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Top 10 Things to Know About Financial Aid for
College
Jerry Cebrzynski
Director of Financial Aid,
Lake Forest College
College cost “planning”
What exactly is financial aid
The financial aid “language”
Application process in a nutshell
How eligibility is determined
How a College can help
Timeline
Your next step
Choosing a CollegeBest Fit
► Program
► Location
► Size
► Mix of Students
► Academics
► Extracurricular
► Facilities
► Financial
Considerations
In the News
Current College Costs2011-2012
Average Tuition, Fees, Room, Board
• 4 Year Public: $17,000
• 4 Year Private: $35,000
Average personal expenses [clothing, laundry, toiletries, recreation, entertainment] = $2,000
Books = $700 - $1,000 per year
Direct costs vs. Indirect Costs
►Direct costs = on tuition invoice Tuition, fees, housing, meal plan
► Indirect costs = related educational expenses Books, supplies, transportation, laundry, …
►COA should reflect direct and indirect expenses
1. Cost of attendance (COA) should not be a mystery
Sticker Pricevs.
After Financial Aid/Scholarship Price
Net Price Calculator
New!
Net Price Calculators
►Online, College-specific estimator
►Average grant/scholarship available to a family like yours
►Average student loan and work-study eligibility
►Estimated award is not a promise, a guarantee, or an actual aid offer
►To the extent they are able, parents have primary responsibility to pay for their dependent children’s education
►Students also have a responsibility to contribute to their educational costs
►Families should be evaluated in their appropriate financial condition
►A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay
2. Financial Aid is “A Partnership”
► Committed to removing financial barriers
►an advocate for the student at all levels
► Educates students and families through quality
consumer information
► Provides services that do not discriminate
► Maintains the highest level of professionalism
The Financial Aid Office
3. What is Financial Aid?
► Scholarships
► Grants
► Student Loans
► Work-Study
Four major sources of funding
CollegePrivate
Organizations
Federal State
Two Categories of Financial Aid
From College as well as from foundations, etc. Specific criteria eligibility Solely based on student’s credentials
Calculated from FAFSA and other aid applications Sources can be federal, state, institutional Types include grants, student loans, work-study
Merit-based
Need-based
4. Everyone should apply for aid
►Many types and sources of aid are available
►On the fence? 67% of all students receive aid [88% at
private colleges
Sometimes being rejected for federal aid is a prerequisite for receiving private awards
So . . . how does the process begin?
The FAFSA collects basic financial data is used to determine the student’s
eligibility by calculating an “index” #
5. To apply for all federal and state aid, families must
complete the...
Overview of the FAFSA
► 2012-2013 available January 1, 2012
► FAFSA.GOV
► 7 Steps
► Signed and submitted
electronically
FAFSA on the Web (FOTW)
English or Spanish
Skip logic and online editing
Electronic signature
E-mail notification
19 million (99%) FOTWs processed 11/12 so far
FAFSA on the Web Worksheet
4-page booklet containing:
► Instructions
► 24 questions in 4 sections
FAQs► Estimate 2011 income on FAFSA; adjust later► Divorced, separated, single parents► Assets included
Savings, stocks, other real estate 529 Plans
► Assets not included Home equity Retirement accounts Insurance policies, annuities
► One FAFSA per student► Renewal of Aid
Option to Access IRS Information
23
IRS Data Retrieval
Supplemental Financial Aid Applications
► The College Scholarship Service Financial Aid PROFILE
► A College’s own application for financial aid
6. Special Circumstances Matter
►When the numbers don’t tell the whole story
►When the situation is expected to change (or has)
►Must be able to document
►consideration will vary from school to school
Special SituationsSpecial Situations
Examples of items not on the FAFSA:► income change (work, child support, SSBs, etc)► large healthcare costs► some educational costs► support of extended family► significant non-elective home repairs► consideration will vary from school to school► check with financial aid office for “how to”► provide #s and explanation, and daytime phone
Cost of Attendance
Family’sContribution
FinancialNeed- =
How much aid can a student receive?
Financial Need
7. The Financial Aid Award Letter
(or “package” )
Will contain a combination of• scholarship, grant, loan and work-study funds
Why might “packages” be different?• cost of attendance • scholarship criteria and availability • institutional philosophy and funding • federal funding levels
Decoding the Award Letter
Compare► COA
► Total amount of aid
► Types and sources
Ask questions► Is aid renewable?
► Terms for renewing?
► Will aid change from year to year?
► Will costs increase?
► Is more aid available if EFC decreases?
8. Appeals
►Can request change in aid if there is a valid reason
►Will it make a difference?
Is need already fully met? Is more aid available?
►Valid reasons
Special circumstances
9. Deadlines are essential
Timeline► Complete FAFSA after January 1
► Receive a Student Aid Report (SAR) 48-72 hours later
► Review SAR for correctness
► Check if other additional application required or beneficial
► Receive Financial Aid Award Letter before May 1
10. Ask for
Right here at LZHS A College’s Financial Aid Office The Internet
www.collegezone.com
www.finaid.org
www.studentaid.ed.gov
College Web Sites
Scholarship and Financial Aid Search Services
► Beware of scholarship scams (consultants,
seminars)
► Same goes for Financial Aid “Advisors”
► FAFSA.com not the same as FAFSA.gov
► WWW.FINAID.ORG
► Never pay for a service you can do
yourself, and for free!
Financial Aid Questions to Ask a College
ACM.EDU
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