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

Eric J. HillCollege & Career Education Specialist

eric.hill@apsva.us