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Understanding and Comparing Financial Aid Packages

Understanding and Comparing Financial Aid Packages. Revised 8/2013. Agenda. Financial Aid Process Overview. Agenda. What’s In a Financial Aid Award Letter?. Cost of attendance (COA) Estimated Family Contribution (EFC) Need Award package Total award Gap

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Understanding and Comparing Financial Aid Packages

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  1. Understanding and Comparing Financial Aid Packages Revised 8/2013

  2. Agenda

  3. Financial Aid Process Overview

  4. Agenda

  5. What’s In a Financial Aid Award Letter? • Cost of attendance (COA) • Estimated Family Contribution (EFC) • Need • Award package • Total award • Gap • Option to accept, reject or reduce COA -EFC Need COA -Award Gap

  6. Financial Aid Shopping Sheet

  7. Sample Award Letter

  8. COA -Award Gap $30,150 -$20,400 Gap: $9,750

  9. What’s In a Financial Aid Award Letter? • Cost of attendance (COA) • Estimated Family Contribution (EFC) • Need • Award package • Total award • Gap • Option to accept, reject or reduce COA -EFC Need COA -Award Gap YOUR COST = EFC + GAP

  10. Agenda

  11. Consider: How Final is the Package?

  12. Consider: How Final is the Package?

  13. Consider: How Final is the Package?

  14. Consider: Does It Meet My Need?

  15. PELL-Eligible Student (low EFC) Doesn’t include full CoA Balance owed=unmet need

  16. Consider: What Are the Components?

  17. Lots of loans considering the low EFC

  18. Consider: Are the Items Recurring?

  19. Consider: Are the Items Recurring?

  20. Based on full-time enrollment

  21. College Bound Scholarship

  22. College Bound Scholarship

  23. College Bound Scholarship Remember: College Bound Scholarship covers tuition & fees not covered by other state aid—not a “full ride” CollegeBound.wa.gov

  24. Other Things to Consider

  25. Practice: Determining Need

  26. Practice: Determining Need 4-yr public

  27. Practice: Determining Need 4-yr public 2-yr public 4-yr private

  28. Evaluate Your Package • Does it meet my need? • How much of it is loans vs. grants & scholarships? • What kind of loans are included? • How much of it is renewable? • What are the conditions of this package? • Is there room for negotiation?

  29. Practice: Comparing Packages

  30. Practice: Comparing Packages

  31. Stretching Student Aid $ UNMET NEED $3,000 RESOURCES EXPENSES

  32. Stretching Student Aid $ UNMET NEED Option 1: Get rid of $3,000 of expenses RESOURCES EXPENSES

  33. Stretching Student Aid $ UNMET NEED Option 2: Find $3,000 of resources to cover expenses $3,000 $3,000 RESOURCES EXPENSES

  34. Stretching Student Aid $ UNMET NEED Option 3: A combination of getting rid of expenses + adding resources $1,500 $1,500 RESOURCES EXPENSES

  35. Agenda

  36. Accept Decline Reduce Sign Submit

  37. CWU Accept Decline Reduce Sign Submit

  38. Financial Aid Overview

  39. Resources • YOUR FINANCIAL AID OFFICE!!! • College Cost Navigator • Collegecost.ed.gov • USA Funds Workshops(usafunds.webex.com) • Paying for College • Understanding the FAFSA • After the FAFSA • Scholarship Strategies • Stretching Student Aid Dollars • Student Loan Options

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