Elizabethtown CollegeFinancial Aid Office

Andrea M. DeLuca, Assistant Director

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

ParentsNatural/adoptiveSingle: divorced,

separated, widowed

Remarried: Natural and step (who you live with)

AND

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.govBe sure to use the

“.gov” and not “.com”

www.pin.ed.govObtain 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

FAFSAWeb or paper

Federal Government(data entry, analysis, matches)

Student Colleges State(grant award)

$ $ $ $ $

SAR

$ $ $

Where does your

information go?

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.

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’ needo Specific goals of enrollmento Amount of federal campus-based fundso Special circumstances

Direct CostsTuitionFeesRoomBoard

Indirect CostsBooks & SuppliesTransportationPersonal

Expenses

Cost of Education

- Expected Family Contribution

Student’s Financial Need

Parent Contribution+ Student ContributionExpected 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 AidScholarshipsGrants

Self-HelpEmploymentLoans

Academics SAT’s Class Rank H.S. Attended AP Courses Predicted G.P.A. Academic Track in High

School

Diversity- Gender/Ethnicity

Athletic Ability Talent- Theater, Art Activities- Yearbook,

Government Geographic Diversity Legacies

Merit-based aid (Scholarships)Academic abilitySpecial talent/achievementProgram of study

Need-based aid (Grants)Financial needLargest source of gift aid funds

“Floor” of Financial Aid Package Maximum Award: $5,645 EFC determines eligibility ($5,081 or less) Limited to 6 years of full-time eligibility

PELL

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 campusPartially subsidized by federal government

Institutional EmploymentPart-time employment on campusFully 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 OfficeFinancial Aid OfficeWorld Wide Web Sites

http://www.finaid.comhttp://

www.fastweb.comhttp://

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 case-by-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! AnnuallyEvery 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 CollegeFinancial Aid Office

717-361-1404