e38 coaching families through financial aid
TRANSCRIPT
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Meghan Cooley Director of Recruitment Communication | Augustana College
Ryan Gebler
Assistant Director of Financial Aid | Lawrence University
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Many families have unrealistic
expectations Families need to be educated early Ignorance takes away access We have knowledge to share
Why do this session?
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Start with the Basics
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Introduce reality Introduce it early Define payment options
www1.salliemae.com/about/news_info/research/how_america_pays_2010/
Paying for College
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Studentaid.gov/glossary English & Spanish Discuss the definitions Don’t just provide a list Keep people engaged/learning Meeting bingo Prizes
Remember: ignorance = lack of access
Vocabulary/Definitions
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Present a timeline as early as possible Provide clear deadlines or milestones Help families own the dates Mark up family calendars What motivates your families?
Include savings, scholarship and financial aid deadlines
Timeline
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What FAMILIES Need to Know
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1. Types of aid & how to apply 2. Frame expectations 3. Plan of action
What Families Need to Know
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Gift Aid Merit-based Talent-based Need-based
Self-Help Loans Student Employment
1. Types of Aid
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Types Academic Talent Service/Involvement Athletic
How to apply Application for admission Separate application Audition Interview Essay
Merit & Talent Aid
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“Need” is defined by each school’s analysis of: FAFSA Institutional Application Combination of both
“Need” is relative to Cost of Attendance
Need-based Aid
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Loans Student Employment
Self-Help
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Federal Loan Options Stafford Limit based on year in school ($5,500, $6,500, $7,500 )
Perkins Not every college participates Limited funding
PLUS Parent Loan Easy application (must not have adverse credit history)
Private Student Loans Variable & fixed interest rates 85% of dependent undergraduates need a co-signer
Loan Options
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Different names… pretty much the same thing Federal Work-Study Student Employment Campus Employment
Paid for hours worked ($ goes directly to the student) Can be used for: Tuition Books Pizza, etc.
Student Employment
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Net Price Calculator Federally mandated Estimated Cost of Attendance for that individual at that
specific institution Based on income information and, sometimes, academic
information
2. Frame Expectations
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Dispel hope for “magical” full-tuition scholarship Hope is not a plan Are scholarships stackable? Do scholarships help meet need?
Dismiss myths Private schools provide grants to bring the cost down to that of a
public school. MYTH! Disregard averages “Half the population is below average.” –Ryan’s statistics professor
Ask questions How is scholarship determined for first year? How is it renewed for future years? (GPA, major, other
commitments?)
2. Frame Expectations
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Understand your EFC Net Price Calculator (available on school’s website) FAFSA 4Caster FAFSA
What is the family’s budget? What is most important for the student? Get organized & apply! Which board game are you playing?
3. Plan of Action
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Plan of Action: Teaching Families About the
Financial Aid Process
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WHAT IT’S NOT… A dollar amount expected from income and/or assets An estimate of extra cash available
WHAT IT IS… A financial index used to determine eligibility for federal
student aid (i.e. Pell Grant, Subsidized Stafford Loan) A measure of a family’s capacity over time to absorb
educational costs An important index for families to know
What is an EFC?
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FAFSA 4caster
https://fafsa.ed.gov/FAFSA/app/f4cForm Other “estimators” The actual application… the FAFSA! Complete the FAFSA as a junior, sophomore, or freshman Gives you an idea of what to expect when you complete the
FAFSA after January 1 of your senior year.
How to Determine Your EFC
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Annual & Monthly Sources Parent Savings Income
Student Savings Summer Earnings Employment during the academic year
Other
What’s Your Budget?
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Debt-Free vs. School-of-Choice The Bottom Line vs. “Fit” Earning Potential vs. Loan Debt
What’s Important to the Student?
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What are the deadlines? Deadline by type of application Federal Institutional State? Scholarships
Firm or soft deadline? What are the documents? How can you track documents?
Get Organized
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Federal FAFSA = eligibility for federal student aid Most institutions use this in determining need-based aid
Institutional Different questions, different rules, different game
Applications: Federal v. Institutional
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Timeline
What When
Preliminary Planning Freshman, Sophomore, Junior
Deadlines & Documents Summer before Senior Year
Application for Admission Fall of Senior Year
Institutional Application(s) Varies: November-March
FAFSA January/February of Senior Year
“Outside Scholarships” Varies: November-April
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Know what questions to ask
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Where is the money coming from? Do parents know? Does the student know? Coach them through what questions to
ask themselves Prepare them to discuss their financial
plan with a college
What’s your pie look like?
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Families need to: be comfortable talking finances ask direct questions be proactive discuss scholarships, financial aid,
etc. EARLY in their college search
Talking to Colleges
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Best Definitions: studentaid.gov/glossary
How Families Pay Graph: www1.salliemae.com/about/news_info/research/how_america_pays_2010/
Public Service Pieces: Online: collegequestions.org
Hardcopy: order from augustana.edu/publicservice
Preparing for College: The Parent Path Preparing for College: the College Path Checklist Preparing for College: 25 Questions to Ask a College How Families Pay for College The Liberal Arts and Your Education
References
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