Alex Robinson Financial Aid Image Source: - - PDF document

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Alex Robinson Financial Aid

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} Welcome to the Financial Aid, I need the

following information:

• Salary
• Investments
• Cash, Savings, Checking balance
• Home Value
• Taxes Paid
• Tax Transcript from the IRS

} Colleges have varying deadlines

• Priority deadlines
• Ask what it means?

} Financial Aid Applications } Scholarship Applications } Terms

• Start developing a glossary
• www.collegeincolorado.org (Financial Aid Planning)

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Establishes the cost of attendance (Sticker Price)

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Evaluates family’s ability to pay by determining an expected family contribution (EFC)

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Offers ne need-ba base sed d sc scholarsh ships, ps, grants, s, loan, and d work- st study dy based on the cost of attendance and the expected family contribution

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Distributes resources in an equitable manner

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Counsels families on financial issues

} Cost of Attendance

• Direct Costs

– Tuition and Fees – Room & Board

• Indirect Costs

– Books & Supplies – Transportation – Personal Expenses

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} Use the Net Price Calculator available at every

school’s website.

} Know What to Expect. It’s not about Cost. It’s

about Net Price. Understand some parts of the financial aid calculation now.

} Colleges will provide different financial aid awards.

Use the Net Price Calculators now at several schools to get estimates of how affordable college can be.

} FAFSA – Free Application for

Federal Student Aid

• Required to determine

eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans

• www.fafsa.ed.gov

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} FAFSA will be available starting Oc

October 1st

st

• Families will use 2016 taxes
• Benefits:

– IRS Data Retrieval tool available immediately – No need to estimate/update FAFSA later

• Special Consideration:

– If income is significantly different - please contact the financial aid office to work through an appeal or professional judgment process.

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FAFSA

• Income

– Taxed and Untaxed – Allowances for

– Basic Living Expenses, Social Security and income taxes

• Assets

– Cash, Savings, Checking, Stocks, 529 plans, Business Net Worth – Home value is NOT included – Allowances for

– Asset Protection and Education Savings }

Equation: Adjusted Gross Income – Allowances + Assets = EFC

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} CSS PROFILE – College Board

• Many private universities and scholarship providers

require the CSS PROFILE application to determine financial eligibility for institutional aid programs – University of Denver, Colorado College ( over 400 nationwide)

• $25 Application Fee
• Comprehensive look at family wealth

– Includes home equity

• Non-custodial parent information
• http://profileonline.collegeboard.com

} Documentation needed to complete

applications (Parent and Student)

• Federal Income Tax Returns
• W-2 Forms
• Driver’s License
• Social Security Numbers
• Savings and Checking Account

Information

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} Tips for Completing Applications

• Meet Deadlines
• You can estimate information on both the FAFSA

and CSS PROFILE applications

• Reapply every year
• Ensure Social Security Number is correct
• Send applications to the correct institutions
• Ask questions if you are unsure

} Financial Need

Cost of Attendance

• Expected Family Contribution

Financial Need

• Need varies based on cost
• Most colleges are unable to meet 100% of

financial need with scholarship and grant aid

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X Y Z

Cost of Expected Family Need Attendance Contribution

(Variable) (Variable) (Constant)

1 2 3 EFC EFC

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} Scholarships & Grants

• Need-based, merit-based, or a combination

} Federal & State Grants

• For lower income students & families

} Student Employment

• Students work on campus 10-20 hours a week
• Paid hourly wages
• Great way to gain valuable work experience

} Loans

• Direct Stafford, Parent PLUS, and private

} No, but excessive borrowing is! } How much will your payment be?

• Loan Balance of $10,000
• 4.29% interest rate
• Standard 10 year Repayment Plan
• A. $95

B. $105

• C. $115
• D. $125

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For every $10,000 in loan balance, you will pay $105 per month for 10 years. $2,312 in interest

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} Don’t borrow more than your first year salary } What do teenagers think their salary will be? (Ch

Charles Sc Schwab - Teen Teens & M & Money S y Survey y 2011) 2011)

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}

Financial Aid Office & Website

• Webinars / Chats / Videos / FAQs

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Application Completion Events

• High School
• FAFSA Free for All Events
• Financial Aid Office

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Department of Education

• @FAFSA
• http://studentaid.ed.gov

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Make financial aid part of your college visits

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Do a bit of detective work!

• Do the colleges use financial need in determining their

admission decisions?

• How does the college treat private scholarships?
• On average how much need does a college meet?

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Utilize Net Price Calculators

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Inform colleges about special circumstances

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Investigate and apply for private scholarships

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Alex Robinson Financial Aid Advisor 303-871-4020 finaid@du.edu