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Employee College Advising Program. Picking a college ….. And paying for it. Dorothy Rosenblatt: University of Virginia Customer Service Representative – Tier II . Welcome. TYPES OF SCHOOLS. COST OF ATTENDANCE BUDGETS. Federally mandated
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Employee College Advising Program Picking a college…..And paying for it
Dorothy Rosenblatt: University of Virginia Customer Service Representative – Tier II Welcome
Federally mandated All schools required to have a net price calculator Must represent factual data Information is for current academic year If you used a net price calculator today, it would reflect 2015-2016 costs and awards. Reflects cost of attendance minus grant aid Net price calculator
PROFILE schools in Virginia • College of William and Mary • Patrick Henry College • University of Richmond • University of Virginia • Washington and Lee University
After submitting your application • Review the information and calculate an expected family contribution (EFC). • Expected family contribution = • Student contribution from income + • Student contribution from assets + • Parent contribution from income + • Parent contribution from assets
Determining Financial Need • Schools use the EFC to determine eligibility for need-based financial aid and to prepare an award package. Cost of Attendance minus EFC equals Financial Need
AccessUVA • Meet 100% of demonstrated need of all students • Affordable Excellence In-state, low-income students offered $1,000 in loans/year toward institutional need All other in-state students offered an average of $4,500 in loans/year toward institutional need • March 1st deadline
Financial Aid Funds made available to students and families to help pay for postsecondary educational expenses. These include: • Scholarships/Grants – Money that does not need to be repaid • Work Study – The student must work to earn funds • Loans – The student or parent must pay back what was borrowed, and possibly additional interest
Types of Financial Aid • Need Based • Aid given to a student based on the amount of demonstrated need, as determined by information within the application. • Examples include the Pell Grant, Subsidized Loans and Federal Work Study. • Non-need Based • Aid given to a student not based on need. • Examples include credit-based loans or regional scholarships. • Merit Based • Aid given to a student based on scholastic or talent achievement. • Examples include awards based on GPA, extracurricular activities, unique talents, and/or leadership potential.
need-based money awarded by colleges and universities Grants
Need-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses Work-study
Money that has to be repaid – not until after the student graduates or drops below half-time status Loans
SUBSIDIZED VS. UNSUBSIDIZED • Subsidized Loans • Available to undergraduate students with financial need • Loan is in the student’s name, guaranteed by the Federal government through the Department of Education • The government pays the interest while the student is in school • Fixed interest rate for 2016-2017 is 3.76% • Unsubsidized Loans • Non-need based loan in the student’s name, guaranteed by the Federal government through the DOE • Federal Government does not pay the interest while the student is in school • Fixed interest rate for 2016-2017 is 3.76%
OTHER LOANS Direct Parent Loan for Undergraduate Students (PLUS) • Credit-based educational loan in the parent’s name guaranteed by the Federal government • Fixed interest rate of 6.31% • The government does not subsidize this loan • Maximum amount a student can borrow is the cost of attendance minus all other financial aid
OTHER LOANS • Alternative/Private Loans for Students available through banks or other financial institutions • Loan in the student’s name • Credit check required, student may need a credit-worthy cosigner • May borrow up to the Cost of Attendance minus other financial aid
awarded based upon need, merit and talent Scholarships
College and universities – every school is different Scholarships
You may find them in unexpected places. Scholarships
Helpful Tips FOR STUDENTS • Obtain and review admissions and financial aid information from each school. • Submit all applications and requested documentation by the deadlines. • Investigate other sources of aid every year. • Talk to financial aid offices if you or the student has questions or special circumstances.