Off We Go! The Journey from High School to College
Process Timeline College Applications FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision November December March April May September October January February 2016 2017 2016 2016 2017 2017 2017 2017 2016
Financial Aid AB EF Cs
What is it?? • Grants – Need Based • Scholarships – Academic Merit • Talent Awards – Athletic/Artistic Ability • Loans • Student Employment
How do I get it?
Applications • Grades/SAT Scores • Community Service Pay Attention to Deadlines • Athletic/Artistic Ability • The Essay • The Teacher Recommendations • The Face to Face Experience • Authenticity
FAFSA (Free Application for Federal Student Aid) Needed for all Federal, State and some Institutional Aid Pay Attention to Deadlines Available October 1 st (Both Parent and Student Need FSA ID and Password) www.fafsa.ed.gov Prior, Prior Year Information (for 2017-2018 academic year use 2015 taxes) Use the Data Retrieval Tool (DRT) (if you can)
FAFSA Tips It’s easier than you think! • If you are married and you filed your taxes as head of household you will have an issue. • # Household members is an important element for the EFC. – Who is in the household? – Do you support > 50% of all HH members you list? • DRT option is only presented for simple, plain vanilla taxes.
30% of all FAFSAs are selected for Verification
A - B=EFC Expected Family Contribution (A) Household Resources (i.e. who is in the household and what are their financial resources) - (B) Dept of Education estimate of expenses = EFC
ABCs of EFCs • EFC = 0 does NOT mean you go to school for free • EFC only drives need-based aid (mostly) • Federal, State (and most institutional) need- based aid is directly tied to the EFC. (i.e. There is no school discretion)
CSS Profile • Needed only for Institutional Aid • School Specific (Queens does not require it) • $16 Per College, per Student • Available October 1 st • Harder/Longer than the FAFSA!
Process Timeline College Applications FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision November December March April May September October January February 2016 2017 2016 2016 2017 2017 2017 2017 2016
Relax….. visit schools… and… Enjoy this part!
Net Price Calculators • Net Cost estimate of your first year at a particular school • Typically based on the current year’s tuition, fee and financial aid amounts • Good indication of what to expect
Building an Award Federal State College/Univ Books Community Transportation Misc Exps Organizations Employers Tuition VA Fees Loans Cost of Room Scholarship Attendance Direct Cost Board Talent Health Grants Financial Insurance Aid
A - B=EFC Expected Family Contribution (A) Household Resources (i.e. who is in the household and what are their financial resources) - (B) Dept of Education estimate of expenses = EFC
Let’s Talk Need Cost of Attendance - Expected Family Contribution = ‘Need’ You can’t get more need-based aid than your ‘need’ (as determined by someone else)
The ‘Need’ Outcome High EFC Example Low EFC Example COA: $47,000 COA: $47,000 - EFC: $47,000 - EFC: $ 0 = Need: $0 = Need: $47,000 Student not eligible for any need- This does NOT mean the student will based aid receive $47,000 in free money
Process Timeline College Applications FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision December March April May September October November January February 2017 2016 2016 2017 2017 2017 2017 2016 2016
External Scholarships Ask me about this student… .
Resident versus Commuter Some scholarships have GPA minimums Free money depends on need, which depends on EFC, which depends on..etc. Every year can be different… Athletic scholarship is only there if you are on the team
Check it Twice! Make a List… .. Very Selective Private Selective Private Four Year Public Deadlines Early Decision Deadline 12/1/2016 11/15/2016 N/A Regular Decision Deadline 1/1/2017+ 1/1/2017 2/1/2017 Mid-Year School Report As Soon As Grades Are available Mid Senior Year N/A N/A FAFSA Deadline 11/15/16 Early Decision, 1/1/17 Regular N/A 3/1/2015 CSS Profile Deadline 11/15/16 Early Decision, 1/1/17 Regular N/A N/A Merit Scholarship Deadline 12/1/2016 12/9/2016 12/1/2016 What is it?? Requirements $60 Application Fee 75 Waived if Completed Online Yes Fee Waivers No No Yes Application Yes Yes Yes Test Scores Yes No Yes Transcripts Yes Yes No Essay Yes Yes No Teacher Recommendation Yes Recommended but not required No Resume No No No Secondary School Report Yes No No Mid-Year School Report Yes Np No CSS Profile Yes No Yes Additional Scholarship Application Yes Yes
Other Important Stuff Financial Stats Cost of Attendance $66,582 $47,346 $21,446 Percent of Students Receiving Financial Aid 56% 97% 74% Average Grant Aid $37,554 $20,577 $9,728 Meet 100% of Demonstrated Need Yes No No Average Percent of Graduates with Loans 39% 72% 67% Average Loan Debt of Graduates $36,546 $33,754 $31,862 Do They Have Do They Have Where is It? My Major? What is it?? My Major? Can I bring my car?
Putting It Together
Putting It Together
Covering the Net Cost • Pay in full per term • Payment Plan per month (if offered by school) • Direct Student Loans • Direct Parent PLUS loan – Borrowing from the federal government – Immediate response – Only looks for adverse credit history – Scary that it’s so easy
Federal Student Loan Myth Annual Dependent Undergraduate Loan Limits: Freshman $5,500 Sophomore $6,500 Junior $7,500 Senior $7,500 Lifetime Dependent Undergrad Loan Limit: $31,000 (eligible for additional unsub loans if parent is denied parent plus, taking loan limit $57,500)
Website Resources www.FAFSA.ed.gov www.studentaid.ed.gov www.studentloans.gov www.cfnc.org www.fastweb.com www.saltmoney.org
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