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Financing Education Beyond High School

Financing Education Beyond High School. To the annual Financial Aid Information Night at AHS. What is Financial Aid. • Scholarships • Grants • Employment opportunities • Loans. Goals: Sometimes synonymous with Dreams. Goals of Financial Aid.

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Financing Education Beyond High School

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  1. Financing Education Beyond High School

  2. To the annual Financial Aid Information Night at AHS

  3. What is Financial Aid • Scholarships • Grants • Employment opportunities • Loans

  4. Goals: Sometimes synonymous with Dreams

  5. Goals of Financial Aid • To assist students in paying for their educational investment • To evaluate the family’s financial ability to pay for educational costs • To distribute limited resources in an equitable manner • To attempt to provide a balance of gift aid and self-help aid

  6. Cost of Attendance • Tuition and fees • Room and board • Books and supplies, equipment, transportation, and miscellaneous personal expenses • Loan fees • Study abroad costs • Dependent care expenses • Expenses associated with a disability

  7. Definition of Need Cost of Attendance (COA) -Expected Family Contribution (EFC) ______________________________ = Financial Need

  8. Principles of Need Analysis • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their education costs • Families should be evaluated in their present financial condition • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay.

  9. Federal Methodology Federal Methodology is The formula created by congress to determine the Federal Expected Family Contribution (EFC)

  10. Independent Student Definition • At least 24 years of age by December 31stof the award year • Graduate or professional student; • Married; • Has legal dependents other than a spouse; • Orphan or ward of the court • Veteran of the U.S. Armed Forces; or • Determined to be independent by the financial aid administrator

  11. Expected Family Contribution for Dependent Student 1.) Determine available parent income: -Total income (taxable and untaxed); -Taxes paid (federal, state, local, Social Security) -Income protection allowance for basic living expenses (food, shelter, etc) -Employment allowance (if eligible) _____________________________ =Available income (may be negative)

  12. EFC for Dependent Student (continued) 2.) Determine available parental assets: Cash, savings, checking accounts +Farm/business net worth (value minus debt) + Real estate/investment equity (excluding home) -Education savings/asset protection allowance (amount determined by age of older parent) x Asset conversion rate (12%) _______________________________________ = Contribution from assets

  13. Gift Aid • Grants • Scholarships • Federal (Pell, FSEOG) • Federal/State, LEAPP • State • Institutional • Private • Federal, Byrd • State • Institutional • Private

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