Denver Spring College Fair - Fin Aid 101


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  • Denver Spring College Fair - Fin Aid 101

    1. 1. Chris GeorgeAssistant Vice Chancellor for Enrollment& Director of Financial Aid
    2. 2.  Financial fit & the value of obtaining a degree Be prepared◦ Terms & Definitions◦ Applications◦ Types of Aid Scholarships Next Steps
    3. 3. Adam Looney andMichaelGreenstone, theHamilton Project
    4. 4.  No, but excessive borrowing is! How much will your payment be?◦ Loan Balance of $10,000◦ 6.8% interest rate◦ Standard 10 year Repayment PlanA. $105B. $115C. $125D. $135 For every $10,000 in loan balance, you will pay $115 permonth for 10 years. $3,810 in interest
    5. 5.  Don’t borrow more than your first year salary What do teenagers think their salary will be? (CharlesSchwab - Teens & Money Survey 2011)◦ $ 73,000 average expected starting salary◦ $150,000 average expected salary once established in acareer◦ $ 50,000 median household income in 2009 (US CensusBureau)
    6. 6.  Welcome to the Financial Aid, I need thefollowing information:◦ Salary◦ Investments◦ Cash, Savings, Checking balance◦ Home Value◦ Taxes Paid◦ Tax Transcript from the IRS
    7. 7.  Colleges have varying deadlines◦ Priority deadlines◦ Ask what it means? Financial Aid Applications Scholarship Applications Terms◦ Start developing a glossary◦ (Financial Aid Planning)
    8. 8.  Determines eligibility formerit based aid◦ Evaluate GPA◦ ACT and/or SAT Scores◦ Extracurricular Activities◦ Leadership◦ Community Service◦ Teacher Recommendations
    9. 9.  Establishes the cost of attendance (Sticker Price) Evaluates family’s ability to pay by determining an expectedfamily contribution (EFC) Offers financial aid based on the cost of attendance and theexpected family contribution Distributes resources in an equitable manner Counsels families on financial issues
    10. 10.  Cost of Attendance◦ Direct Costs Tuition and Fees Room & Board◦ Indirect Costs Books & Supplies Transportation Personal Expenses
    11. 11.  Financial NeedCost of Attendance- Expected Family ContributionFinancial Need◦ Need varies based on cost◦ Most colleges are unable to meet 100% offinancial need with scholarship and grant aid
    12. 12.  FAFSA – Free Application forFederal Student Aid◦ Required to determineeligibility for manyfederal, state and institutionalaid programs which canincludescholarships, grants, workstudy and student loans◦
    13. 13.  CSS PROFILE – College Board◦ Many private universities and scholarshipproviders require the CSS PROFILE application todetermine financial eligibility for institutionalaid programs◦ University of Denver, Daniels Fund, ColoradoCollege◦◦ $25 Application Fee
    14. 14.  Tips for Completing Applications◦ Meet Deadlines◦ You can estimate information on both the FAFSAand CSS PROFILE applications◦ Reapply every year◦ Ensure Social Security Number is correct◦ Send applications to the correct institutions◦ Ask questions if you are unsure
    15. 15.  Financial Aid Office & Website◦ Webinars / Chats / Videos / FAQs Application Completion Events◦ High School◦ College Goal Sunday◦ Financial Aid Office Department of Education◦ @FAFSA◦
    16. 16.  Scholarships & Grants◦ Need-based, merit-based, or a combination Federal & State Grants◦ For lower income students & families Student Employment◦ Students work on campus 10-20 hours a week◦ Paid hourly wages◦ Great way to gain valuable work experience Loans◦ Direct Stafford, Parent PLUS, and private
    17. 17.  Civic Groups/Organizations (Rotary, Lions, etc…) Religious Organizations Corporations (Target, Coca Cola, Ford, etc….) or Facebook App: My College Dollars High School Counselor College or University Financial Aid Office Website
    18. 18.  Search and apply to scholarships as soon aspossible Answer all optional questions on scholarshipsearch sites Apply to every scholarship for which you areeligible◦ Scholarships for less than $1,000 often havefewer applicants Persistence pays, skill and luck are involved Meet deadlinesMark Kantrowitz:
    19. 19.  Tailor your application to sponsor’s goals Clean up your online profile◦ Perform a Google search on your name◦ Review public profile onFacebook, LinkedIn, Twitter, & YouTube Print, read and speak your essay to correctspelling and grammar mistakes Use multiple FREE scholarship search sites If you have to pay to get money, it’sprobably a scamMark Kantrowitz:
    20. 20.  Comparing Financial Aid Offers◦ Grants and Scholarships◦ Self-help Aid Work Study Direct Stafford Loans◦ Additional Loan Resources Parent PLUS or Private Loans
    21. 21.  Make financial aid part of your college visits Do a bit of detective work!◦ How does the college treat private scholarships?◦ On average how much need does a college meet? Have Family Discussions Utilize Net Price Calculators◦ Multi-year investment and costs◦ Factor in tuition increases Inform colleges about special circumstances Investigate and apply for private scholarships
    22. 22. Chris GeorgeAsst. Vice Chancellor for Enrollment &Director of Financial Aid@CGeorge_DU303-871-4020finaid@du.eduA copy of the presentation isavailable at: