Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Financial aid2019

20 views

Published on

Financial aid overview with descriptions of how to complete financial aid forms and how to find colleges with need or merit-based aid.

Published in: Education
  • Be the first to comment

  • Be the first to like this

Financial aid2019

  1. 1. Financial Aid and Scholarships Cindy Allerman, M.Ed College Journey Consulting LLC College Journey Consulting LLC www.collegejourneyconsulting.com
  2. 2. www.collegejourneyconsulting.com WHO WANTS MONEY FOR COLLEGE?
  3. 3.  Types of financial aid  How to apply for financial aid  Cost of College  Scholarships (Merit-aid)  Finding Generous Colleges  Private Scholarships  Understanding college award letters www.collegejourneyconsulting.com What I will try to answer:
  4. 4. www.collegejourneyconsulting.com Sources of Financial Aid
  5. 5. Free Application for Federal Student Aid (FAFSA) www.collegejourneyconsulting.com https://www.youtube.com/watch?time_continue=71&v=gUis5lityCQ
  6. 6. A Quick Overview of the FAFSA
  7. 7. 7
  8. 8. 8
  9. 9. 9
  10. 10. 10
  11. 11. www.collegejourneyconsulting.com
  12. 12. 12
  13. 13. 13
  14. 14.  Number of people in household.  Marital status of parents.  Age of parents.  Age of children.  Number of children in college.  Parents’ Adjusted gross income from the most recent calendar year.  Parents income taxes paid for most recent calendar year.  Student’s adjusted gross income.  Student’s income taxes paid.  Any claimed education tax credit.  Medical expenses.  Cash, savings, checking for parent(s) and child  *Non-retirement investments for parent(s) and child  Business equity.  *The federal formula doesn’t ask about retirement account assets, but the PROFILE does. It's extremely rare, however, for a PROFILE school to take retirement wealth into consideration for financial-aid purposes. www.collegejourneyconsulting.com EFC Questions
  15. 15. www.collegejourneyconsulting.com
  16. 16. www.collegejourneyconsulting.com
  17. 17. www.collegejourneyconsulting.com www.edvisors.com/fafsa/book/user-info/
  18. 18. www.collegejourneyconsulting.com The CSS Profile
  19. 19. www.collegejourneyconsulting.com https://cssprofile.collegeboard.org/
  20. 20. www.collegejourneyconsulting.com Types of Federal Student Aid Video https://studentaid.ed.gov/sa/types
  21. 21. www.collegejourneyconsulting.com Federal Student Grants Program Annual Award – 2018-2019 (subject to change) Pell Grant Up to $6,095 Supplemental Educational Opportunity Grant (SEOG) Up to $4,000 Teacher Education Assistance for College and Higher Ed (TEACH) UP to $3,736 Iraq and Afghanistan Service Grant Up to $5,529
  22. 22. www.collegejourneyconsulting.com Federal Student Loans Program Details Direct Subsidized Loan Up to $5,500 You do not pay interest while in college Direct Unsubsidized Loan Amount varies by year in college $5,500 – 7,500 Direct PLUS Loan For parents: Up to cost of attendance
  23. 23. www.collegejourneyconsulting.com Federal Student Loans Rule of Thumb NEVER BORROW MORE FOR COLLEGE THAN YOU CAN EXPECT TO EARN IN YOUR FIRST YEAR OUT OF COLLEGE.
  24. 24. www.collegejourneyconsulting.com
  25. 25.  Part of financial aid package  Not all colleges offer work-study awards  Must apply for work- study jobs www.collegejourneyconsulting.com Federal Work Study
  26. 26. www.collegejourneyconsulting.com Cost of Attendance tuition & fees in-state vs out-of-state or private room & board On or off-campus housing Transportation Books New vs. used/ rentals Personal expenses
  27. 27.  EFC = Expected Family Contribution  There are 2 methodologies to calculate EFC  Federal Methodology (FAFSA)  Institutional Methodology (CSS PROFILE) www.collegejourneyconsulting.com How much do colleges expect you to pay? EFC Calculator: https://studentaid.ed.gov/sa/fa fsa/estimate
  28. 28. www.collegejourneyconsulting.com Definition of Financial Need
  29. 29.  Need-based aid – awards provided to help meet a family’s documented need.  Merit aid – an award based on merit (scholarships) www.collegejourneyconsulting.com Types of Financial Aid
  30. 30. Kahoot Quiz Time www.collegejourneyconsulting.com
  31. 31. The College List High EFC Look for Merit-Aid ( top 25% of applicant pool) Low EFC Look for colleges that meet a high percentage of need Financial Fit www.collegejourneyconsulting.com
  32. 32. www.collegejourneyconsulting.com How to Find Generous Colleges  Those that meet 100% of need tend to be the most selective.  The best meet 100% of need with NO loans!!  Don’t pay attention to “sticker price” for these colleges. Use net-price calculators.
  33. 33. www.collegejourneyconsulting.com How to Find Generous Colleges
  34. 34. www.collegejourneyconsulting.com How to Find Generous Colleges
  35. 35. www.collegejourneyconsulting.com How to Find Generous Colleges
  36. 36. Colleges that are generous with Merit Aid www.collegejourneyconsulting.com  Apply to colleges where you are in the top 25% of applicant pool  Find colleges that award most students aid.  Look for liberal arts colleges or smaller universities.  Cast a wide net
  37. 37. www.collegejourneyconsulting.com
  38. 38. Rice vs. Trinity Comparing Colleges www.collegejourneyconsulting.com
  39. 39. www.collegejourneyconsulting.com Comparing Colleges: Rice
  40. 40. www.collegejourneyconsulting.com Comparing Colleges: Rice
  41. 41. Comparing Colleges: Rice www.collegejourneyconsulting.com
  42. 42. www.collegejourneyconsulting.com https://financialaid.rice.edu/thericeinvestment
  43. 43. www.collegejourneyconsulting.com Comparing Colleges: Trinity
  44. 44. Comparing Colleges: Trinity www.collegejourneyconsulting.com
  45. 45. Finding Merit Aid www.collegejourneyconsulting.com For both low and high EFC
  46. 46. www.collegejourneyconsulting.com
  47. 47. Using Scholarship Calculators www.collegejourneyconsulting.com
  48. 48. Using Scholarship Calculators www.collegejourneyconsulting.com
  49. 49. Spreadsheet with Need and Merit- based Aid www.collegejourneyconsulting.com http://www.educateabroad.co/content/resources?language=en http://www.personalcollegeadmissions.com/
  50. 50. Applying ED www.collegejourneyconsulting.com
  51. 51. Check University Websites www.collegejourneyconsulting.com
  52. 52. Net Price Calculators www.collegejourneyconsulting.com
  53. 53.  Provided by private organizations  Corporate awards for employees children  Union or career organization awards  Religious or ethnic organization awards  Service group awards (Kiwanis, Optimists, etc.)  National scholarships- Coca Cola, Gates Millenium  Local government – chamber of commerce, etc. www.collegejourneyconsulting.com Private Scholarships
  54. 54.  Outside scholarships must be reported to the financial aid office  Scholarship award may be subtracted from need- based aid package. Check the college policy. www.collegejourneyconsulting.com Caveats
  55. 55.  www.fastweb.com  www.scholarships.com  www.collegeboard.com  Check your local high school’s college center/social media for scholarships. www.collegejourneyconsulting.com Scholarship Search
  56. 56.  Create a student profile  Use a dedicated email account  Google search for your characteristics  ie: trumpet players, horse lovers, unusual hobbies  Create a file for follow up  Write essays  NEVER PAY for a scholarship search (although some apps are only a couple bucks- “Scholly”) www.collegejourneyconsulting.com Scholarship Search
  57. 57. Parts of a Financial Aid Package www.collegejourneyconsulting.com
  58. 58. www.collegejourneyconsulting.com What’s wrong with this award letter?
  59. 59. www.collegejourneyconsulting.com
  60. 60. What happens next?  Evaluate schools’ aid offers.  Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
  61. 61. Where can I get more info? • StudentAid.gov  Info about aid programs  Links to free scholarship and college searches • 1-800-4-FED-AID or studentaid@ed.gov  Info about aid programs  Help with FAFSA form
  62. 62.  Determine your EFC.  Apply for financial aid using the FAFSA and/or CSS Profile  Apply to colleges that award either need- or merit- based aid.  Apply for private scholarships. www.collegejourneyconsulting.com Recap
  63. 63. Questions? www.collegejourneyconsulting.com cindy@collegejourneyconsulting.com www.collegejourneyconsulting.com 281.778.0928

×