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Meghan CooleyDirector of Recruitment Communication | Augustana College                       Ryan Gebler  Assistant Direct...
Why do this session?            Many families have unrealistic  expectations Families need to be educated early Ignora...
Start with the Basics                        3
Paying for College                                  Introduce reality Introduce it early Define payment optionswww1.sa...
Vocabulary/Definitions            Studentaid.gov/glossary English & Spanish Discuss the definitions   Don’t just prov...
Timeline                   Present a timeline as early as possible Provide clear deadlines or milestones Help families...
What FAMILIES Need to Know                             7
What Families Need to Know                  1. Types of aid & how to apply2. Frame expectations3. Plan of action         ...
1. Types of Aid                     Gift Aid    Merit-based    Talent-based    Need-based Self-Help    Loans    St...
Merit & Talent Aid                   Types      Academic      Talent      Service/Involvement      Athletic How to ...
Need-based Aid                   “Need” is defined by each school’s analysis of:    FAFSA    Institutional Application...
Self-Help                     Loans Student Employment                            12
Loan Options                       Federal Loan Options    Stafford         Limit based on year in school ($5,500, $6,...
Student Employment               Different names… pretty much the same thing    Federal Work-Study    Student Employme...
2. Frame Expectations              Net Price Calculator   Federally mandated   Estimated Cost of Attendance for that i...
2. Frame Expectations                  Dispel hope for “magical” full-tuition scholarship      Hope is not a plan     ...
3. Plan of Action                   Understand your EFC    Net Price Calculator (available on school’s website)    FAF...
Plan of Action:Teaching Families About the   Financial Aid Process                              18
What is an EFC?               WHAT IT’S NOT…   A dollar amount expected from income and/or assets   An estimate of ext...
How to Determine Your EFC                             FAFSA 4caster   https://fafsa.ed.gov/FAFSA/app/f4cForm Other “est...
What’s Your Budget?               Annual & Monthly Sources   Parent      Savings      Income   Student      Saving...
What’s Important to the Student?                            Debt-Free vs. School-of-Choice The Bottom Line vs. “Fit” E...
Get Organized                               What are the deadlines?    Deadline by type of application         Federal...
Applications:             Federal v. Institutional                               Federal    FAFSA = eligibility for fed...
Timeline                                  What                           WhenPreliminary Planning           Freshman, Sop...
Know what questions to ask                             26
What’s your pie look like?            Where is the money coming from?   Do parents know?   Does the student know? Coa...
Talking to Colleges              Families need to:   be comfortable talking finances   ask direct questions   be proa...
References                          Best Definitions: studentaid.gov/glossary How Families Pay Graph:   www1.salliemae....
Meghan Cooleymeghancooley@augustana.eduRyan Geblergeblerr@lawrence.edu                             30
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E38 Coaching Families Through Financial Aid

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Transcript of "E38 Coaching Families Through Financial Aid"

  1. 1. Meghan CooleyDirector of Recruitment Communication | Augustana College Ryan Gebler Assistant Director of Financial Aid | Lawrence University 1
  2. 2. Why do this session?  Many families have unrealistic expectations Families need to be educated early Ignorance takes away access We have knowledge to share 2
  3. 3. Start with the Basics 3
  4. 4. Paying for College  Introduce reality Introduce it early Define payment optionswww1.salliemae.com/about/news_info/research/how_america_pays_2010/ 4
  5. 5. Vocabulary/Definitions  Studentaid.gov/glossary English & Spanish Discuss the definitions  Don’t just provide a list  Keep people engaged/learning  Meeting bingo  Prizes  Remember: ignorance = lack of access 5
  6. 6. Timeline  Present a timeline as early as possible Provide clear deadlines or milestones Help families own the dates  Mark up family calendars  What motivates your families? Include savings, scholarship and financial aid deadlines 6
  7. 7. What FAMILIES Need to Know 7
  8. 8. What Families Need to Know 1. Types of aid & how to apply2. Frame expectations3. Plan of action 8
  9. 9. 1. Types of Aid  Gift Aid  Merit-based  Talent-based  Need-based Self-Help  Loans  Student Employment 9
  10. 10. Merit & Talent Aid  Types  Academic  Talent  Service/Involvement  Athletic How to apply  Application for admission  Separate application  Audition  Interview  Essay 10
  11. 11. Need-based Aid  “Need” is defined by each school’s analysis of:  FAFSA  Institutional Application  Combination of both “Need” is relative to Cost of Attendance 11
  12. 12. Self-Help  Loans Student Employment 12
  13. 13. Loan Options  Federal Loan Options  Stafford  Limit based on year in school ($5,500, $6,500, $7,500 )  Perkins  Not every college participates  Limited funding  PLUS  Parent Loan  Easy application (must not have adverse credit history) Private Student Loans  Variable & fixed interest rates  85% of dependent undergraduates need a co-signer 13
  14. 14. Student Employment  Different names… pretty much the same thing  Federal Work-Study  Student Employment  Campus Employment Paid for hours worked ($ goes directly to the student) Can be used for:  Tuition  Books  Pizza, etc. 14
  15. 15. 2. Frame Expectations  Net Price Calculator  Federally mandated  Estimated Cost of Attendance for that individual at that specific institution  Based on income information and, sometimes, academic information 15
  16. 16. 2. Frame Expectations  Dispel hope for “magical” full-tuition scholarship  Hope is not a plan  Are scholarships stackable?  Do scholarships help meet need? Dismiss myths  Private schools provide grants to bring the cost down to that of a public school. MYTH! Disregard averages  “Half the population is below average.” –Ryan’s statistics professor Ask questions  How is scholarship determined for first year?  How is it renewed for future years? (GPA, major, other commitments?) 16
  17. 17. 3. Plan of Action  Understand your EFC  Net Price Calculator (available on school’s website)  FAFSA 4Caster  FAFSA What is the family’s budget? What is most important for the student? Get organized & apply!  Which board game are you playing? 17
  18. 18. Plan of Action:Teaching Families About the Financial Aid Process 18
  19. 19. What is an EFC?  WHAT IT’S NOT…  A dollar amount expected from income and/or assets  An estimate of extra cash available WHAT IT IS…  A financial index used to determine eligibility for federal student aid (i.e. Pell Grant, Subsidized Stafford Loan)  A measure of a family’s capacity over time to absorb educational costs  An important index for families to know 19
  20. 20. How to Determine Your EFC  FAFSA 4caster https://fafsa.ed.gov/FAFSA/app/f4cForm Other “estimators” The actual application… the FAFSA!  Complete the FAFSA as a junior, sophomore, or freshman  Gives you an idea of what to expect when you complete the FAFSA after January 1 of your senior year. 20
  21. 21. What’s Your Budget?  Annual & Monthly Sources  Parent  Savings  Income  Student  Savings  Summer Earnings  Employment during the academic year  Other 21
  22. 22. What’s Important to the Student?  Debt-Free vs. School-of-Choice The Bottom Line vs. “Fit” Earning Potential vs. Loan Debt 22
  23. 23. Get Organized  What are the deadlines?  Deadline by type of application  Federal  Institutional  State?  Scholarships  Firm or soft deadline? What are the documents?  How can you track documents? 23
  24. 24. Applications: Federal v. Institutional  Federal  FAFSA = eligibility for federal student aid  Most institutions use this in determining need-based aid Institutional  Different questions, different rules, different game 24
  25. 25. Timeline What WhenPreliminary Planning Freshman, Sophomore, JuniorDeadlines & Documents Summer before Senior YearApplication for Admission Fall of Senior YearInstitutional Application(s) Varies: November-MarchFAFSA January/February of Senior Year“Outside Scholarships” Varies: November-April 25
  26. 26. Know what questions to ask 26
  27. 27. What’s your pie look like?  Where is the money coming from?  Do parents know?  Does the student know? Coach them through what questions to ask themselves Prepare them to discuss their financial plan with a college 27
  28. 28. Talking to Colleges  Families need to:  be comfortable talking finances  ask direct questions  be proactive  discuss scholarships, financial aid, etc. EARLY in their college search 28
  29. 29. References  Best Definitions: studentaid.gov/glossary How Families Pay Graph: www1.salliemae.com/about/news_info/research/how_america_pays_2010/ Public Service Pieces:  Online: collegequestions.org  Hardcopy: order from augustana.edu/publicservice  Preparing for College: The Parent Path  Preparing for College: the College Path Checklist  Preparing for College: 25 Questions to Ask a College  How Families Pay for College  The Liberal Arts and Your Education 29
  30. 30. Meghan Cooleymeghancooley@augustana.eduRyan Geblergeblerr@lawrence.edu 30
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