Presentation on theme: "College Financial Aid Night"— Presentation transcript:
1 College Financial Aid Night Morgan a. KellyAssociate DirectorStudent financial assistanceSacred Heart University
2 Tonight’s Agenda Sources and Types of Financial Aid Application ProcessDetermining EligibilityStudent LoansOutside ScholarshipsQuestions to Ask
3 Types of Financial Aid Grants Scholarships Work-Study Programs Loans Subsidized vs. Unsubsidized StaffordRead your award package carefully! Understand what is free, what is earned, and what is borrowed.
4 Begin at the BeginningCheck 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 AidProfile Application (CSS Profile)Used primarily by private colleges.Institutional ApplicationsCheck school publications and websites
6 Federal Student Aid PIN Apply for PINChange PINChange PIN InformationFor students and parentsUsed for FAFSA applicationUsed for student and parent loans
7 Federal Application Process Parent & Student tax informationIt is ok to use 2013 tax information as an estimate!If divorced/separated , use custodial parent informationSubmitted each year the student is in school1 FAFSA per student, not per family
8 Federal Application Process After submitting the FAFSA:Review the Student Aid ReportMake corrections, if necessaryAll filers may access SAR and make changes onlineIf 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 electronicallySchools may offer tentative award based on current informationSchools –now or later- may verify or adjust information
9 CSS Profile Application Process The College Board CSS Profile collects more comprehensive family and financial informationIt is ok to use 2013 tax information as an estimate!Allows schools to receive information earlier in the cycleRemember to check for other institution specific forms!
10 Determining Eligibility What’s NextDetermining EligibilityCost of AttendanceEFC____________Financial Need
11 Total Cost of Education The Cost of EducationDirect CostsTuition and required feesRoom and board for resident studentsIndirect CostsBooks and suppliesTransportation to and from campusMiscellaneous personal expensesDirect CostsIndirect CostsTotal Cost of Education
12 What is the Expected Family Contribution – EFC? The EFC is a measure of capacity over time to absorb educational costsNot a dollar amount expected from current income or assetsNot an estimate of extra cash availableIt 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 PublicTotal 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 AidPell GrantWork StudyMerit-Based AidAcademic AchievementAthletic Achievement
15 The Financial Aid Package Total Cost = $34,000Total Cost = $34,000College Grant: $17,000Unmet Need: $4,000College Grant: $13,000Work: $1,500Work: $1,500Loan: $5,500Loan: $5,500EFC: $10,000EFC: $10,000
16 The Financial Aid Package Total Cost = $34,000Total Cost = $34,000College Grant: $17,000Actual Cost after Merit: $7,000Academic: $12,000Work: $1,500Loan: $5,500Athletic: $15,000EFC: $10,000
17 Necessary Information Net Price CalculatorWhat is it?Necessary InformationAllows for an estimate of your expenses and financial aid possibilitiesNot a guaranteed awardIntended to help families understand out-of-pocket expenses earlier in the application processStudent & Parent 2013 Income Tax ReturnsEarnings statements (W2 forms, recent paycheck stubs)Bank statementsStudent academic information
18 Loan Repayment Calculator Student LoansOptionsWhat to ConsiderStafford LoansSolely in the student’s nameSubsidized vs. Unsubsidized StaffordNo credit check, student cannot be in default on a previous loanPrivate LoansStudent will need a co-signerRequires credit checkParent Plus LoanSolely in the parent’s nameLoan Repayment Calculator
19 Outside Scholarships Consider making a specific email account Look for opportunities where there will be less applicantsStart with town, then county, then state, then nationalSpecific major, ancestry, or participationNotify college when you win a scholarshipMay reduce current award from schoolPotential SourcesGuidance OfficeLocal BusinessesCivic and Community OrganizationsEthnic & Cultural OrganizationsParents’ EmployerChurches/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.