8/30/17 Alex Robinson Financial Aid Image Source: https://www.google.com/search?q=college+decisions+and+financial+fit&espv=2&biw=1366&bih=643&source=lnms&tb m=isch&sa=X&ved=0CAgQ_AUoA2oVChMI6vT40tKNxwIVEE6ICh2ipgCW#imgrc=45CmbyR3nAn8gM%3A 1
8/30/17 } 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) 2
8/30/17 Establishes the cost of attendance (Sticker Price) } Evaluates family’s ability to pay by determining an expected } family contribution (EFC) Offers ne need-ba base sed d sc scholarsh ships, ps, grants, s, loan, and d work- } study st dy based on the cost of attendance and the expected family contribution Distributes resources in an equitable manner } Counsels families on financial issues } } Cost of Attendance ◦ Direct Costs Tuition and Fees Room & Board ◦ Indirect Costs Books & Supplies Transportation Personal Expenses 3
8/30/17 } 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 ◦ 4
8/30/17 } FAFSA will be available starting Oc October 1 st 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. 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 5
8/30/17 } 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 6
8/30/17 } 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 7
8/30/17 1 X 2 Y 3 Z EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant) 8
8/30/17 } 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 For every $10,000 in loan balance, you will pay $105 per } month for 10 years. $2,312 in interest 9
8/30/17 } 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) 10
8/30/17 Financial Aid Office & Website } ◦ Webinars / Chats / Videos / FAQs Application Completion Events } ◦ High School ◦ FAFSA Free for All Events ◦ Financial Aid Office Department of Education } ◦ @FAFSA ◦ http://studentaid.ed.gov Make financial aid part of your college visits } 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? Utilize Net Price Calculators } Inform colleges about special circumstances } Investigate and apply for private scholarships } 11
8/30/17 Alex Robinson Financial Aid Advisor 303-871-4020 finaid@du.edu 12
Recommend
More recommend
