Financial Aid Parent Student Meeting #1

December 2010

What do we mean by “College”?

College is a…Vocational or Technical College

Certificate2-Year or Community College

CertificateAssociates Degree

4-Year CollegeBachelors Degree

Private or Public CollegeProprietary Private CollegeANY education you receive after high school!

NavianceLogin is id password is initials and 6 digit birth date

Ex dm040293

Add Colleges I am applying to Keep status updatedCurrent email under profileParents can access itScholarships!!!!!

What needs to get done

I get it ! Mental Decision Dr. Jason Garey You can be

anything from any school

Emotional Decision

Schwab report Reality

Brain decision not a heart decision

Grants◦ Awarded to the student based on need◦ Does not need to be paid back◦ Pell Grant, EFC less than or equal to $5,273

Scholarships ◦ Does not need to be paid back◦ Check out our CollegeInvest Scholarship Program

Work-study◦ Typically based on need

Student Loans ◦ Federal Loans

Paid back at federally backed low interest rates with helpful terms There are federal loans for students (Stafford loans) and parents (PLUS loans)

◦ Private Loans Use federal first and be sure to research the rates and terms carefully if you need a

private loan to fill the gap.

Financial Aid – The Four Types

Cost of Attendance (COA)- Expected Family Contribution (EFC)______________________________

= Financial Need

Financial Aid

Cost of attendance refers to the cost for attending college for one year (2 semesters)

Colleges often define total cost of attendance to include:◦ Tuition and fees◦ Room and board◦ Books and supplies◦ Medical expenses◦ Transportation◦ Personal expenses

Cost of attendance

Fixed Costs

Variable Costs

Time Line - Senior YearFall Apply for colleges

Apply for scholarships

Winter/Spring

Complete and submit the FAFSA online

The government processes the form and determines your EFC

Receive and review the Student Aid Report (SAR)

The information goes to colleges

Late spring

The colleges create an “Award Letter”

Compare offers; make decisions

*Must be accepted to a college to receive an award letter

Estimate your cost What is the schools

average rate most pay?

% of need met

Where Do We Start?

College Opportunity FundPays a portion of total in-state tuition per credit hour…

$62 per credit hour at public 2/4-year colleges & universities

= approx. $1488 p/year

$31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University)

• Must apply – just once at www.collegeincolorado.org • Must be admitted to participating institution• Available for undergraduates only• Paid directly to the college

Created by CollegeBoard CollegeBoard is a not-for-profit association that tries to

connect students to colleges $9 for application fee, $16 for each school More detailed than the FAFSA Will calculate an EFC, may differ from EFC that the FAFSA

calculates Students can begin filling this out October 1st prior to school

year Colorado institutions that require the profile:

◦ Colorado College◦ University of Denver◦ Daniels Fund

www.collegeboard.com

CSS Profile

Parents and student need their OWN pin number

Apply for PIN now! File after January 1, 2011 completed by

February 15, 2011 Know your schools priority filing date Pre-populate the form after your taxes have

been completed

FAFSA.GOV

Available every January 1st- apply early! Online application is fastest

◦ Processed in 72 hours◦ Student and one parent need to get Personal Identification

Numbers to sign application electronically◦ Parent and Student Information required:

Social security numbers, drivers license numbers Records of money earned last year, tax returns and bank

statements, etc.◦ Complete FAFSA online at http://www.fafsa.gov◦ 1-800-4FEDAID paper applications◦ Student Aid Report (SAR)

BEWARE of any service that requires you to pay a fee to submit your FREE application

How to Submit the FAFSA

A “practice” FAFSA Outlines family/student eligibility for:

◦ Federal Grants◦ Student Loans◦ Federal Work Study

www.fafsa4caster.ed.gov

FAFSA 4Caster

BEWARE… of any service that requires you to pay a fee to submit a FAFSA or Scholarship application.

Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income Household size Number of household members in college Real estate and investment net worth Dependent vs. Independent Student Verification IRS DATA match

Frequent FAFSA Errors

Life insurance plans Retirement plans Equity from primary residence Investment value of small business

◦ 100 full-time employees or less Farm when it is primary source of income

Assets Not Included

The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC)◦ The information will be used to determine a student’s

eligibility for most federal and state assistance◦ The Dept. of Ed. does not expect you to have this amount

in cash

Expected Family Contribution

ExamplesCommunity

CollegeFour Year

PublicFour Year Private

COA (variable)

$10000 $20000 $40000

EFC (fixed) $10000 $10000 $10000

Need (variable)

$0 $10000 $30000

Moffat County High School Free help filling out the FAFSA

◦ Bring your tax information, income documentation, etc.

Information on scholarships and college planning

Scholarship giveaways www.collegegoalcolorado.org February 13, 2011

College Goal Sunday

SAR from the government Award letter from the school

◦ EFC + need = total◦ How do they meet need

Scholarships, grants, loans, work study

FAFSA step 2

What happens next?

Eligibility determined from FAFSA 2010-2011 maximum amount $5,550 Pro-rated if student is less than full-time Need based grant EFC must be under $5,273

Pell Grant

Colorado State Grants Based on need, academics, & talent Types and amounts vary by school

Institutional Grants Based on need, academics, & talent Types and amounts vary by school

State & Institutional Grants

Naviance◦ Login is student id ◦ Password is initials and birth date dm040292

◦ Collegincolorado.org

Scholarships

2009 & 2010 Duct Tape Scholarship Winners

2010 first place winners

2009 Winners from Golden, CO

Drink Milk Scholarship

1. Go to college where you are on top 2. Be realistic about what you are going to

earn 3. Only borrow what you need 4. Visit before you commit 5. Get to know the college administration

(financial aid counselors, director of housing)

5 Overall Tips

We will talk about◦ FASFA issues ◦ How to compare award letters◦ Types of loans

Subsidized vs. Unsubsidized PLUS

Local ScholarshipsWhat else you can do if you are not happy with your

award letter

Next Meeting Wed 1/26/11