Navigating Financial Aid in Plain English
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Transcript of Navigating Financial Aid in Plain English
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?