Post on 26-Dec-2015
Welcome to Financial Aid Night
Eric J. HillCollege & Career Education Specialist
eric.hill@apsva.us
What is Financial Aid
Types of Financial Aid
How Financial Aid is Awarded
The Financial Aid Process
Scholarships
Tonight’s Topics
Be a citizen or eligible non-citizen of U.S.
Have a high school diploma or GED
Be enrolled at least half-time at an eligible institution
Register with Selective Service (men only)
Not be in default on any federal education loans or owe a refund on any grants
To be Eligible for Federal Financial Aid
Three types of Financial Aid:
Gift Money
Earned Money
Borrowed Money
Types of Financial Aid
Grants Based on Financial need Federal, State, and University Grants
Scholarships Based on various criteria
From Colleges and other organizations
Gift Money
Federal Work-Study Program
Students work part-time, usually on campus
Money earned helps pay for college
Earned Money
Two types of loans
Federal
Personal
Must be paid back
Borrowed Money
Borrower: Student
Based on Need: Yes
Interest Rate: Fixed
Repayment Begins: 9 months after graduating or dropping below half-time
Federal Loans - Perkins
Borrower: Student
Based on Need Subsidized = Yes
Based on Need: Unsubsidized = No
Interest Rate: Fixed every July 1,
Repayment Begins: 6 months after graduating or dropping below half-time
Federal Loan - Stafford
Borrower: Parent
Based on Need: No
Interest Rate: Fixed every July 1,
Federal Plus Loan
Tuition $6,785
Room $2,985
Board $1,642
Books, Travel and incidentals $1,400
Total (Per Semester) $12,722
Cost of Attendance William & Mary
Expected Family Contribution (EFC)
The EFC is the amount you may be expected to contribute
You don’t pay it up front
Used to determine how much aid you’re eligible for
Calculated from information you provide
How is Financial Aid Awarded?
To apply(FAFSA)www.fafsa.ed.gov FREE Free Application for Federal Student Aid
Apply for a Department of Education PIN (www.pin.ed.gov)
Apply regardless of family income
Applying for Financial Aid
The profile is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds.
The CSS PROFILE also asks for more information than the FAFSA. For example, the CSS PROFILE asks for detailed information pertaining to investments and home worth— two areas the FAFSA does not cover in-depth. Using both of these tools allows University to gain a more accurate picture of a family’s financial standing.
What is the CSS Profile ?
There is a $25 fee for the initial application, and a $16 fee for each institution that receives it thereafter. A limited number of fee waivers are granted automatically to first-year, first-time applicants from low-income families, based on the financial information provided on the PROFILE.
How much does the CSS PROFILE Cost?
FAFSA: January 1, 2013
CSS Profile: October 15, 2012However, you should file no later than two weeks before the earliest priority filing date specified by your colleges or programs.
When do I file the FAFSA & CSS Profile
Sent to you after FAFSA is processed
If you provided an email you get a notification containing a link to it online
Paper version via mail
Contain your Expected Family Contribution(EFC)
Information sent automatically to colleges you listed
Student Aid Report (SAR)
Required application materials are: the FAFSA the CSS Profile a signed copy of the parent 2012 federal tax
return including all schedules* (If the parent did not file a 2012 federal tax return, the parent must complete the Parent Non-Tax Filer form
parent 2012W-2 form(s) a signed copy of the student 2012 federal tax
return including all schedules* (If the student did not file a 2012 federal tax return, the student must complete the Student Non-Tax Filer form
In order to be considered for certain types of aid at
UVA
Required application materials are:
the FAFSA
the CSS Profile
In order to be considered for aid at William & Mary
We use an institutional formula to calculate an expected
parent contribution toward educational costs. Our goal is to treat families equitably while still maintaining flexibility to recognize unusual situations. When we review your family’s finances, we make allowances for:
living expenses (based on household size) federal and state taxes unusually high medical expenses college costs (undergraduate) for siblings private school tuition and college savings for younger
siblings We also consider your family’s assets, including home
equity, savings, investments and real estate, but not retirement accounts.
Stanford UniversityThe Parent Contribution
In cases of separation or divorce, we expect
both parents to participate in paying for your education. We will compute separate contributions for your custodial and non-custodial parents.
Stanford University
Zero Parent Contribution for Parents with
Income Below $60,000 For parents with total annual income below
$60,000 and typical assets for this income range, Stanford will not expect a parent contribution toward educational costs. Students will still be expected to contribute toward their own expenses from their summer income, part-time work during the school year, and their own savings.
Stanford University
Tuition Charges Covered for Parents with
Income Below $100,000
For parents with total annual income below $100,000 and typical assets for this income range, the expected parent contribution will be low enough to ensure that all tuition charges are covered with need-based scholarship, federal and state grants, and/or outside scholarship funds.
Stanford University
Tuition Charges for Parents with Income
Below $200,000 Families with incomes at higher levels
(typically up to $200,000) may also qualify for assistance, especially if more than one family member is enrolled in college. We encourage any family concerned about the ability to pay for a Stanford education to complete the application process. If we are not able to offer need-based scholarship funds we will recommend available loan programs.
Stanford University
Very from school to school
Early Decision students at William & Mary need to complete the CSS Profile by December 7, 2012
Institutional payment plan available
Financial Aid Deadline
Received from the financial Aid Office
Compare offers
Amount of Aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans
Award Letters and Offers
Type of Aid Brown University University of Penn
Federal Grant $5,000 $5,000
Institution Based Grant
$35,000 $38,658
Perkins Loan Un-Sub $1,000
Stafford Loan Sub $3,000
Work-Study $3,000 $3,000
Parent Plus Loan $9,000 $4,000
Total Aid $53,500 $50,658
Comparing Award Offers
Washington -Lee high school, class
of 2012 received more than $5.2 million in grants and scholarships.
Scholarships
Ivy League Institutions
Merit Scholarships No Merit Scholarships
Cornell University Columbia University
Dartmouth College Harvard University
Brown University Princeton University
Yale University University of Pennsylvania
Students who have 32-36 ACT or 1400-1600
and at least a 3.5 cumulative GPA will receive out-of-state tuition for four years.
Students who have 30-31 ACT or 1330-1390 SAT and at least a 3.5 cumulative GPA will receive two-thirds the cost of out-of-state for four years.
University of AlabamaOut-Of State Scholarship
The student or the parent can login naviance
family connection and search for scholarships.
If you receive e-mails from me, you having a naviance family connections account. If you have forgotten your password or never registered, please e-mail me with your son or daughter's full name and I will reset your password.
How to Locate Scholarships