NRHS Guidance Dept. Financial Aid Presentation07

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NRHS Guidance Dept. Financial Aid Presentation07

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

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