financial aid night - 2007
DESCRIPTION
TRANSCRIPT
FINANCIAL AID
An Overview
What is an Independent Student?
Be 24 years old Married Have a dependent other that a spouse Be a graduate or professional student Be a ward of the court or an orphan Be a veteran of the U.S. Armed Forces
STUDENTS
STUDENT PARENT
APPLICATION FAFSA CSS
COLLEGE GOVERNMENT
ADMISSIONS
COLLEGE FINANCIAL AID
STUDENT
Financial Aid:
Assistance is given to make up the difference between college costs and the family’s ability to contribute.
Different Kinds of Aid:
1. Grants , Scholarships
Don’t need repayment!
2.WORKSTUDY:
Students get paid for working on or about the campus.
Don’t need to be repaid!
3. LOANS: FEDERAL PERKINS STAFFORD SUBSIDIZED
UNSUBSIDIZED PLUS-Parent loan for
undergraduate students
Need to repay!
3. LOANS: STATEMass Educational
Financing Authority
Need to repay!
3. LOANS: PRIVATEBANKS
PRIVATE LENDING INSTITUTIONS
NEED TO REPAY!
Some Aid is:
Need Based Based on FAFSA
Merit Based Academic Athletic Talent
How is Aid Determined?
Parents have the primary responsibility to pay for their children’s education
Students also have a responsibility to pay for their education
FAFSA
Free Application for Federal Student Aid When done on line, you get your FAFSA
aid report immediately When mailed, Aid information sent to home
on a Student Aid Report (Four weeks after FAFSA is filed)
The FAFSA Form
Provides a means for the government to use a standardized formula for applicants
Filed soon after January 1st of student’s senior year
Sends results to schools student is applying to
The Profile Form - CSS Costs money to apply Provided by College Scholarship Service Used by some, not all private schools Filed in fall of senior year Collects additional data colleges need www.collegeboard.org for electronic application 800-778-6888 for phone registration
The Formula
Total cost of college
Minus
Federal Estimated Family Contribution or Private School’s Determination of Need
Equals
Aid Family is Eligible For
EFC: the Expected Family Contribution
Student Contribution
Plus Parent Contribution
CALCULATING YOUR E.F.C.
Go to www.finaid.org/calculators/
Click on Expected Family Contribution and Financial Aid Calculator
Fill in requested data to receive an estimated E.F.C.
HOW EFC FORMULA WORKS
05
1015202530354045
COLLEGE1
COLLEGE2
COLLEGE3
COLLEGE4
TUITIONEFC
42K
30K
20K12K
How do I Pay My EFC?
Past Income Savings College Savings Plans
Present Income Salary Payment Plans
Future Income Loan Programs
Sources of Financial Aid
Federal Government State Government College Private Agencies
(Kiwanis, Elks, church or synagogue)
Professional associations Employer
A SAMPLE FINANCIAL AID PACKAGE
Megan is from a family of five living in Mass Family assets = $9000; family income = $69,500 A Maine college costs $20,600 Additional (travel, books, etc.) ($ 2,000) Financial Aid Budget ($22,600) Estimated Family Contribution ($ 8,100) Balance Due School $14,500 Financial Package from college - $13,700 (Grant, Student loans) Actual Family’s Contribution ($8,100 + $800) $ 8,900
THE PACKAGE
UNIVERSITY GRANT $6,600 COLLEGE SCHOLARSHIP $2,000 STUDENT LOANS $5,100 -------- FINANCIAL AID $13,700
BILL TO PARENTS $ 8,900
Tips
Find out deadlines and comply Keep copies of what you sent Don’t rule out a school because of its cost Look at all financing options Apply to one or two financially safe schools Think about how you (parent and student) will
pay for your share of four years of college
On linewww.nausetschools.org (Click on Nauset
Regional High School; Click on “Enter Site”; Click on Guidance)
www.fafsa.ed.gov
www.collegeboard.org
www.finaid.org