College Financial Aid- An Introduction KNOWING THE PROCESS IS THE - - PowerPoint PPT Presentation
College Financial Aid- An Introduction KNOWING THE PROCESS IS THE BEST WAY TO BEGIN! Financial Aid Basics: Terms There are two types of aid: Need-based and Merit-based IMPORTANT: Not all schools MERIT AID NEED BASED AID give MERIT aid.
KNOWING THE PROCESS IS THE BEST WAY TO BEGIN!
There are two types of aid: Need-based and Merit-based
NEED BASED AID
FAFSA = starting point Gov’t formula decides what you can afford Some schools require add’l info
MERIT AID
Based on grades/test scores (sometimes essays) Some schools also have talent-based awards IMPORTANT:
Not all schools give MERIT aid.
COA = Cost of Attendance (tuition, books, room and board, travel) FAFSA = FREE Application for Federal Student Aid EFC = Expected Family Contribution SAR = Student Aid Report – the e-mail you get from Dept of Ed several
days after submitting the FAFSA
Grants = Based on need Scholarships = Based on merit “Self-help” awards:
deferred until graduation or not
hours/week
your student’s senior year (ie. if
you have a junior now, who will be a senior and apply to college in fall, 2019, you will submit your 2018 income information)
submit information
https://fafsa.ed.gov/help.htm
To complete the Free Application for Federal Student Aid (FAFSA), you will need:
begin the FAFSA)
information into your FAFSA using the IRS Data Retrieval Tool.)
If you are a dependent student, then you will also need most
retirement contribute less for education)
Some colleges (mostly private) also require the CSS Profile and use a different calculation
The result of submitting your FAFSA will be your EFC, Expected Family Contribution. It will come by e-mail in a message called the SAR, Student Aid Report. You can get a good estimate of what your EFC will be
https://bigfuture.collegeboard.org/pay-for-college/paying-your- share/expected-family-contribution-calculator
Profile, which can be accessed here: https://cssprofile.collegeboard.org/
https://profile.collegeboard.org/profile/ppi/participati ngInstitutions.aspx
financial situation and retirement accounts; your EFC using this methodology may be higher.
Colleges that use the CSS Profile use a different formula to calculate what you can afford.
Be sure to check each individual school’s website to find out what forms are required and when they must be filed.
If you apply Early Action or Early Decision, financial aid deadlines may be earlier!
Failing to file by the deadline may impact your financial aid award!
This is the formula the federal government and colleges use to determine your family’s financial need:
requiring only the FAFSA.
Methodology.”
cost of attendance.
This number is different at each college!
…and do they fill 100% of it?
➢ Based on Need ➢ Federal Pell Grants (provided to every
student with very low income)
➢ Federal Supplemental Education
Opportunity Grants (FSEOG)
(Limited funds; provided to very low income students who apply early)
➢ State Grants ➢ Institutional Grants ($ directly from
colleges)
➢ Academic (based on grades, test
scores and sometimes talent)
➢ Athletic, Leadership, Theatre,
Music (talent-based)
➢ Usually highly competitive ➢ Institutional (from the colleges
directly)
➢ State, Local, Corporate or Civic
(small amounts, not renewable)
➢ Based on demonstrated need ➢ Student is provided an
➢ 10 – 15 hours per week and
paid directly to student
➢ Generally above minimum wage
➢ Direct Subsidized &
Unsubsidized
➢ Perkins ➢ PLUS (Parent Loan for
Undergraduate Students)
➢ Private Loans
NO. All colleges DO NOT fill 100% of need. And remember, need is the amount ABOVE your EFC.
SO PEOPLE ALWAYS ASK NEXT… WHERE DO WE FIND OUTSIDE SCHOLARSHIPS?
(why is this a ‘trick’ question?)
➢ If you are not likely to qualify for need-based aid, you probably want to focus on colleges that have a track record of giving merit-based scholarships. ➢ “Safe” schools are more likely to give you merit scholarships! ➢ Resource for finding this info: http://www.collegedata.com/
students
that don’t have a track record of giving it.
they don’t give money and you aren’t willing to pay full price.
COA = Cost of Attendance (tuition, books, room and board, travel)
UCLA Tulane Johns Hopkins Tuition 12,918 51,010 50,410 Room/Board 15,069 13,700 14,976 Travel 600 2,500 1,975 Books 1,635 1,200 1,220 Misc Expenses 3,825 * 1,050 1,544 TOTAL $34,047 69,460 70,125
* Health insurance is required at all UC campuses and costs between $2,400-$3,000 What will the cost be when my child goes to school? Use the College Board’s Cost Calculator: https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator
Screenshot taken from www.CollegeData.com Screenshot taken from Magellan’s college planning software, www.CollegePlannerPro.com
Screenshot taken from www.CollegeData.com Screenshot taken from Magellan’s college planning software, www.CollegePlannerPro.com
Evelyn Alexander Magellan College Counseling evelyn@magellancounseling.com 310-351-9309 www.MagellanCounseling.com Facebook: MagellanCounseling Twitter: EvelynMagellan