2. GOALS
What Financial Aid Is
Terms & Acronyms
Types & Sources of Aid
Application Process & Forms
Creative Ways to Pay
Timeline
3. WHAT IS FINANCIAL AID?
Money supplied by a source outside the family to help pay for
the cost of education.
Basic premise of Financial Aid: Students and parents are the
primary source of funds and are expected to contribute to the
extent they are able.
How aid is distributed is influenced by the government’s view
of how higher education should be funded.
US vs. UK/Canada/Scandanavia
1.
2.
3.
4.
Student
Parent
Institution
Government
4. FINANCIAL AID IS...
An assistance device
Not designed to replace a family’s (primary)
contribution
Not based on what the parent’s would LIKE to pay
7. TERMS
Need-Based Aid
Merit-Based Aid
Need-Blind Admissions
Need-Aware Admissions (Most US Colleges &
Universities)
Unmet Need
8. ACRONYMS
COA – Cost of Attendance
EFC – Expected Family Contribution
FAFSA – Free Application for Federal Student Aid
SAR – Student Aid Report
CSS Profile – College Student Scholarship
PIN – Personal Identification Number
9. EXPECTED FAMILY CONTRIBUTION
Parent’s Contribution
+ Student’s Contribution
Expected Family Contribution
Calculated ability to pay may not match
family willingness to pay!
10. SOURCES OF AID
Federal Funding
State Aid
Institutional
Private
Student/Family
Community Organizations
Civic Groups
Religious Organizations
Businesses
Industry
11. Measure of Quality
Academic
Athletic
Artistic
Special Characteristic
Family resources not a factor
Award levels based on sponsors’
goals and funding levels
Always double check to see if merit aid is an “automatic”
process or a separate application.
12. Family ability to pay
Eligibility may vary
Cost of college
Availability of funding
College calculates family
contribution
College awards aid based on level
of need and available funding
16. FEDERAL APPLICATION
PROCESS
Free Application for Federal
Student Aid (FAFSA)
Apply for a PIN first
Apply online
Available January 1
Parent tax information
needed
Add schools you are
applying to (in ABC order)
Apply early and watch
deadlines
SAR approx. 4 weeks later
REQUIRED FOR ANY
FORM OF FEDERAL AID
WWW.FAFSA.ED.GOV
NOT FAFSA.COM
17. CSS/FINANCIAL AID
PROFILE
http://student.collegeboard.org/css -financial-aid-profile
Verify if the university also requires CSS Profile
Beyond the FAFSA: Medical expenses, elementary and
secondary school tuition, home equity, variety of unusual
circumstances
Tailored to an institution
“When we began using the CSS,
we were not trying to cut the
amount of money we were
distributing – we were just trying
to do a better job distributing it.”
18. FORMS & DOCUMENTS
Divorced or separated parent information
Parent tax returns
Student tax returns
Other information to verify
Income
Assets
Family Size
Special circumstances
20. IB COURSE WORK
Credit Or
Scholarships
http://blogs.ibo.org/funding-opportunities/
Did you know that most
Florida universities will
grant a full year of credit for
an IB Diploma score of 32?
Also Southern Methodist,
Ohio Wesleyan, U of
Minnesota, Oregon State,
and other public
universities
25. CO-OP EDUCATION
Wor k, Make Money, Ear n Credit at the
SAME TIME!
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
California Polytechnic State
University, Sam Luis Obispo
University of Cincinatti
Georgia Institute of Technology
Johnson & Wales
Kettering
Long Island University, CW
Post
University of Louisville
UMass, Dartmouth
Merrimack College
Miami Dade College
University of Michigan,
Dearborn
Northeastern University
Pace University
Rochester Institute of
Technology
University of Toledo
27. JUNIOR YEAR
Research colleges and financial aid websites
thoroughly
Determine your actual level of need
Have realistic conversations with students about
what you can afford
Talk to representatives who visit ISM. They don’t
work for the Financial Aid office, but can provide
some insight.
Visit the Financial Aid office when visiting campuses
Check state residency requirements ( CollegeBoard)
Get a social security number
Do well academically
29. SENIOR YEAR: 1 ST
SEMESTER
Get organized
Deadlines: Scholarship/Aid deadlines might be earlier
Complete college applications
Register for CSS Profile if needed
Get PIN for FAFSA
Gather information needed for CSS and FAFSA
Check each university’s website
30. SENIOR YEAR: 2 ND
SEMESTER
January 1 – Apply For FAFSA
Print copies for your file
2-4 Weeks After FAFSA
Review SAR for accuracy
Make corrections if necessary
Notify additional schools that it is available
February – April
Receive award letters
Evaluate awards
Contact University if necessary
Make decisions
April – June
Follow university’s procedures
Send required forms
Signatures
Deposit
32. POINTS TO REMEMBER
US Perspective: Paying for university may require
some sacrifice (vacations, helpers, etc.)
Deadlines vary by institution
Write or call the institution if any information is
unclear or if there are any unanswered questions
(DO NOT ASSUME!)
Be prepared to provide documentation of family
resources
33. POINTS TO REMEMBER
Must re-apply every year
Some aid may be contingent on grades/GPA to
maintain aid
Keep copies of forms completed as well as
supporting documentation
Tax forms
Employer’s statements
Bank statements
34. THANK YOU FOR
COMING!
This presentation will be posted on the HS
Guidance blog in the next week.
http://guidance.ism-online.org/
Hinweis der Redaktion
Federal law requires all US institutions to have this on their website to assess a more clear estimate of cost
COA – Federal government mandated that US institutions add financial calculators to their websites a couple of years ago. Includes DIRECT COSTS (tuition, fees, Housing & Food) and INDIRECT COSTS ( transportation, books, personal, other educational expenses)EFC – A measure of capacity over time o absorb educational costsSAR – This is the report a family receives after they’ve completed the FAFSA
That was a lot of information….and there is even more! Here is a great resource from the federal government for further research.
That was a lot of information….and there is even more! Here is a great resource from the federal government for further research.
Fee basedMore comprehensive than FAFSAPopular with Early Decision SchoolsFeedback from a US institution that requires the CSS Profile: In terms of the CSS: we previously used the FAFSA to then award internal grants and scholarships, whether they be merit or need based. With that being said, enough essential data is left out of the FAFSA that it makes it very easy for people who have a wise account to appear needy when in fact they are not – all based on how they present income. Therefore, the CSS examines key areas that the FAFSA does not look at, like medical expenses, elementary and secondary school tuition, home equity, and a variety of unusual circumstances – and it given that the CSS is for the most part tailored to the institution, it combines this information with institutional goals and priorities to come up merit and need based scholarships. Mind you, this is institutional money, money that belongs to the institution as opposed to federal, so we are legally allowed to distribute it as we see fit. When we began using the CSS, we were not trying to cut the amount of money we were distributing – we were just trying to do a better job distributing it. For example, before the CSS, a family was not required to include information about any vacation homes – so with a clever accountant, a family could hide a vacation home and make it appear that they were needy, thus getting the same amount of financial aid as a legitimately needy family. But adding the CSS, we can see these additional properties, and redistribute aid to those who are in fact needy