Recommended
Recommended
More Related Content
Recently uploaded
Recently uploaded (20)
Featured
Featured (20)
Financial aid and Scholarships
- 1. Financial Aid and Scholarships Cindy Allerman, M.Ed College Journey Consulting LLC College Journey Consulting LLC www.collegejourneyconsulting.com
- 2. www.collegejourneyconsulting.com WHO WANTS MONEY FOR COLLEGE?
- 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:
- 5. Free Application for Federal Student Aid (FAFSA) www.collegejourneyconsulting.com https://www.youtube.com/watch?time_continue=71&v=gUis5lityCQ
- 6. Login
- 7. 7
- 8. 8
- 9. 9
- 10. Dependent Student with Parental Data
- 11. 11
- 12. 12
- 13. 13
- 14. 14
- 15. 15
- 16. 16
- 17. 17
- 18. 18
- 19. 19
- 20. 20
- 22. 22
- 23. 23
- 24. 24
- 25. 25
- 26. 26
- 27. 27
- 28. 28
- 29. 29
- 30. 30
- 31. 31
- 32. 32
- 33. 33
- 34. 34
- 36. 36
- 37. 37
- 38. 38
- 39. 39
- 40. 40
- 41. 41
- 43. 43
- 44. 44
- 45. 45
- 46. 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
- 49. www.collegejourneyconsulting.com Free Comprehensive FAFSA Guide ForEdvisors.com/fafsa
- 52. 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
- 53. 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
- 54. 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.
- 55. Part of financial aid package Not all colleges offer work-study awards Must apply for work- study jobs www.collegejourneyconsulting.com Federal Work Study
- 56. 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
- 57. 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
- 59. 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
- 61. 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
- 62. 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.
- 63. www.collegejourneyconsulting.com How to Find Generous Colleges
- 64. www.collegejourneyconsulting.com How to Find Generous Colleges
- 65. www.collegejourneyconsulting.com How to Find Generous Colleges
- 66. 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
- 67. Rice vs. Trinity Comparing Colleges www.collegejourneyconsulting.com
- 73. Finding Merit Aid www.collegejourneyconsulting.com For both low and high EFC
- 77. Spreadsheet with Need and Merit- based Aid www.collegejourneyconsulting.com
- 80. 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
- 81. 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
- 82. 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
- 83. 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
- 84. Parts of a Financial Aid Package www.collegejourneyconsulting.com
- 85. www.collegejourneyconsulting.com What’s wrong with this award letter?
- 87. 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.
- 88. 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
- 89. 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
Editor's Notes
- Login
- 2018-19 “Login” page.
- 2018-19 “Login” page with Enter your FSA ID option selected. Note: It is beneficial for the student/parent to include an e-mail address on his/her FSA ID account to allow the U.S. Department of Education to communicate directly with the FSA ID owner about the status of his/her account. The e-mail address is entered when the student/parent applies for his/her FSA ID. Reminder: While the e-mail address for FSA ID is optional, if the user does want to include an e-mail address, it can be used only once with an FSA ID. If users share an e-mail address, only one user may link the e-mail address to an FSA ID.
- 2018-19 “Login” page with Enter the student’s information option selected.
- Dependent Student with Parental Data
- 2018-19 “Login” page with the applicant’s data entered.
- 2018-19 “Disclaimer” page New page added for 2018-2019.
- 2018-19 “Get Started” page. The applicant can view the status of his/her FSA ID in the FSA ID section of the My FAFSA page.
- The “Save Key” allows an applicant to save his/her FAFSA application and return at a later time to complete and submit the application. The application is saved for 45 days or until the student submits his/her application for processing. Additionally, the Save Key allows applicants a way to share their application with their parents.
- 2018-19 “Introduction Page”.
- 2018-19 “Student Demographic Information” page.
- 2018-19 “Student Eligibility” page.
- 2018-19 “Student Eligibility continued” page.
- “School Selection” page.
- 2018-19 “School Selection Summary” page.
- 2018-19 “Dependency Determination” page.
- 2018-19 “Dependency Status Results” page. This page only displays if the applicant has been determined to be dependent.
- 2018-19 “Parent Demographic Information” page. For 2018-19, the responses for the parents' marital status question have been revised. For 2018-19, the “Unmarried and both parents living together” option has been revised to say “Unmarried and both legal parents living together”
- 2018-19 “Parent Tax Information” page. Amended tax return filtering question was removed from this page. In addition, parents who filed amended tax returns will now be eligible to use the IRS DRT. However, because the IRS is unable to transmit amended tax information, data transferred from the IRS into fafsa.gov will be the original tax information. The IRS is unable to transmit amended tax information into FOTW, therefore the data transferred will be original tax information.
- 2018-19 “Leaving FAFSA on the Web” page. The “Leaving FAFSA on the Web” page has been revised to provide information letting the parent know that their IRS DRT information will not display for their protection.
- Warning text appears as the 2018-19 IRS DRT site is displayed.
- 2018-19 IRS Data Retrieval Tool, page 1, containing user demographic information (continued, updated with user information). The user can click “Submit” to retrieve IRS data, or “Return to FAFSA” to discontinue use of the IRS DRT and return to FOTW.
- 2018-19 IRS Data Retrieval Tool, page 2, containing user-specific IRS data. The IRS has revised this page to provide information about how the IRS data is being protected and will not display. The user can check the “Transfer My Tax Information…” box and click “Transfer Now” to carry this data back into FOTW. The user can check the “Do Not Transfer…” box and click “Do Not Transfer” to discontinue use of the IRS DRT and return to FOTW. The user can click the “Print this page” icon in order to print the data that is displayed on this page. The applicant or parent is also notified on the IRS page that the information will not display on the IRS page or on the fafsa.gov site.
- 2018-19 “Parent Financial Information” page. A new alert message has been added to indicate that the IRS Data was successfully transferred and will be identified as “Transferred from the IRS”. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed. For parents who are married, they will be required to manually enter their income earned from work.
- This is the top half of the 2018-19 “Parent Financial Information continued” page. The bottom half of the page is continued on the next slide. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed.
- This is the bottom half of the 2018-19 “Parent Financial Information continued” page. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed.
- 2018-19 “Student Tax information” page. Amended tax return filtering question was removed from this page. In addition, parents who filed amended tax returns will now be eligible to use the IRS DRT. However, because the IRS is unable to transmit amended tax information, data transferred from the IRS into fafsa.gov will be the original tax information. The IRS is unable to transmit amended tax information into FOTW, therefore the data transferred will be original tax information.
- 2018-19 “Leaving FAFSA on the Web” page, displayed when the student is going to the IRS Web site. The “Leaving FAFSA on the Web” page has been revised to provide information letting the student know that their IRS DRT information will not display for their protection. In this case, the FSA ID for the student was entered when logging into their FAFSA, so it is not requested on this page.
- Warning text appears as the 2018-19 IRS DRT site is displayed.
- 2018-19 IRS Data Retrieval Tool, page 1, containing user demographic information. Even though the fields at the top are pre-filled based on FAFSA responses, the first name, last name, date of birth and the filing status can be updated on this page. The Social Security Number cannot be updated.
- 2018-19 IRS Data Retrieval Tool, page 2, containing user-specific IRS data. The IRS has revised this page to provide information about how the IRS data is being protected and will not display. The user can check the “Transfer My Tax Information…” box and click “Transfer Now” to carry this data back into FOTW. The user can check the “Do Not Transfer…” box and click “Do Not Transfer” to discontinue use of the IRS DRT and return to FOTW. The user can click the “Print this page” icon in order to print the data that is displayed on this page. The applicant or parent is also notified on the IRS page that the information will not display on the IRS page or on the fafsa.gov site.
- 2018-19 “Student Financial Information” page. A new alert message has been added to indicate that the IRS Data was successfully transferred and will be identified as “Transferred from the IRS”. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed.
- Top half of the 2018-19 “Student Financial Information continued” page. Bottom half of the page is continued on the next slide. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed.
- This is the bottom half of the 2018-19 “Student Financial Information continued” page. The entry boxes that contain IRS Data have been replaced with the “Transferred from the IRS” label. This data cannot be changed.
- This is the top half of the 2018-19 “Sign & Submit” page, where the applicant signs and actively acknowledges the Certification Statement. Applicants must still actively agree with the certification statement. Since the student entered his/her FSA ID to login to their FAFSA, he/she is not requested to provide his/her FSA ID Username and Password again to sign the application.
- This is the bottom half of the 2018-19 “Sign & Submit” page for the dependent student, with the parent signature options and the active confirmation for the parent Certification Statement. Since the student entered his/her FSA ID to login to their FAFSA, he/she is not requested to provide his/her FSA ID Username and Password again to sign the application.
- 2018-19 “Confirmation Page” Parents of dependent students are offered the option to transfer the parents’ data into another student’s new FAFSA. The link is found on the “Confirmation Page.” If the applicant leaves the confirmation page before they click this link they will not be able to return to transfer data to the application of a sibling.
- Private collees have more aid to give and use this to give their own money
- Student aid
- Note: I also look at academic and social fit. Generous colleges: Ivy league, highly selective, Rice, Meet 100% of Need. Often do NOT give out merit aid Merit Aid: Student’s profile is in the top 25% of applicant pool. Use Collegedata.org to determine this information (percent of need met)
- You might wish to point out to students that affordability is not the most important factor in choosing a school. Ideally, a student should find the school that will best suit his or her educational and training needs, as well as fitting his or her personality. If two or more schools are “tied,” then cost can be a determining factor. We try to remind students that many relatively expensive schools have enough funds available to help out students with great financial need. Therefore, a school with a tuition of $30,000 might end up being more affordable (due to the amount of financial aid it provides the student) than a school of $12,000. In other words, students should go ahead and apply to any schools that they truly believe are a good match for them—then figure out the financial aspects later.