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The Harker School College Counseling Office

Financial Aid Fundamentals. The Harker School College Counseling Office. Goals of Financial Aid. Primary goal is to assist students in paying for college and is achieved by: Evaluating family’s ability to pay educational costs Distributing limited resources in an equitable manner

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The Harker School College Counseling Office

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  1. Financial Aid Fundamentals The Harker School College Counseling Office

  2. Goals of Financial Aid • Primary goal is to assist students in paying for college and is achieved by: • Evaluating family’s ability to pay educational costs • Distributing limited resources in an equitable manner • Providing balance of gift aid and self-help aid

  3. Gift Aid • Need based or merit-based • Scholarship Scams

  4. Self-Help Aid • Earned or repaid • Loans and work-study

  5. How Need is Determined • Cost of Attendance • Estimated Family Contribution (EFC)

  6. Cost of College Attendance • Tuition and Fees • Room and Board INDIRECT COSTS • Books and supplies • Transportation • Misc. Expenses

  7. Expected Family Contribution [EFC] • Federal Methodology • Institutional Methodology • ParentContribution from Income and Assets • StudentContribution from Income and Assets

  8. The Basic Financial Aid Equation Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  9. Example MIT Cost of Attendance: $48,000 – EFC: $20,000 = Demonstrated Financial Need: $28,000

  10. Financial Aid Estimators www.fafsa4caster.ed.gov www.collegeboard.com www.finaid.org Expected Family Contribution Calculator

  11. Applying for Financial Aid • Which Colleges? • Which Forms? • When are the deadlines?

  12. Application Forms • FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) – all • CSS PROFILE—mainly private colleges • COLLEGE’S OWN FORM – some

  13. Federal Student Aid PIN Registration • Web site: www.pin.ed.gov • Can obtain PIN before January 1, 2008 • Parent AND student

  14. Free Application for Federal Student Aid (FAFSA) • ALL colleges • FAFSA on the Web at www.fafsa.ed.gov • 2008-09 FAFSA on the Web available on or after January 1, 2008 • FAFSA on the Web Worksheet: • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web • Student Aid Report (SAR)

  15. CSS PROFILE Santa Clara • Private colleges • Colleges set own deadlines • Register online • www.collegeboard.com MIT Wellesley Stanford USC Cornell PENN Pomona

  16. Cal Grant • California colleges • FAFSA required • academic achievement and financial need • GPA Verification Form due March 1, 2008 • For more information visit: California Student Aid Commission at www.csac.ca.gov

  17. Additional Forms Possibly Needed • OTHER DOCUMENTS POSSIBLY NEEDED • CSS Business/Farm supplement • Tax returns (parents and student) • W-2 forms

  18. Financial Aid Award Offer • Sent with or after the Admission Decision Letter • Compare Packages • Payment Plans

  19. Where to go from here • Find out required forms • Know Financial Aid deadlines • Apply for Federal PIN • Register for CSS Profile (if needed) • Visit helpful Websites

  20. Contact the college Financial Aid Offices directly and visit their web pages Visit FAFSA Online at www.fafsa.ed.gov Apply for Federal PIN at www.pin.ed.gov Visit CSS Profile at www.collegeboard.com Visit FinAid at www.finaid.org Visit FastWeb at www.fastweb.com For More Information

  21. Thank you for coming! Questions?

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