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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