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Financial Aid PPT 2

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Larry Spialek, retired Guidance Counselor at PCHS, speaks to students & parents at College Night, 2010

Larry Spialek, retired Guidance Counselor at PCHS, speaks to students & parents at College Night, 2010

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  • 1. Freshman Financial Aid
  • 2. FINANCIAL AID
    • Financial Aid-money from sources outside the family
    • Two “pools” of financial aid money
    • -gift aid
    • -self-help
  • 3. GIFT AID
      • Scholarships - merit based
      • - beware of scams and myths
      • -sources of information: guidance office, college, employer, organizations, Web
      • Grants -need-based, federal and state, (Pell, SEOG, MAP)
  • 4. FEDERAL GRANTS
    • -Pell max. award $5,550 for 2010-2011
    • -SEOG max. award $4,000 (normal range is $500-$1,000 per student)
  • 5. STATE GRANT
    • Monetary Award Program $4,968* for 2010-2011
    • *estimated cap based on State of Illinois funding
  • 6.
    • SELF-HELP
      • Loans
      • -Federal Direct Loans (students) $5,550
      • -Subsidized (need-based) 4.5%-next year rate goes to 3.4%
      • -Unsubsidized 6.8%
      • -Perkins (need-based) 5%
      • -Federal PLUS (parents) 7.9%
      • All the above are direct loans through the federal government. Application is done online.
      • Private Loans (not recommended, adjustable rate)
      • Work
      • Federal Work Study (need-based)
  • 7. Free Application for Federal Student Aid
    • (FAFSA) www.fafsa.ed.gov FREE online application from the federal government
    • Both parent and student complete
    • Complete after Jan.1, 2011
    • Watch for college financial aid deadlines
    • Get a PIN www.pin.ed.gov
    • Sites to avoid: fafsa.com & fafsagold.com charge fees to complete FREE federal form
  • 8. Expected Family Contribution (EFC)
    • Expected Family Contribution (EFC)
    • -income, assets
    • -family size
    • -age of older parent
    • -number of children in college
    • $ government says a family is expected to provide for education expenses
    • $ is constant number regardless of the cost of the college
  • 9. Cost of Attendance (COA)
    • Cost of Attendance (COA)
    • -tuition
    • -fees
    • -room and board
    • $ varies from college to college
  • 10. NEED
    • COA-EFC=Need
    • College A 25,000-5,000=20,000
    • College B 15,000-5,000=10,000
    • College C 10,000-5,000=5,000
    • Financial Aid Package-can include combination of federal, state, institutional aid
  • 11. FINAL REMINDERS
    • Money is available to help pay for college
    • Apply, apply, apply for scholarships
    • Be aware of scams
    • Get a PIN and file the FAFSA early
    • Don’t be intimidated by the process
    • Watch for deadlines