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Financial Aid Presentation 07

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Transcript

  • 1.  
  • 2. FINANCIAL AID An Overview
  • 3. What is an Independent Student?
    • Be 24 years old
    • Married
    • Have a dependent other that a spouse
    • Be a graduate or professional student
    • Be a ward of the court or an orphan
    • Be a veteran of the U.S. Armed Forces
  • 4. STUDENTS
  • 5.
    • STUDENT PARENT
    • APPLICATION FAFSA CSS
    • COLLEGE GOVERNMENT
    • ADMISSIONS
    • COLLEGE FINANCIAL AID
    • STUDENT
  • 6.  
  • 7. Financial Aid:
    • Assistance is given to make up the difference between college costs and the family’s ability to contribute.
  • 8. Different Kinds of Aid:
    • 1. Grants , Scholarships
    • Don’t need repayment!
  • 9. 2.WORKSTUDY:
    • Students get paid for working on or about the campus.
    • Don’t need to be repaid!
  • 10. 3. LOANS: FEDERAL
    • PERKINS
    • STAFFORD
    • SUBSIDIZED
    • UNSUBSIDIZED
    • PLUS-Parent loan for undergraduate students
    • Need to repay!
  • 11. 3. LOANS: STATE
    • Mass Educational Financing Authority
    • Need to repay!
  • 12. 3. LOANS: PRIVATE
      • BANKS
    • PRIVATE LENDING INSTITUTIONS
    • NEED TO REPAY!
  • 13. Some Aid is:
    • Need Based
      • Based on FAFSA
    • Merit Based
      • Academic
      • Athletic
      • Talent
  • 14. How is Aid Determined?
    • Parents have the primary responsibility to pay for their children’s education
    • Students also have a responsibility to pay for their education
  • 15. FAFSA
    • Free Application for Federal Student Aid
    • When done on line, you get your FAFSA aid report immediately
    • When mailed, Aid information sent to home on a Student Aid Report
      • (Four weeks after FAFSA is filed)
  • 16. The FAFSA Form
    • Provides a means for the government to use a standardized formula for applicants
    • Filed soon after January 1st of student’s senior year
    • Sends results to schools student is applying to
  • 17. The Profile Form - CSS
    • Costs money to apply
    • Provided by College Scholarship Service
    • Used by some, not all private schools
    • Filed in fall of senior year
    • Collects additional data colleges need
    • www.collegeboard.org for electronic application
    • 800-778-6888 for phone registration
  • 18. The Formula
    • Total cost of college
    • Minus
    • Federal E stimated F amily C ontribution or
    • Private School’s Determination of Need
    • Equals
    • Aid Family is Eligible For
  • 19. EFC: the E xpected F amily C ontribution
    • Student Contribution
    • Plus
    • Parent Contribution
  • 20. CALCULATING YOUR E.F.C.
    • Go to www.finaid.org/calculators/
    • Click on Expected Family Contribution and Financial Aid Calculator
    • Fill in requested data to receive an estimated E.F.C.
  • 21. HOW EFC FORMULA WORKS 42K 30K 20K 12K
  • 22. How do I Pay My EFC?
    • Past Income
      • Savings
      • College Savings Plans
    • Present Income
      • Salary
      • Payment Plans
    • Future Income
      • Loan Programs
  • 23. Sources of Financial Aid
    • Federal Government
    • State Government
    • College
    • Private Agencies
      • (Kiwanis, Elks, church or synagogue)
    • Professional associations
    • Employer
  • 24. A SAMPLE FINANCIAL AID PACKAGE
  • 25. THE PACKAGE
    • UNIVERSITY GRANT $6,600
    • COLLEGE SCHOLARSHIP $2,000
    • STUDENT LOANS $5,100
    • --------
    • FINANCIAL AID $13,700
    • BILL TO PARENTS $ 8,900
  • 26. Tips
    • Find out deadlines and comply
    • Keep copies of what you sent
    • Don’t rule out a school because of its cost
    • Look at all financing options
    • Apply to one or two financially safe schools
    • Think about how you (parent and student) will pay for your share of four years of college
  • 27. On line
    • www.nausetschools.org (Click on Nauset Regional High School; Click on “Enter Site”; Click on Guidance)
    • www.fafsa.ed.gov
    • www.collegeboard.org
    • www.finaid.org
  • 28.