Fin Aid 101 Creek to College 2014

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  • Scholarships & GrantsNeed-based, merit-based, or a combinationFederal & State Grants - lower income students & familesStudent EmploymentStudents work on campus 10-20 hours a weekPaid hourly wagesGreat way to gain valuable work experienceLoansDirect Stafford, Parent PLUS, and privateMulti-year investment and costsTuition increases
  • Fin Aid 101 Creek to College 2014

    1. 1. Chris George Assistant Vice Chancellor for Enrollment & Director of Financial Aid
    2. 2.        Family Discussions Net Price Calculators Seek and Apply for Private Scholarships Apply for Financial Aid Financial Aid Award Letter (Aid Package) Multi-year commitment Rising Costs
    3. 3.  Welcome to the Financial Aid, I need the following information: ◦ ◦ ◦ ◦ ◦ ◦ Salary Investments Cash, Savings, Checking balance Home Value Taxes Paid Tax Transcript from the IRS
    4. 4.  Colleges have varying deadlines ◦ Priority deadlines ◦ Ask what it means?  What Applications are required? ◦ FAFSA, CSS PROFILE, institutional ◦ Scholarship applications  Terms ◦ Start developing a glossary ◦ studentaid.ed.gov (Types of Aid)
    5. 5.  Determines eligibility for merit based aid ◦ ◦ ◦ ◦ ◦ ◦ Evaluate GPA ACT and/or SAT Scores Extracurricular Activities Leadership Community Service Teacher Recommendations
    6. 6. ◦ Establishes the cost of attendance ◦ Evaluates family’s ability to pay by determining an expected family contribution (EFC) ◦ Offers financial aid based on the cost of attendance and the expected family contribution
    7. 7.  Cost of Attendance ◦ Direct Costs  Tuition and Fees  Room & Board ◦ Indirect Costs  Books & Supplies  Transportation  Personal Expenses
    8. 8.  FAFSA – Free Application for Federal Student Aid ◦ Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans ◦ studentaid.ed.gov  CSS PROFILE – College Board ◦ Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs ◦ student.collegeboard.org/css-financial-aid-profile ◦ $25 Application Fee
    9. 9.  Financial Need Cost of Attendance - Expected Family Contribution Financial Need ◦ Need varies based on cost ◦ Most colleges are unable to meet 100% of financial need with scholarship and grant aid
    10. 10.      Grants and Scholarships Self-help Aid ◦ Work Study ◦ Direct Stafford Loans Additional Loan Resources ◦ Parent PLUS or Private Loans Multi-year investment and costs Tuition increases
    11. 11.  Tips for Completing Applications ◦ Meet Deadlines ◦ You can estimate information on both the FAFSA and CSS PROFILE applications ◦ Reapply every year ◦ Ensure Social Security Number is correct ◦ Send applications to the correct institutions ◦ Ask questions if you are unsure
    12. 12.  Financial Aid Office & Website ◦  Application Completion Events ◦ ◦ ◦  Webinars / Chats / Videos / FAQs High School FAFSA Free for All Events Financial Aid Office Department of Education ◦ ◦ @FAFSA http://studentaid.ed.gov
    13. 13.   No, but excessive borrowing is! How much will your payment be? ◦ Loan Balance of $10,000 ◦ 3.86% interest rate ◦ Standard 10 year Repayment Plan A. B. C. D.  $80 $100 $120 $140 For every $10,000 in loan balance, you will pay ~$100 per month for 10 years. $2,070 in interest
    14. 14.   Don’t borrow more than your first year salary What do teenagers think their salary will be? Source: Charles Schwab – Teens & Money Survey 2011
    15. 15.        Civic Groups/Organizations (Rotary, Lions) Foundations (Daniels’ Fund, Gates) Religious Organizations Corporations (Target, Coca Cola, Ford) High School Counselor College or University Financial Aid Office Website Online Resources
    16. 16.  Use multiple FREE scholarship search sites ◦ ◦ ◦ ◦ ◦  fastweb.com bigfuture.collegeboard.org scholarships.com My College Dollars (Facebook App) College In Colorado (Financial Aid) Search and apply to scholarships as soon as possible Adapted from Mark Kantrowitz & FinAid.org
    17. 17.   Answer all optional questions on scholarship search sites Apply to every scholarship for which you are eligible ◦ Scholarships for less than $1,000 often have fewer applicants  Persistence pays ◦ Skill and luck are involved   Meet deadlines Tailor your application to sponsor’s goals Adapted from Mark Kantrowitz & FinAid.org
    18. 18.  Clean up your online profile ◦ Perform a Google search on your name ◦ Review public profile on Facebook, LinkedIn, Twitter, & YouTube   Print, read and speak your essay to correct spelling and grammar mistakes If you have to pay to get money, it’s probably a scam Adapted from Mark Kantrowitz & FinAid.org
    19. 19.      Talk about what the family can afford Utilize Net Price Calculators Understand dates and deadlines for both admission and financial aid Inform colleges about special circumstances Investigate and apply for private scholarships
    20. 20. Chris George Asst. Vice Chancellor for Enrollment & Director of Financial Aid @CGeorge_DU 303-871-4020 finaid@du.edu

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