College Financial Aid
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Transcript College Financial Aid
Andrea M. DeLuca, Assistant Director
Elizabethtown College
Financial Aid Office
Familiarize with terminology
Outline application process
Describe aid sources
List resources available
Reduce your anxiety
Campus visits
Personal interviews with
admissions and financial
aid
Create college spreadsheet
Complete admissions
application by December of
senior year
Note financial aid deadlines
Complete federal taxes
early
When beginning your college search, DO
NOT rule out any school based solely on
the cost. Only eliminate schools once
financial aid is known and affordability is
determined!
Resource for family
Responsible to federal
government
Administer state
funding
Steward of college
funds
Student advocate
To be considered for financial
aid, you must:
APPLY FOR IT!
Free Application for Federal Student
Aid (FAFSA)
Institutional application
CSS PROFILE Form
Civic, religious, service scholarship
applications
The earliest that you may submit the
FAFSA is January 1st of the senior year.
May 1st is the deadline to apply for a
PHEAA State Grant (PA Residents
Only).
Check with each institution to determine
their own financial aid deadline.
Review private sources for their
deadlines.
Student
AND
Parents
Natural/adoptive
Single: divorced,
separated,
widowed
Remarried:
Natural and step
(who you live with)
Schedule time to do it together.
Be aware of application deadlines.
Complete federal tax return &
schedules as early as possible.
Complete all items – don’t leave any
blank spaces
Under the Family Educational Rights and
Privacy Act (FERPA), all information submitted
on applications is protected. The data is treated
as strictly confidential, maintained in a secure
area, and only released to a third party upon
obtaining student’s signature.
www.fafsa.gov
Be sure to use the
“.gov” and not “.com”
www.pin.ed.gov
Obtain a PIN to sign
the FAFSA
Improves speed of application process
Used as “signature” on current and future
FAFSA and loan applications
Used to make corrections to the FAFSA
Student/parent(s) should apply for their
individual PIN – only one parent will need a
PIN.
www.pin.ed.gov
FAFSA
Web or paper
Federal Government
(data entry, analysis, matches)
SAR
Student
$$$
Colleges
$$$$$
State
(grant award)
FAFSA data checked against source
of data for accuracy
Common documents requested include:
○ 2013 Federal Tax Data
○ W-2 Forms
○ Verification Worksheets
Review performed by the Financial Aid
Office
Students and parents are the
primary source of funds for
postsecondary education and are
expected to contribute to the
extent they are able.
Federal government
State government
Postsecondary
institutions
Private agencies
Dependent upon:
o Funds available to meet applicants’ need
o Specific goals of enrollment
o Amount of federal campus-based funds
o Special circumstances
Direct Costs
Indirect Costs
Tuition
Books & Supplies
Fees
Transportation
Room
Personal
Board
Expenses
Cost of Education
- Expected Family Contribution
Student’s Financial Need
Parent Contribution
+ Student Contribution
Expected Family Contribution
Parental Income (Taxed and Untaxed)
Parental Assets (Excluding Primary
Home & Tax-Sheltered Retirement
Plans)
Student Income (amounts over $6,000)
Student Assets
Family Size/Number in College
Age of the Older Parent
Consumer Debt
Prior Educational Debt
Auto Expenses
Permitted With Professional Judgment
Parent in College Expenses
Elementary/Secondary Tuition for Siblings
Medical & Dental Expenses
Gift Aid
Scholarships
Grants
Self-Help
Employment
Loans
Academics
SAT’s
Class Rank
H.S. Attended
AP Courses
Predicted G.P.A.
Academic Track in High
School
DiversityGender/Ethnicity
Athletic Ability
Talent- Theater, Art
Activities- Yearbook,
Government
Geographic Diversity
Legacies
Merit-based aid (Scholarships)
Academic ability
Special talent/achievement
Program of study
Need-based aid (Grants)
Financial need
Largest source of gift aid funds
PELL
“Floor” of Financial Aid Package
Maximum Award: $5,645
EFC determines eligibility ($5,081 or less)
Limited to 6 years of full-time eligibility
SEOG
“Priority to Pell Grant recipients
Award Range $100 to $4000 based on school’s funding
Determined by Financial Aid Office
Initial application = FAFSA
PHEAA online application notice sent
Must be a PA resident
Award value up to $4,362
Correlates to cost of college
Spending money
Time management
Focused academics
Support group
Job references
(Recommended schedule: 6-10 hours a week)
Federal Work Study (FWS)
Part-time employment on or off
campus
Partially subsidized by federal
government
Institutional Employment
Part-time employment on campus
Fully subsidized by college
Borrowed money to be
paid back with interest.
An investment of
students in themselves.
Available to all
undergraduate students
For 2013-2014, loans
have a fixed interest rate
of 3.86 %
(set annually with an 8.25% cap)
Annual eligibility based on
student’s grade level
Loan fees of 1.072% (increased from
1.051%) are charged.
Principal deferred while enrolled at least
half-time (minimum of 6 credits).
Six-month grace period after last date of
attendance.
Standard 10-year repayment term (other
options available).
Students with exceptional need
Loan amount determined by Financial Aid
Office
Interest rate: 5%
Loan maximums: $5,500 per year
9-month grace period
Deferment/cancellation provisions
Always FREE
Never provide personal information such as
your SSN
Seek help finding scholarships through:
High School Guidance Office
Financial Aid Office
World Wide Web Sites
http://www.finaid.com
http://www.fastweb.com
http://www.collegeboard.org
Must be reported
Individual institutions will handle
scholarships differently
Check policy of each institution
10-month interest-free
payment plans
Assortment of bank plans
Institutional plans
Federal PLUS loans
(6.41%, with a 10.50% cap)
Home equity loans
(Pursue these options after college
choice is made.)
The law provides the Financial Aid Office the
flexibility to deal with special circumstances
and conditions which are applied on a caseby-case basis after the original application has
been filed.
Separation or divorce
Death of one parent
Loss of employment income
Loss of non-taxable income
Unusual medical expenses
Other unusual circumstances
Yes! Annually
Every year a new financial “snapshot”
Family circumstances may change
○ Income
○ Assets
○ Number in college
○ Number in household
○ Special circumstances
2013 Federal
Tax Return
2014 Federal
Tax Return
2015 Federal
Tax Return
2016 Federal
Tax Return
2014-2015 Academic Year
2015-2016 Academic Year
2016-2017 Academic Year
2017-2018 Academic Year
College financial aid office
PHEAA regional office
Local lenders
Local civic, religious, service
organizations
High school guidance
counselor
Elizabethtown College
Financial Aid Office
717-361-1404