Financial Aid for U'S' Citizens

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• Financial Aid for U.S. Citizens
• and Permanent Residents!
• October 2007

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Financial Aid?Its a jungle out there!
DONT GIVE UP BEFORE YOU START !
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Financial Aid Night October 2007

• What is Financial Aid?
• Terms Acronyms
• Types of Financial Aid Categories
• Sources of Financial Aid
• Need Analysis
• Packaging
• Application Process Forms
• Evaluating the Package
• Questions to Ask

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Susan Brandt- University of Notre Dame

• The biggest mistake in the financial aid process
  is not applying for aid. Some students will not
  apply for admissions to the college of their
  choice because they feel it is cost prohibitive
  based upon their current economic status.

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What is Financial Aid?

• money that is supplied by some source outside
  the family to help pay for the cost of the
  students education.

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What is Financial Aid?

• money that is supplied by some source outside
  the family to help pay for the cost of the
  students education.
• Basic Premise is that the students and parents
  are the primary source of funds for
  post-secondary education and are expected to
  contribute to the extent they are able.

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What is Financial Aid?

• money that is supplied by some source outside
  the family to help pay for the cost of the
  students education.
• Basic Premise is that the students and parents
  are the primary source of funds for
  post-secondary education and are expected to
  contribute to the extent they are able.
• Most people have planned but not saved enough
  for college at todays costs.

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Goals of the Financial Aid Office

• To assist in paying for their educational
  investment
• To evaluate the familys ability to pay for
  educational costs
• To distribute limited resources in an equitable
  manner
• To package the student (Package means provide
  funding)

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Terms

• NEED BASED Funding based on a familys income
  and need
• MERIT BASED Funding based on a students
  talents (academic/sports/leadership/ etc.)
• UNMET NEED Difference between the cost and the
  aid award (The Gap)
• METHODOLOGY Guidelines used by a university to
  compute the FA awards

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Terms

• NEED BLIND If a college has a need blind
  admissions policy, students are admitted without
  regard to whether they are able to pay or whether
  they have made a request for financial aid.
• MEET FULL NEED actually means most need is met
  up to what the university determines often less
  than what parents expect, sometimes refers to
  full tuition

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For clarification NEED

• Most US Colleges Universities are
• NEED Conscious
• NEED Aware
• NEED Sensitive

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Acronyms

• EFC- Expected Family Contribution
• COA- Cost of attendance (totals)
• FAFSA- Free Application for Federal Student Aid
• CSS Profile College Student Scholarship Profile
• SAR- Student Aid Report

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Cost of Attendance (C.O.A.)

• DIRECT COSTS
• Tuition and Fees
• Room Board/Food
• INDIRECT COSTS
• Books and supplies (estimate)
• Personal expenses (estimate)
• Transportation (sometimes included)

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Types of Financial Aid/Assistance

• SCHOLARSHIPS
• Awarded to recognize academic merit or particular
  skill or talent
• GRANTS
• Awarded to meet financial need
• EMPLOYMENT
• Available to help meet need
• Available to students with certain work skills
• LOANS
• Need based or non-need based

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Categories of Financial Aid

• NEED Based Aid VS. NON-NEED Based Aid
• (Merit)
• SELF-HELP Aid VS. GIFT Aid
• Work - Scholarships
• Loans - Grants

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Sources of Financial Aid Money

• Federal Funding
• State Funding
• Institutional
• Private
• Community Organizations
• Civic Groups
• Foundations
• Religious Organizations
• Businesses
• Industry

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FORMS

• FAFSA
• CSS Profile
• Institutional Applications
• Business Farm Supplement

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F.A.F.S.A

• Free Application for Federal Student Aid
• www.fafsa.ed.gov
• do not use the .com site!!!

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www.fafsa.ed.gov
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FAFSA Tips

• Get PIN Numbers SOON!
• Universities prefer on-line version
• Deadlines-
• Submit as soon after January 1st as possible
• For Address (item 6) if you do not use a US
  address use FC (for Foreign Country)
• Use worksheets/practice online

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COLLEGE BOARD WEBSITE
http//www.collegeboard.com/parents/pay/
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CSS Profile On-Line

• http//profileonline.collegeboard.com/index.jsp
• 2 steps- Register THEN Fill out Forms
• 2008-09 PROFILE Online Registration Guide.
• list of colleges, universities, and scholarship
  programs that will use 2008 - 2009 PROFILE
  Service.
• Seleccione aquípara ver 2008-2009 La Guía de
  Registración en Español.

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www.collegeboard.com/student/pay/add-it-up/401.htm
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ACT F.A.N.E. (EFC Calculator)
www.act.org/fane/index.html
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Factors that influence Family Contribution

• Parents income
• Family size
• Assets
• Age of parents
• Number of dependents in college

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State Residency Requirements

• www.collegeboard.com/about/association/internation
  al/residency.html
• Frequently Asked Questions (FAQ)
• Regional Tuition Waivers
• State-by-state listing of requirements

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State Residency Requirements

• Are there special requirements for U.S. citizens
  living abroad?
• U.S. citizens currently living abroad who seek
  admission to a public university in a state where
  their family has existing ties may be eligible
  for in-state tuition. If you and/or your family
  own real property in that state, are registered
  to vote there, file a resident income tax return,
  hold a state driver's license or motor vehicle
  registration, and can demonstrate prior residence
  of at least 12 months, you may qualify for state
  residency for tuition purposes. Such cases are
  determined individually.

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Merit Based Aid

• Awarded on basis of academic merit or special
  talent
• Criteria set by institution
• Usually requires submission of application
• May require tryout, audition, or interview
• Can be in the form of
• Scholarships
• Loans

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The 5 As of Scholarships

• Hang your scholarship hat on as many of these
  As as you can
• Academics
• Aptitudes
• Athletics
• Attributes
• Activities

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Successful Scholarship StrategiesUse your H E
A D

• H Have understanding of requirements
• E - Explore early
• A Application Excellence
• D - Determination

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Packaging the Student

• Details included in award notification
• Student cost of attendance
• Amount of students need (if offered on basis of
  need)
• Types and amounts of aid offered
• How and when it will be disbursed
• Student employment terms
• Terms and conditions of aid offer

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Packaging Consideration

• Institutions philosophy on financial assistance
• Timing
• Deadlines
• Completeness and accuracy of application
  materials

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SAMPLES OF PACKAGING
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COMPARING PACKAGES
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F.A. Checklist - Timeline

• 9th and 10th Grade
• Do well academically
• Gain work and activity experiences
• Visit colleges informally
• Research colleges/universities online
• Check on state residency requirements
• Get a social security number

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F.A. Checklist- Timeline

• Junior Year
• Take admissions tests
• Talk to ALL the reps that visit ACS
• Research colleges/universities online
• Check on state residency requirements
• Get a social security number
• Do well academically!

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F.A. Checklist- Timeline

• Senior Year - 1st semester
• Complete college applications
• Register for CSS Profile if needed
• Get PIN numbers for FAFSA
• Gather information needed for FAFSA CSS Profile
  
• Use Websites to search for other sources of
  financial assistance
• Check each universitys website

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F.A. Checklist- Timeline

• AS SOON AS POSSIBLE after Jan 1st
• Submit FAFSA
• Online if possible
• Print copies for your files
• 2-4 weeks after FAFSA is filed- S.A.R
• Review Student Aid Report for accuracy
• Make needed corrections
• Notify additional schools that it is available

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F.A. Checklist- Timeline

• Feb-March-April
• Receive award letters
• Evaluate the awards
• Make decision
• Follow Universitys procedures
• Sending forms in
• Signatures
• Deposits

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Points to Remember

• Deadlines vary by institution
• Write or call the institution if any information
  is unclear or if there are any unanswered
  questions. (DO NOT ASSUME - ASK! )
• Be prepared to provide documentation of family
  resources

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Points to Remember

• Must re-apply every year
• Keep copies of forms completed as well as
  supporting documentation
• Tax forms
• Employers statements
• Bank statements, etc.
• 30 Verification required by government - many
  universities do more!

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Evaluate Your Offers!

• Percentage of cost to be covered by loans?
• Percentage of cost to be covered by work?
• Percentage of cost covered by gift aid?
• Percentage of unmet need? (The Gap?)
• How will the package change if the student gets
  additional outside scholarships?
• Will the package change next year?

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Scholarship Scam Alert!!!!

• Beware of ANY of these lines
• This scholarship is guaranteed or your money
  back
• May I have your credit card or bank account
  number to hold this scholarship?
• You need to pay money for this scholarship
• Please come to an important seminar

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As a US Citizen or Permanent Resident

• DO NOT ELIMINATE ANY COLLEGE OR UNIVERSITY
• BECAUSE OF COST! !

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• Thank you for coming!
• Questions?
• rsiegel_at_acslp.org