Financial Aid Parent Student Meeting #1
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Transcript of Financial Aid Parent Student Meeting #1
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Financial Aid Parent Student Meeting #1
December 2010
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What do we mean by “College”?
College is a…Vocational or Technical College
Certificate2-Year or Community College
CertificateAssociates Degree
4-Year CollegeBachelors Degree
Private or Public CollegeProprietary Private CollegeANY education you receive after high school!
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NavianceLogin is id password is initials and 6 digit birth date
Ex dm040293
Add Colleges I am applying to Keep status updatedCurrent email under profileParents can access itScholarships!!!!!
What needs to get done
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I get it ! Mental Decision Dr. Jason Garey You can be
anything from any school
Emotional Decision
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Schwab report Reality
Brain decision not a heart decision
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Grants◦ Awarded to the student based on need◦ Does not need to be paid back◦ Pell Grant, EFC less than or equal to $5,273
Scholarships ◦ Does not need to be paid back◦ Check out our CollegeInvest Scholarship Program
Work-study◦ Typically based on need
Student Loans ◦ Federal Loans
Paid back at federally backed low interest rates with helpful terms There are federal loans for students (Stafford loans) and parents (PLUS loans)
◦ Private Loans Use federal first and be sure to research the rates and terms carefully if you need a
private loan to fill the gap.
Financial Aid – The Four Types
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Cost of Attendance (COA)- Expected Family Contribution (EFC)______________________________
= Financial Need
Financial Aid
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Cost of attendance refers to the cost for attending college for one year (2 semesters)
Colleges often define total cost of attendance to include:◦ Tuition and fees◦ Room and board◦ Books and supplies◦ Medical expenses◦ Transportation◦ Personal expenses
Cost of attendance
Fixed Costs
Variable Costs
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Time Line - Senior YearFall Apply for colleges
Apply for scholarships
Winter/Spring
Complete and submit the FAFSA online
The government processes the form and determines your EFC
Receive and review the Student Aid Report (SAR)
The information goes to colleges
Late spring
The colleges create an “Award Letter”
Compare offers; make decisions
*Must be accepted to a college to receive an award letter
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Estimate your cost What is the schools
average rate most pay?
% of need met
Where Do We Start?
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College Opportunity FundPays a portion of total in-state tuition per credit hour…
$62 per credit hour at public 2/4-year colleges & universities
= approx. $1488 p/year
$31 for Pell-eligible students at private Colorado colleges (University of Denver, Regis University and Colorado Christian University)
• Must apply – just once at www.collegeincolorado.org • Must be admitted to participating institution• Available for undergraduates only• Paid directly to the college
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Created by CollegeBoard CollegeBoard is a not-for-profit association that tries to
connect students to colleges $9 for application fee, $16 for each school More detailed than the FAFSA Will calculate an EFC, may differ from EFC that the FAFSA
calculates Students can begin filling this out October 1st prior to school
year Colorado institutions that require the profile:
◦ Colorado College◦ University of Denver◦ Daniels Fund
www.collegeboard.com
CSS Profile
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Parents and student need their OWN pin number
Apply for PIN now! File after January 1, 2011 completed by
February 15, 2011 Know your schools priority filing date Pre-populate the form after your taxes have
been completed
FAFSA.GOV
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Available every January 1st- apply early! Online application is fastest
◦ Processed in 72 hours◦ Student and one parent need to get Personal Identification
Numbers to sign application electronically◦ Parent and Student Information required:
Social security numbers, drivers license numbers Records of money earned last year, tax returns and bank
statements, etc.◦ Complete FAFSA online at http://www.fafsa.gov◦ 1-800-4FEDAID paper applications◦ Student Aid Report (SAR)
BEWARE of any service that requires you to pay a fee to submit your FREE application
How to Submit the FAFSA
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A “practice” FAFSA Outlines family/student eligibility for:
◦ Federal Grants◦ Student Loans◦ Federal Work Study
www.fafsa4caster.ed.gov
FAFSA 4Caster
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BEWARE… of any service that requires you to pay a fee to submit a FAFSA or Scholarship application.
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Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income Household size Number of household members in college Real estate and investment net worth Dependent vs. Independent Student Verification IRS DATA match
Frequent FAFSA Errors
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Life insurance plans Retirement plans Equity from primary residence Investment value of small business
◦ 100 full-time employees or less Farm when it is primary source of income
Assets Not Included
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The U.S. Department of Education processes the information on your FAFSA and provides you and the colleges you selected your Expected Family Contribution (EFC)◦ The information will be used to determine a student’s
eligibility for most federal and state assistance◦ The Dept. of Ed. does not expect you to have this amount
in cash
Expected Family Contribution
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ExamplesCommunity
CollegeFour Year
PublicFour Year Private
COA (variable)
$10000 $20000 $40000
EFC (fixed) $10000 $10000 $10000
Need (variable)
$0 $10000 $30000
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Moffat County High School Free help filling out the FAFSA
◦ Bring your tax information, income documentation, etc.
Information on scholarships and college planning
Scholarship giveaways www.collegegoalcolorado.org February 13, 2011
College Goal Sunday
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SAR from the government Award letter from the school
◦ EFC + need = total◦ How do they meet need
Scholarships, grants, loans, work study
FAFSA step 2
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What happens next?
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Eligibility determined from FAFSA 2010-2011 maximum amount $5,550 Pro-rated if student is less than full-time Need based grant EFC must be under $5,273
Pell Grant
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Colorado State Grants Based on need, academics, & talent Types and amounts vary by school
Institutional Grants Based on need, academics, & talent Types and amounts vary by school
State & Institutional Grants
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Naviance◦ Login is student id ◦ Password is initials and birth date dm040292
◦ Collegincolorado.org
Scholarships
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2009 & 2010 Duct Tape Scholarship Winners
2010 first place winners
2009 Winners from Golden, CO
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Drink Milk Scholarship
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1. Go to college where you are on top 2. Be realistic about what you are going to
earn 3. Only borrow what you need 4. Visit before you commit 5. Get to know the college administration
(financial aid counselors, director of housing)
5 Overall Tips
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We will talk about◦ FASFA issues ◦ How to compare award letters◦ Types of loans
Subsidized vs. Unsubsidized PLUS
Local ScholarshipsWhat else you can do if you are not happy with your
award letter
Next Meeting Wed 1/26/11