1. Financial Aid 101 Kimbrell Teegarden Financial Aid and Scholarships (404) 609-6135 kimbrellt@westminster.net

2. Did you know…? 55% of all undergraduate students and 76% of undergraduate students attending private four-year colleges receive some form of financial aid

3. Financial Aid Categories Scholarships and Grants – gift aid; does not have to be repaid Scholarships and Grants – gift aid; does not have to be repaid Loans – typically repaid with interest Loans – typically repaid with interest Employment Opportunities – funds earned on an hourly basis for work services provided Employment Opportunities – funds earned on an hourly basis for work services provided

4. Sources of Financial Aid Federal Government Federal Government State and Local Government State and Local Government Private Foundations and Organizations Private Foundations and Organizations Colleges and Universities Colleges and Universities

5. Federal Aid Pell Grant – portable aid; maximum award for 2004-2005 was $4,050 Pell Grant – portable aid; maximum award for 2004-2005 was $4,050 Federal Supplemental Educational Opportunity Grant (FSEOG) – awarded first to students with exceptional financial need Federal Supplemental Educational Opportunity Grant (FSEOG) – awarded first to students with exceptional financial need Federal Work Study – employment may be on or off campus Federal Work Study – employment may be on or off campus Stafford Loans – both subsidized (must demonstrate need) and unsubsidized (need isn’t considered) Stafford Loans – both subsidized (must demonstrate need) and unsubsidized (need isn’t considered) PLUS loans – parent loans for parents of dependent undergraduate students PLUS loans – parent loans for parents of dependent undergraduate students

6. Other Sources of Financial Aid Tuition Payment Plans Tuition Payment Plans IRA Deductions (Penalty Fee) IRA Deductions (Penalty Fee) Gifts from Family Members Gifts from Family Members 529 Plans – allow students to save money tax-free under Section 529 of the Internal Revenue Code. Plans vary from state to state 529 Plans – allow students to save money tax-free under Section 529 of the Internal Revenue Code. Plans vary from state to state Prepaid Tuition Plans Prepaid Tuition Plans

7. Basis for Awarding Financial Aid Need-based: to students demonstrating financial need Need-based: to students demonstrating financial need Merit/Talent-based: aid provided primarily in recognition of superior achievement or possession of special talents Merit/Talent-based: aid provided primarily in recognition of superior achievement or possession of special talents

8. A word about the HOPE Scholarship Applying for any other federal student aid (Pell Grant, loans): complete the FAFSA form (http://www.fafsa.ed.gov) Applying for any other federal student aid (Pell Grant, loans): complete the FAFSA form (http://www.fafsa.ed.gov) If you are not applying for federal student aid but want to apply just for the Hope Scholarship, you can go to http://www.gsfc.org/HOPE/dsp_apphope.cfm for the electronic application. The deadline for receiving the HOPE Scholarship is the end of the Spring term. In the spring, our Registrar's office will release the names of students who graduate meeting the HOPE criteria. You can then check your status on their database by calling 1-800-505-GSFC. If you are not applying for federal student aid but want to apply just for the Hope Scholarship, you can go to http://www.gsfc.org/HOPE/dsp_apphope.cfm for the electronic application. The deadline for receiving the HOPE Scholarship is the end of the Spring term. In the spring, our Registrar's office will release the names of students who graduate meeting the HOPE criteria. You can then check your status on their database by calling 1-800-505-GSFC. So to reiterate - if you are applying for any other federal financial aid (Pell grants, student loans, etc), then you must submit the FAFSA So to reiterate - if you are applying for any other federal financial aid (Pell grants, student loans, etc), then you must submit the FAFSA If you're applying to any private colleges and/or Universities in Georgia, you must also submit the GA Tuition Equalization Grant (e- TEG). If you're applying to any private colleges and/or Universities in Georgia, you must also submit the GA Tuition Equalization Grant (e- TEG).

9. Variables with regard to Financial Aid Cost of Attendance Cost of Attendance Expected Family Contribution (EFC), which is the amount of money you are expected to contribute to your college costs each year Expected Family Contribution (EFC), which is the amount of money you are expected to contribute to your college costs each year The combination of grants/scholarships, loans and work-study The combination of grants/scholarships, loans and work-study Some institutions may not meet 100% of need Some institutions may not meet 100% of need

10. Scholarships The Internet will probably be your best source of scholarship information The Internet will probably be your best source of scholarship information www.fastweb.com has over 600,000 scholarships listed and over $1 billion in available aid www.fastweb.com has over 600,000 scholarships listed and over $1 billion in available aid www.fastweb.com SCAM WARNING – beware of ANY company that charges a fee, offers an award for which you did not specifically apply, guarantees you will win an award, or requires an up-front fee for a loan SCAM WARNING – beware of ANY company that charges a fee, offers an award for which you did not specifically apply, guarantees you will win an award, or requires an up-front fee for a loan

11. Cost of Education Tuition Tuition Room and board Room and board Books and Supplies Books and Supplies Personal Expenses Personal Expenses Transportation Transportation

12. How do schools calculate need? The Cost of Attendance (tuition, room and board, books, personal, transportation) Less the Parent’s Contribution Less the Student’s Contribution (which together comprise the Expected Family Contribution) = Financial Need

13. Calculating the EFC (expected family contribution – how much you’re expected to pay) Factors include: Previous year income of parents and student Previous year income of parents and student Value of parent and student assets Value of parent and student assets Number of household members Number of household members Number of children in college Number of children in college Age of the parent Age of the parent ** To get an early estimate of your EFC, use the Financial Aid Estimation Calculator at www.finaid.org

14. A word about assets Parents’ Assets include cash/bank accounts; investments and real estate equity (excluding primary residence) and business net worth Parents’ Assets include cash/bank accounts; investments and real estate equity (excluding primary residence) and business net worth Parents’ Income includes taxable income as well as untaxed income and benefits Parents’ Income includes taxable income as well as untaxed income and benefits The same applies to the students’ assets and income The same applies to the students’ assets and income

15. Be aware of verification Approximately 1 in 3 FAFSAs are picked by the government for verification. When this happens, you must supply additional information as requested as soon as possible to prevent delays in receiving your aid

16. Financial Aid Overview Submit the CSS PROFILE and/or other institutional aid application (as required by individual schools) beginning in October of the senior year Submit the CSS PROFILE and/or other institutional aid application (as required by individual schools) beginning in October of the senior year Submit the Free Application for Federal Student Aid (FAFSA) beginning January 1, 2006, and well before the school’s required deadline. Download the FAFSA at www.fafsa.ed.gov Submit the Free Application for Federal Student Aid (FAFSA) beginning January 1, 2006, and well before the school’s required deadline. Download the FAFSA at www.fafsa.ed.govwww.fafsa.ed.gov Most aid on a “first-come, first-served” basis Most aid on a “first-come, first-served” basis

17. For More Information… For more general information about scholarships and financial aid: www.westminster.net/collegecounseling For more general information about scholarships and financial aid: www.westminster.net/collegecounseling www.westminster.net/collegecounseling FOR MOST CURRENT SCHOLARSHIP INFO: http://connection.naviance.com/westmin/atlanta FOR MOST CURRENT SCHOLARSHIP INFO: http://connection.naviance.com/westmin/atlanta Email me at kimbrellt@westminster.net Email me at kimbrellt@westminster.net@westminster.net Office: (404) 609-6135 Office: (404) 609-6135 Be on the lookout for Senior Parents’ Night as well as College Financial Aid Night Be on the lookout for Senior Parents’ Night as well as College Financial Aid Night