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An Introduction to Financial Aid

An Introduction to Financial Aid. Bowdoin College Student Aid Office. Financial Aid Realities. There is financial aid available for all U.S. citizens. Loans and Jobs The funding systems (generally) work! Apply to colleges with varying costs, just in case.

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An Introduction to Financial Aid

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  1. An Introduction toFinancial Aid Bowdoin College Student Aid Office

  2. Financial Aid Realities • There is financial aid available for all U.S. citizens. • Loans and Jobs • The funding systems (generally) work! • Apply to colleges with varying costs, just in case. • A funding partnership is essential: • Family • Government • College/University

  3. Should You Apply for Aid? • YES ! • All students are eligible…. for loans and jobs. • Financial aid may be available from… • Federal and State governments • Colleges • Private sources • Receive valuable information about… • Financing strategy • Borrowing resources • Payment plans

  4. Should You Apply for Aid? • No! • Planned and saved for college costs • Avoid unpleasant paperwork • Enhance possibility of admission

  5. The One with the Gold… …makes the Rule! The Wizard of Id’s Golden Rule:

  6. HOW TO APPLY…

  7. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2009-10 FAFSA available on or after January 1, 2009 • Paper application available on request • Worksheet: It’s not the application!

  8. PIN Registration • Web site: www.pin.ed.gov • Not required, but speeds processing • May be used throughout aid process • Can get PIN anytime… now

  9. Completing the CSS Profile • Apply Online • Registration • Log on to www.collegeboard.com • Click on CSS/PROFILE “Paying for College” • Enter a user name and password • Select Colleges to receive your data • Pay the fee with a credit card. $5 plus $18/college • Complete the PROFILE Application • Submit the Application at least one week prior to deadline

  10. HOW IS THE DATA USED?

  11. Eligibility Formula Cost of attendance (COA) • Expected Family Contribution (EFC) = Financial Need

  12. Expected Family Contribution (EFC) income assets # in family taxes paid # in college age of older parent • Federal EFC (from the FAFSA) • Used to award all federal aid • Used to award most institutional aid • Uses both parent and student information (for dependent students) EFC

  13. Estimating Your EFC • The Finance Authority of Maine is providing students and families with immediate access to “estimated” financial aid eligibility with the College Aid Calculator on the web. • “What ifs”: learn how potential changes in your circumstances affect the family contribution. • www.famemaine.com • www.collegeboard.com

  14. The Award Barrel Remember: $25,000 - $8,000 = $17,000 COA - EFC = Need Cost of Attendance = $25,000 Unmet Need = $1,000 Gift Aid = $11,000 Grant Work = $1,500 Work Study Loan = $3,500 Stafford Loan EFC = $8,000 Merit Awards

  15. Sources of Financial Aid • Federal Pell Grants • FSEOG (Federal Supplemental Educational Opportunity Grant) • Maine State Grant Program (MSGP) • Institutional Grants • Work Study • Federal Stafford Student Loans • Federal Perkins Student Loans • Alternative (Private) Student Loans • Parent Loans (Federal PLUS) • Private/Local Scholarships

  16. A WORD OF CAUTION!!! • Beware of solicitations for programs that “guarantee” to find financial aid and scholarships for a FEE! • Beware of solicitations for FREE “financial aid interviews.” • The Finance Authority of Maine and the Maine Association of Student Financial Aid Administrators (MASFAA) provide free counseling and assistance to students and families completing financial aid forms.

  17. Final Reminders • (Almost) Everyone should apply for financial aid • Consider colleges that are right for your son/daughter based on his/her interests and aspirations, as well as cost & affordability • Be proactive- Call if you have questions or concerns

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