Financial Aid Workshop 2012 Final with Narration Part I test

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College Counseling Voice Over Series: Financial Aid:

College Counseling Voice Over Series: Financial Aid

PowerPoint Presentation:

Understanding Financial Aid Basics Starting the Process Early Comprehensive Application Strategy - Start to Finish, including FA as a criterion 3 Keys to Successful FA Experience

Basic FA Concepts:

Basic FA Concepts EFC… FWS… Pell Grant… FAFSA… COA… PLUS Loan Forms: FAFSA (Free Application for Federal Student Aid) CSS – Profile Calculation Methodologies: Federal Methodology (FM) Institutional Methodology (IM) FA Package Components: Expected Family Contribution (EFC) Self-Help (Can include Federal Work Study, Loan, Summer Earnings, student savings…) Institutional Grant

3 Basic Sources of FA:

3 Basic Sources of FA Need Based Aid Merit Based Aid Outside Scholarship Aid Institutional Sources

Need Based Aid:

Need Based Aid Grants : Do Not Need to Be Repaid Institutional Need-Based Grants Pell Grants / Supplemental Grants: Other National and State Grants Based on Financial Need. Loans: Repayment plans Vary Depending on Loan Perkins /Stafford Loans: (Un)Subsidized Loans from Federal Government or other Lenders Ford Direct Lending Program: (Un)Subsidized Loans Directly from Participating Institution. Federal Work Study (FWS): Subsidized On-Campus Employment Parent and Student Contributions: Combine to make the EFC

Merit Based Aid:

Merit Based Aid Academic Credentials : Rank, GPA, Standardized Testing, etc. Institutional Merit Scholarship Programs: Morehead, Jefferson, Belk, Danforth, “Presidential Scholars” Other Forms of ‘Merit’: Athletic, Music, etc.

Outside Scholarships:

Outside Scholarships National: Coca-Cola, Gates Millennium Scholars, Alcoa, Proctor and Gamble, NMSC Corporate / Regional: Wal-Mart, IBM, Parents’ employer State Department of Education Local: Rotary Club, Municipal Scholarships, BSA District, American Legion, etc. ** Note : Allocation of these funds varies college to college.

Which Types of Colleges Distribute Which Types of FA?:

Which Types of Colleges Distribute Which Types of FA? Need-Only : ( e.g , the Ivy League) IM Determines the Amount of Need & EFC. No Merit Available Predominately Need: (NESCAC, Most Selective Private Colleges) IM Determines Amount of Need and EFC, though Special Merit Opportunities Exist. FA Combo Platter: (State Schools, Less Selective Private Schools) FM Might Be All You Need, Mix of Need Based and Merit

How Do I Apply?:

How Do I Apply? FAFSA: www.fafsa.ed.gov : Initially filling out a FAFSA should take only 10-15 minutes if you have your most recent tax forms on-hand. If you use the FAFSA4caster ahead of time much of the data transfers over. CSS – Profile: www.collegeboard.com : The list of schools which require the Profile is available on the website. $9.00 to register and then $16.00 per college Institutional FA Forms: Slowly being phased out, but still used. Other Possible Forms: Most Recent Set of Tax Forms Divorced / Separated Parent Supplement Business / Farm Supplement International Student Application

Sample Case: The Noonan Family:

Sample Case: The Noonan Family The Details: Two Children One in College $80,000 Combined Family Income Interested in Biology New Jersey Resident Better than Average Student (3.5 / 1450 SAT) - Financial Aid will be a Factor -

Danny’s College Criteria:

Danny’s College Criteria East Coast Strong Science Programs University Environment Coed Good Mix of Academic / Social In or Near a City

Possible Colleges / Spring Letter:

Possible Colleges / Spring Letter Reaches Mid-levels Probables Brown Tufts BU Columbia BC Northeastern Amherst NYU Trinity Wesleyan Bucknell Union Penn Notre Dame Rochester Georgetown Emory CMU Virginia Wake Forest Rutgers Duke Vanderbilt Richmond North Carolina William & Mary Mary Washington George Washington

Danny’s College List:

Danny’s College List Factors to Consider: List Needs to be Balanced and “Safe” List Needs Extra ‘ Probables ’ to Weigh FA Offers List May Exclude Early Decision, Depending on Early EFC Calculations List Should Include at Least One In-State Institution First Actions To Take: Use FAFSA4caster or School Calculators in Order to Get a Sense of FA Begin Outside Scholarship Search Visit Campuses, Start Overall College Search, etc.

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