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Discussion Items
- 1. Cost of Attendance (COA)
- 2. Expected Family Contribution (EFC)
- 3. Financial Need
- 4. Types of Financial Aid
- 5. Free Application for Federal Student Aid (FAFSA)
- 6. Post – Application Processes
What You Need to Know About Financial Aid 19-20 Somers High School - - PowerPoint PPT Presentation
What You Need to Know About Financial Aid 19-20 Somers High School - - PowerPoint PPT Presentation
What You Need to Know About Financial Aid 19-20 Somers High School Discussion Items 1. Cost of Attendance (COA) 2. Expected Family Contribution (EFC) 3. Financial Need 4. Types of Financial Aid 5. Free Application for Federal Student Aid
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Determining Eligibility – Cost of Attendance (COA)
Direct Costs
Tuition Fees Room and Meal Plan (if living on campus)
Indirect Costs
Books Transportation Miscellaneous Expenses
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Determining Eligibility – Expected Family Contribution (EFC)
- EFC is calculated by using the information provided on
the Free Application for Federal Student Aid (FAFSA).
- Measure of a family’s financial strength towards
subsidizing an education for one year.
- Determines types and amounts of financial aid
students are eligible to receive.
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Determining Eligibility – Financial Need
Eligibility for need-based financial aid (i.e. Grants, Federal Work-Study, Federal Direct Subsidized Stafford Loans) is dependent upon the Cost of Attendance and your EFC.
Cost of Attendance
- EFC
= Need (Dependent upon institution) (constant) (Dependent upon COA)
$7,000 $24,000 $8,000 $40,000 EFC $33,000 $17,000 $1,000
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What is Financial Aid?
Financial aid may include grants, scholarships, loans, and employment from a variety of sources: federal, state, institutional, or private funding.
Grants Scholarships Loans Employment Federal Pell Grant SEOG Local businesses and
- rganizations
http://hfpgscholarshi ps.org Federal Direct Stafford Subsidized Federal Work-Study State Department of Education (Roberta Willis Scholarship) Federal Direct Stafford Unsubsidized Student Labor University Grants School Guidance Office / College Admission Process Federal Direct Parent PLUS Places of Employment / Internet Private/Alternative Loans
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How do I Apply for Financial Aid?
Complete the 2019-2020 Free Application for Federal Student Aid (FAFSA)
- FAFSA is available October 1 at fafsa.gov
- CSS Profile www.collegeboard.com
- 2017 parent and student financial information
required
- Recommend using the IRS Data Retrieval Tool for
accurate filing of FAFSA
- Institutional Applications – check websites and school
publications
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Financial Aid Eligibility Criteria
U.S citizen or eligible non- citizen Selective Service registration (Males) Enrollment or acceptance in eligible program of study Satisfactory Academic Progress compliance for continuing students
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How do I Apply for Financial Aid?
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Resources
- Federal Student Aid:
– U.S Department of Education
- https://studentaid.ed.gov
– Free Application for Federal Student Aid (FAFSA)
- https://www.fafsa.gov
– FAFSA4Caster: Online Eligibility Estimator http://studentaid.ed.gov/fafsa/estimate – 1-800-4-FED-AID (1-800-433-3243) – TTY: 1-800-730-8913
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Questions?
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What if I can’t complete the FAFSA because I don’t meet the citizenship requirements?
- Public Act 18-2 allows for certain types of institutional
financial aid to be made available for qualifying undocumented students beginning Spring 2020.
- More information about the separate application process