enrolls at the institution.
The award notification typically consists of a combination of grants, loans and work-study.
There is no set standard or a universal award notification format.
Notifications are sent at different times based upon each college’s admissions cycle.
All communication about financial aid is sent directly to the student.
Financial Aid Notification comparison tools are available.

19. Direct student loans 1.069% origination fee
6 month grace period before repay
Forgiveness option for public service work
Interest may be tax-deductible
Forbearance or deferment options
Various repayment plans
No co-signer or credit check
Consolidation options
Helps build student’s credit

20. Direct loan limits

21. Financing Options Family contributions/savings
Federal direct subsidized and unsubsidized loans
Payment plans: many colleges offer monthly payment plans through the bursar’s office. Research & sign up early, some plans start in June.
DIRECT PLUS LOAN: for parents of undergrads; option to use a credit-worthy co-signer; deferred payment option; fixed interest rate of 6.31%; origination fee of 4.276%.
Alternative/private student loans: co-signer may be required; variable or fixed rates; low or no fees; credit based; interest accrues; borrow up to COA.
Federal Work-study earnings
Outside scholarships: or