Financial Aid 101

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Roderick Shea12/2/2015

The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 071020268194-00001-00

• What does financial aid mean?• What types of financial aid are available?• How do you get financial aid?• What is the difference between the FAFSA

form and CSS Financial Aid Profile form?

The Basics of Financial Aid

• File on or as close to January 1 of your student’s senior year in high school.

• You do not need to wait until your taxes are done to file the FAFSA.

• Don’t forget to list the colleges you want your FAFSA information sent to.

Filing the FAFSA

• Financial aid is based on the following calculation

Cost of Attendance - Expected Family Contribution = Financial Need

The Financial Aid Process

Source: 2014-2015 EFC Formula – http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf

• After the FAFSA is filed, the applicant will receive a Student Aid Report known as SAR.

• The SAR includes the estimated family contribution (EFC).• EFC usually appears right under the date of the SAR form.

• The SAR is sent to the colleges listed on the FAFSA as well as federal and state agencies.

• Check the SAR thoroughly to ensure it is accurate.

Student Aid Report

• Federal Government• Pell Grants• Subsidized and Unsubsidized Stafford Loans• Parent PLUS loans

• State Government• Campus-based programs• Private scholarships

Sources of Financial Aid

Source: http://www.finaid.org

• Colleges combine various awards to make up the financial aid package.• Examples could include:

• Grants• Loans• Scholarships• Work-study jobs

• Appeals

Financial Aid Package

• Apply to schools where you meet or exceed the entrance requirements.

• Apply to a mix of schools (private and state).

How to Get the Best Financial Aid Package

1. My parents make too much money to qualify for financial aid.

2. Only students with good grades get financial aid.

3. The form is too difficult to fill out.

Financial Aid Myths

• Companies• Organizations• Groups• Sports• Local government

Scholarships for College-Bound Students

• Internet Sites• American Indian College Fund

• http://collegefund.org Asian American Studies

• www.apiasf.org Black Excel

• www.blackexcel.org Hispanic College Fund

• www.hispanicfund.org Hispanic Scholarship Fund

• www.hsf.net

Scholarship Resources for Minority Students

• Internet Sites Continued• Horatio Alger Association

• www.horatioalger.com NAACP

• www.naacp.org National Urban League

Scholarship• www.nul.org

United Negro College Fund• www.uncf.org

Scholarship Resources for Minority Students

• Directories• The Hispanic Scholarship Directory• Directory of Financial Aid for Minorities• Black Excel African American Student’s College Guide• Review other directories in the reference section of the library

Scholarship Resources for Minority Students

• Federal Student Information Center• 1-800-4-FED-AID (1-800-433-3243)

• Funding Education Beyond High School• http://studentaid.ed.gov/pubs

• FAFSA on the Web• www.fafsa.ed.gov

• College Navigator• www.nces.ed.gov/collegenavigator

• U.S. Government Website for College Students/Parents• www2.ed.gov/students

• U.S. Department of Education• www.ed.gov

• The Smart Student Guide to FINAID• http://www.finaid.org

Resources for Additional Information

Questions

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