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Financial Aid Information Session

Get valuable information about financial aid options and the application process. Learn about grants, scholarships, student loans, and more. Connect with the Minnesota Association of Financial Aid Administrators for expert assistance.

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Financial Aid Information Session

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  1. Financial Aid Information Session Minnesota Association of Financial Aid Administrators (MAFAA)

  2. Objectives of this Session • General Overview • Application Process • Types of Aid • Answer Questions

  3. Where to start • Check with the college: • Does college have an institutional aid application? • Does college do estimates of financial aid? • Does college have a priority deadline date? • What is the college’s Federal Code? • Go on-line to www.FAFSA.ed.gov

  4. Free Application for Federal Student Aid (FAFSA) facts • Universal tool for data collection • Federal central processor computes data • Apply every year • Takes 1-2 weeks to process--apply early • Generates Student Aid Report (SAR) • Determines your Expected Family Contribution (EFC)

  5. Ways to complete the FAFSA FAFSA on the WEB http://www.fafsa.ed.gov Paper FAFSA

  6. Why FAFSA on the Web? • Faster • Built in Edits and skip-logic • Fewer Errors

  7. Expected Family Contribution (EFC) • Student and parent contributions are determined by the federal formula • Colleges use your EFC to determine your financial aid eligibility at their school

  8. Remember… • The cost of higher education is primarily the responsibility of the family • Financial aid supplements the Expected Family Contribution • Ability-to-pay vs. willingness-to-pay

  9. Cost of Attendance • Tuition and Fees Room and Board Books and Supplies Misc. Personal Expenses • Transportation • Child Care • Personal Expenses

  10. Determining Financial Aid Eligibility • Cost of Attendance (COA) • minus Expected Family Contribution (EFC) equals Eligibility for need based aid

  11. School A COA $30,500 EFC- 5,000 NEED $25,500 School B School C $15,500 $4,500 - 5,000 -5,000 $ 10,500 $0 Financial Aid Examples Your Expected Family Contribution (EFC) remains the same!

  12. Types of Financial Aid • Gift Aid • Grants • Scholarships • Self-Help • Student Employment • Student Loans

  13. Grants • Federal • Pell Grant • Supplemental Educational Opportunity Grant • ACG/SMART Grant • State • Minnesota State Grant • Private • Institutional Grants

  14. Scholarships • Contact Colleges • Check with High School Guidance Counselor • Check parent & student clubs, unions, employers • Search the internet • www.fastweb.com • www.collegeboard.org • www.finaid.org

  15. Student Employment • Campus-based employment • Credited to student’s account or paid directly to student depending on college • Federal and state student work study employment will not be used in determining the student’s contribution on next year’s FAFSA

  16. Student Loans • Federal Stafford/Direct Loan • subsidized and unsubsidized • Federal Perkins Loan • Federal Parent (PLUS) Loan • State of Minnesota SELF Loan • Private Loan Options

  17. Other important WEB resources... • Financial Aid Information Page • www.finaid.org • The Internet System for Education and Employment Knowledge (ISEEK) • www.iseek.org • Minnesota Office of Higher Education • www.ohe.state.mn.us • Minnesota Association of Financial Aid Administrators • www.mafaa.org

  18. Staff Assistance • Contact the college financial aid office for assistance. • Most offer both telephone & walk in counseling. We’re ready to help you!

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