The Language of Financial Aid

1. The Language of Financial Aid College Board Forum New York City, NY October 27, 2011

2. The Language of Financial Aid C. Anthony Broh, Broh Consulting Services, LLC Alison Rabil, Asst. Vice Provost, Duke University

3. Higher Ed’s Own Language • Cost Language • Price Language • Financial Aid Speak • Payment Language

4. Some Graphic Background

5. Some Graphic Background

6. Some Graphic Background Equivalent Concepts

7. Higher Ed’s Own Language • Cost Language • Price Language • Financial Aid Speak • Payment Language

9. Cost Language How much does it COST to provide one year of education for one person?

10. Institutional Cost Trends

11. Higher Ed’s Own Language • Cost Language • Price Language • Financial Aid Speak • Payment Language

13. Price Language What is the PRICE a student pays in a “Comprehensive Fee” of Tuition, Fees, Room, Board each year?

14. Price Trends

15. Higher Ed’s Own Language • Cost Language • Price Language • Financial Aid Speak • Payment Language

17. Financial Aid Speak How much does this FINANCIAL AID package do to help a student pay for college this year?

18. Financial Aid Speak Expected Family Contribution Student Budget Award Package Gap Merit-based Aid Need-based Aid Need Need-blind Admissions

19. Financial-Aid Speak Evolve from the work that Financial Aid Administrators do Are accurate for an earlier era Are Institution centered Are not consumer friendly Are often misunderstood Are sometimes misleading

20. Higher Ed’s Own Language • Cost Language • Price Language • Financial Aid Speak • Payment Language

21. Payment Language What is the PAYMENT a family will make for each year of college?

23. Payment Language Price of Attendance Net Price Scholarships Grants Family Resources Student Resources Parent Resources Past Resources Current Resources Future Resources

24. Payment Language

25. Discussion 1: Jobs

26. Discussion 2: Loans

27. Discussion 3: Debt

28. The Language of Financial Aid C. Anthony Broh, Broh Consulting Services, LLC Alison Rabil, Asst. Vice Provost, Duke University

29. What can financial aid do? • Provide translations: Net Price Calculator • Disseminate information in a variety of ways • Tailor information to different audiences. • Standardize award letters

30. What can guidance counselors do? • Learn how financial aid works • Create partnerships with area colleges and universities • Tell financial aid administrators what you need and how you need it • Teach families how to navigate the system and manage the process.

31. What should parents and students do? • Research which schools are the “best fit” • Research financial aid policies • Apply by the deadline • Conduct family discussion about priorities in choosing a college and obligations in paying for a college

32. What should parents and students do? • Compare calculated parent contributions and loan amounts • Discuss the financial aid package with the school you want to attend • Prepare to explain financial circumstances not represented in the forms you filled out.

33. The Language of Financial Aid C. Anthony Broh, Broh Consulting Services c.anthony@broh.com Alison Rabil, Asst. Vice Provost, Duke University alison.rabil@duke.edu