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Philosophy of Financial Assistance
COLLEGE A B C
COST OF COLLEGE $40,000 $20,000$10,000
EFC $10,000 $10,000$10,000
FINANCIAL ELIGIBILITY $30,000$10,000 $0
Philosophy of Financial Assistance
Parents have primary responsibility to invest in their dependent children’s education
Students have a responsibility to contribute to their educational costs
A student’s ability to pay for educational costs must be evaluated in an equitable and consistent manner
Families should be evaluated in their present financial condition
Special circumstances may be considered
Sources of Financial Aid
Scholarships – academic based non-repayable
Grants – need or talent based non-repayable
Loans – borrower must repay
Work Opportunities – wages must be earned
Scholarship Considerations
Value of the scholarshipRestrictionsRenewabilityAppealsOn-going valueSources
www.fastweb.com www.collegeboard.com www.gocollege.com
Student Loan ProgramsFederal Perkins Loan – 5% fixed interest; no
interest while enrolled at least half time in college; up to 10 years to repay once out of college
Federal Stafford Loan – subsidized and unsubsidized
Subsidized (need-based)- 4.5% interest; no interest while enrolled at least half time in college; up to 10 years to repay once out of college
Unsubsidized (not need-based)– option to pay the 6.8% interest while student in college, or allow interest to accrue and make both interest and principal payments once student out of college – up to 10 years to repay
Federal Stafford Loan Annual Limits
Federal Stafford Loan (subsidized or unsubsidized) Freshman $3500 Sophomore $4500 Junior $5500 Senior $5500
Student may also borrow additional $2000 unsubsidized each year
Stafford may be all subsidized, all unsubsidized or a combination, not to exceed the annual loan limit
Parent Loan - Plus
Parent may borrow up to full cost of attendance minus aid offered
Interest rate 7.9%Option to pay interest while student in
college, or allow interest to accrue and make both principal and interest payments once student out of college
Repayment – up to 10 years
Private Education LoansStudents may also secure loans from private lenders
Usually at a higher/variable interest rate and less favorable repayment provisions
Likely to need a co-signer
Repayment usually deferred until after graduationSometimes interest only payments are required
Approval based on student and/or co-signer’s credit history
Amount cannot exceed COA minus all other aid
Work Opportunities
Federal Work-Study (need-based) Awarded work-study Secure job usually on campus Work the hours Receive payment Use earnings for billable costs or personal use
University Employment (not need-based) Secure job on campus through office responsible for
non work study employment
How to QualifyAdmission acceptance
University financial aid forms
Free Application for Federal Student Aid (FAFSA)
fafsa.ed.gov
Application ProcessRegister for a PIN: www.pin.ed.gov - dependent student and parent must file
for a PINFile the FAFSA as soon as possible after
January 1 of the year of enrollment at www.fafsa.ed.gov
Determine if colleges require an institution financial aid form and/or the College Scholarship Service Profile form
(the Profile is required by some private colleges in addition to the FAFSA)
TimelineApply and be accepted for enrollment at
collegesFile FAFSA after January 1Results returned to filer and colleges listed
on FAFSA usually within two weeksColleges prepare financial aid award
notification for student beginning late February or early March
All award notifications should be received by student by May 1
Student reviews aid offers and makes college choice
A Few TipsComplete your income tax form before
completing the FAFSA, if possible Up to ten colleges can be listed on the FAFSAKnow the Federal School Code(s) for each
college listed on the FAFSASave a copy of the completed FAFSASave a copy of the completed income tax form(s)Present special circumstances to college(s)FAFSA must be filed each yearGet an estimate: www.fafsa4caster.ed.gov
For More HelpHigh School Guidance OfficeCollege Financial Aid OfficePublic and College Libraries and BookstoresThe Internet -www.finaid.org
-www.fastweb.com -www.collegeboard.com
More Help (continued)Federal Department of Education
-(8oo) 4 FED AID - http://www2.ed.gov/finaid/landing.jhtml
Ohio Board of Regents -(888) 833-1133
- http://regents.ohio.govCincinnati Scholarship Foundation - www.cincinnatischolarshipfoundation.orgOhio Association of Student Financial Aid
Administrators www.oasfaa.org
College Goal Sunday
February 13, 2011Sunday
2:00 – 4:00
To be held at several locations in our area
Details at http://www.ohiocollegegoalsunday.org
Questions?
Xavier UniversityOffice of Financial [email protected]
www.xavier.edu/financial-aid513 745-3142