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FINANCIAL AID for college: what you need to know Mercy high school December 4, 2013

FINANCIAL AID for college: what you need to know Mercy high school December 4, 2013. CHERYL MILLER, REGIS UNIVERSITY. OVERVIEW. What does college cost? What sources of aid are available? How do we apply for aid? What aid will we receive? What amount will we need to pay?

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FINANCIAL AID for college: what you need to know Mercy high school December 4, 2013

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  1. FINANCIAL AID for college: what you need to knowMercy high schoolDecember 4, 2013 CHERYL MILLER, REGIS UNIVERSITY

  2. OVERVIEW • What does college cost? • What sources of aid are available? • How do we apply for aid? • What aid will we receive? • What amount will we need to pay? • How will we pay the balance? • What factors should we consider?

  3. WHAT DOES COLLEGE COST? • Tuition and Fees • Room and Board (housing and dining) • Books and Supplies • Transportation • Personal Expenses

  4. WHAT DOES COLLEGE COST?

  5. WHAT DOES COLLEGE COST? EXAMPLE: Regis University Direct and Indirect Expenses for 2013-2014 school year

  6. WHAT SOURCES OF AID ARE AVAILABLE?

  7. WHAT SOURCES OF AID ARE AVAILABLE?

  8. HOW DO WE APPLY FOR AID? • FAFSA – fafsa.ed.gov • It’s free to file the FAFSA • All colleges utilize FAFSA for federal financial aid • Get a PIN – this is your electronic signature • List up to 10 colleges you would like to receive FAFSA • Use IRS Data Retrieval Tool (DRT) • CSS Profile – profileonline.collegeboard.com • Roughly 400 colleges utilize the CSS profile for nonfederal financial aid

  9. HOW DO WE APPLY FOR AID? • Aid calculations are based on: • Having US citizenship/eligible non-citizens • Your Adjusted gross income • Number in the family attending college • Award year – you apply for FAFSA every year • Special circumstances, determined college-by-college • Student Aid Report (SAR) • Summary of the FAFSA data you submitted, you will receive within 3 weeks of filing FAFSA • Will contain Estimated Family Contribution (EFC)

  10. WHAT AID WILL WE RECEIVE? Regis Student Award Letter Example, $0 EFC

  11. WHAT AID WILL WE RECEIVE? Regis Student Award Letter Example, $14,502 EFC

  12. WHAT AID WILL WE RECEIVE? Regis Student Award Letter Example, $0 EFC Regis Student Award Letter Example, $14,502 EFC

  13. WHAT AMOUNT WILL WE PAY? • Look for the balance after aid is awarded: • Regis Student Award Letter Example, $0 EFC • Regis Student Award Letter Example, $14,502 EFC

  14. HOW WILL WE PAY THE BALANCE? • Out of pocket • Semester/Annual Payment • Payment Options (see example below) • 529 College Savings Plan Disbursements • Loan disbursements (student, parent, private) • Federal Work-Study (checks paid to student)

  15. WHAT FACTORS SHOULD WE CONSIDER? • NET PRICE versus STICKER PRICE • Use Net Price Calculators to determine your estimated merit and need based aid ahead of time • How many years does it take to graduate? • Return on Investment (career placements, average salary in first year, grad school placements) • Total Amount Borrowed/types of loans • Retention/graduation rates

  16. NEXT STEPS • Use the FAFSA4caster financial aid calculator • Complete the FAFSA on the Web Worksheet to determine what information you’ll need to gather in order to file the FAFSA • Check with colleges regarding what forms you need to apply for scholarships and need-based aid • Get a FAFSA PIN at www.pin.ed.gov • File FAFSA as soon as possible after January 1 and before March 2 • Confirm your FAFSA has been completed by receiving your Student Aid Report (SAR) • Use the IRS Data Retrieval Tool (DRT) once you’ve completed your taxes • Get help when you need it! www.fafsa.gov or 1-800-4-FED-AID • Review award letters as they arrive and contact the school for any help/clarification you need regarding the award letter

  17. QUESTIONS? Cheryl Miller Regis University Assistant Director of Admissions Northern California Regional Representative cschenk@regis.edu 303-964-5420

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