don’t be afraid… …it’s just financial aid! dr. jacquelyn nealon vice president, enrollment,...
TRANSCRIPT
Don’t Be Afraid…Don’t Be Afraid……It’s Just Financial Aid!…It’s Just Financial Aid!
Don’t Be Afraid…Don’t Be Afraid……It’s Just Financial Aid!…It’s Just Financial Aid!
Dr. Jacquelyn NealonVice President,
Enrollment, Communications and Marketing
• What type of financial aid is out there?
• How does a student apply for the aid?
• How do Colleges figure out what you’re eligible for?
• How can you advocate for yourself and your child?
Getting to Basics:Getting to Basics:Financial Aid 101Financial Aid 101Getting to Basics:Getting to Basics:Financial Aid 101Financial Aid 101
What Type of Financial Aid Is Out What Type of Financial Aid Is Out There?There?
What Type of Financial Aid Is Out What Type of Financial Aid Is Out There?There?
Federal State Institutional Outside Funds
Types of AidTypes of AidTypes of AidTypes of Aid
FEDERAL
Grants Work Study Loans
PellSEOG
Self HelpStaffordPerkinsPLUS
Types of AidTypes of AidTypes of AidTypes of Aid
STATE
Grant
TAP
Types of AidTypes of AidTypes of AidTypes of Aid
Institutional Funds
Grants Scholarships Self Help
Need BasedMerit Based
RenewableOne-Time
WorkPayment
Plans
Types of AidTypes of AidTypes of AidTypes of Aid
Outside Funds
Millions of Dollars go UNTAPPED each year!
• Kids have to play an integral role
• Just like borrowing their parent’s car…comes with responsibility and a vested interest
• Homework!
What role can the students play?What role can the students play?What role can the students play?What role can the students play?
How Does the Student Apply for How Does the Student Apply for Aid?Aid?
How Does the Student Apply for How Does the Student Apply for Aid?Aid?
• FAFSA Form
• Setting the Dominoes in Motion
LET’S GO OVER THE LET’S GO OVER THE FAFSAFAFSALET’S GO OVER THE LET’S GO OVER THE FAFSAFAFSA
Once the form is filed…Once the form is filed…Once the form is filed…Once the form is filed…
The EFC is just the minimum amount the government says they CAN
contribute toward their education
• The EFC ISN’T:– Minimum amount they have to pay
– Maximum amount they have to pay
– They don’t have to pay it at all of they don’t want to.
More about the EFCMore about the EFCMore about the EFCMore about the EFC
People in more expensive parts of the country get ‘hurt’ by the calculation
• Not exactly a fair representation of what folks can actually pay
• Where you live determines just how far your dollars can stretch
• Can’t really fight the EFC
• UNLESS…
• Divorce• Retirement• Loss of Job• Death
What Does the Financial Aid What Does the Financial Aid Package Really Mean?Package Really Mean?
What Does the Financial Aid What Does the Financial Aid Package Really Mean?Package Really Mean?
FAFSA generates an EFC
Colleges use the EFC to determine need
Colleges prepare an Award Letter that includes all aid that a student is eligible to receive
Definition of “Cost”Definition of “Cost”Definition of “Cost”Definition of “Cost”
The stuff in the brochures
A better reflection of what you actually pay
• Cost of Attendance
– Tuition– Fees– Room– Board
• Cost of Education
– Tuition– Fees– Room– Board– Transportation
Allowance– Personal Allowance– Computer Allowance– Book Allowance
What is Financial NeedWhat is Financial NeedWhat is Financial NeedWhat is Financial Need
Cost of Attendance
– Expected Family Contribution
= Financial Need
Colleges do the math…Colleges do the math…Colleges do the math…Colleges do the math…
• Cost of Education minus
• Estimated Family Contribution equals
• Financial Need
• Financial Need minus• Scholarships• Grants• Loans• Work Study equals
Unmet Need
• Unmet Need is the total amount of PLUS eligibility or the student’s out of pocket expenses.
Financial Aid PackageFinancial Aid PackageFinancial Aid PackageFinancial Aid Package• Review various Award
Letters and familiarize yourself with content and format
• Learn to compare Apples to Oranges
Which one is the better deal?Which one is the better deal?Which one is the better deal?Which one is the better deal?• College A
• Offers you a package of $8,000
• College B
• Offers you a package of $20,000
Which one is the better deal?Which one is the better deal?Which one is the better deal?Which one is the better deal?• College A
• Offers you a package of $8,000
• Costs $15,000• In your home state• Money is mostly grants
and scholarships
• College B
• Offers you a package of $20,000
• Costs $35,000• Located across the
country• Money is mostly loans
and work study
Not such a clear cut choice anymore, huh?
DON’T spend money you DON’T spend money you DON’T HAVE to impress DON’T HAVE to impress people YOU DON’T CARE people YOU DON’T CARE
ABOUT!!!!ABOUT!!!!
DON’T spend money you DON’T spend money you DON’T HAVE to impress DON’T HAVE to impress people YOU DON’T CARE people YOU DON’T CARE
ABOUT!!!!ABOUT!!!!
• So many times students receive their award letters, do the number crunching and realize that there’s not enough money to cover the full tuition and fees.
• What are their options?
• Is it ever okay for them to ask for more?
What if there’s not enough?What if there’s not enough?What if there’s not enough?What if there’s not enough?
• Dream School
• Within reasonable financial distance
• No harm in making the call
• Don’t abuse this opportunity…
• If you ask for it…mean it!
No Haggling…Only AdvocatingNo Haggling…Only AdvocatingNo Haggling…Only AdvocatingNo Haggling…Only Advocating
Who Would Know?Who Would Know?Who Would Know?Who Would Know?
• How does the government know that you didn’t lie, cheat and steal your way through the whole form?
• Verification– Random– 30% of all students who apply are selected– Copy of tax returns, W2s and a one-page
Verification Worksheet
Last Two Pieces of Last Two Pieces of Information…Information…
Last Two Pieces of Last Two Pieces of Information…Information…
……My Name: Jackie NealonMy Name: Jackie Nealon
and My E-Mail Address: and My E-Mail Address:
[email protected]@nyit.edu
……My Name: Jackie NealonMy Name: Jackie Nealon
and My E-Mail Address: and My E-Mail Address:
[email protected]@nyit.edu