Financial Aid Information Workshop

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FINANCIAL AID STRATEGIC PLANNING FOR
COLLEGE Lake Braddock Secondary School December
4, 2006
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CONTACT

• Katherine Cooper
• Director of Financial Planning Assistance
  Office
• Randolph-Macon Womans College
• 2500 Rivermont Avenue
• Lynchburg, VA 24503
• [phone]
• kcooper_at_rmwc.edu

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Agenda

• Narrowing the field
• Types of Aid
• Applications and deadlines
• FAFSA details
• Calculating aid
• Evaluating awards
• Comparing offers
• Lets talk..

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Where we are
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Who we are

• 750 students
• 42 states, 46 countries
• 12 international
• 15 students of color
• Student/faculty ratio 91
• Average class size 12
• 25 majors (2 Graduate Programs)
• Recent grads 53 employed, 32 grad schools

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Narrowing the field How do we find the best
fit???

• Choose 3-5 schools
• Public, private?
• Large, small?
• In-state vs out?

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How/Where do we start looking?

• Web
• College fairs
• Guide books
• Career Counselors and Teachers
• Hint Never rule out a college because of price.

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www.virginiamentor.org
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www.collegeboard.com
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Applying for financial aid

• Early Aid Estimator Form
• Free Application for Federal Student Aid (FAFSA)
• Scholarship applications?
• State Grant applications?

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Types of aid

• Academic, merit, leadership, talent, athletic,
  etc.
• Need-based aid

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Honor and Merit Scholarships

• Check for separate application deadlines
• Check on renewability number of years and
  criteria
• Get to know your admissions counselor!

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Need Varies Based on Cost
Source N A S F A A National Association of
Student Financial Aid Administrators
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Applying for financial aid

• Free Application for Federal Student Aid (FAFSA)
• Institutional application?
• CSS Profile form?
• Scholarship applications?
• VTAG application?
• DEADLINES

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Need-Based Aid Includes

• Gift aid
• Non-repayable grants
• Grants and Scholarships
• Self-help aid
• Student Loans and
• work-study

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The Free Application for Federal Student Aid
(FAFSA)

• File after Jan 1
• Prepare taxes early
• Complete all questions
• Fill out the form as a family
• Dont include retirement, home values

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Versions of the FAFSAPaper Application
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FAFSA on the Webwww.fafsa.ed.gov
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www.fafsa.ed.gov
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To Register for a PIN www.pin.ed.gov
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CAUTION

• Processes of completing and processing the FAFSA
  are FREE
• If filing FAFSA on the Web, make sure you go
  directly to www.fafsa.ed.gov
• Contact the financial aid
• office if you need help
• completing the FAFSA

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Wait a minute! They didnt ask about

• Uninsured Medical dental expenses
• Private school tuition
• Upcoming reduction to income
• Unusual income on tax return
• Other special circumstances

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Suggestions for providing additional information

• Be clear
• Provide as many facts, numbers and details as
  possible
• The same letter will work for all schools
• Update circumstances when file official FAFSA
• Call the financial aid office for guidance on
  expenses that can be considered

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FAFSA Processing Results

• CPS notifies the student of the FAFSAs
  processing results by
• Paper Student Aid Report (SAR) if paper FAFSA
  filed and students e-mail address was not
  provided
• SAR Acknowledgement if filed via FAFSA on the Web
  and students e-mail address was not provided

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If you are applying to more than 4 schools
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Federal Need-Analysis Formula
PARENTS Parental Income -Allowances Contributio
n from Income Parental Assets -Allowances _at_ 12
assessment rate Contribution from assets
STUDENTS Student Income - Allowances (first
2,440) Contribution from Income Student
Assets -Allowances _at_ 35 assessment
rate Contribution from Assets
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More than one in college?

• The federal formula allows a significant offset
  when siblings are also enrolled at least half-time

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The Expected Family Contribution (EFC)- an index

• Parental Contribution Student Contribution
• EFC
• Cost of Attendance EFC Maximum Eligibility
• for need-based aid

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Divorce Situationshow do I file?

• Information for the parent that the student
  resides with is reported on the FAFSA.
• If parent has re-married then parent and
  step-parent information is reported.

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Cost of Attendance

• Tuition and Fees
• Room and Board
• Books and Supplies
• Loan Fees
• Study Abroad Fees
• Etc

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Definition of Need

• Cost of attendance (COA)
• -Expected Family Contribution (EFC)
• ________________________________
• Financial Need

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Gift Aid-Grants and Scholarships

• Institutional
• Need-based
• Merit
• State
• CSAP
• VTAG

• Federal
• Pell Grant
• ACG/SMART Grant
• SEOG
• Private
• Outside scholarships

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Academic Competitiveness Grant (ACG)

• Eligibility Requirements
• U.S. Citizen
• Federal Pell Grant recipient
• First or second year student in a two or four
  year degree program
• Full-time enrollment
• Graduate with either AP or IB diploma or
  completed a set of courses similar to those
  required under the State Scholars Initiative.

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ACG Grant cont

• First Year Students
• Maximum of 750/year.

• Second Year Students
• Maximum of 1,300/ year.
• Cumulative GPA of at least a 3.0 from first year.

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National Science and Mathematics Access to Retain
Talent (SMART) Grant

• Eligibility Requirements
• U.S. Citizen
• Federal Pell Grant recipient
• Third or fourth year student in a baccalaureate
  degree program

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SMART Grant cont

• Full-time enrollment in an eligible major
• Computer Science
• Engineering
• Foreign Language
• Life Science
• Mathematics
• Physical Sciences
• Technology
• Cumulative 3.0 GPA
• 4,000/year to college juniors and seniors

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Self-Help Aid-Loans

• Federal Stafford
• Subsidized
• Unsubsidized
• NEW LOAN LIMITS FOR 2007!
• First year students from 2,625 to 3,500
• Second year students from 3,500 to 4,500

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Additional Loan Options

• Federal PLUS
• Institutional
• Private
• Federal Perkins

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Work Study

• Federal Work-Study
• State Work-Study
• Institutional
• Off-Campus

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Begin Searching now for outside scholarships!

• Fastweb.com
• Finaid.org
• Guidance office
• DO NOT
• PAY
• FOR ADVICE

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Evaluating Award Packages

• Biggest is not always best
• Are costs realistic?
• Grant/loan balance
• Loan terms/conditions
• Renewable vs non
• Types of aid/career objectives
• Get to know financial aid and admissions
  counselors

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Compare Award Packages..

• Compare
• Call
• Ask for help

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QUESTIONS TO ASK!!!!!!!

• Scholarship programs? Competitions, deadlines
• Renewability
• Deadlines
• Percentage on need-based aid
• Percentage receiving merit scholarships
• Average financial aid package

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Good Luck!