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Financial Aid - Spring 2013

Financial Aid - Spring 2013



Presented by Mr. Ortolf on 4/17/13.

Presented by Mr. Ortolf on 4/17/13.



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    Financial Aid - Spring 2013 Financial Aid - Spring 2013 Document Transcript

    • Spring Junior Financial Meeting April 2013HOW ARE WEGOING TO PAYTHIS COLLEGEBILL?FINANCIAL AID 101A Case of ­ NEED!The Expected FamilyContribution(EFC)The Expected Family ContributionThe Federal Methodology uses the sum of fourseparate calculations to determine EFC.• Contribution from Parents’ Income• Contribution from Parents’ AssetsX 5.6%• Contribution from Student’s Income• Contribution from Student’s AssetsX 20%Go to www.fafsa.gov – bottom right toFAFSA4caster for early estimateTHE FREE APPLICATION FORFEDERAL STUDENT AID• Used to determine the EFC - must file as soon after January 1 aspossible - filing over the web is faster and more accurate (instantestimated EFC).• Several days after filing, the STUDENT AID REPORT ( SAR ) is e-mailed with link to web site if done over the web.• Even if you think you won’t qualify, FILE THE FORM ! Requiredfor many loan programs.
    • Spring Junior Financial Meeting April 2013TWO SPECIAL SITUATIONS• PARENTS ARE DIVORCED OR SEPARATEDUse the income and assets of the parent with whom the studentlived for the greater part of the twelve months preceding the dateof filing for aid.• TWO DEPENDENTS IN COLLEGE AT THE SAMETIME (Parents not included)Each student has a separate family contributionfigure consisting of half the parents’ contributionfrom income and assets plus the student’s owncontribution from income and assets.HOW MUCH WILL COLLEGE COST?THE COST OF ATTENDANCE• Tuition and Fees• Books and Supplies• Housing (Room)• Meals ( Board )• Personal Expenses• Transportation• Miscellaneous (Computer?)SAMPLE COLLEGE COSTS• Atlantic Cape Community College$7,000(includes estimated cost of transportation and books)• The College of New Jersey$24,500• The University of Delaware$38,000• Villanova University$56,000
    • Spring Junior Financial Meeting April 2013COMPUTING YOUR NEED!Sample EFC of $20,000• Your need at ACCC$7,000 - $20,000 = 0• Your need at Col of NJ$24,500 - $20,000 = $4,500• Your need at Delaware$38,000 - $20,000 = $18,000• Your need at Villanova$56,000 - $20,000 = $36,000THE FINANCIAL AID PACKAGEGIFT AID• Grants• ScholarshipsSELF-HELP AID• Work Study• LoansGIFT AIDA. GRANTS1. Federal Pell GrantMaximum of $5550 – Low EFCs2. Federal SEOG – for Pell recipients$100 - $40003. Tuition Aid Grant (TAG) - Only for NewJersey - up to $11,5504. Educational Opportunity Fund (EOF) -Only for New Jersey$200 - $23005. College Based Grants - CSS PROFILE - Mostprivate schools require this formA. SCHOLARSHIPS1. Edward J. Bloustein Scholarships$930 - only in NJ - top 10% and1260 SAT by June 2013. – Currently notfunded - Part of Outstanding ScholarsRecruitment Program (OSRP)2. College Baseda. Academicb. Bandc. Talentd. Athletic3. Private
    • Spring Junior Financial Meeting April 2013EXAMPLE # 1University of Delaware -$38,000 Cost of AttendanceFamily EFC - $38,000Need - 0Scholarship won- $2,000Effect- Reduces family obligation $2,000- family would only have to pay $36,000THE EFFECT OF PRIVATE SCHOLARSHIPSON THE COST OF EDUCATIONEXAMPLE #2Villanova University -$56,000 Cost of AttendanceFamily EFC- $38,000Need - $18,000Scholarship won- $2,000Effect -Family EFC does not change – Need isreduced by $2,000 so the student may be offereda financial aid package of $16,000 not $18,000.Private scholarships are mostbeneficial to those familieswho have significant EFCsthat may be larger than thecost of attendance.The scholarships listed on the next slides arecurrently available in the guidance office.All applications are in the two-drawer cabinetlabeled “scholarships”.Posted on “Family Connection”http://connection.naviance.com/ochs
    • Spring Junior Financial Meeting April 2013DescriptionTHE HAND MEMORIAL SCHOLARSHIPS• Three different types of scholarshipsA. Morgan Hand, II -engineeringB. Cecelia Hand NelsonMemorialC. Morgan Hand, II -engineering at Rutgers• Targeted for Ocean City High Schoolstudents.• Ambassador William Hughes is the executorfor the estate.• Financial Need is a major factor - Income taxforms required.• Renewable16 students received a total of $33,500 in theClass of 2012
    • Spring Junior Financial Meeting April 2013OCEAN CITY COMMUNITYSCHOLARSHIPS• OC community gives away over$115,000 worth of scholarshipmoney each spring. Applicationsavailable middle of March. NEEDbased with POTENTIAL toSUCCEED being a factor as well.Must have filed FAFSA.• Seventy plus scholarshiprecipients are selected by ananonymous and confidential highschool committee.• Example from 2012 - 5/$250 –1/$400 - 33/$500 – 30/$1,000 –2/$2,000 – 3/$2,500 – 1/$6500($1625 per year)• 4 OC Masonic Club “FosterKarney” Scholarships for $8000($2000 per year for 4 years)• 1 Timothy and CatherineFitzgerald Scholarship for futureteachers - $16,000 ($4,000 peryear)FREE SCHOLARSHIP SEARCHESON THE WEB• www.fastweb.com• www.collegenet.com• www.scholarships.com• www.collegeanswer.com
    • Spring Junior Financial Meeting April 2013SELF-HELP AIDA. Federal Work Study –federal money given to collegesto pay students for work oncampus.B. Loans1. Federal Perkins Loan - needbased - low EFCa. Awarded through college- 5% int. rateb. Maximum of $4,000c. Repay begins 9 monthsafter graduation.2. William D. Ford Federal DirectLoans(FAFSA required - serves as application - oldStafford old GSL)a. Subsidized - need basedb. Unsubsidized - interest not paid byfederal government while thestudent is in college.NOTE: Taken in student name - should try to pay interestwhile student in school - repayment of principal 6 monthsafter graduationWilliam D. Ford Federal Direct LoansDependent Total AdditionalUndergraduates subsidized unsubsidizedFirst Year $3500 $2000Second Year $4500 $2000Third Year and Beyond $5500 $2000Independent Total AdditionalUndergraduates subsidized unsubsidizedFirst Year $3500 $6000Second Year $4500 $6000Third Year and Beyond $5500 $7000
    • Spring Junior Financial Meeting April 20133. The Federal Plus Loana. Parent of a dependent undergraduate by borrow upto the total cost of the college minus any aid alreadyreceived.b. Loan repayment begins within 60 daysc. Credit check – can have co-signerd. Current interest rate – 7.9e. Up to 10-25 years to repay.f. First loan offered by colleges to fill the gap (EFCplus money offered).4. New Jersey Class Loana. Student or parent can take this loan insteadof Plus Loan.b. Loan repayment can begin within 60 daysor interest and principal can be deferred untilafter the student graduates (3 or more options)c. Loan CAN be taken out of NJ.d. Current interest rate – rates vary between6.6% - 8% based on option selected.e. Up to 10-20 years to repay.f. 1-800-792-8670 or www.hesaa.orgSample 10 yr. Repayment TableTotal Bal. 6% 7% 8% 9% 10%___$5,000 $55.51 $58.06 $60.67 $63.34 $66.08$10,000 $111.02 $116.11 $121.33 $126.68 $132.16$15,000 $166.53 $174.17 $182.00 $190.02 $198.23$20,000 $222.04 $232.22 $242.66 $253.66 $264.31$25,000 $277.55 $290.28 $303.32 $316.69 $330.38$30,000 $333.06 $348.33 $364.99 $380.03 $396.46$35,000 $388.57 $406.38 $424.65 $443.37 $462.53$40,000 $444.08 $464.44 $485.38 $506.71 $528.61$45,000 $499.59 $522.49 $545.98 $570.05 $594.68$50,000 $555.10 $580.55 $606.64 $633.38 $660.76THINK BEFORE YOU BORROW !Edith "Im Flat Broke" RoachSchool Budget School Budgetfor Col of NJ for Villanova$24,500 $56,000Expected Fam. Cont. $4000 $4000Pell Grant $1700 $1700Ext. Res. (private sch.) $2000 $2000Remaining Need $16,800 $48,300
    • Spring Junior Financial Meeting April 2013Col of NJ VillanovaRemaining Need $16,800 $46,300Federal Perkins Loan $3000 $4000Federal Work Study $2100 $4000Federal SEOG $2000 $3500State Grant (TAG) $3500 0State Scholar. (Bloustein) 0 0Institutional Loan 0 0Institutional Grant/Schol. $2000 $24,000William D Ford Loan $3500 (sub) $5500UNMET NEED $700 $7,300Chris "Big Bucks" BanksSchool Budget School Budgetfor Col of NJ for Villanova$24,500 $56,000Expected Fam. Cont. $40,000 $40,000Pell grant 0 0Ext. Res. (private sch.) $2000 $2000Remaining Need 0 $14,000Col of NJ VillanovaRemaining Need 0 $14,000Federal Perkins Loan 0 0Federal Work Study 0 $1000Federal SEOG 0 0State Grant ( TAG ) 0 0State Scholar. ( Bloustein ) 0 0Institutional Loan 0 0Institutional Grant/Schol. $1000 $4000Federal Stafford Loan 0 $5500UNMET NEED 0 $3500I. Lower your EFCII. Negotiate the Aid PackageIII. Make a Wise College SelectionA. Ask about the college’s aid offeringsB. Position the student for a good financialaid packageC. Look for an academic scholarshipD. Stay in stateE. Consider Cooperative EducationF. Spend the first two years at a localcommunity collegeG. Accelerate your degreeSHORT TERM SOLUTIONS TO HELPPAY THAT COLLEGE BILL
    • Spring Junior Financial Meeting April 2013H. Investigate Commercial Payment Plans1. Academic Management Service -1- 800-635-0120, www.tuitionpay.com2. Tuition Management Systems -1-800-722-4867, www.afford.com.All the above may come with variables such as: interest, varying payment schedules and little to no down payment.Highest Education Average AnnualCompleted Family Income< High School $38,190High School $56,810College $104,514Master’s $121,484Doctorate $142,089Professional $171,088A COLLEGE EDUCATION STILL PAYS!Keep Connected...Follow us on Facebook@OCHSGUIDANCEUse Family Connection~THE END~Thank you for attending