financial aid 101…
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FINANCIAL AID 101…. Ann Marie Gruber Associate Director of Financial Aid Lakeland Community College [email protected]. Calculating Your Financial Aid Eligibility. Cost of Attendance -Expected Family Contribution (EFC) =Financial Need. Cost of Attendance - PowerPoint PPT PresentationTRANSCRIPT
FINANCIAL AID
101…Ann Marie Gruber
Associate Director of Financial AidLakeland Community College
Calculating Your Financial Aid Eligibility...
Cost of Attendance
-Expected Family Contribution (EFC)
=Financial Need
Cost of Attendance
Tuition and FeesRoom & BoardBooks & SuppliesTransportationMiscellaneous Expenses
EFC Factors Parental Income Parental Assets (excluding primary
residence, retirement accounts) Age of Older Parent Family Size Number in College Student Income Student Assets Federal Means Tested Benefits
www.fafsa.gov
EFC*EFC calculated when Free Application
for Federal Student Aid (FAFSA) is submitted
*EFC estimator available at www.fafsa4caster.ed.govwww.finaid.org
Financial Need*Varies depending on the cost of the
school
*Compare how
and how much of
your financial need has been
met at each school
Determining Need
0
5
10
15
20
25
30
35
Cost ofAttendance
EFC FinancialNeed
CommunityCollege
State 4Year
Private 4Year
Sources of Aid
Federal
State
Institutional
Private
Types of Financial AidGift Aid
Funds which do not need to be repaid
Grants-usually need
based
Scholarships-merit based
Examples of Gift Aid
Federal Pell Grant
FSEOG
TEACH Grant
Examples of Gift AidOhio College Opportunity
Grant (OCOG)Endowed ScholarshipsInstitutional Scholarships Outside Scholarships
Types of Financial AidSelf Help
Funds which must be repaid or earned
Loans
Work Study
Examples of Self HelpFederal Perkins LoanDirect LoansDirect PLUSAlternative Student LoansFederal College Work StudyGeneral Student Employment
ABC CollegeABC CollegeCost of Attendance 19,500EFC - 2000Financial Need 17,500
Federal Pell Grant 3500SEOG 1000Ohio College Opportunity Grant 672Federal College Work Study 1800Direct Subsidized Loan 3500Direct Unsubsidized Loan 2000
Total 12,472
XYZ CollegeXYZ CollegeCost of Attendance 32610EFC -2000Financial Need 30610Federal Pell Grant 3500SEOG 1000Ohio College Opportunity Grant 1872President’s Scholarship 10000XYZ College Grant 3000Federal Perkins Loan 2000Federal College Work Study 1800Direct Subsidized Loan 3500Direct Unsubsidized Loan 2000
Total 28672
Cost of Attendance 21,598EFC -15,000Financial Need 6,598
XYZ President’s Scholarship 2,000Direct Subsidized Loan 3,500Direct Unsubsidized Loan 2,000
Total 7,500
123 College123 College
The Process...1) Complete the Free Application for Federal
Student Aid (FAFSA) on-line
2) Complete an institutional application and/or the PROFILE if applicable
3) Provide any additional documentation requested by the college in a timely manner
4) Receive award letters from schools
5) Compare and make a decision
Tips to ApplyingApply early
Be aware of deadlinesUse accurate information
Keep copies of everything you submitSearch for outside scholarships
Think before you spend money on financial aid consultants, scholarship search
companies, etc. Ask questions…get the student involved!
Tax Benefits for Education American Opportunity (formerly Hope)
Lifetime Learning
Tuition and Fee Deductions
Student Loan Interest Deductions
***Check the IRS website or with your tax preparer for more information.
Questions?