1. Financial aid presentation Carmel High School
Bob Sweeney

2. Cost of College Tuition Total Cost * average cost
Community College $4,586 $13,000*
SUNY’s $6,670 $26,000*
Public – Out of State $32,000* $50,000*
Private $45,000* $65,000*
* average cost
Financial Fit: Now is the time to have the chat about how much finances will be a part of the decision of which college is best for our student.

3. Will I qualify for financial Aid?
Need Based Aid
Merit Based Aid
Combination of Need and Merit

4. Calculating “Need” COA – EFC = Need COA = Cost of Attendance
EFC = Expected Family Contribution

5. COA = Cost of Attendance
Direct Costs (Billed by the College)
Tuition
Fees
Room
Board
Indirect Costs (Pay as you Go Expenses)
Books and Supplies
Transportation
Personal Expenses

6. EFC = Expected Family Contribution
How is EFC calculated?
Federal Methodology (FAFSA)
Institutional Methodology (CSS Profile)
Parent Assets (6%) vs. Student Assets (20%) toward EFC

7. Need Community College $13,000 $10,000 $ 3,000
COA EFC = Need
Community College $13, $10, $ 3,000
SUNYs $26, $10, $15,000
Public – Out of State $50, $10, $40,000
Private $65, $10, $55,000

8. Expected Family Contribution (EFC) is influenced by these factors:
The amount the student’s parents will be asked to pay from income and assets
The amount the student can contribute from earnings and savings
Family size, age of oldest parent, number of children currently attending college
Special circumstances: Health related expenses, loss of property or death in the family

9. What kind of aid will I get?
Free Money
Grants: Pell, TAP, FSEOG, Institutional
Scholarships: NYS (Excelsior, STEM), Institutional
Self Help
Work Study
Loans
Borrowers: Student, Parent or Both
Lenders: Federal Government, Other Financial Institution

10. loans Direct Subsidized & Unsubsidized Perkins
PLUS (Parent Loan for Undergraduate Students)
Private Loans

11. Where to Find Financial Aid?
Federal Government
State Government (NYS TAP)
Your College or University
Outside groups, corporations or individuals

12. Fafsa (free application for federal student aid)
Complete this form for EVERY college! 2017 tax return, income and financial information NOT included in FAFSA Value of primary residence Value of 401K or other retirement accounts 529 Accounts are always considered a parent asset

13. css profile
Complete this form ONLY for colleges that need it. (pay a fee for this form) A full look at 2016 and 2017 income and assets Value of all real estate owned Value of all investments, including 401K and retirement investments

14. Now What Happens?
File all financial aid applications. Submit all additional documentation as requested by any college. Each college will “send” a financial aid award to you. Compare financial aid awards for “real costs”.
You do NOT receive money from FAFSA. They indicate what you may be eligible to receive.

15. Be a Smart Consumer Know the policies at your colleges:
Do they offer merit aid or other scholarships?
Do they meet full demonstrated aid?
How do they meet demonstrated need?
Assuming our family economics remain the same for the next 3 years, can I anticipate the same financial aid package each year?
Are they need blind in the admission process?
Do I need to complete the financial aid process in order to be considered for merit aid?

16. Be a smart consumer Use Net Price Calculators on the college website
Use calculators to estimate your EFC
FAFSA4caster on
share/expected-family-contribution-calculator

17. Most common “other” questions
Should I bother to apply for financial aid?
Do your homework! (Net Price Calculators, Family Contribution Calculators)
The more children you have in college, the more need you have.
The college has a base line of your economics in case something happens.
“No Need” is required to use federal student loans and federal parent loans.
If I am applying ED or EA for Admission will it hurt me if I apply for financial aid?
If you need aid to pay for this school, you best “check the box” and complete all forms on time.
Do your homework!
Is the college need blind or need aware?
Will “checking the box” help or hurt me in the admission process?
Shows true interest in the college theory vs. full pay theory

18. Other Scholarships Your High School (or Counselor)
National web based search engines
Employers, Unions, Professional Associations
Social, Civic, Religious, Ethnic and Medical Organizations
Do not undersell yourself here. Have a resume handy. Caution-This can be a full time job.

19. Helpful Hints
Have the honest conversation now. Use calculators to find your EFC. Fill out the correct financial aid forms for each college. Meet all priority deadlines. Be aware that “early” admission applications often mean early financial aid deadlines. Do not wait to be accepted to college to apply for financial aid. You need to apply for aid each year.
Craft a balanced list of colleges.