US Financial Aid (US Citizens)

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  • Federal law requires all US institutions to have this on their website to assess a more clear estimate of cost
  • COA – Federal government mandated that US institutions add financial calculators to their websites a couple of years ago. Includes DIRECT COSTS (tuition, fees, Housing & Food) and INDIRECT COSTS ( transportation, books, personal, other educational expenses)EFC – A measure of capacity over time o absorb educational costsSAR – This is the report a family receives after they’ve completed the FAFSA
  • That was a lot of information….and there is even more! Here is a great resource from the federal government for further research.
  • That was a lot of information….and there is even more! Here is a great resource from the federal government for further research.
  • Fee basedMore comprehensive than FAFSAPopular with Early Decision SchoolsFeedback from a US institution that requires the CSS Profile: In terms of the CSS: we previously used the FAFSA to then award internal grants and scholarships, whether they be merit or need based. With that being said, enough essential data is left out of the FAFSA that it makes it very easy for people who have a wise account to appear needy when in fact they are not – all based on how they present income. Therefore, the CSS examines key areas that the FAFSA does not look at, like medical expenses, elementary and secondary school tuition, home equity, and a variety of unusual circumstances – and it given that the CSS is for the most part tailored to the institution, it combines this information with institutional goals and priorities to come up merit and need based scholarships. Mind you, this is institutional money, money that belongs to the institution as opposed to federal, so we are legally allowed to distribute it as we see fit. When we began using the CSS, we were not trying to cut the amount of money we were distributing – we were just trying to do a better job distributing it. For example, before the CSS, a family was not required to include information about any vacation homes – so with a clever accountant, a family could hide a vacation home and make it appear that they were needy, thus getting the same amount of financial aid as a legitimately needy family. But adding the CSS, we can see these additional properties, and redistribute aid to those who are in fact needy
  • US Financial Aid (US Citizens)

    1. 1. FINANCIAL AID FOR US CITIZENS
    2. 2. GOALS  What Financial Aid Is  Terms & Acronyms  Types & Sources of Aid  Application Process & Forms  Creative Ways to Pay  Timeline
    3. 3. WHAT IS FINANCIAL AID?  Money supplied by a source outside the family to help pay for the cost of education.  Basic premise of Financial Aid: Students and parents are the primary source of funds and are expected to contribute to the extent they are able.  How aid is distributed is influenced by the government’s view of how higher education should be funded.  US vs. UK/Canada/Scandanavia     1. 2. 3. 4. Student Parent Institution Government
    4. 4. FINANCIAL AID IS...  An assistance device  Not designed to replace a family’s (primary) contribution  Not based on what the parent’s would LIKE to pay
    5. 5. COST OF US INSTITUTIONS
    6. 6. NET PRICE CALCULATOR
    7. 7. TERMS  Need-Based Aid  Merit-Based Aid  Need-Blind Admissions  Need-Aware Admissions (Most US Colleges & Universities)  Unmet Need
    8. 8. ACRONYMS  COA – Cost of Attendance  EFC – Expected Family Contribution  FAFSA – Free Application for Federal Student Aid  SAR – Student Aid Report  CSS Profile – College Student Scholarship  PIN – Personal Identification Number
    9. 9. EXPECTED FAMILY CONTRIBUTION Parent’s Contribution + Student’s Contribution Expected Family Contribution Calculated ability to pay may not match family willingness to pay!
    10. 10. SOURCES OF AID  Federal Funding  State Aid  Institutional  Private  Student/Family  Community Organizations  Civic Groups  Religious Organizations  Businesses  Industry
    11. 11.  Measure of Quality  Academic  Athletic  Artistic  Special Characteristic  Family resources not a factor  Award levels based on sponsors’ goals and funding levels Always double check to see if merit aid is an “automatic” process or a separate application.
    12. 12.  Family ability to pay  Eligibility may vary  Cost of college  Availability of funding  College calculates family contribution  College awards aid based on level of need and available funding
    13. 13. FEDERAL AID RESOURCE http://studentaid.ed.gov/
    14. 14. DEMYSTIFYING AID NY Times: The Choice Blog 6 Part Series on Financial Aid
    15. 15. HOW TO APPLY
    16. 16. FEDERAL APPLICATION PROCESS Free Application for Federal Student Aid (FAFSA)         Apply for a PIN first Apply online Available January 1 Parent tax information needed Add schools you are applying to (in ABC order) Apply early and watch deadlines SAR approx. 4 weeks later REQUIRED FOR ANY FORM OF FEDERAL AID WWW.FAFSA.ED.GOV NOT FAFSA.COM
    17. 17. CSS/FINANCIAL AID PROFILE http://student.collegeboard.org/css -financial-aid-profile  Verify if the university also requires CSS Profile  Beyond the FAFSA: Medical expenses, elementary and secondary school tuition, home equity, variety of unusual circumstances  Tailored to an institution “When we began using the CSS, we were not trying to cut the amount of money we were distributing – we were just trying to do a better job distributing it.”
    18. 18. FORMS & DOCUMENTS  Divorced or separated parent information  Parent tax returns  Student tax returns  Other information to verify     Income Assets Family Size Special circumstances
    19. 19. CREATIVE WAYS TO “PAY”
    20. 20. IB COURSE WORK Credit Or Scholarships http://blogs.ibo.org/funding-opportunities/ Did you know that most Florida universities will grant a full year of credit for an IB Diploma score of 32? Also Southern Methodist, Ohio Wesleyan, U of Minnesota, Oregon State, and other public universities
    21. 21. OLIN COLLEGE OF ENGINEERING: HALF TUITION SCHOLARSHIP
    22. 22. NON-RESIDENT TUITION SCHOLARSHIP • • • • • • • Oklahoma State Colorado State Auburn U of Texas U of Washington Idaho State University Minnesota State University Campuses
    23. 23. COMMUNITY/JUNIOR COLLEGE Pay lower tuition for two years Guaranteed matriculation to a top university
    24. 24. COMMUNITY/JUNIOR COLLEGE Pay lower tuition for two years Guaranteed matriculation to a top university
    25. 25. CO-OP EDUCATION Wor k, Make Money, Ear n Credit at the SAME TIME! • • • • • • • • • • • • • • • California Polytechnic State University, Sam Luis Obispo University of Cincinatti Georgia Institute of Technology Johnson & Wales Kettering Long Island University, CW Post University of Louisville UMass, Dartmouth Merrimack College Miami Dade College University of Michigan, Dearborn Northeastern University Pace University Rochester Institute of Technology University of Toledo
    26. 26. WHAT TO DO NOW
    27. 27. JUNIOR YEAR  Research colleges and financial aid websites thoroughly  Determine your actual level of need  Have realistic conversations with students about what you can afford  Talk to representatives who visit ISM. They don’t work for the Financial Aid office, but can provide some insight.  Visit the Financial Aid office when visiting campuses  Check state residency requirements ( CollegeBoard)  Get a social security number  Do well academically
    28. 28. JUNIOR YEAR
    29. 29. SENIOR YEAR: 1 ST SEMESTER  Get organized  Deadlines: Scholarship/Aid deadlines might be earlier  Complete college applications  Register for CSS Profile if needed  Get PIN for FAFSA  Gather information needed for CSS and FAFSA  Check each university’s website
    30. 30. SENIOR YEAR: 2 ND SEMESTER  January 1 – Apply For FAFSA  Print copies for your file  2-4 Weeks After FAFSA  Review SAR for accuracy  Make corrections if necessary  Notify additional schools that it is available  February – April     Receive award letters Evaluate awards Contact University if necessary Make decisions  April – June     Follow university’s procedures Send required forms Signatures Deposit
    31. 31. POINTS TO REMEMBER
    32. 32. POINTS TO REMEMBER  US Perspective: Paying for university may require some sacrifice (vacations, helpers, etc.)  Deadlines vary by institution  Write or call the institution if any information is unclear or if there are any unanswered questions (DO NOT ASSUME!)  Be prepared to provide documentation of family resources
    33. 33. POINTS TO REMEMBER  Must re-apply every year  Some aid may be contingent on grades/GPA to maintain aid  Keep copies of forms completed as well as supporting documentation  Tax forms  Employer’s statements  Bank statements
    34. 34. THANK YOU FOR COMING! This presentation will be posted on the HS Guidance blog in the next week. http://guidance.ism-online.org/

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