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College Financial Planning Workshop III
Planning to Budget
Glow Foundation2010
Glow Online Curriculum Session 5
Page 2
What this Session will Cover
Student Aid Reports
FAFSA 4Caster
Financial Aid Award Letters
Financial Gaps
Excel Basics / Budgeting
Page 3
FAFSA
What’s a SAR?
Student Aid Report
Compare your SAR to the copy of your FAFSA
Gives you an estimate of your Expected Family Contribution (EFC) and eligibility for federal aid
Page 4
What Happens After I Submit the FAFSA?
Student Aid Report (SAR)
Resubmit EFC
Financial Aid Award Letters!
Page 5
What Happens after I submit? Explained
What Happens After I Submit the FAFSA?Once all of your information has been received, the Department of Education calculates your Expected Family Contribution (EFC). The EFC is the amount your family is expected to contribute to your college education. Your Financial Need for the purpose of financial aid is calculated as Cost of Attendance (COA) minus Expected Family Contribution (EFC) or Financial Need = COA – EFC. Various financial aid offices will access the information you provided on your FAFSA and will assemble your “award package” based on your financial need from the pot of money we talked about earlier. The California Student Aid Commission will also receive the information to determine your eligibility for state financial aids (including Cal Grant) if you are applying to at least one California school. (If you are offered a Cal Grant award, you will also receive a California Aid Report, or CAR, with an estimate of your state financial aid awards.) Remember, if you or your parents are filing taxes for this year, you need to go back and update your FAFSA information with your 2009 tax information.
Page 6
FAFSA4caster
What’s a FAFSA4caster?
►Gives you an estimate of your Expected Family Contribution (EFC) and your eligibility for federal student aid
►The 4caster asks you questions similar to those asked on the FAFSA
Page 16
Financial Aid 101
Keep this in mind as you review your award offer!
Money you RECEIVE
(Free Money!)
Money you EARN
Money you BORROW
Grants and Scholarships
Work Study Program
Federal LoansState LoansPrivate Bank
Loans
Page 17
Financial Award Letters
When getting your award letter: Compare COA and Financial Awards
across your college options – they can vary significantly
How much money is free vs. borrowed?
You decide what aid to accept
Page 18
Interpreting your Award Letter
► When you receive your financial aid award letters from your schools,
they may include any combination of scholarships, loans, grants, or
work study.
► Don’t feel like you need to accept all of the aid that is being offered.
► Look over everything carefully and read the terms and conditions for
each type of aid.
► Note the value of the loans being offered in comparison to how much
“free money” you are receiving (scholarships, grants).
► Scholarships may require that a certain GPA be maintained –
understand the terms and conditions of all of your aid before your
accept it.
► Financial aid award letters can vary greatly from school to school and
can be a determining factor in your final choice of school.
Page 19
Interpreting your Award Letter – cost gaps
► When you are looking at the offer letter, consider the cost of the
college, how much you or your family are expected to pay (your EFC
value), and what makes up the total financial aid package.
► Even with a financial aid package, there may still be some unmet need
(a gap in funding that you need in order to meet the college’s cost of
attendance).
► If this is the case, you may have to consider taking out a personal
loan.
► You could also try contacting the school’s financial aid office or write
a letter of appeal, asking them to re-evaluate your award offer. In
some cases, the financial aid office may be able to offer you more aid.
Page 21
Creating a College Financial Budget
Expenses: Cost of Attendance Fixed Expenses
(E.g., tuition, rent, car payments, insurance)
Flexible Expenses (E.g., books & supplies, food, utilities/bills, transportation, personal care)
Discretionary Expenses(E.g., entertainment, going-out, gifts)
Income: Sources of Funding Parents or Savings / Investment Job / Work Study Grants (Pell Grants, ACG, Cal Grant etc.) Loans (Stafford, Perkins, Plus, Private) Others??
Funding Gap
minusminus
equalsequals
Page 22
Microsoft Excel 101
What is Microsoft Excel? Program that stores, sorts, and analyzes data. Excel allow you to make calculations, graphs,
and perform other data analysis
We will use Microsoft Excel to create our budgets – Excel will allow us to calculate these numbers quickly with the use of basic math formulas
Page 23
Microsoft Excel 101
Excel Basics: Review the Budget Directions – fins a good
template [Microsoft has one, or contact Glow] Review how to do simple tasks (“How To”) in
Excel Use “Shortcuts and Tips,” especially related to
basic math functions Review any other “Important Information”
related to the budget you will create
Page 24
Recap:
Student Aid Report
FAFSA4caster
Financial Aid Award Letters
Financial Gaps
Excel Basics / Budgeting