Transcript Financial Aid Night

Understanding Financial Aid
and
Applying for Scholarships
Financial Aid Night
January 30, 2014
Lynette Anderson, LakeView Counselor
And
Blake Taylor
Financial Aid Counselor
Office of Scholarships & Financial Aid
University of Wisconsin-Parkside
262-595-2291
Financial Aid Overview
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College as an investment
What is financial aid?
How to apply
Financial need
Types of aid
Other options
Tax credits
COLLEGE
IS AN INVESTMENT FOR A
LIFETIME
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Over a lifetime, the gap in earnings between those
with a high school diploma and a B.A. or higher
exceeds $1,000,000.
Basic Principles of Financial
Aid
The family has primary
responsibility for
financing post
secondary education.
Financial aid is the
BRIDGE.
Purpose of Financial Aid
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Provide opportunity and access to
higher education.
Bridge the gap between what college
costs and your ability to pay.
Access to your goal.
Financial Need Defined
Cost of Attendance
(COA)
– Expected Family
Contribution (EFC)
=
Financial Need
What Are the Costs?
Tuition and Fees
+ Room and Board
+ Transportation
+ Books & Supplies
+ Miscellaneous Living
Expenses
= Cost of Attendance
(COA)
Direct Costs = Tuition + R&B (on
campus)
Expected Family Contribution (EFC)
(Federal Methodology established by U.S. Congress)
Determined by
filing the FAFSA.
(Free Application for
Federal Student Aid)
Main Determinants of the EFC
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Income
Assets
Family size
Number in College
Age of the older
parent
Examples of Financial Need
Public College
Private College
Cost $24,000
EFC -$9,000
Need $15,000
Cost $38,000
EFC -$9,000
Need $29,000
To Register for a PIN:
www.pin.ed.gov
What’s a PIN?
www.pin.ed.gov
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Personal Identification Number
Students and parents can get PINs
Electronic signature for FAFSA on the Web
PIN delivered by e-mail within 24-36 hours
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(by regular mail in 7-10 days)
Can also be used for:
 Renewal on the Web
 Corrections on the Web
 National Student Loan Database
 Signing promissory notes for student/parent loans
(Perkins, Stafford, PLUS)
Timeline
The earliest you may file the FAFSA for
the 2014-2015 academic year –
January 1, 2014
Check with the colleges at which your
child plans to apply for deadlines and
institutional requirements.
You must re-apply for aid every year.
Financial Aid Regulations
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Are determined
mainly by federal
and state statutes
and legislators
Establish your
eligibility for most
types of aid
Apply to all schools
Independent Student
Definition
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At least 24 years old;
Graduate or professional student;
Married;
Has legal dependents other than a spouse;
Orphan or ward of the court;
Veteran of the U.S. Armed Forces; or
Hardship Circumstances (Determined to be
independent by the financial aid administrator)
Parents refusal to provide support or financial data is insufficient
to make a student independent regardless of tax filing status
What happens after you file
the FAFSA?
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Results are sent electronically to the college(s) your
child selected.
You will receive the results of your FAFSA by mail Student Aid Report.
You may be required to verify the information
submitted on the FAFSA.
Contact the college with any Special Circumstances.
After your child is admitted to a college, a financial
aid package (award) will be prepared.
Gift
Scholarships and Grants
Academic - merit based
Talent
Service
ROTC
Private
www.fastweb.com
www.finaid.org
www.collegeboard.org
Institutional - need based (based on FAFSA results)
State Grants
Federal Grants
Pell
SEOG
Self Help
Employment
Two types:
• Federal Work Study
• Regular Campus Employment
LOANS
Federal Stafford
Subsidized= need based
Unsubsidized (anyone can borrow)
Currently 6.8% during repayment
Interest caps 8.25%
10 year repayment
Step 1 – Applying for Scholarships
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Where should I look?
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School
Civic Organization
Church
College/University
Parent employer
Other companies
Scholarship Opportunities
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What are scholarships for?
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Merit
Need-based
Just for being you
Involvement/Leadership/Activity related
Scholarship Preparation
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What information is needed?
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Essay
Application
Supporting documentation
TIPS
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Scholarship Search Tips and Tidbits
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Edit, edit, edit… and then edit again!
Create secondary email address
Don’t stop after first year!
Do NOT ever PAY for scholarships!
Go On-line to Search
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Commonly Used Scholarship Websites:
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College Board: CollegeBoard.org
FastWeb: FastWeb.org
College Connection: collegescholarships.com
CollegeScholarships.org
Go College: gocollege.com
And many, many, many more!
Good Luck!
It’s not going to be easy
but it will pay off! So, it’s
time to get working
paying for your future.
Any Questions?
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Thank you!
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