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Cost of College. Estimated Annual Costs for Washington State Colleges*Public Community/Technical College $15,000Public Four Year College/University $17,500Public Four Year Research University $21,000Independent Four Year College/University $45,000Private Vocational Schools Costs Vary*Information provided by the Washington Financial Aid Association Fall 2009 - www.wfaa.org .

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financial aidfinancial aid

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    1. Financial Aid College Planning Night January 12, 2010

    3. Cost of CollegeEstimated 2009 – 2010 Costs for Sample West Coast Schoolsfor Washington State ResidentsInformation Provided by College Websites and Wintergreen Orchard’s House College Admissions Data Sourcebook

    4. Cost of CollegeEstimated 2009-2010 Costs for Two Iviesand StanfordInformation Provided by Wintergreen Orchard’s House College Admissions Data Sourcebook

    6. Financing Your Education What is financial aid? What is the goal of financial aid? What are the sources of aid? How will I know whether I am eligible for aid? What if I am not eligible for need based aid?

    7. What is Financial Aid? Financial Aid = Free money: Grants Scholarships + Self-help Aid: Work Study Loans

    8. What is the goal of financial aid? The primary goal is to assist students with paying for their educational investment by: Evaluating family’s ability to pay Distributing limited resources in an equitable manner Balancing gift and self-help aid

    9. What are the sources of aid? Colleges: Scholarships, grants, part-time jobs, loans Federal Government: Pell grants, work-study, Stafford and Perkins loans For details: www.FederalStudentAid.ed.gov/guide Washington State: Grants, scholarships, work study For details: www.hecb.wa.gov/FinancialAid/index.asp Private: Scholarships, loans

    10. Eligibility Criteria: Have a high school diploma or its equivalent Be a U.S. citizen or eligible non citizen Be a resident of the state (for most state aid) Enroll in an eligible degree or certificate program Maintain satisfactory academic progress Have a social security number Register with the Selective Service (males age 18-25) Two forms used to determine aid: Free Application for Federal Student Aid (FAFSA) CSS/Financial Aid Profile

    12. Why submit electronically? Built in edits to prevent costly errors Skip logic allows applicant to skip unnecessary questions More timely submission than a paper application and corrections are faster to make More detailed instructions and “help” for common questions Ability to check application status on line Simplified renewal application process

    13. FAFSA Process Get your Federal Student Aid PIN www.pin.ed.gov Collect your financial information Bank and brokerage account statements Tax Returns (estimates okay if you have not filed) -Tax Year 2009 for this year’s seniors; Tax Year 2010 for this year’s juniors W2 and 1099 forms and other income records Complete the FAFSA as soon as possible after Jan. 1 www.fafsa.ed.gov Review your Student Aid Report Contains your Expected Family Contribution Make corrections, if necessary, and notify Financial Aid Offices if changes required Evaluate your Award Letter(s) Notify your selected school what part of the aid package (if any) you will be accepting

    14. Federal Need Formula Expected Family Contribution (EFC) remains constant and is based on your FAFSA responses and reported in your Student Aid Report. Congress creates the formula to determine your EFC and your schools determine need based on EFC and the cost of attendance. The FAFSA looks at parent and student income and assets, number of people in the household, number of people in the household attending college, age of older parent (asset protection for retirement). It does not consider home equity or retirement accounts. Definition of Need: Need is the Cost of Attendance (COA) minus Expected Family Contribution (EFC) COA – EFC = Financial Need Cost of attendance includes: Indirect Costs: Books and supplies Direct Costs: Tuition, room and board, fees, incidentals, and transportation Cost of attendance varies from college to college so a student’s financial need will also vary for each school.

    15. How is EFC Used? Assume EFC = $20,000 Cost of Bellevue College = $15,066 EFC = ($20,000) Financial Need $0 Cost of Penn = $53,250 EFC = ($20,000) Financial Need $33,250 Penn will meet 100% of your need so cost is $20,000 vs. $15,066 at Bellevue College.

    16. Use online calculators to help you determine your EFC: www.finaid.org/calculators or go to www.collegeboard.com or www.fafsa4caster.ed.gov FAFSA4caster will: Calculate an estimate of your EFC Instantly calculate eligibility for federal student aid Save you time: Data submitted on the FAFSA4caster will automatically pre-populate the FAFSA form Automatically generate a federal student aid PIN for use when signing the FAFSA

    18. PROFILE vs. the FAFSA Submission Dates: PROFILE can be submitted October 1. FAFSA cannot be submitted before January 1. Required Information: PROFILE contains questions specific to your chosen school. FAFSA does not differentiate – everyone answers the same questions. Different Methodology: PROFILE determines your financial need differently than the FAFSA. FAFSA: No home equity in formula, only custodial parent’s financial data. PROFILE: Generally includes home equity in formula and looks at non-custodial parent’s data. Cost: PROFILE cost $25 plus $16 for each school or scholarship program selected. The FAFSA is FREE!

    19. What if I’m not eligible for need based aid? Become a catch: Colleges reward students with good grades and test scores, special talents www.meritaid.com Consider lower cost colleges. Apply for private scholarships. Do free web-based scholarship searches. www.fastweb.com, www.collegeboard.com, www.collegeanswer.com, www.thewashboard.org Consider colleges which participate in the Western Undergraduate Exchange. www.wiche.edu/sep/wue

    20. Financial Aid Tips Start with the federal government then turn to the private sector Complete a FAFSA even if you don’t think you qualify for aid Submit your FAFSA as soon as possible after January 1. Receive an early estimate of eligibility with the FAFSA4caster Review Yearly. Send a renewal FAFSA each year. Inform your Financial Aid Office if your financial circumstances change. Pay attention to deadlines! Apply! Apply! Apply!

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