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Financial Aid Presentation
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- 2. Agenda • Types offinancial aid • Application process • Financial aid award letter • Special circumstances/professional judgment • Resources • Questions
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- 4. Types of Scholarships– Free Money! • General vs. college-specific • Scholarships for 2-year vs. 4-year institutions • Merit (academic) scholarships • Need-based scholarships • Scholarships for minorities • Student-specific scholarships • Community service scholarships • First in family scholarships • Athletic scholarships • Legacy scholarships • Military scholarships • Prestigious scholarships • Scholarships for men/women • Scholarships for unique talents
- 5. Tips for ScholarshipSearch • Complete the FAFSA to become eligible for need-based scholarships and grants • Check the Sanford Herald and the BUZZZ Scholarship Newsletter in the Guidance Office (& website) • Talk to specific colleges about their opportunities • Check with civic, church, and community-based organizations • Every little bit helps; free money is free money • Do not pay for scholarship search resources or advice!!
- 6. Things to Consider: •Is the scholarship renewable; is it 1 year or X amount for each year of college? • Is the scholarship available to students who are not US citizens? • Does the scholarship have conditions which must be maintained or completed to keep it? • There are scholarships available beyond your freshmen year search • There are also scholarships for graduate students too • Some scholarships do not require any writing…!
- 7. Need-based Grants –Free Money! • Pell • SEOG • ACG / SMART • NC contractual • Student Incentive • Educ. Lottery • Complete list: www.cfnc.org • Institutional Scholarships
- 8. Federal Student Loans- Not Free • No repayment until after graduation • Deferment for graduate school Federal Perkins Loan Federal Stafford Loan • limit: $5,500/year • 5% fixed interest rate • Loan forgiveness programs • Subsidized vs. unsubsidized • 2014-2015 subsidized interest rate: 4.66% • Unsubsidized fixed interest rate: 6.66%
- 9. Work Study • Moneyto be earned • On-campus job • <19.9 hrs/week (typically 8-10 hrs/wk) • Spending money Duke awards $2200/year as part of financial aid package, but amount may vary by school
- 10. Free Application forFederal Student Aid • Available after January 1 • Used to determine federal aid eligibility (i.e.Pell grant, work study, Stafford loan) • Expected Family Contribution (EFC) is an annual amount based on parent and student information • Basic tax return and asset information for custodial parents and student http://www.fafsa.ed.gov FAFSA Day: February 2015 Check www.cfnc.org for locations
- 11. FAFSA Tips Do NOTinclude home, business, or retirement assets Verify accuracy of SSN, DOB, household size, # in college Only include income from custodial parent household Untaxed income includes: -Child support -Box 12 401(k) contributions -disability Untaxed income does NOT include: -social security -EIC, ACTC
- 12. Federal Pell Grant •Entitlement grant • Awarded amount based on EFC (<$5158 for 2014- 2015) and University’s COA • 2014-2015 Pell grant max: $5730 • No specific income requirements, although generally awarded to families with income below $30,000
- 13. Federal Dependency Status •Considered independent only if the student can answer yes to one of the following: – Is married; – Has dependents; – Is an orphan or ward of the court; – Is a veteran or serving active duty; or – Is 24 years of age or older • If a student is considered independent, parent information is not required on the FAFSA Federal dependency status would apply toward federal aid ONLY. A student may still be considered dependent for institutional aid eligibility, and the University would still require parent information.
- 14. CSS Profile • Requiredby many private and some public universities • Determines eligibility for University funds • Asks more detailed parent and student tax and asset information • Noncustodial Profile may be required as well • Fee to complete, but it is waived for low-income filershttp://profileonline.collegeboard.com NOTE: For universities requiring the CSS Profile, Parent and Student federal tax returns are usually required. These would be sent through the College Board’s IDOC service: http://idoc.collegeboard.com or directly to the university. Check the university’s Financial Aid website for deadlines, requirements, and more information.
- 15. Divorce and noncustodialparents Typical Public University • Requires FAFSA only • FAFSA will ask for custodial parent and stepparent information, but does NOT include noncustodial parent • Financial aid based on custodial family financial information ONLY Typical Private University • Requires the FAFSA, Profile, Noncustodial Profile, and tax returns from both parents • Financial Aid based on both biological parents’ information • Contact University about special circumstances re: noncustodial parent
- 16. Deadlines Deadlines are extremelyimportant!!! Missing a deadline may mean losing out on $$$$ FAFSA available after January 1- estimated tax information may be used if necessary =
- 17. Role of theFinancial Aid Office • Determine aid eligibility • We need as much information as possible; when in doubt, tell us • Help you navigate the process – We know what’s available – Consultation on services / institutional & federal resources available • Answer questions about aid award – when in doubt, ask us!
- 18. The Award Letter •Cost of attendance • Student contribution • Parent contribution • Demonstrated need... “financial aid” – Work study & loans – Federal & state grants – Outside scholarships – Institutional grants and scholarships
- 19. Meeting Your FinancialNeed Institutional grants and scholarships Student loans and work study Federal and state grants Outside scholarships resources must be accounted for as well (and may reduce loans/work study or institutional resources)
- 20. Factors Affecting ParentContribution • Income • Assets • Household size • Siblings in college • Built-in income and asset allowances for saving for younger siblings’ college tuitions
- 21. Professional Judgment • FinancialAid officers are there to help and can make professional judgment in certain situations: – High out-of-pocket medical expenses – Loss of employment – Repayment of educational loans – Elder care – Change in marital status • We need as much dollar-specific documentation as you are comfortable with sharing • If change occurs during the academic year, we can make mid-year adjustments
- 22. Comparing Awards • Costof Attendance – Hidden costs? – Average figures vs. actual costs • Amount of need met with loans/work study vs. grants/scholarships – Federally subsidized? – One loan or multiple loans? • Renewal process – Academic requirements? – Application requirements/deadlines – Will the loan/work study component change in subsequent years • How are outside scholarships or other resources factored in?
- 23. Fulfilling the ParentContribution • Income • Assets (including 529 plans) • Federal Student Loans – Subsidized – Unsubsidized • Federal Parent PLUS loan • Private parent or student loans • Billed per semester – monthly payment plans available
- 24. Outside Scholarships • Inschools that meet 100% of demonstrated need, outside scholarships must be used to reduce part of the need-based aid award on a dollar-for-dollar basis • To give the most benefit to the students: – loans and work study in aid package replaced first – institutional grant reduced last • Outside scholarships do not reduce family contribution
- 25. Other Resources • www.fafsa.gov •www.collegeboard.com – https://bigfuture.collegeboard.org/scholarship-search • www.cfnc.org – https://www.cfnc.org/paying/schol/info_schol.jsp • www.collegenet.com • www.fastweb.com • www.scholarships.com • www.scholarshipmonkey.com
- 26. Kelly Hagerty –College Adviser Room 1319 – Career Counseling Building lchscollegeadvising@gmail.com www.lchs2college.com