1 / 42

Presenter name

Counting the Costs An Introduction to Financial Aid for Private and Independent Schools Event/Location Date. Presenter name. Presenter title, organization. The “Five Ws ” of Financial Aid. Who is responsible for paying for my child’s education? What is “financial aid”?

altessa
Download Presentation

Presenter name

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Counting the CostsAn Introduction to Financial Aidfor Private and Independent Schools Event/Location Date Presenter name Presenter title, organization

  2. The “Five Ws” of Financial Aid • Who is responsible for paying for my child’s education? • What is “financial aid”? • Why should I apply for financial aid? • When should I start planning? • Where should I go for more help?

  3. Whois responsible for paying for a child’s education?

  4. What is Financial Aid?

  5. Whatis Financial Aid? Grants • Financial aid in the form of a grant from a school is not a loan and does not need to be repaid. • Need-based • School-financed • Financial assistance comes from each school’s budget, not from SSS by NAIS or from the government. Other types of help that may be available • Loans, monthly payment plans • Scholarships

  6. Tuition and Financial Aid Landscape Source: NAIS 2012-2013 Facts at a Glance for all member schools, National Association of Independent Schools

  7. When should I start planning to apply for financial aid for Academic Year 2014-15?

  8. Whenshould I start planning for 2014-15? • Make a schedule to meet school deadlines. • Most deadlines fall between December – April. • Missed deadlines = missed dollars. • Make a budget: • Add all sources of income (wages, tips, child support, etc.). • Subtract all expenses. • Improve the bottom-line: • Decrease expenses / Increase discretionary income • Research full cost of attendance: tuition+ fees+ books+ trips + ? • Do your tax returns early.

  9. Whenshould I submit my information? • Check your school’s financial aid AND admissions deadline – they may be different. • Missing deadlines could result in reduced aid or NO aid. • DO NOT wait until you have received an admission decision to begin the financial aid process. • Plan ahead: Begin collecting documents early. Set personal deadline 2-3 weeks earlier than schools’ deadlines. Allow time to ask questions

  10. How do I apply for financial aid?

  11. Howdo I apply for financial aid? • Contact the school(s) you are considering for the 2014-15 year. • Request financial aid information when you first contact the school for admission information. • Collect all the documents you need: • Parents’ Financial Statement (PFS) or other aid application • School-specific forms • Supplementary questionnaires • Tax-related documents • 1040, W-2s, any additional tax schedules/forms • Bank Statements • Bills/receipts (i.e. unexpected household, medical expenses)

  12. Howdo I apply for financial aid? • Submit and pay for the Parents’ Financial Statement (PFS) • Online only • PFS Online: sss.nais.org/parents- $41 nonrefundable fee (Pay by credit card, direct debit/ach, PayPal)

  13. SSS Has Gone GREEN • Online PFS Only • Fewer than 1% of PFS applications were paper. • Paper applications dropped by 62% over the prior year. • Fewer than 30% of SSS schools received any paper PFSs in 2013 (representing a 40% drop from 2012). • Fewer than 1% of SSS schools received more than 10 paper PFSs in 2013.

  14. PFS Online Support • Use the PFS workbook that you can use to gather your answers prior to getting online so your time in front of the computer is best used. • View helpful webinars to learn how to navigate and complete the online application correctly. • Phone and email support are available if you get stuck along the way.

  15. Howare financial aid grants calculated?

  16. Howis my financial aid eligibility calculated? • Income (money coming in) minus Expenses (money going out) • Assets (what you own) minus Liabilities (what you owe) • Family members who live in the house (who you support) • SSS takes all items into consideration to determine your Discretionary Income. • SSS will recommend to the school what portion of your discretionary income is available to pay for education. • Each school will verify the information you presented, then calculate its ability to meet your remaining need.

  17. Frequently Asked Questions • Will my retirement accounts be included? • How does my home equity factor in? • How do I know if I’m even going to qualify? • How long does the application take to complete? • What if I don’t have my taxes done in time to submit them? • What if I’m divorced? • How do 529 Plans work?

  18. How is my financial aid award calculated? Tuition/Total Cost of Attendance - Family Contribution (as calculated by SSS) Total Financial Need Financial aid offer from school

  19. Financial Need Calculation Example 1: School Can Meet Full Need $17,000 Cost of Attendance - $5,000 Family Contribution (as calculated by SSS) $12,000 Financial Need If school meets 100% of need $12,000 Financial Aid Grant

  20. Financial Need Calculation Example 2: School Cannot Meet Full Need $17,000 Cost of Attendance - $5,000 Family Contribution (as calculated by SSS) $12,000 Financial Need If school meets 75% of need $9,000 Financial Aid Grant

  21. Comparing Financial Aid Offers • School 2: Partial Need • $10,000 Cost of Attendance • $ 3,000 Family Contribution • $ 7,000 Financial Need • $10,000 Cost of Attendance • $ 3,500 Financial Aid Award • $ 6,500 Bottom Line • School 1: Full Need • $15,000 Cost of Attendance • $ 3,000 Family Contribution • $12,000 Financial Need • $15,000 Cost of Attendance • $12,000 Financial Aid Award • $ 3,000 Bottom Line School Meets 50% of Need School Meets100% of Need

  22. Visit sss.nais.org/parents for more resources

  23. Whatelse do I need to know?

  24. Whatelse do I need to know? • Read your school’s financial aid instructions. • On the PFS, fill in all “critical” questions. • On the PFS, give estimatesand use zeros when appropriate (do not leave items blank). • Pay for PFS Online by credit card, direct debit, PayPal, or Fee Waiver. • Keep copiesof all forms and documents.

  25. Whereshould I go for more help?

  26. Whereshould I go for more help? • Your school’s admissions or financial aid professional • SSS Customer Service Center (800) 344-8328 or sss@nais.orgAssistance in English and Spanish.

  27. How do I complete the Parents’ Financial Statement online at sss.nais.org/parents?

  28. Go to sss.nais.org/parents.

  29. Find guidance for getting started.

  30. Click “yes,” to carry forward last year’s basic information

  31. Summarizes the section: Questions you will answer and the information needed to answer the questions.

  32. Checkmarks mean that section is complete.

  33. Select your schools

  34. The PFS Online is smart, so it asks you only questionsthat you need to answer.

  35. Input 2013 actual and 2014 estimated income.

  36. Input assets and debts.

  37. What can you afford to contribute? Be realistic.

  38. Something not captured on PFS? Tell your story.

  39. Your PFS does not have to be completed in one sitting. You can save it and finish later where you left off. Just click “Complete Your PFS.”

  40. After submitting your PFS, you can mail or upload any required documents you’ve been instructed to send to SSS.

  41. Need more information? • Contact your school’s admissions or financial aid professional • Call or email the PFS Application Helpline (800) 344-8328, sss@nais.org • Visit the SSS website, sss.nais.org/parents, for guidance to help you understand financial aid and complete your PFS.

  42. Thank You! sss.nais.org

More Related