Off We Go! The Journey from High School to College Process Timeline - - PowerPoint PPT Presentation

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Dec 08, 2022 474 likes •774 views

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

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Off We Go!

The Journey from High School to College

SLIDE 2

September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017

College Applications

Process Timeline

FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision

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Financial Aid

ABEFCs

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What is it??

Grants – Need Based
Scholarships – Academic Merit
Talent Awards – Athletic/Artistic Ability
Loans
Student Employment

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How do I get it?

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Grades/SAT Scores
Community Service
Athletic/Artistic Ability
The Essay
The Teacher Recommendations
The Face to Face Experience
Authenticity

Applications

Pay Attention to Deadlines

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FAFSA

(Free Application for Federal Student Aid)

 Needed for all Federal, State and some

Institutional Aid

 Available October 1st (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)

Pay Attention to Deadlines

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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.

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30% of all FAFSAs are selected for Verification

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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

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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)

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CSS Profile

Needed only for Institutional Aid
School Specific (Queens does not require it)
$16 Per College, per Student
Available October 1st
Harder/Longer than the FAFSA!

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September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017

College Applications

Process Timeline

FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision

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Enjoy this part!

Relax….. visit schools… and…

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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

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Building an Award

Direct Cost Tuition Fees Room Board Health Insurance

Books Transportation Misc Exps

Cost of Attendance

Loans Scholarship Talent Grants

Financial Aid

Federal State College/Univ Community Organizations Employers VA

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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

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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)

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The ‘Need’ Outcome

Low EFC Example High EFC Example

COA: $47,000

EFC:

$ 0 = Need: $47,000 This does NOT mean the student will receive $47,000 in free money COA: $47,000

EFC:

$47,000 = Need: $0 Student not eligible for any need- based aid

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September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017

College Applications

Process Timeline

FAFSA/CSS Profile Admit Decisions (Those Big Envelopes!!) Financial Aid Awards Visits/Auditions Student Decision

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Ask me about this student… .

External Scholarships

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Free money depends on need, which depends on EFC, which depends on..etc. Every year can be different…

Some scholarships have GPA minimums Athletic scholarship is only there if you are on the team Resident versus Commuter

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What is it??

Make a List… .. Check it Twice!

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 Requirements Application Fee 75 Waived if Completed Online $60 Fee Waivers No No Yes Application Yes Yes Yes Test Scores Yes No Yes Transcripts Yes Yes Yes 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 No Additional Scholarship Application Yes Yes Yes

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What is it??

Other Important Stuff

Do They Have My Major? Do They Have My Major? Can I bring my car? Where is It?

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

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Putting It Together

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Putting It Together

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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

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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)

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www.FAFSA.ed.gov www.studentaid.ed.gov www.studentloans.gov www.cfnc.org www.fastweb.com www.saltmoney.org

Website Resources