Financial Aid Information Session Julia D. Cirbo Financial Aid
University of Denver
Slide 2
The College Decision Process Fit and Financial Fit
Affordability Everyone Should Apply For Financial Aid
Slide 3
Financial Aid Overview Return on Investment Cost of Attendance
What is Financial Aid? Applications Eligibility Decode the
Award
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Financial Fit Financial Aid Homework Make financial aid part of
your college visits Do a bit of detective work! Does the college
use financial need in determining their admission decisions? Need
Blind vs. Need Aware Early Action/Early Decision On average how
much need does a college meet? Utilize Net Price Calculators
Deadlines College Navigator
http://nces.ed.gov/collegenavigator/
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Return on Investment Look at college choices based on overall
long term outcomes Which schools and programs lead to the highest
income? How long does it take to graduate with the degree I am
seeking? Use Nerdscholar.com as a resource Example: Washington
University in St. Louis reports an average salary of $60,083
(Business) Public Institutions vs. Private Institutions
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Determining Costs and Aid Cost of Attendance Direct Costs
(deducted from financial aid) Tuition and Fees Room & Board*
Indirect Costs (not deducted from financial aid) Books &
Supplies Insurance Transportation Personal Expenses* *These may not
be new
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Financial Aid Applications Information needed to complete
applications (Parent and Student) Federal Income Tax Returns with
Attachments W-2 Forms Drivers License Social Security Numbers
Savings and Checking Account Information Home Value
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Two Primary Applications 1. FAFSA Website fafsa.gov Student and
parent(s) each need to apply for a PIN through the Department of
Education pin.ed.gov Acts as an electronic signature Remains the
same each year 2. CSS Profile
CollegeBoard/SAT/APhttps://student.col
legeboard.org/css-financial-aid-profile
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How is Financial Aid Awarded? FAFSA (Results in a constant EFC
no matter the school) Website: www.fafsa.ed.gov Required to
determine eligibility for federal, state and institutional aid
programs which can include scholarships, grants, work-study and
student loans. CSS PROFILE Many private universities and some
scholarship providers require the CSS PROFILE application to
determine eligibility for institutional financial aid. Why schools
use it? Website: www.profileonline.collegeboard.org
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The Mystery of the EFC Estimated Family Contribution EFC is not
the amount paid to the college Calculated amount a family can
provide for all living and education related expenses using data
from applications and multifaceted formulas Applications collect
information including income, taxes paid, business and/or home
value, assets, untaxed income, family size, number in college and
possibly other financial information. Adhere to deadlines. May vary
from one school to the next Estimated EFC Calculator -
apps.collegeboard.com/fincalc/efc_welcome.jsp
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Types of Financial Aid Federal Aid (FAFSA), Merit, Private
Scholarships, Institutional Aid and Private Loans Need based and
non-need based financial aid. Eligibility determined by a formula
using income, assets, number in college and family size. Need is
the difference between the Cost of Attendance and Estimated Family
Contribution (COA $20,000-EFC of $5,000=Need of $15,000) Federal
and state grants Work-study 10-20 hours a week Student loans
(Subsidized and Unsubsidized ) Yearly maximums by grade level
Typical four year maximum= $27,000 $300.00 month for 10 years
Parent PLUS loans
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Admission Office Merit Aid Determines eligibility for merit
based aid Evaluate GPA ACT and/or SAT Scores Extracurricular
Activities Leadership Community Service Teacher
Recommendations
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Private Scholarships Civic Groups/Organizations (Rotary, Lions,
etc) Religious Organizations Corporations (Target, Coca Cola, Ford,
etc.) www.fastweb.com or www.scholarships.com (search results
include an indication of the value of the scholarship, due dates
and relevance as it relates to the student
www.fastweb.comwww.scholarships.com Facebook App: My College
DollarsMy College Dollars High School Counselor College or
University Financial Aid Office Website
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Institutional Aid Usually Need Based CSS Profile May change
from year to year depending on criteria
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Loans Are they Evil? No, but excessive borrowing is! How much
will your payment be? Loan Balance of $10,000 6.8% interest rate
Standard 10 year Repayment Plan A.$105 B.$115 C.$125 D.$135 For
every $10,000 in loan balance, you will pay $115 per month for 10
years. $3,810 in interest
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Smart Borrowing Dont borrow more than your first year salary
What do students think their salary will be? ( Charles Schwab -
Teens & Money Survey 2011) $ 73,000 average expected starting
salary $150,000 average expected salary once established in a
career $ 50,000 median household income in 2009 (US Census Bureau)
$27,000/$300 Typical Student Loan Repayment
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I Filed the ApplicationsNow What? College reviews the results
of all financial aid applications Determines eligibility for
grants, scholarships, work- study and loans Each student is
notified by May 1 st File on time! Compare awards and determine net
costs Decision time
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Award Letters Comparing Financial Aid Offers Merit, Grants,
Scholarships (Gift Aid) Self-help Aid Work Study Direct Stafford
Loans Additional Loan Resources Parent PLUS (requires a credit
check) Private Loans (last resort) Multi-year investment and costs
Is the first year a stretch for your family? Tuition increases
Negotiating vs. Appeal/Special Circumstances
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Where Do I Go From Here? File federal income taxes early! Meet
all financial aid deadlines Comply with verification requests Talk
to a financial aid professional about covering unmet costs Remember
this is a process that needs to be renewed every year
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Thank You! Julia D. Cirbo Financial Aid Advisor, Financial Aid
303-871-4020 [email protected]@du.edu