Transcript FINANCIAL AID MYTH BUSTERS Lincoln High School October 9. 2013 Marie Morris and Lisa Wendland.

FINANCIAL AID MYTH BUSTERS
Lincoln High School
October 9. 2013
Marie Morris and Lisa Wendland
Tonight we will look at:
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Types of financial aid
Sources of financial aid
What is Financial Need?
Cost of Attendance (COA)
Estimated Family Contribution (EFC)
Free Application for Federal Student
Aid(FAFSA) and CSS Profile
What is Financial Aid?
Financial aid is funds provided to
students and families to help
for postsecondary educational
expenses.
Types of Financial Aid
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Non-need-based
scholarships and grants
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Need-based
loans and work study
Sources of Financial Aid
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Federal Government
College or University
State
Private Sources
Federal Government
• Largest source of financial aid
• Awarded primarily on the basis of financial
need
• Apply every year using the FAFSA
Colleges and Universities
• Largest amount of
individual aid will
come from colleges
and universities in the
form of scholarships
and grants.
State
• Oregon Student Assistance Commission
(OSAC) is a scholarship search site for Oregon
residents.
• Awards both on merit and need.
• Uses information from the FAFSA.
• March 1 deadline.
Private Sources
• Foundations, businesses, charitable
organizations, civic organizations, employers
and churches.
• High school website for local: Elementary
PTO, neighborhood associations
Scholarship search websites:
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Scholarships.com (www.scholarships.com)
The College Board (www.collegeboard.com)
Cappex (www.cappex.com)
Zinch (www.zinch.com)
Scholarship Experts
(www.scholarshipexperts.com)
• Scholarship Monkey (www.scholarshipmonkey.com)
Financial NEED is:
Cost of Attendance COA
-Expected Family Contribution
EFC
What IS the cost of attendance(COA)?
• Direct costs: tuition, room and board
• Indirect costs: books, meals out, supplies
entertainment
• Important to note that this can vary widely
from college to college as well as student to
student.
Net Price Calculator
• Found at every college website, prospective
students can enter information about
themselves to find out what students like
them paid to attend the institution in the
previous year, after taking grants and
scholarship aid into account.
What is the Expected Family
Contribution (EFC)?
• Amount family is expected to pay toward
college costs.
• Calculated using the FAFSA and/or CSS
Profile.
• Two components: Parent contribution and
student contribution.
• Stays the same regardless of the college
being applied to.
FAFSA4Caster
• A tool to estimate eligibility for federal
student aid.
• https://fafsa.ed.gov/FAFSA/app/f4cForm?exe
cution=e1s1
Free Application for Federal Student
Aid (FAFSA)
• A standard form that collects demographic
and financial information about the student
and the family.
• Information gathered is used to calculate the
EFC.
• Colleges use the EFC to award financial aid
which can include grants, work study and
loans.
When to File the FAFSA
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Anytime after January 1
Sooner is better
Many schools have early priority dates
Don’t have to have taxes done to file
Can file online (preferred) or paper
CSS Profile
• Administered by College Board, the Profile is
an online application used by certain
institutions and scholarship programs to
award institutional funds.
• May be filed as early at Oct 1, but check for
specific deadlines at colleges or programs, it
is usually before FAFSA.
• Fee is $25 for the initial application, and $16
for each additional report requested.
Information included on the Profile
that is different from FAFSA
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Earnings
Equity of primary residence
Unusual medical expenses
Tuition payments for children enrolled in private
schools
Student’s earnings more closely analyzed
In certain cases, tax returns will be requested as
well
Siblings assets
In the case of divorced/remarried parents,
information from all parties may be requested.
Why Should I file the FAFSA or Profile?
• Many scholarships even though not need
based will require it.
• Grant money is disbursed from FAFSA.
• Work study awarded from FAFSA.
Resources
• Fund Your Future
http://www.csac.ca.gov/pubs/forms/grnt_frm/newi2_CAworkbook_inter
active.pdf
• National Association of Student Financial Aid Administrators
http://www.nasfaa.org/counselors/Financial_Aid_Night_Presentation.aspx
• The Financial Aid Handbook
By Carol Stack and Ruth Vedvick
• Meeting College Costs
By College Board
QUESTIONS?