Financial Aid Information Session

1
Financial Aid Information Session

• Minnesota Association of Financial Aid
  Administrators (MAFAA)

2
Normandale Community College

• Angie Proehl
• Director of Minnesota State Grant and Small Aid
  Programs
• 952-487-8249
• Angela.proehl_at_normandale.edu

3

• Objectives of this Session

• General Overview
• Application Process
• Types of Aid
• Answer Questions

4
Free Application for Federal Student Aid (FAFSA)
facts

• Universal tool for data collection
• Apply every year
• Federal central processor computes data
• Takes 1-2 weeks to process--apply early
• Generates Student Aid Report (SAR)
• Determines your Expected Family Contribution (EFC)

5
Next step

• Check with the college
• Does college have an institutional
  aid application?
• Does college do estimates of financial aid?
• Does college have a priority deadline date?
• What is the colleges Federal Code?

6
PIN

• Personal Identification Number
• Used to electronically sign your FAFSA
  www.pin.ed.gov
• Both parents and students will need to apply
• Good for entire college education

7
When to complete the FAFSA
Start Date Fall 2010 Application Period
Opens January 1, 2010.

• FAFSA on the WEB
• www.fafsa.gov

8
Expected Family Contribution (EFC)

• Student and parent contributions are determined
  by the federal formula
• Colleges use your EFC to determine your financial
  aid eligibility at their school

9
Remember

• The cost of higher education is
  primarily the responsibility of
  the family
• Financial aid supplements the Expected Family
  Contribution

10
Determining Financial Aid Eligibility

• Cost of Attendance (COA)
• minus
• Expected Family Contribution (EFC)
• equals
• Eligibility for need based aid

11
Cost of Attendance

• Tuition and Fees
• Room and Board
• Books and Supplies
• Misc. Personal Expenses
• Transportation
• Child Care
• Personal Expenses

12
Financial Aid Examples

• School A
• COA 30,500
• EFC - 5,000
• NEED 25,500

• School B School C
• 15,500 4,500
• - 5,000 -5,000
• 10,500 0

Your Expected Family Contribution (EFC) remains
the same!
13
Types of Financial Aid

• Gift Aid
• Grants
• Scholarships
• Self-Help
• Student Employment
• Student Loans

14
Grants

• Federal
• Pell Grant
• Supplemental Educational Opportunity Grant
• ACG/SMART/TEACH Grant
• State
• Minnesota State Grant
• Other Small Aid Programs
• Private
• Institutional Grants

15
Scholarships

• Contact Colleges
• Check with High School Guidance Counselor
• Check parent student clubs, unions, employers
• Search the internet
• www.fastweb.com
• www.collegeboard.org
• www.finaid.org

16
Student EmploymentWork-Study

• Campus-based employment
• Credited to students account or paid directly to
  student depending on college
• Federal and state student employment will not be
  used in determining the students contribution on
  next years FAFSA

17
Student Loans

• Federal Stafford/Direct Loan
• subsidized and unsubsidized
• Federal Perkins Loan
• Federal Parent (PLUS) Loan
• State of Minnesota SELF Loan
• Private Loan Options

18
Putting Together the Puzzle

• FAFSA application
• SAR check for accuracy
• Know your priority deadlines
• Respond to Request for Info
• Award letter compare multiple schools
• Ask Questions!

19
Other important WEB resources...

• Financial Aid Information Page
• www.finaid.org
• The Internet System for Education and Employment
  Knowledge (ISEEK)
• www.iseek.org
• Minnesota Office of Higher Education
• www.getreadyforcollege.org
• Department of Education Student Aid of the Web
• www.studentaid.ed.gov
• FAFSA4caster
• www.fafsa4caster.ed.gov

20

Staff Assistance

• Contact the college financial aid office for
  assistance.
• Most offer telephone, walk in counseling, email
  etc.

Were ready to help you!