FUNDING YOUR

1
FUNDING YOUR

• COLLEGE EXPERIENCE

2
SAVING FOR COLLEGE

• Savings Plan hopefully you your family have
  saved over the past few years to fund your
  education
• But, if your savings is short of the cost of
  attending here are some options..

3
TWO TYPES OF FINANCIAL AID

• Need-basedqualify for financial assistance
• Merit-based special talent, ability, academic
  profile, athletic ability, or chosen career
  pathway

4
Need-BasedFinancial Aid

• All students applying for Need-based funds must
  first complete the Federal Financial Aid Form
  (FASFA) beginning January 1st, 2009
• www.cfnc.org has a calculator to estimate your
  Estimated Family Contribution

5
NEED-BASED AIDHow do Students Qualify?

• Federal Qualifying Formula
• Based on the results of Federal Financial Aid
  Form-(FASFA)
• Institutional Qualifying Formula
• CSS Financial Aid Profile
• www.collegeboard.com
• Schools discretion
• Supplemental application
• Tax Returns W-2 Forms
• Non-custodial Profile

6
How is eligibility for financial aid determined?

• Family Contribution
• Parent Contribution-Income Assets
• Student Contribution
• Cost of Attending
• Tuition, Room, Board, fees, books, supplies,
  transportation
• FormulaCost of Attendance (minus) Family
  Contribution Students financial need

7
THEN WHAT??

• College Financial Aid Officer
• Takes the EFC report sent directly to the college
  
• Subtracts cost of attending
• Develops an Aid Package reflecting the Students
  Need (difference between the cost of attendance
  less EFC)

8
Students Financial Need Example

• Cost of Attendance-15,000
• Family Contribution 5,000 (as determined by the
  FASFA/CSS Profile)
• Financial Need10,000
• Made up of Merit Scholarship, grant, work study,
  or loans
• (what must be paid back?)

9
Financial Aid PackageExample

• Cost of Attendance20,000
• Family EFC5,000
• Financial Aid Package 15,000
• 5,000 Federal Grants
• 2,000 State Grants
• 3,000 Work Study
• 5,000 Loans

10
Clarification--NC State Grant ProgramsNeed-Based

• College applied
• College Financial Aid Offices will apply grant
  monies directly to the Aid package
• Individual applied
• Certain programs available with direct
  applications (Aubrey Brooks, Prospective Teacher,
  etc.)
• Visit www.cfnc.org for availability

11
MERIT-BASED MONIES

• Monies awarded to students for special talents or
  skills
• Academics
• Athletics
• Artistic ability
• Specific career area (teaching, nursing, etc.)

12
Merit-based opportunities

• State Funds
• Visit www.cfnc.org for info
• Teaching, nursing, etc.
• College Funds
• Predetermined by each college
• Academic Profile, artistic talent
• Local Funds
• Predetermined by organization

13
RESOURCES

• BooksMedia Center
• Websitessee handout
• CRHS WebsiteScholarship Update, Scholarship
  drawer (guidance)