WHAT IS FINANCIAL AID?

FINANCIAL AID CONSISTS OF FUNDS

PROVIDED TO STUDENTS AND

FAMILIES TO HELP PAY FOR

POSTSECONDARY EDUCATIONAL

EXPENSES

WHAT IS COST OF ATTENDANCE (COA)?•DIRECT COSTS

•INDIRECT COSTS

•DIRECT AND INDIRECT COSTS COMBINED INTO COST OF

ATTENDANCE

•VARIES WIDELY FROM COLLEGE TO COLLEGE

WHAT IS EXPECTED FAMILY CONTRIBUTION (EFC)?

• AMOUNT FAMILY CAN REASONABLY BE EXPECTED TO CONTRIBUTE

• STAYS THE SAME REGARDLESS OF COLLEGE

• TWO COMPONENTS

• PARENT CONTRIBUTION

• STUDENT CONTRIBUTION

• CALCULATED USING DATA FROM A FEDERAL APPLICATION FORM AND A FEDERAL

FORMULA

WHAT IS FINANCIAL NEED?

COST OF ATTENDANCE

– EXPECTED FAMILY CONTRIBUTION

= FINANCIAL NEED

CATEGORIES OF FINANCIAL AID

•NEED-BASED AID

•NON-NEED-BASED AID

TYPES OF FINANCIAL AID•SCHOLARSHIPS

•GRANTS

•LOANS

•EMPLOYMENT

Gift Aid

Self-Help Aid

GIFT AID: SCHOLARSHIPS

•MONEY THAT DOES NOT HAVE TO BE PAID BACK

•AWARDED ON THE BASIS OF MERIT, SKILL, OR

UNIQUE CHARACTERISTIC

GIFT AID: GRANTS

• MONEY THAT DOES NOT HAVE TO BE PAID BACK

• USUALLY AWARDED ON THE BASIS OF FINANCIAL NEED

SELF-HELP AID: LOANS

•MONEY STUDENTS AND PARENTS BORROW TO HELP PAY COLLEGE

EXPENSES

•REPAYMENT USUALLY BEGINS AFTER EDUCATION IS FINISHED

•ONLY BORROW WHAT IS REALLY NEEDED

•LOOK AT LOANS AS AN INVESTMENT IN THE FUTURE

SELF-HELP AID: WORK-STUDY EMPLOYMENT

•ALLOWS STUDENT TO EARN MONEY TO HELP PAY EDUCATIONAL COSTS

• A PAYCHECK; OR

• NONMONETARY COMPENSATION, SUCH AS ROOM AND BOARD

• STUDENT MAY OPT WHETHER OR NOT TO WORK OR NUMBER OF HOURS TO

WORK

HS SeniorYear Begins

Off to College

• Research local scholarships• Get an estimate of what

colleges on your list will cost using Net Price Calculator

• Look up priority deadlines and required forms

FAFSA and CSS AvailableOct 1

• Continue scholarshipresearch

• Find out if you need to file the CSS/Financial Aid PROFILE

• Complete the PROFILE

• Compare your financial aid awards

• Communicate any special circumstances to financial aid offices

• Research loans offered and other financing options

• Submit FAFSA and PROFILE• Correct early FAFSA with actual tax

information • Add schools to PROFILE as needed• Submit any other institution applications for

aid

Make your decision May 1st

• Submit applications for admission

• Apply for outside scholarships• Get to know the FAFSA• Gather year end documents

for FAFSA and PROFILE

COLLEGE FINANCIAL AID TIMELINE

WHEN DO I RECEIVE AN AWARD LETTER

• ACCEPTED FOR ADMISSION AND SUBMITTED FAFSA

• SOME SCHOOLS WILL NOT AWARD UNTIL ALL PAPERWORK IS COMPLETED

• MAKE SURE TO ADD ALL SCHOOL CODES ON FAFSA

• SOME AWARD LETTERS WILL BE SENT RIGHT AWAY AND SOME WILL BE SENT AFTER SOME TIME

• SCHOOLS WILL RECEIVE FAFSA AFTER SUBMISSION WITHIN THREE DAYS IF SCHOOL CODE WAS

INCLUDED

• FOLLOW UP WITH SCHOOL REGARDING HOW THEY WILL COMMUNICATE WITH STUDENT

Awards will vary by school:

•There is no standard template

•School’s policies and available resources impact award

•Your eligibility for certain programs also impacts your award

Note, the conditions of your offer, is it:

•Tentative

•Provisional

•Final

•Missing information

TIPS RE: THE FINANCIAL AID AWARD

ADDITIONAL TIPS RE: AWARD LETTER• SIMPLY PUT “IT’S AN OFFER”. YOU CAN:

• ACCEPT IT AS IS

• REJECT PART OR ALL OF IT

• REQUEST A MODIFICATION:

• CHANGE IN CIRCUMSTANCES

• ADJUST LOAN OR WORK EXPECTATION

• ADJUST OUTSIDE AID EXPECTATION

QUESTIONS TO ASKWill it be the same for all 4 years?

•What changes in my situation might affect my award?

•Income/tax year?

•Number of siblings in college?

•Buying a car or computer?

•If other people don’t take their awards – will my award increase?

•Where is my book money?

•Where is my travel money?

•Do I write my check out for my family contribution?

•I’m not living on campus so why is housing part of my COA?

•What do I do to get my money?

SCHOOL RESPONSIBILITIES• THE SCHOOL SHOULD TELL YOU THE PREFERRED METHOD:

• ON LINE SELF SERVICE TOOL

• ASSIGNED COUNSELOR

• EMAIL OR PHONE

•MAIL TO YOUR HOME ADDRESS (BILLS)

• PARENTS CAN BE INVOLVED IF YOU AUTHORIZE

• CONSIDER A FAMILY EMAIL ADDRESS • DISCUSS THIS BEFORE YOU LEAVE HOME

• DEADLINES ARE STILL IMPORTANT!!

WEB HELP!?!

• HTTPS://SECURE-MEDIA.COLLEGEBOARD.ORG/COLLEGEPLANNING/MEDIA/PDF/SAMPLE-FINANCIAL-AID-

AWARD-LETTERS.PDF

• HTTPS://SECURE-MEDIA.COLLEGEBOARD.ORG/COLLEGEPLANNING/MEDIA/PDF/QUESTIONS-TO-ASK-

ABOUT-YOUR-FINANCIAL-AID-AWARD.PDF

• HTTPS://BIGFUTURE.COLLEGEBOARD.ORG/PAY-FOR-COLLEGE/FINANCIAL-AIDAWARDS/COMPARE-AID-

CALCULATOR