Funding a College Education

Andrea Mravlja, Director of Financial Services, College Board

Anne Shandley, Director of College Counseling, Cannon School

November 19, 2014

Getting through the maze

It's too complicate

d

I don't know what to ask

What about the bill?

Is it all loans?

Where do I start?

FAFSA? EFC?

PROFILE?

It's not

worth it

When is this due?

Net price calculato

rs I'll never qualify

What forms do I fill out?

Partnership between families and schools

● Enrollment● Success● Satisfaction● Graduation● Employment● Happy alumni

The basics Applying Paying

Definitions FAFSA Direct vs. indirect costs

Sources & Types of aid PROFILE Billing

Net price calculatorsSchool, state, and

private applications

Our Roadmap

Expected Family Contribution (EFC)

Parent contribution

Student contribution

EFC*

* keep in mind this evaluates ability (not willingness) to finance

Cost of Attendance (COA)

Indirect costs(Paid out of pocket)

Direct costs(On your school bill)

Tuition

Fees

Meal plans

Room charges

Books & Supplies

Travel

Laundry

Toiletries

Financial Need or

Eligibility for Financial Aid

EFC

Cost of attendance

Financial Need

Should you apply?

Net Price Calculator (NPC)• not an official offer of aid• approximates financial aid that may be

offered• provides an anticipated net price cost to the

student

What happens next?• complete the FAFSA, PROFILE, and other

required forms• keep in touch with your financial aid offices

FAFSAfafsa.ed.gov

CSS/Financial Aid PROFILEcollegeboard.org/profile

Costs across schoolsSchool Cost Federal Aid Difference

2-year Public $10,550 $10,550 $0

4-year Public $17,860 $12,050 $5,810

4-year Private $39,518 $12,050 $27,468

Types of Financial Aid

Private

Federal State

Institutional

Federal Pell GrantFederal SEOGFederal Work StudyFederal Perkins LoanFederal Direct Student LoansFederal Direct Parent Loan

State Scholarships (Merit)State Grants (Need)

Scholarships (Merit)Grants (Need)

Outside ScholarshipsTuition BenefitsPrivate Organizations

Application Tips – Merit-based

• Find out if there is a separate application for scholarships

• Interviews may improve your chances

• Make connections & show interest

• Ask questions

• What impact do merit scholarships have on aid?

• Is the scholarship renewable for all 4 years?

Application Tips – Need-based

• Know your deadlines• Keep track of what you’ve submitted to each

school, and the date it was submitted• Find out how schools communicate with you

(emails, portals, letters)• Respond to requests for additional

documentation• Get to know your financial aid counselor• Ask questions

What happens after you apply for financial aid?

1. Application materials are reviewed by financial aid staff

2. You may be asked to clarify your information

3. Financial aid notification are typically sent out about a week after admission notifications

4. Ask questions at any point in the process!

Financial aid notification• Compare offers - tools online or a

spreadsheet• Ask questions

• Differences between offers• Aid in subsequent years (merit and need-based aid)• Impact of outside scholarships on awarded aid• Next steps (additional application materials,

verification)

Searching for Scholarships

• College/University Websites• College Counseling – Weekly Emails; Appointments with

Ms. Mee• Online Searches• Community Groups• Elks, Rotary, YMCA, Boy/Girl Scouting, Volunteer

Organizations• Military/ROTC Scholarships• Religious Groups• Heritage Scholarships• Credit Unions/Local Businesses• Employer/Corporate Scholarships or Tuition Benefits

Family Connection

Haiku – College Counseling

Scholarships – School Nominations

Belk Scholarship: Davidson CollegeBryan Scholarship: Davidson College

Centennial Scholarship:  NC State University 

Danforth Scholarship:  Wash U in St. LouisJefferson Scholars Program:  UVA

Levine Scholarship:  UNC CharlotteMorehead-Cain Scholars Program: UNC

Chapel HillPark Scholarship: NC State University

Checklist

• Know your deadlines• Know your application

requirements• Look for outside

scholarships• Ask as many

questions as you need to as often as you need to