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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This session’s focus is not to provide details about the financial aid process... instead it will provide tools and tips on HOW to help families understand and navigate the financial aid process. In this session, receive materials and advice on explaining college financing options. You will also learn tips on teaching families how an education can be affordable and through what methods (grants, scholarships, loans, etc.) families pay for college. We will present questions and guidelines for families to ask themselves so they have a financial assistance plan for themselves and what to also ask colleges and universities so they gather the necessary information from institutions.We need to educate our students and their families about financial assistance—these tools of the financial assistance trade will help you do so.

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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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