Making College Possible:

Financial Aid Fun

Financial Aid Topics

What is financial aid?

Where does it come from?

What aid is available?

How to apply for financial aid.

Where to look for information about private sources of aid.

Definition of Financial Aid

Money available to families to help them pay for educational expenses.

Types of Financial Aid

Gift Assistance Scholarships Grants

Self-help Loans Employment

Sources of Financial Aid Federal Government Programs State Government Programs Institutional Programs Community Programs National Programs

Ways to pay for college

Savings Job Financial Aid

Scholarships Grants Loans Campus Employment

Parent Support Outside Support

Military benefits Division of Vocational Rehabilitation Indian Grants Americorp and Vista Grants

Scholarships Types

Institutional Non-institutional

Locating Scholarships Guidance Office Websites Community Organizations Groups, Clubs, Activities Employers Professional Organizations

FREE Scholarship Services

Scholarships (cont.) Essays

Activities and Involvements Awards Volunteer Experiences Leadership Roles Career Goals Personal Goals Inspiring People/Things Special Circumstances

Financial Health Family Personal

Watch for Scams

Eligibility for Aid

Based upon an analysis of data provided on theFree Application for Federal Student Aid (FAFSA)

www.fafsa.gov

Some schools have their own institutional forms (CSS Profile)

Free Application for Federal Student Aid (FAFSA)

The calculation is based upon family size, number in college, income and assets

Available January 1st of your senior year

Complete FAFSA as soon as possible after January 1, 2014 (you will need your 2013 income tax information)

List up to 10 schools to receive FAFSA data

Federal School Code for each school 6 digit number for all schools Housing plans for each school

Financial Aid (cont.) Process (cont.)

FAFSA processed with federal government and sent electronically to schools within 1week

Sometimes additional documentation is required

School reviews information and sends award letter that lists types and amounts of financial aid available

Awarded for both Fall and Spring semesters

Comparing financial aid awards Compare total costs! Total costs include tuition, fees, room and board.

Compare each type of financial aid (grants to grants, loans to loans and work to work) … not just bottom line!

Ask how much tuition increases per year.

Ask what will happen to your financial aid award if you receive an outside scholarship.

Ask what types of payment plans are available.

Ask if there are fees or interest associated with payment plans.

Ask how your financial aid will change in future years.

ASK QUESTIONS!

Tips for Applying for Financial Aid

Apply as early as possible Meet college filing deadline/priority dates Find out what forms are required at each

institution Used completed tax returns Read the instructions - don’t assume Complete all questions Keep a copy for your records

Financial Aid Timeline June ‘13 – December ‘13

Complete your application for admission

Complete your Net Price Calculator

Discuss the results of your NPC with your admissions counselor

Watch the mail for your 2014- 2015 FAFSA information in late December

January ‘14 – May ‘14

Complete the FAFSA and submit it to the Department of Education as soon as possible after January 1, 2014.

About 4-6 weeks after you submit your FAFSA you will receive your official Financial Aid Award

Net Price Calculators

Schools are required to have a Net Price Calculator on their website

The Net Price Calculator is a “mini version of the FAFSA” – which allows schools to provide you with an estimate of what it will cost to attend college.

Financing Options Summer

Employment

Plus Loans Parent’s Loan Federal loan program Fixed Interest Rate =

6.41% Flexible payment

options

Alternative Loans Student’s Loan

Requires co-signer Private Loan Variable or Fixed

Interest rate usually based on Libor or Prime (no cap)

Repayment begins 6 months after student graduates

Are you ready?

POP QUIZ!!!

What are the types of financial aid?

A. GrantsB. LoansC. Work StudyD. All of the above

True or False?

The FAFSA website is:

WWW.FAFSA.COM

Name one cost of college.A. TuitionB. BooksC. Dorm and Food PlanD. A, B, and CE. There is no cost to college.

Name one place to find scholarships.

Name two things to include on a scholarship essay.

How many schools codes can you list on the FAFSA?

Name one place to go to get answers to financial aid questions.

Questions?

THANK YOU!!