Transcript Financial Aid 101 - Seton Hall Preparatory School

Presented by
F. Shawn O’Neill
Director of Financial Aid
Stevens Institute of Technology
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Types and sources of aid
How financial need is determined
When and how to apply
Completing CSS Profile
Completing the FAFSA
What to expect in the Financial Aid Process
How to recognize and avoid scams
Other college financing options
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Help make college affordable
Determine financial need of all applicants
Develop policies and procedures to distribute
aid
Develop an individualized finanical aid
package/award for each student
Answer your questions and provide guidance
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My parents make too much money, so I won’t
qualify for aid
Only students with good grades get financial
aid
You have to be a minority to get financial aid
The forms are too hard to fill out
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Federal Government: $51 billion (68%)
Colleges and Schools: $15 billion (20%)
State Government: $4 billion (6%)
Private Organizations: $ 4 billion (6%)
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Aid based on financial need
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3.
Aid based on merit
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Most government grants
Subsidized student loans
Federal Work-Study
Academic and athletic scholarships
Some government grants
Some scholarships such as endowments
require merit and need
Cost of Attendance (COA)
Minus
Expected Family Contribution (EFC)
Equals
Financial Need
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Tuition and fees
Books and supplies
Room and board
Transportation
Personal expenses
Cost vary based on type of college and
Academic program
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Formula established by the U.S. Congress
Uses information reported on your FAFSA
Establishes index used to determine Federal
and State Grant eligibility
EFC may adjusted by your college due to:
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Verification/correction of your FAFSA data
Special circumstances that limit your ability to pay
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Gift Aid: Does not have to be paid back
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Loans: paid back with interest
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Grants and scholarships
Student and /or parent may borrow
Work-Study: earned as wages
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Part-time jobs on or off campus
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Review college website for procedures and
deadlines
Know the forms you need to complete
Understand your file will not be processed
until you are ACCEPTED for Admission
Respond promptly to requests and notices
Keep copies of all forms sent and received
Re-apply each year
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An additional application used to help
determine eligibility for additional Institutional
based Merit scholarships.
Must completed to be considered for early
decision process.
Special Circumstance Section
Non-custodial parents
www.css-profile.com
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A multi-purpose application form
One form to apply for all colleges
One form to apply for all aid programs
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Federal grants, loans and work-study
New jersey grants
Most college aid
One form each year for each student
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www.fafsa.ed.gov
Access from anywhere
No software to install
Automatically edits data as you enter it
Skip logic: asks only what you must answer
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Personal Identification Number
Students and Parents can get PINs
Electronic signature for your FAFSA and Loans
PIN delivered through email
Sign: Renewal applications, Corrections and
obtain access to the National Student Loan
Database
Community
College
State University
Private
University
Budget
$7,500
$15,500
$25,500
EFC (-)
$10,000
$10,000
$10,000
0
$5,500
$15,500
Need
Financial
$5,500 (unsub loan)
Aid
Net Tuition:
$2,000
$3,500 (Sub loan)
$18,000 (grant)
$2,000 (Unsub Loan)
$5,500 (Unsub Loan)
$10,000
$2,000
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Federal Pell Grant
Federal Supplemental Education Opportunity
Grant
N.J Tuition Aid Grant
College Grants
None of the above have to be repaid!!!!
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Colleges
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Private sources
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Athletic and academic scholarships
Endowed funds and alumni groups
Employers and labor unions
Religious or community organizations, clubs and
civic groups
High schools
Veterans Administration (apply to VA)
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Federal Perkins Loans: 5.00%
Direct Subsidized loans: 3.86%
The Perkins Loan and the Direct Subsidized
loan do not accrue interest while the student is
in school.
Direct Unsubsidized loans: 6.80%
Parent Plus Loans: 7.9%
Alternative/Private student loans: Fixed rate
6.9% and Variable 4.25%
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