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CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
CHS Financial Aid Seminar- December 2nd, 2008
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CHS Financial Aid Seminar- December 2nd, 2008

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  • 1 Daniel T. Barkowitz, Lasell College Financial Aid: An Overview
  • 1 Financial Aid: An Overview
  • Transcript

    • 1. Financial Aid 101: An Overview Alex Muro Assistant Director Student Financial Services Yale University
    • 2. The Forms You Need to Know <ul><li>FAFSA (Free Application for Federal Student Aid) </li></ul><ul><ul><li>Required by all colleges and universities </li></ul></ul><ul><ul><li>Free </li></ul></ul><ul><ul><li>www.fafsa.ed.gov </li></ul></ul><ul><ul><li>Available January 1, 2009 for 2009/2010 </li></ul></ul><ul><ul><li>Apply for PIN now! </li></ul></ul>
    • 3. Financial Aid 101: An Overview Alex Muro Assistant Director Student Financial Services Yale University
    • 4. The Forms You Need to Know (continued) <ul><li>CSS Financial Aid PROFILE </li></ul><ul><ul><li>Required by some colleges and universities </li></ul></ul><ul><ul><li>$25 for first school and $16 for each additional school </li></ul></ul><ul><ul><li>profileonline.collegeboard.com </li></ul></ul><ul><ul><li>Available October 1, 2008 for 2009/2010 </li></ul></ul><ul><li>Institutional Application </li></ul><ul><ul><li>Check with each individual school </li></ul></ul><ul><ul><ul><li>Many require a copy of the prior year’s tax return, e.g 2008 for 2009/2010 </li></ul></ul></ul>
    • 5. The Forms You Need to Know <ul><li>CSS Financial Aid PROFILE </li></ul><ul><ul><li>Required by some colleges and universities </li></ul></ul><ul><ul><li>$25 for first school and $16 for each additional school </li></ul></ul><ul><ul><li>profileonline.collegeboard.com </li></ul></ul><ul><ul><li>Available October 1, 2008 for 2009/2010 </li></ul></ul><ul><li>Institutional Application </li></ul><ul><ul><li>Check with each individual school </li></ul></ul>
    • 6. www.collegeboard.com <ul><li>Scholarship Search </li></ul><ul><li>College Financing Calculators </li></ul><ul><ul><li>Expected Family Contribution (EFC) </li></ul></ul><ul><ul><ul><li>Federal Methodology (FM) </li></ul></ul></ul><ul><ul><ul><li>Institutional Methodology (IM) </li></ul></ul></ul><ul><li>Compare Aid Awards </li></ul>
    • 7. “Insider” Tips <ul><li>Comply with deadlines </li></ul><ul><ul><li>Checklist for each school </li></ul></ul><ul><ul><li>Copies of all submitted forms </li></ul></ul><ul><ul><li>Not only the first year but every year! </li></ul></ul><ul><li>Estimate when necessary </li></ul><ul><li>Ask questions </li></ul><ul><li>Focus on net price, not sticker price </li></ul><ul><li>Review all available financing options </li></ul>
    • 8. “Insider” Tips (continued) <ul><li>Explain special circumstances with initial application </li></ul><ul><li>Notify financial aid office of any significant changes in income and assets as soon as possible </li></ul>
    • 9. Vocabulary <ul><li>COA = Cost of Attendance </li></ul><ul><ul><li>Direct expenses (tuition, room, board, fees) + indirect expenses (books, supplies, transportation, personal expenses) </li></ul></ul><ul><li>EFC = Expected Family Contribution </li></ul><ul><ul><li>What a family is expected to contribute toward the COA </li></ul></ul><ul><ul><li>Not same as what will be paid to school </li></ul></ul><ul><li>Financial Need = COA minus EFC </li></ul>
    • 10. Vocabulary (continued) <ul><li>Need-based aid </li></ul><ul><li>Non need-based aid </li></ul><ul><ul><li>Awarded on basis of student’s ability or talent or ethnic heritage </li></ul></ul><ul><li>Meeting full need </li></ul><ul><li>Gapping </li></ul><ul><li>Need-aware admissions policy </li></ul><ul><li>Need-blind admissions policy </li></ul>
    • 11. What is financial aid? <ul><li>Grants or scholarships (federal, state or other agency/organization) </li></ul><ul><ul><li>Money that does not need to be repaid </li></ul></ul><ul><li>Loans (federal or private) </li></ul><ul><ul><li>Money that must be repaid </li></ul></ul><ul><ul><li>Borrowed by student, parent or both </li></ul></ul>
    • 12. What is financial aid? <ul><li>Tuition benefits </li></ul><ul><ul><li>Usually from employer </li></ul></ul><ul><ul><li>Considered a resource and therefore may affect other elements of financial aid award </li></ul></ul><ul><li>Work </li></ul><ul><ul><li>Money which the student is expected to earn and contribute to the cost of attendance </li></ul></ul>
    • 13. Income <ul><li>Taxed income </li></ul><ul><ul><li>In general, Adjusted Gross Income </li></ul></ul><ul><li>Untaxed income </li></ul><ul><ul><li>Most common sources include contributions to retirement plans and child support received </li></ul></ul>
    • 14. Assets <ul><li>Cash </li></ul><ul><li>Savings </li></ul><ul><li>Checking </li></ul><ul><li>Investments – not including retirement plans </li></ul><ul><li>Home equity – for institutional aid only </li></ul><ul><li>Other real estate </li></ul><ul><li>College savings plans </li></ul>
    • 15. How Do I Pay My EFC? <ul><li>Past Income </li></ul><ul><ul><li>Savings </li></ul></ul><ul><li>Present Income </li></ul><ul><ul><li>Salary </li></ul></ul><ul><ul><li>Payment Plans </li></ul></ul><ul><li>Future Income </li></ul><ul><ul><li>Loans </li></ul></ul>
    • 16. Benefits of Saving <ul><li>More options, i.e. cost is not as important a factor </li></ul><ul><li>Reduces or eliminates the need to borrow </li></ul><ul><li>Spreading the cost of college over time minimizes the impact on your lifestyle during the years you pay for college </li></ul>
    • 17. Benefits of Saving (continued) <ul><li>Minimal impact to financial aid need analysis – contribution from assets: </li></ul><ul><ul><li>Parents – approximately 5% </li></ul></ul><ul><ul><li>Student – approximately 20% </li></ul></ul>
    • 18. Federal Grants <ul><li>Pell Grant </li></ul><ul><ul><li>$4731 maximum for 2008/2009 </li></ul></ul><ul><li>Supplemental Educational Opportunity Grant (SEOG) </li></ul><ul><ul><li>Pell eligible </li></ul></ul><ul><ul><li>$4000 maximum for 2008/2009 </li></ul></ul><ul><ul><li>Amount and recipients determined by school </li></ul></ul>
    • 19. Federal Grants (continued) <ul><li>Academic Competitiveness Grant (ACG) </li></ul><ul><ul><li>Pell eligible </li></ul></ul><ul><ul><li>$750 for first year student </li></ul></ul><ul><ul><li>$1300 for second year </li></ul></ul><ul><ul><li>Rigorous high school program of study </li></ul></ul><ul><ul><li>3.0 GPA for second year </li></ul></ul><ul><li>National Science and Mathematics Access to Retain Talent (SMART) Grant </li></ul><ul><ul><li>Pell eligible </li></ul></ul><ul><ul><li>$4000 for each of third and fourth years </li></ul></ul><ul><ul><li>Eligible major </li></ul></ul><ul><ul><li>3.0 GPA </li></ul></ul>
    • 20. Federal Grants (continued) <ul><li>Teacher Education for Assistance for College and Higher Education (TEACH) Grant </li></ul><ul><ul><li>$4000 maximum for 2008/2009 </li></ul></ul><ul><ul><li>3.25 GPA or qualifying score on admissions test </li></ul></ul><ul><ul><li>Agree to teach in low income school in specific subject after graduation </li></ul></ul>
    • 21. Loans <ul><li>Federal </li></ul><ul><ul><li>Stafford for student borrowers </li></ul></ul><ul><ul><li>Parent PLUS for parent borrowers </li></ul></ul><ul><li>Private </li></ul>
    • 22. Federal Stafford Loan <ul><li>Fixed interest rate of 6.8%* </li></ul><ul><li>No credit check required </li></ul><ul><li>No payments required while student is enrolled at least half-time (in-school deferment) and for 6 months after graduation (grace period) </li></ul><ul><li>Different repayment, deferment, and forbearance options </li></ul>
    • 23. Federal Stafford Loan (continued) <ul><li>Subsidized: need-based </li></ul><ul><ul><li>Federal government pays interest on loan while student is in school and during grace period </li></ul></ul><ul><li>Unsubsidized: not need-based </li></ul><ul><ul><li>Student must make interest-only payments while in school and during grace period to avoid capitalization </li></ul></ul>
    • 24. Dependent Student without PLUS Denial $7,500 $2,000 $5,500 Third- and Fourth-Year Undergraduate (Junior and Senior) $6,500 $2,000 $4,500 Second-Year Undergraduate (Sophomore) $5,500 $2,000 $3,500 First-Year Undergraduate (Freshman) Total Loan Amount Additional Unsubsidized Loan Amount Base Loan Amount (Subsidized and Unsubsidized) Annual Loan Limits – Federal Stafford Loan
    • 25. Federal Parent PLUS Loan <ul><li>Fixed interest rate of 8.5% </li></ul><ul><li>Credit check required </li></ul><ul><ul><li>No debts more than 90 days past due </li></ul></ul><ul><ul><li>No bankruptcy, foreclosure or similar action within the past 5 years </li></ul></ul><ul><li>Repayment terms same as unsubsidized Stafford loan if in-school deferment requested </li></ul>
    • 26. Federal Parent PLUS Loan (continued) <ul><li>Not available to parents of independent students </li></ul><ul><li>Annual loan limit = cost of attendance minus other aid </li></ul>
    • 27. Private Loans <ul><li>Interest rates usually variable but sometimes capped </li></ul><ul><li>Credit check required </li></ul><ul><li>Repayment terms usually same as unsubsidized Stafford loan </li></ul><ul><li>Consider state nonprofit lenders </li></ul><ul><ul><li>CT Student Loan Foundation (CSLF) </li></ul></ul><ul><ul><li>CT Higher Education Supplemental Loan Authority (CHESLA) </li></ul></ul>
    • 28. Resources <ul><li>US Department of Education </li></ul><ul><li>studentaid.ed.gov </li></ul><ul><li>College Board </li></ul><ul><li>www.collegeboard.com </li></ul><ul><li>FinAid Guide to Financial Aid </li></ul><ul><li>www.finaid.org </li></ul>
    • 29. Resources (continued) <ul><li>High school </li></ul><ul><li>College or university to which student is applying </li></ul><ul><li>Beware of scams! </li></ul><ul><ul><li>Most, if not all, information that you may need is available for free! </li></ul></ul>
    • 30. My Contact Information <ul><li>Alex Muro </li></ul><ul><li>Email [email_address] </li></ul><ul><li>Phone 203-436-4068 </li></ul>

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