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What Is Financial Aid? • Generally speaking, financial aid includes all funds made available to students that do not come from their family. • Sources are the federal and state governments, the colleges themselves and private sources • It comes in the form of grants, scholarships, loans and student employment Higher Education Student Assistance Authority 4
What Forms are Required and When? • Free Application for Federal Student Aid (FAFSA) • College Board Profile Form • Institutional Forms • Verification • Tax documentation • Business Supplement • Non-custodial parent information • Know your schools requirements and deadlines Higher Education Student Assistance Authority 5
Expected Family Contribution • The amount that a family can reasonably be expected to contribute • Derived from contributions from the parents and the student • Federal EFC • Institutional EFC • EFC Calculator: Available on the College Board Web Site: https://bigfuture.collegeboard.org/pay-for-college/paying- your-share/expected-family-contribution-calculator Higher Education Student Assistance Authority 6
How Is Eligibility Determined? • Cost of Attendance (COA) - direct and indirect costs • Expected Family Contribution (EFC) • Federal vs. Institutional EFC; differences in assessment • Special circumstances Higher Education Student Assistance Authority 7
Need Cost of Attendance Less Expected Family Contribution Equals Need Higher Education Student Assistance Authority 8
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Scholarships • A form of “gift aid,” does not have to be paid back • Awarded on the basis of academic, artistic, athletics or other merit attribute Higher Education Student Assistance Authority 10
Grants • Gift aid; does not have to be repaid • Most often awarded on the basis of need Higher Education Student Assistance Authority 11
Loans • Must be repaid • Federal loans • Privately financed loans • Terms vary significantly by program • Borrow wisely • Is it a good investment? Higher Education Student Assistance Authority 12
Student Employment • Offered by colleges using federal or institutional funds • Part time • Paid via a paycheck • Not generally applied to the college bill Higher Education Student Assistance Authority 13
Federal Aid Programs 2018-2019 • Federal programs provide by a wide margin the largest portion of assistance • Awarded primarily on the basis of need • Students must apply each year • Federal Pell Grant up to $6,095 • Federal Stafford Loan • Federal PLUS Loan • Campus-Based Programs: SEOG and Federal Work- Study Higher Education Student Assistance Authority 14
Federal Stafford Loans Interest rate for Federal Stafford Loans for the 2018-2019 academic year is 5.045% fixed plus a 1.062% origination fee Higher Education Student Assistance Authority 15
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Other Resources Foundations, businesses, charitable organizations, employers, unions Start research early. Web Resources: www.hesaa.org www.collegeboard.org www.mappingyourfuture.org High school guidance office Free internet scholarship search engine: www.fastweb.com https://bigfuture.collegeboard.org/scholarship-search https://www.scholarships.com/ Higher Education Student Assistance Authority 21
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