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FINANCIAL AID
PRESENTED BYKATRINA L. SARTIN MATANO, MBA
DIRECTOR OF STUDENT FINANCIAL SERVICES & FINANCIAL AID
WARNER PACIFIC COLLEGE
National Christian College Fairs
Why a Christian college?
• High-quality education from a Christian world view
• Christian community that emphasizes character development, service and spiritual growth
• Preparation for life, as well as a living
Why Choose a Christian College?
Financing a College Education
Combination of resources -- Family Federal Government State Government College Private Sources
What is Financial Aid?4
Financial Aid is money provided to students and their families to help supplement their ability to pay for postsecondary educational expenses.
The primary responsibility for postsecondary educational expenses rests with the student and his/her family.
Financial Aid Programs
Grants Federal State Institutional
ScholarshipsFederal Work-StudyFederal Loans
Student Parent
Free Application for Student Financial Aid (FAFSA)
FreeStandard form that collects
demographic and financial information about the student and family
Used to apply for federal and state grants, work-study and loans
Calculates eligibility for financial aid
How is Financial Aid Determined?7
www.fafsa.gov
FAFSA4Caster8
Early Start! Experience similar to
FAFSA on the Web Allows transfer of
FAFSA4Caster data to FAFSA on the Web
Option to apply early for PIN
Increase knowledge of financial aid process & other sources of aid
What is the Expected Family Contribution (EFC)
Amount family can reasonably be expected to contribute
Federal formula used to calculate EFC, based on FAFSA data
Stays the same regardless of college
Role of the Financial Aid Office
Determines Cost of Attendance (COA)
Evaluates family’s ability to pay & eligibility: Expected Family Contribution (EFC)
Offers financial aid based on COA & EFC
Distributes resources in an equitable manner
Counsels families on financial issues
10
Cost of Attendance (COA)
College responsible for determining
Indirect Costs
Books / Supplies
Transportation
Personal Expenses
Direct CostsTuition / FeesRoom & Board (if on campus)
Financial Aid Formula
Cost of Attendance - Expected Family
Contribution = Financial Need
Scholarships
College scholarships Check deadlines and eligibility criteria
OSAC Scholarship Application February 1, 2013 Early Bird Review &
chance to win $500 scholarship March 1, 2013 final deadline www.getcollegefunds.org
Use free national scholarship searches www.finaid.org www.fastweb.org Other
Private and Other Sources
Local community organizationsAlternative education loans EmployersInternetNational and Community Service
(Americorps)Veterans BenefitsMilitary Service Scholarships (ROTC)Bureau of Indian Affairs (BIA) Grants
Special Circumstances
Should your circumstances change after you file your FAFSA, contact your college’s financial aid office Change in employment status
Medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Financial Aid Calendar
Year-Round Scholarship Search
January 1st
Apply for financial aid using FAFSAMarch/April
Receive financial aid award letter from collegeMay 1st
Reply dateSummer
Apply for loansAugust/September
Classes begin, financial aid applied to account
Senior Year of High School