Nashwa Bolling Associate Director of Budget, Research & Analysis Financial Aid.
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Transcript of Nashwa Bolling Associate Director of Budget, Research & Analysis Financial Aid.
Financial Aid & The College Decision Process
Nashwa BollingAssociate Director of Budget, Research & Analysis
Financial Aid
The College Decision Process
Financial fit & the value of obtaining a degree
Be prepared◦Terms & Definitions◦Applications◦Types of Aid
Next Steps
Paying for College
Financial Aid Award Letter (Aid Package) Multi-year commitment Rising Costs Family Discussions Net Price Calculators
Is College Worth the Cost?
Adam Looney and Michael Greenstone, the Hamilton Project
Be Prepared
Welcome to the Financial Aid, I need the following information:◦ Salary◦ Investments◦ Cash, Savings, Checking balance◦ Home Value◦ Taxes Paid◦ Tax Transcript from the IRS
Be Prepared / Organization
Colleges have varying deadlines◦ Priority deadlines◦ Ask what it means?
Financial Aid Applications Scholarship Applications Terms
◦ Start developing a glossary◦ www.collegeincolorado.org (Financial Aid Planning)
Admission Office
Determines eligibility for merit based aid◦ Evaluate GPA ◦ ACT and/or SAT Scores◦ Extracurricular Activities◦ Leadership◦ Community Service◦ Teacher Recommendations
Financial Aid Office
Establishes the cost of attendance (Sticker Price)
Evaluates family’s ability to pay by determining an expected family contribution (EFC)
Offers financial aid based on the cost of attendance and the expected family contribution
Distributes resources in an equitable manner
Counsels families on financial issues
Determining Costs and Aid
Cost of Attendance◦ Direct Costs
Tuition and Fees Room & Board
◦ Indirect Costs Books & Supplies Transportation Personal Expenses
Determining Costs and Aid
Financial NeedCost of Attendance - Expected Family ContributionFinancial Need
◦ Need varies based on cost◦ Most colleges are unable to meet 100% of
financial need with scholarship and grant aid
Financial Aid Applications
FAFSA – Free Application for Federal Student Aid
◦ Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans
◦ www.fafsa.ed.gov
Expected Family Contribution FAFSA
◦ Income Taxed and Untaxed Allowances for
Basic Living Expenses, Social Security and income taxes
◦ Assets Cash, Savings, Checking, Stocks, 529 plans, Business
Net Worth Home value is NOT included Allowances for
Asset Protection and Education Savings
Equation: Adjusted Gross Income – Allowances + Assets = EFC
Financial Aid Applications CSS PROFILE – College Board
◦ Many private universities and scholarship providers require the CSS PROFILE application to determine financial eligibility for institutional aid programs
University of Denver, Daniels Fund, Colorado College (400 nationwide)
◦ $25 Application Fee◦ Comprehensive look at family wealth
Includes home equity◦ Non-custodial parent information◦ http://profileonline.collegeboard.com
Financial Aid Applications
Documentation needed to complete applications (Parent and Student)◦ Federal Income Tax Returns◦ W-2 Forms◦ Driver’s License◦ Social Security Numbers◦ Savings and Checking Account
Information
Financial Aid Applications
Additional Documentation needed to complete CSS PROFILE application (Parent and Student)
◦ Records of untaxed income & benefits
◦ Current Mortgage Information◦ Records of stocks, bonds, trusts,
and other investments
Financial Aid Applications
Tips for Completing Applications◦ Meet Deadlines◦ You can estimate information on both the FAFSA
and CSS PROFILE applications◦ Reapply every year ◦ Ensure Social Security Number is correct◦ Send applications to the correct institutions◦ Ask questions if you are unsure
Types of Aid Scholarships & Grants
◦ Need-based, merit-based, or a combination Federal & State Grants
◦ For lower income students & families Student Employment
◦ Students work on campus 10-20 hours a week◦ Paid hourly wages◦ Great way to gain valuable work experience
Loans◦ Direct Stafford, Parent PLUS, and private
Loans – Are they Evil?
No, but excessive borrowing is!
How much will your payment be?◦ Loan Balance of $10,000◦ 6.8% interest rate◦ Standard 10 year Repayment Plan
A. $105B. $115C. $125D. $135
For every $10,000 in loan balance, you will pay $115 per month for 10 years. $3,810 in interest
Smart Borrowing
Don’t borrow more than your first year salary
What do teenagers think their salary will be? (Charles Schwab - Teens & Money Survey 2011)
Financial Aid Resources
Financial Aid Office & Website◦ Webinars / Chats / Videos / FAQs
Application Completion Events◦ High School◦ FAFSA Free for All Events◦ Financial Aid Office
Department of Education◦ @FAFSA◦ http://studentaid.ed.gov
Private Scholarships
Civic Groups/Organizations (Rotary, Lions, etc…) Religious Organizations Corporations (Target, Coca Cola, Ford, etc….) www.fastweb.com or www.scholarships.com Facebook App: My College Dollars High School Counselor College or University Financial Aid Office Website
Where Do I Go From Here? Make financial aid part of your college visits Do a bit of detective work!
◦ Do the colleges use financial need in determining their admission decisions?
◦ How does the college treat private scholarships? ◦ On average how much need does a college meet?
Utilize Net Price Calculators Inform colleges about special circumstances Investigate and apply for private scholarships
Questions?
Nashwa BollingAssociate Director of Budget, Research
& Analysis, Financial Aid
303-871-4020 [email protected]
A copy of the presentation is available at:
http://duadmission.typepad.com/blog/