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Financial Aid 101

Financial Aid 101. What to Know - The Basics. Financial Aid Terms. FAFSA EFC COA NPC Work-Study Loans. Financial Aid. Free money ! ! !. Financial Aid- Two Kinds. Need-Based Financial Aid determined by financial situation of family

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Financial Aid 101

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  1. Financial Aid 101 • What to Know - • The Basics

  2. Financial Aid Terms • FAFSA • EFC • COA • NPC • Work-Study • Loans

  3. Financial Aid • Free money ! ! !

  4. Financial Aid-Two Kinds • Need-Based Financial Aid • determined by financial situation of family • Merit-Based Financial Aid • awarded on basis of merit - academic, athletic, artistic

  5. Need-Based Aid • FAFSA is completed • www.fafsa.ed.gov • Jan 1 of Senior Year • Parent & Student PIN • Financial Information

  6. Terms to Know • EFC = Expected Family Contribution • What the government says your family should pay for college per year • COA = Cost of Attendance • Tuition, room & board, books, fees, etc. per year

  7. How This Works • Cost of Attendance per year = $30,000 • Expected Family Contribution = $10,000 • Financial “Need” = $20,000 • If college meets 100% of demonstrated need, will give financial aid award of $20,000

  8. Financial Aid Award • Grants/Scholarships • Work-Study • Loans

  9. Net Price Calculators(NPC) • Tool to help families determine what the net price would be for the first year of college • Net Price = Cost of Attendance minus estimated need-based financial aid award • Need financial records • Not easy to compare colleges

  10. What to Look For -Generous Colleges • Colleges that give a large % of grants or scholarships in need-based financial aid awards & little or no loans • Colleges that give a large % of merit-based scholarships (not based on financial need)

  11. Examples ofGenerous Colleges

  12. Pay Attention To • Each college’s policies about financial aid and scholarships • Deadlines - can be different than application deadline • Are any additional forms needed - CSS Profile, etc.?

  13. Private Scholarships -National

  14. Private Scholarships -Local

  15. Private Scholarships -Ethnic/Race/Gender

  16. Resources • FAFSA - www.fafsa.ed.gov • Fast Web - www.fastweb.com • Scholarships - www.scholarships.com • Merit Aid - www.meritaid.org • College Board - www.collegeboard.org

  17. My Information • Joni L. Towles • Certified Educational Planner • www. towlesedu.com • jtowles@towlesedu.com • 770-850-0910

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