1. FINANCIAL AID FOR
US CITIZENS

2. GOALS
 What Financial Aid Is
 Terms & Acronyms
 Types & Sources of Aid
 Application Process & Forms
 Creative Ways to Pay
 Timeline

3. WHAT IS FINANCIAL AID?
 Money supplied by a source outside the family to help pay for
the cost of education.
 Basic premise of Financial Aid: Students and parents are the
primary source of funds and are expected to contribute to the
extent they are able.

4. FINANCIAL AID IS...
 An assistance device
 Not designed to replace a family’s contribution
 Not based on what parents would LIKE to pay

5. FINANCIAL AID OFFICE

6. COST OF U.S. INSTITUTIONS

7. FINANCIAL AID INFORMATION

8. NET PRICE CALCULATOR

9. FINANCIAL AID OFFICE
CONTACT INFORMATION

10.  Need-Based Aid
Merit-Based Aid
TERMS
 Need-Blind Admissions
 Need-Aware Admissions (Most US Colleges &
Universities)

11. ACRONYMS
 COA – Cost of Attendance
 EFC – Expected Family Contribution
 FAFSA – Free Application for Federal Student Aid
 SAR – Student Aid Report
 CSS Profile – College Student Scholarship

12. EXPECTED FAMILY CONTRIBUTION
Parent’s Contribution
+ Student’s Contribution
Expected Family Contribution
Calculated ability to pay may not match
family willingness to pay!

13. SOURCES OF AID
 Federal Funding
 State Aid
 Institutional
 Private
 Student/Family
 Community Organizations
 Civic Groups
 Religious Organizations
 Businesses
 Industry

14. SOURCES OF AID
 Most Common Federal Aid
 Pell Grant
 Stafford Loan
 Perkins Loan (high need families)
 State Aid
 Institutional
 Private
 Student/Family
 Community Organizations
 Civic Groups
 Religious Organizations
 Businesses
 Industry

15.  Based on family’s ability to pay
 Eligibility may vary
Cost of college
Availability of funding
College calculates family
contribution
College awards aid based on level
of need and available funding
 Parent Plus Loan
Parent loan
Based on parent credit

16. Measure of Quality
Academic
Athletic
Artistic
Special Characteristic
 Family resources not a factor
 Award levels based on sponsors’
goals and funding levels
Always double check to see if merit aid is an “automatic”
process or a separate application.

17. HOW TO APPLY

18. FEDERAL APPLICATION
PROCESS
Free Application for Federal
Student Aid (FAFSA)
 Apply for a PIN first
 Apply online
 Available January 1
 Parent tax information
needed
 Add schools you are
applying to (in ABC order)
 Apply early and watch
deadlines
 SAR approx. 4 weeks later
 REQUIRED FOR ANY
FORM OF FEDERAL AID
WWW.FAFSA.ED.GOV
NOT FAFSA.COM

19. CSS/FINANCIAL AID
PROFILE
http://student.collegeboard.org/css-financial -aid-profile
 Verify if the university also requires CSS Profile
 Beyond the FAFSA: Medical expenses, elementary and
secondary school tuition, home equity, variety of unusual
circumstances
 Tailored to an institution
 Popular with ED schools
“When we began using the CSS, we were
not trying to cut the amount of money we
were distributing – we were just trying to
do a better job distributing it.”

20. FORMS & DOCUMENTS
 Divorced or separated parent information
 Parent tax returns
 Student tax returns
 Other information to verify
 Income
 Assets
 Family Size
 Special circumstances

21. CREATIVE WAYS TO “PAY”

22. IB COURSE WORK
Credit Or
Scholarships
http://blogs.ibo.org/funding-opportunities/
Did you know that most
Florida universities will
grant a full year of credit for
an IB Diploma score of 32?
Also Southern Methodist,
Ohio Wesleyan, U of
Minnesota, Oregon State,
and other universities

23. OLIN COLLEGE OF ENGINEERING:
HALF TUITION SCHOLARSHIP

24. NON-RESIDENT TUITION
SCHOLARSHIP
• Oklahoma State
• Colorado State
• Auburn
• U of Texas
• U of Washington
• Idaho State University
• Minnesota State University Campuses

25. COMMUNITY/JUNIOR
COLLEGE
Pay lower
tuition for two
years
Guaranteed
matriculation
to a top
university

26. COMMUNITY/JUNIOR
COLLEGE
Pay lower
tuition for two
years
Guaranteed
matriculation
to a top
university

27. CO-OP EDUCATION
Work, Make Money, Earn Credit at the
SAME TIME!
• California Polytechnic State
University, Sam Luis Obispo
• University of Cincinatti
• Georgia Institute of Technology
• Johnson & Wales
• Kettering
• Long Island University, CW
Post
• University of Louisville
• UMass, Dartmouth
• Merrimack College
• Miami Dade College
• University of Michigan,
Dearborn
• Northeastern University
• Pace University
• Rochester Institute of
Technology
• University of Toledo

28. WHAT TO DO NOW

29. JUNIOR YEAR
 Research colleges and financial aid websites
thoroughly
 Determine your actual level of need
 Have realistic conversations about what you can
afford
 Talk to representatives who visit ISM. They don’t
work for the Financial Aid office, but can provide
some insight.
 Visit the Financial Aid office when visiting campuses
 Check state residency requirements (CollegeBoard)
 Get a social security number
 Do well academically

30. JUNIOR YEAR

31. SENIOR YEAR: 1ST
 Get organized
SEMESTER
 Deadlines: Scholarship/Aid deadlines might be earlier
 Complete college applications
 Register for CSS Profile if needed
 Get PIN for FAFSA
 Gather information needed for CSS and FAFSA
 Check each university’s website

32. SENIOR YEAR: 2ND
SEMESTER
 January 1 – Apply For FAFSA
 Print copies for your file
 2-4 Weeks After FAFSA
 Review SAR for accuracy
 Make corrections if necessary
 Notify additional schools that it is available
 February – April
 Receive award letters
 Evaluate awards
 Contact University if necessary
 Make decisions
 April – June
 Follow university’s procedures
 Send required forms
 Signatures
 Deposit

33. POINTS TO REMEMBER

34. POINTS TO REMEMBER
 US Perspective: Paying for university may require
some sacrifice (vacations, helpers, etc.)
 Deadlines vary by institution
Write or call the institution if any information is
unclear or if there are any unanswered questions
(DO NOT ASSUME!)
 Be prepared to provide documentation of family
resources

35. POINTS TO REMEMBER
Must re-apply every year
 Some aid may be contingent on grades/GPA to
maintain aid
 Keep copies of forms completed as well as
supporting documentation
 Tax forms
 Employer ’s statements
 Bank statements

36. ADDITIONAL
RESOURCES

37. FEDERAL AID RESOURCE
http://studentaid.ed.gov/

38. FINANCIAL AID 101
https://bigfuture.collegeboard.org/pay-for-college/financial-aid

39. THANK YOU FOR
COMING!
This presentat ion wi l l be posted on the HS
Guidance blog in the next week.
ht tp: / /guidance. ism-onl ine.org/