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 aid and Scholarships

12 views

Published on

Comprehensive financial aid information

Published in: Education
  • Be the first to comment

  • Be the first to like this

Financial aid and Scholarships

  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. Login
  7. 7. 7
  8. 8. 8
  9. 9. 9
  10. 10. Dependent Student with Parental Data
  11. 11. 11
  12. 12. 12
  13. 13. 13
  14. 14. 14
  15. 15. 15
  16. 16. 16
  17. 17. 17
  18. 18. 18
  19. 19. 19
  20. 20. 20
  21. 21. www.collegejourneyconsulting.com
  22. 22. 22
  23. 23. 23
  24. 24. 24
  25. 25. 25
  26. 26. 26
  27. 27. 27
  28. 28. 28
  29. 29. 29
  30. 30. 30
  31. 31. 31
  32. 32. 32
  33. 33. 33
  34. 34. 34
  35. 35. www.collegejourneyconsulting.com
  36. 36. 36
  37. 37. 37
  38. 38. 38
  39. 39. 39
  40. 40. 40
  41. 41. 41
  42. 42. www.collegejourneyconsulting.com
  43. 43. 43
  44. 44. 44
  45. 45. 45
  46. 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
  47. 47. www.collegejourneyconsulting.com
  48. 48. www.collegejourneyconsulting.com
  49. 49. www.collegejourneyconsulting.com Free Comprehensive FAFSA Guide ForEdvisors.com/fafsa
  50. 50. www.collegejourneyconsulting.com The CSS Profile
  51. 51. www.collegejourneyconsulting.com https://cssprofile.collegeboard.org/
  52. 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. 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. 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. 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. 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. 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
  58. 58. www.collegejourneyconsulting.com Definition of Financial Need
  59. 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
  60. 60. Kahoot Quiz Time www.collegejourneyconsulting.com
  61. 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. 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. 63. www.collegejourneyconsulting.com How to Find Generous Colleges
  64. 64. www.collegejourneyconsulting.com How to Find Generous Colleges
  65. 65. www.collegejourneyconsulting.com How to Find Generous Colleges
  66. 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. 67. Rice vs. Trinity Comparing Colleges www.collegejourneyconsulting.com
  68. 68. www.collegejourneyconsulting.com Comparing Colleges: Rice
  69. 69. www.collegejourneyconsulting.com Comparing Colleges: Rice
  70. 70. Comparing Colleges: Rice www.collegejourneyconsulting.com
  71. 71. www.collegejourneyconsulting.com Comparing Colleges: Trinity
  72. 72. Comparing Colleges: Trinity www.collegejourneyconsulting.com
  73. 73. Finding Merit Aid www.collegejourneyconsulting.com For both low and high EFC
  74. 74. www.collegejourneyconsulting.com
  75. 75. Using Scholarship Calculators www.collegejourneyconsulting.com
  76. 76. Using Scholarship Calculators www.collegejourneyconsulting.com
  77. 77. Spreadsheet with Need and Merit- based Aid www.collegejourneyconsulting.com
  78. 78. Check University Websites www.collegejourneyconsulting.com
  79. 79. Net Price Calculators www.collegejourneyconsulting.com
  80. 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. 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. 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. 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. 84. Parts of a Financial Aid Package www.collegejourneyconsulting.com
  85. 85. www.collegejourneyconsulting.com What’s wrong with this award letter?
  86. 86. www.collegejourneyconsulting.com
  87. 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. 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. 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
  90. 90. Questions? www.collegejourneyconsulting.com cindy@collegejourneyconsulting.com www.collegejourneyconsulting.com 281.778.0928

×