1. College Financial Aid Night
Morgan a. Kelly
Associate Director
Student financial assistance
Sacred Heart University

2. Tonight’s Agenda Sources and Types of Financial Aid
Application Process
Determining Eligibility
Student Loans
Outside Scholarships
Questions to Ask

3. Types of Financial Aid Grants Scholarships Work-Study Programs Loans
Subsidized vs. Unsubsidized Stafford
Read your award package carefully! Understand what is free, what is earned, and what is borrowed.

4. Begin at the Beginning
Check with College and Universities to see what Financial Aid Applications are required.
Check financial aid deadline dates with Colleges and Universities.
Submit required information at least two weeks before earliest deadline. For example:
February 15th Deadline -- Submit Information by February 1st.

5. Application Process Free Application for Federal Student Aid (FAFSA)
Required for Federal & State Aid
Profile Application (CSS Profile)
Used primarily by private colleges.
Institutional Applications
Check school publications and websites

6. Federal Student Aid PIN
Apply for PIN
Change PIN
Change PIN Information
For students and parents
Used for FAFSA application
Used for student and parent loans

7. Federal Application Process
Parent & Student tax information
It is ok to use 2013 tax information as an estimate!
If divorced/separated , use custodial parent information
Submitted each year the student is in school
1 FAFSA per student, not per family

8. Federal Application Process
After submitting the FAFSA:
Review the Student Aid Report
Make corrections, if necessary
All filers may access SAR and make changes online
If selected for review, a message will be present. You may have to submit tax transcripts and/or other forms for verification purposes to the school.
Schools receive the applicant data electronically
Schools may offer tentative award based on current information
Schools –now or later- may verify or adjust information

9. CSS Profile Application Process
The College Board CSS Profile collects more comprehensive family and financial information
It is ok to use 2013 tax information as an estimate!
Allows schools to receive information earlier in the cycle
Remember to check for other institution specific forms!

10. Determining Eligibility
What’s Next
Determining Eligibility
Cost of Attendance
EFC
____________
Financial Need

11. Total Cost of Education
The Cost of Education
Direct Costs
Tuition and required fees
Room and board for resident students
Indirect Costs
Books and supplies
Transportation to and from campus
Miscellaneous personal expenses
Direct Costs
Indirect Costs
Total Cost of Education

12. What is the Expected Family Contribution – EFC?
The EFC is a measure of capacity over time to absorb educational costs
Not a dollar amount expected from current income or assets
Not an estimate of extra cash available
It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.
The EFC is subject to school verification and adjustments.

13. Eligibility for Financial Aid
4 Year Private 4 Year Public
Total Cost
- FM EFC
= Eligibility
$34,000
$10,000
$24,000
$14,000
$10,000
$4,000

14. Need-Based vs. Merit Based
Need-based aid is dependent on a family’s EFC. Merit-based aid is award considering achievement, talent, participation, not a family’s EFC.
Need-Based Aid
Pell Grant
Work Study
Merit-Based Aid
Academic Achievement
Athletic Achievement

15. The Financial Aid Package
Total Cost = $34,000
Total Cost = $34,000
College Grant: $17,000
Unmet Need: $4,000
College Grant: $13,000
Work: $1,500
Work: $1,500
Loan: $5,500
Loan: $5,500
EFC: $10,000
EFC: $10,000

16. The Financial Aid Package
Total Cost = $34,000
Total Cost = $34,000
College Grant: $17,000
Actual Cost after Merit: $7,000
Academic: $12,000
Work: $1,500
Loan: $5,500
Athletic: $15,000
EFC: $10,000

17. Necessary Information
Net Price Calculator
What is it?
Necessary Information
Allows for an estimate of your expenses and financial aid possibilities
Not a guaranteed award
Intended to help families understand out-of-pocket expenses earlier in the application process
Student & Parent 2013 Income Tax Returns
Earnings statements (W2 forms, recent paycheck stubs)
Bank statements
Student academic information

18. Loan Repayment Calculator
Student Loans
Options
What to Consider
Stafford Loans
Solely in the student’s name
Subsidized vs. Unsubsidized Stafford
No credit check, student cannot be in default on a previous loan
Private Loans
Student will need a co-signer
Requires credit check
Parent Plus Loan
Solely in the parent’s name
Loan Repayment Calculator

19. Outside Scholarships Consider making a specific email account
Look for opportunities where there will be less applicants
Start with town, then county, then state, then national
Specific major, ancestry, or participation
Notify college when you win a scholarship
May reduce current award from school
Potential Sources
Guidance Office
Local Businesses
Civic and Community Organizations
Ethnic & Cultural Organizations
Parents’ Employer
Churches/Religious Groups

20. Questions to ask and not assume!
How do outside awards affect the aid package?
What is the school’s policy on non-custodial parents?
What is the average student debt level?
Are the scholarships/grants renewable each year?
How might awards change in future years?
What happens if financial circumstances change?

21. Where There’s “The Web”, There’s a Way
Consumer tips for parents and students as well as financial aid tools for completing required applications.
Financial Aid Information Page. Lists a variety of financial aid information, including family contribution calculators.
FASTWEB, Free scholarship search.
A site designed by the U.S. Department of Education in collaboration with students to help students make the dream of college a reality.
The Connecticut State Higher Education website for state financial aid programs and links to Connecticut colleges and universities.