1. Financial Aid Information Session Julia D. Cirbo Financial Aid University of Denver

2. The College Decision Process Fit and Financial Fit Affordability Everyone Should Apply For Financial Aid

3. Financial Aid Overview Return on Investment Cost of Attendance What is Financial Aid? Applications Eligibility Decode the Award

4. Financial Fit Financial Aid Homework Make financial aid part of your college visits Do a bit of detective work! – Does the college use financial need in determining their admission decisions? Need Blind vs. Need Aware – Early Action/Early Decision – On average how much need does a college meet? Utilize Net Price Calculators Deadlines College Navigator http://nces.ed.gov/collegenavigator/

5. Return on Investment Look at college choices based on overall long term outcomes – Which schools and programs lead to the highest income? – How long does it take to graduate with the degree I am seeking? – Use Nerdscholar.com as a resource Example: Washington University in St. Louis reports an average salary of $60,083 (Business) Public Institutions vs. Private Institutions

6. Determining Costs and Aid Cost of Attendance – Direct Costs (deducted from financial aid) Tuition and Fees Room & Board* – Indirect Costs (not deducted from financial aid) Books & Supplies Insurance Transportation Personal Expenses* *These may not be new

7. Financial Aid Applications Information needed to complete applications (Parent and Student) – Federal Income Tax Returns with Attachments – W-2 Forms – Driver’s License – Social Security Numbers – Savings and Checking Account Information – Home Value

8. Two Primary Applications 1. FAFSA Website fafsa.gov Student and parent(s) each need to apply for a PIN through the Department of Education pin.ed.gov Acts as an electronic signature Remains the same each year 2. CSS Profile CollegeBoard/SAT/APhttps://student.col legeboard.org/css-financial-aid-profile

9. How is Financial Aid Awarded? FAFSA (Results in a constant EFC – no matter the school) Website: www.fafsa.ed.gov Required to determine eligibility for federal, state and institutional aid programs which can include scholarships, grants, work-study and student loans. CSS PROFILE Many private universities and some scholarship providers require the CSS PROFILE application to determine eligibility for institutional financial aid. Why schools use it? Website: www.profileonline.collegeboard.org

10. The Mystery of the EFC Estimated Family Contribution EFC is not the amount paid to the college Calculated amount a family can provide for all living and education related expenses using data from applications and multifaceted formulas Applications collect information including income, taxes paid, business and/or home value, assets, untaxed income, family size, number in college and possibly other financial information. Adhere to deadlines. May vary from one school to the next Estimated EFC Calculator - apps.collegeboard.com/fincalc/efc_welcome.jsp

11. Types of Financial Aid Federal Aid (FAFSA), Merit, Private Scholarships, Institutional Aid and Private Loans Need based and non-need based financial aid. Eligibility determined by a formula using income, assets, number in college and family size. Need is the difference between the Cost of Attendance and Estimated Family Contribution (COA $20,000-EFC of $5,000=Need of $15,000) Federal and state grants Work-study 10-20 hours a week Student loans (Subsidized and Unsubsidized ) – Yearly maximums by grade level Typical four year maximum= $27,000 $300.00 month for 10 years Parent PLUS loans

12. Admission Office Merit Aid Determines eligibility for merit based aid – Evaluate GPA – ACT and/or SAT Scores – Extracurricular Activities – Leadership – Community Service – Teacher Recommendations

13. Private Scholarships Civic Groups/Organizations (Rotary, Lions, etc…) Religious Organizations Corporations (Target, Coca Cola, Ford, etc….) www.fastweb.com or www.scholarships.com (search results include an indication of the value of the scholarship, due dates and relevance as it relates to the student www.fastweb.comwww.scholarships.com Facebook App: My College DollarsMy College Dollars High School Counselor College or University Financial Aid Office Website

14. Institutional Aid Usually Need Based – CSS Profile – May change from year to year depending on criteria

15. Loans – Are they Evil? No, but excessive borrowing is! How much will your payment be? – Loan Balance of $10,000 – 6.8% interest rate – Standard 10 year Repayment Plan A.$105 B.$115 C.$125 D.$135 For every $10,000 in loan balance, you will pay $115 per month for 10 years. $3,810 in interest

16. Smart Borrowing Don’t borrow more than your first year salary What do students think their salary will be? ( Charles Schwab - Teens & Money Survey 2011) – $ 73,000 average expected starting salary – $150,000 average expected salary once established in a career – $ 50,000 median household income in 2009 (US Census Bureau) – $27,000/$300 Typical Student Loan Repayment

17. I Filed the Applications…Now What? College reviews the results of all financial aid applications Determines eligibility for grants, scholarships, work- study and loans Each student is notified by May 1 st – File on time! Compare awards and determine net costs Decision time

18. Award Letters Comparing Financial Aid Offers – Merit, Grants, Scholarships (Gift Aid) – Self-help Aid Work Study Direct Stafford Loans – Additional Loan Resources Parent PLUS (requires a credit check) Private Loans (last resort) – Multi-year investment and costs Is the first year a stretch for your family? – Tuition increases – Negotiating vs. Appeal/Special Circumstances

19. Where Do I Go From Here? File federal income taxes early! Meet all financial aid deadlines Comply with verification requests Talk to a financial aid professional about covering unmet costs Remember this is a process that needs to be renewed every year

20. Thank You! Julia D. Cirbo Financial Aid Advisor, Financial Aid 303-871-4020 finaid@du.edufinaid@du.edu