Navigating Financial Aid in

Plain EnglishWill Patch

Assistant Director of AdmissionsManchester University

Don’t be intimidated!• Headlines are misinforming, “Over $100,000

of debt is the norm”

• WRONG! Average is just over $25,550–Average new car: $30,303–Forbes put the repayment time of a

bachelor’s degree at 4 years

What is the secret to getting the most financial aid?

• There is no secret• Students should do well in school and apply

for outside scholarships

Where to find aid• Institutional – Academic, demographic,

interest, or athletic

• FAFSA – Need based

• Outside Organizations – Nonprofits, employers, churches, etc.

Institutional• School specific– Academic– Need – Based on FAFSA– Demographic – Ethnicity, gender, age– Interest – Arts, major, volunteerism– Athletic – NCAA DI or II and NAIA

FAFSA• Free Application for Federal Student Aid– FAFSA.gov– Federal Aid – Any accredited school– State Aid – Only goes to schools in-state–Max ~ $13,500

Outside organizations• Check with guidance counselors• Community Foundations• Churches/employers• Questa• Online

• Apply NOW – 2/3 per week

Things that aren’t really aid• Work study/campus jobs– Depends upon the jobs available and hours worked– Can help pay for college, but not guaranteed aid

• Loans– FAFSA will show maximum eligible to take out

Ways to Pay• Jobs• Payment plans• Loan options– Direct Subsidized– Direct Unsubsidized– Parent PLUS– Private

Filling the Bucket• Total cost – Aid = Net Cost (What you pay)

Example 1: Scholarship Amounts

University A - $35,000/year University B - $45,000/year

• University A - $35,000– FAFSA - $10,000– Outside - $3,000– Institutional - $10,000– Final Cost = $12,000

• University B - $45,000– FAFSA $10,000– Outside - $3,000– Institutional - $15,000– Final Cost = $17,000

Example 1

Example 2:Why you can’t judge initial price

University A - $20,000 University B - $45,000

• University A - $20,000– FAFSA - $10,000– Outside - $3,000– Final Cost = $7,000

• University B - $45,000– FAFSA $10,000– Outside - $3,000– Institutional - $27,000– Final Cost = $5,000

Example 2

When will you know the final cost?

• Mid March, after state FAFSA deadline• Other states vary

Questions?