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Making College Possible:

Making College Possible:. Financial Aid Fun. Financial Aid Topics . What is financial aid? Where does it come from? What aid is available? How to apply for financial aid. Where to look for information about private sources of aid. Definition of Financial Aid.

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Making College Possible:

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  1. Making College Possible: Financial Aid Fun

  2. Financial Aid Topics • What is financial aid? • Where does it come from? • What aid is available? • How to apply for financial aid. • Where to look for information about private sources of aid.

  3. Definition of Financial Aid • Money available to families to help them pay for educational expenses.

  4. Types of Financial Aid • Gift Assistance • Scholarships • Grants • Self-help • Loans • Employment

  5. Sources of Financial Aid • Federal Government Programs • State Government Programs • Institutional Programs • Community Programs • National Programs

  6. Ways to pay for college • Savings • Job • Financial Aid • Scholarships • Grants • Loans • Campus Employment • Parent Support • Outside Support • Military benefits • Division of Vocational Rehabilitation • Indian Grants • Americorp and Vista Grants

  7. Scholarships • Types • Institutional • Non-institutional • Locating Scholarships • Guidance Office • Websites • Community Organizations • Groups, Clubs, Activities • Employers • Professional Organizations

  8. FREE Scholarship Services

  9. Scholarships (cont.) • Essays • Activities and Involvements • Awards • Volunteer Experiences • Leadership Roles • Career Goals • Personal Goals • Inspiring People/Things • Special Circumstances • Financial • Health • Family • Personal • Watch for Scams

  10. Eligibility for Aid • Based upon an analysis of data provided on the Free Application for Federal Student Aid (FAFSA) • www.fafsa.gov • Some schools have their own institutional forms (CSS Profile)

  11. Free Application for Federal Student Aid (FAFSA) • The calculation is based upon family size, number in college, income and assets • Available January 1st of your senior year • Complete FAFSA as soon as possible after January 1, 2014 (you will need your 2013 income tax information)

  12. List up to 10 schools to receive FAFSA data • Federal School Code for each school • 6 digit number for all schools • Housing plans for each school

  13. Financial Aid (cont.) • Process (cont.) • FAFSA processed with federal government and sent electronically to schools within 1week • Sometimes additional documentation is required • School reviews information and sends award letter that lists types and amounts of financial aid available • Awarded for both Fall and Spring semesters

  14. Comparing financial aid awards • Compare total costs! Total costs include tuition, fees, room and board. • Compare each type of financial aid (grants to grants, loans to loans and work to work) … not just bottom line! • Ask how much tuition increases per year. • Ask what will happen to your financial aid award if you receive an outside scholarship. • Ask what types of payment plans are available. • Ask if there are fees or interest associated with payment plans. • Ask how your financial aid will change in future years. • ASK QUESTIONS!

  15. Tips for Applying for Financial Aid • Apply as early as possible • Meet college filing deadline/priority dates • Find out what forms are required at each institution • Used completed tax returns • Read the instructions - don’t assume • Complete all questions • Keep a copy for your records

  16. Financial Aid Timeline • June ‘13 – December ‘13 • Complete your application for admission • Complete your Net Price Calculator • Discuss the results of your NPC with your admissions counselor • Watch the mail for your 2014- 2015 FAFSA information in late December • January ‘14 – May ‘14 • Complete the FAFSA and submit it to the Department of Education as soon as possible after January 1, 2014. • About 4-6 weeks after you submit your FAFSA you will receive your official Financial Aid Award

  17. Net Price Calculators • Schools are required to have a Net Price Calculator on their website • The Net Price Calculator is a “mini version of the FAFSA” – which allows schools to provide you with an estimate of what it will cost to attend college.

  18. Financing Options • Summer Employment • Plus Loans • Parent’s Loan • Federal loan program • Fixed Interest Rate = 6.41% • Flexible payment options • Alternative Loans • Student’s Loan • Requires co-signer • Private Loan • Variable or Fixed Interest rate usually based on Libor or Prime (no cap) • Repayment begins 6 months after student graduates

  19. Are you ready? • POP QUIZ!!!

  20. What are the types of financial aid? A. Grants B. Loans C. Work Study D. All of the above

  21. True or False? • The FAFSA website is: WWW.FAFSA.COM

  22. Name one cost of college. A. Tuition B. Books C. Dorm and Food Plan D. A, B, and C E. There is no cost to college.

  23. Name one place to find scholarships.

  24. Name two things to include on a scholarship essay.

  25. How many schools codes can you list on the FAFSA?

  26. Name one place to go to get answers to financial aid questions.

  27. Questions? THANK YOU!!

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