FINANCIAL AID 101. Presented by: Katie Sprunger Senior Edgewood Central Counselor Edgewood College. Financing A College Education. A successful experience requires a collaborative effort by: Student Parent Institution Government. What is Financial Aid?. Scholarships Grants Loans
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Presented by: Katie Sprunger
Senior Edgewood Central Counselor
A successful experience requires a collaborative effort by:
A formula created by Congress to determine your Expected Family Contribution (EFC).
The same formula applies to all applicants.
Measures your ability, not willingness to pay.
Parent Income and Assets
Student Income and Assets
Things not considered : value of primary residence, consumer debt, or retirement accounts
Cost of Attendance (COA) =A
Tuition, Fees, Room, Board, Transportation, and Misc
Expected Family Contribution (EFC) from FAFSA=B
Income, Assets, Number in Family, Number in College
A – B = (C) Your Financial Need
UW SystemVoc TechIndependent
COA $23,000 $14,000 $32,000
EFC $ 5,000 $ 5,000 $ 5,000
NEED $ 18,000 $ 9,000$ 27,000
paperwork( I9, WT4, W4) –bring 2 original
forms of identification
Students and parents apply for a PIN today!
www.fafsa.govAvailable January 1, 2012
Enter up to 10 Colleges of Interest:
Which parent’s information must be included on the FAFSA?
- 1parent and student
print signature page and mail to processing center
(Note: Professional Judgment is at the sole discretion of each institution.)
Student submits FAFSA
ED Calculates EFC and returns results to student.
ED sends copy of result to state & schools of choice.
School follows up with student.
The Financial Aid Office issues a:
FINANCIAL AID PACKAGE
If you feel you have special circumstances, let the aid office know!
Direct Costs(tuition, room & board, fees, books)
- Financial aid
= Remaining balance due
Want more details? www.collegegoalwi.org