Financial Aid Parent Student Meeting #1

1. Financial Aid Parent Student Meeting #1 December 2010

2. What do we mean by “College”? • College is a… • Vocational or Technical College • Certificate • 2-Year or Community College • Certificate • Associates Degree • 4-Year College • Bachelors Degree • Private or Public College • Proprietary Private College • ANY education you receive after high school!

3. What needs to get done Naviance Login is id password is initials and 6 digit birth date Ex dm040293 Add Colleges I am applying to Keep status updated Current email under profile Parents can access it Scholarships!!!!!

4. Emotional Decision • I get it ! • Mental Decision • Dr. Jason Garey • You can be anything from any school

5. Brain decision not a heart decision • Schwab report • Reality

6. Financial Aid – The Four Types • Grants • Awarded to the student based on need • Does not need to be paid back • Pell Grant, EFC less than or equal to $5,273 • Scholarships • Does not need to be paid back • Check out our CollegeInvest Scholarship Program • Work-study • Typically based on need • Student Loans • Federal Loans • Paid back at federally backed low interest rates with helpful terms • There are federal loans for students (Stafford loans) and parents (PLUS loans) • Private Loans • Use federal first and be sure to research the rates and terms carefully if you need a private loan to fill the gap.

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

8. Cost of attendance • Cost of attendance refers to the cost for attending college for one year (2 semesters) • Colleges often define total cost of attendance to include: • Tuition and fees • Room and board • Books and supplies • Medical expenses • Transportation • Personal expenses Fixed Costs Variable Costs

9. Time Line - Senior Year

10. Where Do We Start? • Estimate your cost • What is the schools average rate most pay? • % of need met

11. College Opportunity Fund • Pays a portion of total in-state tuition per credit hour… • $62 per credit hour at public 2/4-year colleges & universities • = approx. $1488 p/year • $31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University) • Must apply – just once at www.collegeincolorado.org • Must be admitted to participating institution • Available for undergraduates only • Paid directly to the college

13. CSS Profile • Created by CollegeBoard • CollegeBoard is a not-for-profit association that tries to connect students to colleges • $9 for application fee, $16 for each school • More detailed than the FAFSA • Will calculate an EFC, may differ from EFC that the FAFSA calculates • Students can begin filling this out October 1st prior to school year • Colorado institutions that require the profile: • Colorado College • University of Denver • Daniels Fund • www.collegeboard.com

14. FAFSA.GOV • Parents and student need their OWN pin number • Apply for PIN now! • File after January 1, 2011 completed by February 15, 2011 • Know your schools priority filing date • Pre-populate the form after your taxes have been completed

15. How to Submit the FAFSA • Available every January 1st- apply early! • Online application is fastest • Processed in 72 hours • Student and one parent need to get Personal Identification Numbers to sign application electronically • Parent and Student Information required: • Social security numbers, drivers license numbers • Records of money earned last year, tax returns and bank statements, etc. • Complete FAFSA online at http://www.fafsa.gov • 1-800-4FEDAID paper applications • Student Aid Report (SAR) • BEWARE of any service that requires you to pay a fee to submit your FREE application

16. FAFSA 4Caster • A “practice” FAFSA • Outlines family/student eligibility for: • Federal Grants • Student Loans • Federal Work Study • www.fafsa4caster.ed.gov

17. BEWARE… of any service that requires you to pay a fee to submit a FAFSA or Scholarship application.

18. Frequent FAFSA Errors • Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • Household size • Number of household members in college • Real estate and investment net worth • Dependent vs. Independent Student • Verification • IRS DATA match

19. Assets Not Included • Life insurance plans • Retirement plans • Equity from primary residence • Investment value of small business • 100 full-time employees or less • Farm when it is primary source of income

20. Expected Family Contribution • The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC) • The information will be used to determine a student’s eligibility for most federal and state assistance • The Dept. of Ed. does not expect you to have this amount in cash

21. Examples

22. College Goal Sunday • Moffat County High School • Free help filling out the FAFSA • Bring your tax information, income documentation, etc. • Information on scholarships and college planning • Scholarship giveaways • www.collegegoalcolorado.org • February 13, 2011

23. FAFSA step 2 • SAR from the government • Award letter from the school • EFC + need = total • How do they meet need • Scholarships, grants, loans, work study

24. What happens next?

25. Pell Grant • Eligibility determined from FAFSA • 2010-2011 maximum amount $5,550 • Pro-rated if student is less than full-time • Need based grant • EFC must be under $5,273

26. State & Institutional Grants • Colorado State Grants • Based on need, academics, & talent • Types and amounts vary by school • Institutional Grants • Based on need, academics, & talent • Types and amounts vary by school

27. Scholarships • Naviance • Login is student id • Password is initials and birth date dm040292 • Collegincolorado.org

28. 2009 & 2010 Duct Tape Scholarship Winners 2010 first place winners 2009 Winners from Golden, CO

29. Drink Milk Scholarship

30. 5 Overall Tips • 1. Go to college where you are on top • 2. Be realistic about what you are going to earn • 3. Only borrow what you need • 4. Visit before you commit • 5. Get to know the college administration (financial aid counselors, director of housing)

31. Next Meeting Wed 1/26/11 • We will talk about • FASFA issues • How to compare award letters • Types of loans • Subsidized vs. Unsubsidized • PLUS Local Scholarships What else you can do if you are not happy with your award letter