Basic overview of the financial aid process, different types of financial aid, and additional resources to help you get started.

1. Isabelle Mora
Director of Financial Aid
Saint Martin’s University
Tracy Hall
Director of Financial Aid
The Evergreen State College
Kerri Chaput
Director of Student Grants & Scholarships
South Puget Sound Community College

2. Whatyouwilllearntoday…
Applying for Financial Aid
Types of Financial Aid
Understanding College Costs
Additional Resources

4. ApplyingforFinancialAid
Step 1:
Complete the Free Application for Federal
Student Aid (FAFSA)
• Application available online at:
www.fafsa.ed.gov
• Apply for a Personal Identification
Number (PIN) online at
www.pin.ed.gov
• Submit your application before the
priority deadline for the school for
which you are applying.
• Submitting your application by the
priority deadline increases your
chances of being awarded funds
that are limited.

5. StepsforApplyingforAid
After you complete the FAFSA
application and you have been formally
admitted to the school of your choice:
• Stay in contact with your school
• Alert them if you have any financial
special circumstances that they should
be aware of:
• Marriage/Divorce
• Job loss
• New family member
• Another sibling in college or
private school
• Bankruptcy
• Etc.
• Don’t be afraid to ask questions about
your award letter, we are always happy
to help!
Submit the FAFSA
Award Letter Received
Additional documentation
needed?
Complete MPN & Entrance
Loan Counseling
Accepted into University

6. WhatisaMasterPromissoryNote&WhydoIhavetodo
EntranceCounseling?
In order to accept your student loans, you will
need to complete both an MPN and Entrance
Loan Counseling.
Master Promissory Note
• The MPN is a non-loan specific contract that
you are signing saying you agree to pay back
your loan. Also includes:
• Borrower Rights/Responsibilities
• Reference information for you the
borrower
• Need 3 references to complete
• If you borrow a loan within the year of
completing your MPN, your MPN is good for
10 years.
• You will need your PIN number to sign it
Entrance Loan Counseling
• Tool to inform borrowers of their rights and
responsibilities
• ProvidesTerms and Conditions of the loan:
• Interest Rates
• Repayment Options
• Etc

8. TypesofFinancialAid
• Institutional Scholarships/Awards
• Federal and State Grants
• Work-Study
• Stafford Loans (Student’s Loan)
 Subsidized Stafford Loans
• No interest accrues while student is
enrolled
• 3.86% Interest
 Unsubsidized Stafford Loans
• Interest accrues when the loan money is
given to the student
• 3.86% Interest
• Federal Perkins Loan (Student’s Loan)
• No interest accrues while student is enrolled
• 5% interest rate
• Plus Loans /Private Loans (Parent’s Loan)
• Plus Loans (6.41%
• Interest accrues when the loan is disbursed
• First payment is due 90 days after the first
disbursement
• Alternative Loans
• Variable Interest Rates
Financial
Aid
Loans
-Federal
-Private
Scholarships
Grants
Institutional
Scholarships

9. Self-Help vs. Gift Aid
*GiftAid = Money that does not have to be re-paid*

11. TotalCostofAttendance
Your financial aid eligibility is
determined by using information from
the FAFSA application and theTotal Cost
of Attendance (TCA) from your school.
• TheTCA is all the costs that you could
encounter while enrolled for the school
year.
• TheTCA will vary based on:
• Individual Institution
• Student’s Enrollment
• SpecialCircumstances
• Your financial aid can not be more than
your total cost of attendance (loans
included).
Tuition
Mandatory Fees
Room and
board
Books &
Supplies
Transportation
Miscellaneous
Loan Fees

12. How much Gift Aid am I eligible for?

13. NetPriceCalculator
•All Universities/Colleges are
required to have a Net Price
Calculator (NPC).
•The NPC is an estimation of
what your expected costs will be
for attending that particular
school.
•Where to find the NPC?
• On the schools website
• www.nces.ed.gov/collegen
avigator/

15. NextSteps:
1. Complete your Admissions
Application
2. Submit your FAFSA by the
priority deadline for your school
(can vary with schools)
3. Apply for Scholarships
4. Contact your School’s Financial
Aid Office if you have any
questions

16. AdditionalResources
• Scholarship Search Engines:
FastWeb Scholarship Search
www.fastweb.com
College Board Scholarship Search
www.collegeboard.com/paying
CollegeNet
www.collegenet.com
Lunch Money.com
www.lunchmoney.com
 Federal Student Aid Information:
 Studentloans.gov
 Studentaid.ed.gov