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MORGAN A. KELLYASSOCIATE DIRECTOR
STUDENT FINANCIAL ASSISTANCESACRED HEART UNIVERSITY
College Financial Aid Night
Tonight’s Agenda
Sources and Types of Financial Aid
Application Process
Determining Eligibility
Student Loans
Questions to Ask
Types of Financial Aid
Grants
Scholarships
Work-Study Programs
Loans Subsidized vs. Unsubsidized Stafford
Read your award package carefully! Understand what
is free, what is earned, and what
is borrowed.
Begin at the Beginning
Check with College and Universities to see what Financial Aid Applications are required.
Check financial aid deadline dates with Colleges and Universities. Submit required information at least two weeks
before earliest deadline. For example:February 15th Deadline -- Submit Information by February
1st.
Application Process
Free Application for Federal Student Aid (FAFSA) Required for Federal & State Aid www.fafsa.ed.gov
Profile Application (CSS Profile) Used primarily by private colleges. www.collegeboard.com
Institutional Applications Check school publications and websites
Federal Student Aid PIN
Apply for PIN
Change PIN
Change PIN Information
For students and parents
Used for FAFSA application
Used for student and parent loans
www.pin.ed.gov
Federal Application Process
Required by all schools administering Federal Student Aid
It is ok to use 2013 tax information as an estimate!
Cannot be submitted until after January 1, but get organized as soon as possible
www.fafsa.ed.gov
Federal Application Process
After submitting the FAFSA:Review the Student Aid Report
Make corrections, if necessary All filers may access SAR and make changes online
If selected for review, a message will be present. You may have to submit tax transcripts and/or other forms for verification purposes to the school.
Schools receive the applicant data electronically Schools may offer tentative award based on current
information Schools –now or later- may verify or adjust information
CSS Profile Application Process
The College Board CSS Profile collects more comprehensive family and financial information
It is ok to use 2013 tax information as an estimate!
Allows schools to receive information earlier in the cycle
Remember to check for other institution specific forms!
https://profileonline.collegeboard.com
What’s Next
Determining Eligibility
Cost of Attendance- EFC
____________ Financial Need
The Cost of Education
Direct Costs Tuition and required fees Room and board for resident students
Indirect Costs Books and supplies Transportation to and from campus Miscellaneous personal expenses
Direct Costs Indirect Costs
Total Cost of Education
What is the Expected Family Contribution – EFC?
The EFC is a measure of capacity over time to absorb educational costs Not a dollar amount expected from current income or
assets Not an estimate of extra cash available
It is a number used by your school to calculate the amount of federal student aid you are eligible to receive.
The EFC is subject to school verification and adjustments.
Elements of Need Analysis
FM EFC
# in college
# in family
Income
FAFSA
FAFSA
IM EFC
Allowances
Home EquityMedical
Profile
CSS Profile
Eligibility for Financial Aid
Total Cost
- FM EFC
= Eligibility
4 Year Private 4 Year Public$34,00
0
$10,000
$24,000
$14,000
$10,000
$4,000
Need-Based vs. Merit Based
• Need-based aid is dependent on a family’s EFC. Merit-based aid is award considering achievement, talent, participation, not a family’s EFC.
Need-Based
Aid
Pell Grant
Work Study
Merit-Based
AidAcademic Achieveme
nt
Athletic Achieveme
nt
The Financial Aid Package
Total Cost = $34,000 Total Cost = $34,000
College Grant: $17,000
Work: $1,500
Loan: $5,500
EFC: $10,000
Unmet Need: $4,000
College Grant: $13,000
Work: $1,500
Loan: $5,500
EFC: $10,000
The Financial Aid Package
Total Cost = $34,000 Total Cost = $34,000
College Grant: $17,000
Work: $1,500
Loan: $5,500
EFC: $10,000
Academic: $12,000
Athletic:$15,000
Actual Cost after Merit: $7,000
What is it? Necessary Information
Allows for an estimate of your expenses and financial aid possibilities
Not a guaranteed award
Intended to help families understand out-of-pocket expenses earlier in the application process
Student & Parent 2013 Income Tax Returns
Earnings statements (W2 forms, recent paycheck stubs)
Bank statements
Student academic information
Net Price Calculator
Options What to Consider
Stafford Loans Solely in the student’s name Subsidized vs. Unsubsidized
Stafford No credit check, student cannot
be in default on a previous loan
Private Loans Student will need a co-signer Requires credit check
Parent Plus Loan Solely in the parent’s name Requires credit check
Student Loans
Loan Repayment Calculator
http://www.finaid.org/calculators/loanpayments.phtml
Questions to ask and not assume!
How do outside awards affect the aid package?
What is the school’s policy on non-custodial parents?
What is the average student debt level?
Are the scholarships/grants renewable each year?
How might awards change in future years?
What happens if financial circumstances change?
Where There’s “The Web”, There’s a Way
• www.nasfaa.org Consumer tips for parents and students as well as financial aid tools for completing required applications.
• www.finaid.org Financial Aid Information Page. Lists a variety of financial aid information, including family contribution calculators.
• www.fastweb.com FASTWEB, Free scholarship search.
• www.studentaid.ed.gov A site designed by the U.S. Department of Education in collaboration with students to help students make the dream of college a reality.
• www.ctdhe.org The Connecticut State Higher Education website for state financial aid programs and links to Connecticut colleges and universities.