Chris GeorgeAssistant Vice Chancellor for Enrollment              & Director of Financial Aid
   Financial fit & the value of obtaining a degree   Be prepared    ◦ Terms & Definitions    ◦ Applications    ◦ Types o...
   Financial Aid Award Letter (Aid Package)   Multi-year commitment   Rising Costs   Family Discussions   Net Price C...
Adam Looney andMichael Greenstone,the Hamilton Project
   No, but excessive borrowing is!   How much will your payment be?    ◦ Loan Balance of $10,000    ◦ 6.8% interest rate...
   Don’t borrow more than your first year salary   What do teenagers think their salary will be? (Charles    Schwab - Te...
   Welcome to the Financial Aid, I need the    following information:    ◦   Salary    ◦   Investments    ◦   Cash, Savin...
   Colleges have varying deadlines    ◦ Priority deadlines    ◦ Ask what it means?   Financial Aid Applications   Schol...
   Determines eligibility for    merit based aid    ◦   Evaluate GPA    ◦   ACT and/or SAT Scores    ◦   Extracurricular ...
   Establishes the cost of attendance (Sticker Price)   Evaluates family’s ability to pay by determining an expected    ...
   Cost of Attendance    ◦ Direct Costs       Tuition and Fees       Room & Board    ◦ Indirect Costs       Books & Su...
   Financial Need     Cost of Attendance     - Expected Family Contribution     Financial Need    ◦ Need varies based on ...
   FAFSA – Free Application for    Federal Student Aid    ◦ Required to determine      eligibility for many federal,     ...
   CSS PROFILE – College Board    ◦ Many private universities and scholarship      providers require the CSS PROFILE appl...
   Documentation needed to complete    applications (Parent and Student)    ◦   Federal Income Tax Returns    ◦   W-2 For...
   Additional Documentation    needed to complete CSS PROFILE    application (Parent and Student)    ◦   Records of untax...
   Tips for Completing Applications    ◦ Meet Deadlines    ◦ You can estimate information on both the FAFSA      and CSS ...
   Financial Aid Office & Website    ◦   Webinars / Chats / Videos / FAQs   Application Completion Events    ◦   High Sc...
   Scholarships & Grants    ◦ Need-based, merit-based, or a combination   Federal & State Grants    ◦ For lower income s...
   Colorado Residents/Schools Only   Apply at any time   Not financial aid   Eligibility varies based on school you wi...
   Civic Groups/Organizations (Rotary, Lions, etc…)   Religious Organizations   Corporations (Target, Coca Cola, Ford, ...
   Comparing Financial Aid Offers    ◦ Grants and Scholarships    ◦ Self-help Aid       Work Study       Direct Staffor...
       Make financial aid part of your college visits       Do a bit of detective work!    ◦    Do the colleges use fina...
Chris George  Asst. Vice Chancellor &  Director of Financial Aid303-871-4020  finaid@du.eduA copy of the presentation is  ...
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Financial Aid and The College Decision Process - NACAC 2012

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  • Financial Aid and The College Decision Process - NACAC 2012

    1. 1. Chris GeorgeAssistant Vice Chancellor for Enrollment & Director of Financial Aid
    2. 2.  Financial fit & the value of obtaining a degree Be prepared ◦ Terms & Definitions ◦ Applications ◦ Types of Aid Next Steps
    3. 3.  Financial Aid Award Letter (Aid Package) Multi-year commitment Rising Costs Family Discussions Net Price Calculators
    4. 4. Adam Looney andMichael Greenstone,the Hamilton Project
    5. 5.  No, but excessive borrowing is! How much will your payment be? ◦ Loan Balance of $10,000 ◦ 6.8% interest rate ◦ Standard 10 year Repayment Plan A. $105 B. $115 C. $125 D. $135 For every $10,000 in loan balance, you will pay $115 per month for 10 years. $3,810 in interest
    6. 6.  Don’t borrow more than your first year salary What do teenagers think their salary will be? (Charles Schwab - Teens & Money Survey 2011) ◦ $ 73,000 average expected starting salary ◦ $150,000 average expected salary once established in a career ◦ $ 50,000 median household income in 2009 (US Census Bureau)
    7. 7.  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
    8. 8.  Colleges have varying deadlines ◦ Priority deadlines ◦ Ask what it means? Financial Aid Applications Scholarship Applications Terms ◦ Start developing a glossary ◦ www.collegeincolorado.org (Financial Aid Planning)
    9. 9.  Determines eligibility for merit based aid ◦ Evaluate GPA ◦ ACT and/or SAT Scores ◦ Extracurricular Activities ◦ Leadership ◦ Community Service ◦ Teacher Recommendations
    10. 10.  Establishes the cost of attendance (Sticker Price) 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 Distributes resources in an equitable manner Counsels families on financial issues
    11. 11.  Cost of Attendance ◦ Direct Costs  Tuition and Fees  Room & Board ◦ Indirect Costs  Books & Supplies  Transportation  Personal Expenses
    12. 12.  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
    13. 13.  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 ◦ www.fafsa.ed.gov
    14. 14.  CSS PROFILE – College Board ◦ Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs ◦ Daniels Fund, Colorado College, University of Denver ◦ profileonline.collegeboard.com ◦ $25 Application Fee
    15. 15.  Documentation needed to complete applications (Parent and Student) ◦ Federal Income Tax Returns ◦ W-2 Forms ◦ Driver’s License ◦ Social Security Numbers ◦ Savings and Checking Account Information
    16. 16.  Additional Documentation needed to complete CSS PROFILE application (Parent and Student) ◦ Records of untaxed income & benefits ◦ Current Mortgage Information ◦ Records of stocks, bonds, trusts, and other investments
    17. 17.  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 ◦ Attend completion events ◦ Ask questions if you are unsure
    18. 18.  Financial Aid Office & Website ◦ Webinars / Chats / Videos / FAQs Application Completion Events ◦ High School ◦ College Goal Sunday ◦ Financial Aid Office Department of Education ◦ @FAFSA ◦ http://studentaid.ed.gov
    19. 19.  Scholarships & Grants ◦ Need-based, merit-based, or a combination Federal & State Grants ◦ For lower income students & families Student Employment ◦ Students work on campus 10-20 hours a week ◦ Paid hourly wages ◦ Great way to gain valuable work experience Loans ◦ Direct Stafford, Parent PLUS, and private
    20. 20.  Colorado Residents/Schools Only Apply at any time Not financial aid Eligibility varies based on school you will be attending https://cof.college-assist.org/
    21. 21.  Civic Groups/Organizations (Rotary, Lions, etc…) Religious Organizations Corporations (Target, Coca Cola, Ford, etc….) www.collegeincolorado.org www.fastweb.com or www.scholarships.com Facebook App: My College Dollars High School Counselor College or University Financial Aid Office Website
    22. 22.  Comparing Financial Aid Offers ◦ 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
    23. 23.  Make financial aid part of your college visits Do a bit of detective work! ◦ Do the colleges use financial need in determining their admission decisions? ◦ How does the college treat private scholarships? ◦ On average how much need does a college meet? Utilize Net Price Calculators Inform colleges about special circumstances Investigate and apply for private scholarships Secure a summer job to help pay for expenses
    24. 24. Chris George Asst. Vice Chancellor & Director of Financial Aid303-871-4020 finaid@du.eduA copy of the presentation is available at:http://duadmission.typepad.com/blog/

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