Financial Aid Cindy Griffin Assistant Director Rollins
College
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Agenda Financial Aid Definition Cost of Attendance (COA)
Expected Family Contribution (EFC) Financial Need Types and Sources
of Financial Aid Free Application for Federal Student Aid (FAFSA)
Special Circumstances Net Price Calculator
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What is Financial Aid? Paying for college is primarily the
responsibility of the family Financial aid consists of funds
provided to students and families to help pay for postsecondary
educational expenses
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What is Financial Need Cost of Attendance Expected Family
Contribution Gross Financial Need
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What is Cost of Attendance (COA) Direct costs Indirect costs
Varies between colleges
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What is the Expected Family Contribution (EFC) Factor Stays the
same regardless of college Two components Parent contribution
Student contribution Calculated using data from a federal
application form (Free Application for Federal Student Aid) and a
federal formula (EFC Formula)
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Cost Comparison Private University 60,000 (COA) - 10,000 (EFC)
50,000 (Need) Public University 20,000 (COA) - 10,000 (EFC) 10,000
(Need)
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Types of Financial Aid Scholarships Grants Loans Employment
Gift Aid Self-Help Aid
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Sources of Financial Aid Federal government States Institutions
Private sources
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Scholarships Money that does not have to be paid back Awarded
on the basis of merit, skill, or unique characteristic Considered
Non-Need
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Scholarship Sources State Florida Bright Futures Awards
(private colleges) Florida Academic Scholars Fund - $103 per credit
Florida Medallion Scholars Award - $77 per credit Florida
Vocational Gold Seal Award - $77 per credit, 2 yr Institutional
Merit-based awards Talent-based awards Athletic aid Performance
scholarships Private Sources www.fastweb.com www.fastweb.com
www.scholarships.com www.scholarships.com
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Grants Money that does not have to be paid back. Usually
awarded on the basis of financial need. In general, FAFSA is
required.
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Grant Sources State Florida Resident Access Grant - $3,000
(private) Florida Student Assistance Grant - $2,610 max Federal
Pell Grant - $5,730 max Supplemental Ed Opportunity Grant (SEOG) -
$4,000 max Institutional Florida Pre-Paid Plan
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Loans Borrow to help pay college expenses. Repayment usually
begins after education (federal loans have a six or nine month
grace period depending on loan type). Only borrow what is really
needed. Look at loans as an investment in the future.
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Loan Sources Federal: Federal Stafford Loan Subsidized versus
Unsubsidized Subsidized Maximums $3500, $4500, $5500 Perkins Loan
Federal Parent Loan for Undergraduate Students (PLUS loan) Private:
Always consider federal loans first!
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Employment Allows student to earn money to help pay educational
costs A paycheck; or Non-monetary compensation, such as room and
board
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Employment Sources Federal College Work Study Need-based
Experiential Income is excluded from future FAFSA Institutional
work programs State work programs (Florida Work Experience
Program)
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Application Process Apply and be accepted to the college.
Complete federal tax returns. Complete 2015-2016 Free Application
for Federal Student Aid (FAFSA.gov).
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Free Application for Federal Student Aid (FAFSA) A standard
form that collects demographic and financial information about the
student and family. Filed electronically or using paper form.
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FAFSA Information used to calculate the Expected Family
Contribution or EFC. Colleges use EFC to award financial aid.
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FAFSA January 1 st
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Benefits of Filing Electronically Avoid unnecessary questions.
Built-in edits to prevent costly errors. Timely submission.
Detailed instructions and help. Ability to check application status
on-line. Simplified application process in the future. Use Internal
Revenue Service (IRS) data retrieval.
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IRS Data Retrieval Submit real-time request to IRS for tax
data. IRS will authenticate taxpayers identity. IRS sends real-time
results to applicant. Choose whether or not to transfer data.
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IRS Data Retrieval Available early February 2015 for 2015-16
processing cycle. Participation is voluntary. Reduces documents
requested.
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Frequent FAFSA Errors Social Security Numbers
Divorced/remarried parental information Income earned by
parents/stepparents Untaxed income U.S. income taxes paid Household
size Number of household members in college Real estate and
investment net worth
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What Happens Next? Tax Returns Award Letter FAFSA Admitted
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Special Circumstances Cannot report on FAFSA. Send written
explanation to financial aid office at each college. Examples:
Change in employment status Medical expenses not covered by
insurance Change in parent marital status Other
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Net Price Calculator (NPC) Every college must provide an NPC
More detailed, but its only an estimate
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Helpful Websites www.fafsa.gov File the FAFSA online.
www.fafsa.gov www.pin.ed.gov Request FAFSA PIN. www.pin.ed.gov
www.studentaid.ed.gov Information and links. www.studentaid.ed.gov
www.fastweb.com Private scholarship database. www.fastweb.com
www.scholarships.com Outside scholarships. www.scholarships.com
www.nasfaa.org/AnnualPubs/CashforCollege.PDF
www.nasfaa.org/AnnualPubs/CashforCollege.PDF
www.FloridaStudentFinancialAid.org
www.FloridaStudentFinancialAid.org http://www.fasfaa.org/cgs
http://www.fasfaa.org/cgs **Portion of slides provided by
NASFAA.
