Financial aid-doesnt-have-to-be-scary

Financial Aid

Doesn’t Have To

Be Scary!!!

Kathy Leaver and Kim BaileyShelby County Gifted Resource College Advisors

What is Financial Aid?• Scholarships

– Merit Based• Academic

• Leadership

• Service

• Departmental

• Talent/Skill

– Need Based– Institutional– Private– Athletic (register with

www.NCAAclearinghouse.net)

What is Financial Aid?• Grants

– Federal – State

• Employment Opportunities– Work Study – Summer Internships

• Loans – Stafford Loans– Perkins Loans– PLUS Parent Loan– Other

(Federal and state aid along with many university aid and grants are awarded by completing the Free Application for Federal Student Aid at www.fafsa.ed.gov)

Goals of Financial Aid

• To assist students in paying for their educational investment

• To evaluate the family’s financial ability to pay educational costs

• To distribute limited resources in a fair manner

• To attempt to provide a balance of scholarships, loans, grants, work study, etc.

Cost of Attendance (COA)

• Tuition and fees• Housing• Meal plan and additional food

and snacks• Books and supplies• Entertainment• Transportation• Miscellaneous personal

expenses• Study abroad costs

Definition of Need

Cost of Attendance (COA)

- Expected Family Contibution (EFC) ________________________________________________

= Financial Need

How much will you need?

0

5

10

15

20

25

30

35

40

45

50

COA EFC Need

College #1

College #2

College #3

Why do I have to pay so much?

• As much as they are able, parents have a responsibility to pay for their children’s education

• Students also have a responsibility to pay for educational costs

• Family’s are evaluated in their present financial condition

How do I qualify?

• CSS Profile – www.collegeboard.com– register now

• FAFSA (Free Application for Federal Student Aid)– www.fafsa.ed.gov– register after January 1st

Eligibility• Accepted to an eligible program of study• Must be planning to enroll as a full time student• US Citizen or eligible non-citizen• Males must be registered with selective service• Must not have a drug-related conviction• Must have a valid social security number• Must maintain satisfactory academic progress as

determined by the higher ed. institution

Role of the Financial Aid Office• Determine eligibility after receiving information

from FAFSA or CSS Profile• Create an aid package• Send award letter to student that includes

– COA– Student Need– Types and Amount of Aid Offered– How and When Aid Will Be Dispersed– Student Employment Conditions– Terms and Conditions of Aid Offer

Role of the Student• Apply to college• Talk to your parents about your resourcesTalk to your parents about your resources• Contact financial aid offices at your schools• Complete the FAFSA and/or CSS Profile• Review financial aid award letter• Compare school offers

• Talk to your parents (Talk to your parents (AGAINAGAIN) about offers) about offers• Accept or reject offers and return paperwork to

schools• Notify all colleges of your decisions by May 1st

Other Sources of Funds and Financing

• Resident Assistant Benefits

• PACT

• 529 Plans

• University Payment Plans

Other Resources• www.fastweb.com • www.scholarships.com • www.scholarshiptree.com • www.finaid.org• www.studentaid.state.al.us • www.students.gov• www.alstudentaid.com• www.smartmoney.com • Student/Parent place of employment• Local business and civic organizations