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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$. College Financial Aid for the 2011-2012 academic year $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$. Who should apply for aid…. You should apply for financial aid: If you can’t completely cover the costs

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  1. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ • College Financial Aid for the 2011-2012 academic year • $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  2. Who should apply for aid… • You should apply for financial aid: • If you can’t completely cover the costs • If you might want to use student loans to use your savings wisely • If you want to be eligible for some independent scholarships (i.e. Mariemont Kiwanis) • If you might want an on-campus job

  3. How to Apply for aid Complete the FAFSA = Free Application for Federal Student Aid FAFSA on the web (www.fafsa.ed.gov) • Be sure to use the 2011-2012 version NOTE: list all your colleges on the FAFSA (even if you haven’t yet applied, or if you haven’t heard a decision)

  4. When to apply for aid • Complete the FAFSA by the “priority deadline” of February 15, 2011, even if you haven’t heard your admission decision • It’s okay to file the FAFSA at about the same time that you’re applying to colleges…be careful of deadlines!

  5. Before you begin… • Register for PIN’s (parent and student) • Need Social Security Number, birth date, email address • Print a FAFSA worksheet to use before going online (optional, but helpful…available late January) • Complete tax returns for 2010 (estimates ok) • Gather asset (investment) amounts (savings accounts, stocks, bonds, mutual funds, 529 plans, etc.) • Reminder:use the 2011-2012 version of FAFSA

  6. After the FAFSA is submitted… • Receive SAR (Student Aid Report) via email • Check it for accuracy and make necessary changes online • Discover what your family will be expected to pay for one year (EFC…Expected Family Contribution) • Wait for the award from the colleges you listed

  7. How much $$ can I expect? Cost of attendance for 1 year (tuition, room & board, books, fees, transportation) --- EFC (Expected Family Contribution) ___________________ Financial aid eligibility (financial need)

  8. Examples of aid eligibility College ACollege BCollege C Approx. cost of attendance $46,000 $22,000 $4,500 (for 1 year) EFC $10,000 $10,000 $10,000 Need $36,000 $12,000 0 (aid eligibility)

  9. Sources of aid • Federal government - Dept. of Education(Pell Grant, SEOG, Work Study, Stafford Loan, PLUS Loan, TEACH Grant, etc.) Apply via FAFSA • State government(Ohio College Opportunity Grant (OCOG), Ohio War Orphan’s Scholarship*, Nurse Education Assistance Loan Program*, etc.) Apply via FAFSA *separate application • Colleges (separate application/competition may be required) • Independent sources (search online) (local scholarships will be available in March 2011)

  10. What’s next? • Wait for your award notification from all colleges you listed on FAFSA. • “Gift aid” – grants, scholarships • “Self-help aid” – loans, work study • Compare actual costs from each college • Contact college financial aid office for clarification or if there are special circumstances(loss of job, health, etc.)

  11. Tools • FAFSA: www.fafsa.ed.gov (with link to PIN site) • FAFSA help line: 800-4-FED-AID • FAFSA website online live help • Estimator: FAFSA forecaster www.fafsa4caster.ed.gov • MHS College Planning Webpage (www.mariemontschools.org/elfers ) • Links to scholarship searches and local scholarship information • Federal Student Aid information www.studentaid.ed.gov

  12. Quiz • How do you access the FAFSA? • What version of the FAFSA will you be using? • What can/should you and your family do before starting the FAFSA? • What is the priority deadline to file the FAFSA? • What is the EFC? What is the SAR? • How will you be notified of what your EFC is? • How will your financial aid award be communicated to you?

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