Funding Your College Education: Financial Aid 101. Presenter: Sandra Hanley Advisor Lake/Geauga Educational Assistance Foundation. Agenda. What is Financial Aid? What are the types and sources of Financial Aid? How do colleges award Financial Aid? What is the Financial Aid process?
Funding Your College Education:Financial Aid 101
Presenter: Sandra Hanley Advisor
Lake/Geauga Educational Assistance Foundation
Any funds provided to students and families to help pay for college expenses.
May be awarded from:
LOANS ARE CONSIDERED FINANCIAL AID!!!
Funds which do not need to be repaid
Funds which must be repaid or earned
Based on GPA and/or ACT/SAT test scores, special talents, athletic abilities, Leadership/service
Usually notified after accepted for admission
Cost of Attendance - EFC = Financial Need
Tuition and Fees
Room and Board
Books and Supplies
Parental Assets (excluding retirement accounts and primary residence)
Age of Older Parent
Number in College
EFC is calculated when the Free Application for Federal Student Aid (FAFSA) is submitted by the student.
…It does not indicate what the student will owe.
EFC tells a Financial Aid Office what a student is eligible for in Federal, State and institutional monies…
Collects information from the family and is used to calculate the student’s Expected Family Contribution (EFC)
Cannot be completed until 1/01/14
Uses tax information from 2013
Estimate taxes if deadlines need to be met!
Must be filed every year
Some processed FAFSA’s may be selected for a process called Verification
Beware of sites and companies that charge to file the FAFSA!
Paperwork/information needed from parent(s) and student:
2013 W2 Forms
Social Security Numbers
Contributions to a retirement plan
Social Security Income
Social Security Disability
Business Value if under 100 employees
Retirement Fund Values ($ paid into an account is considered untaxed income)
Download a FAFSA on the Web worksheet from www.fafsa.gov
File the FAFSA
Receive Award Letter
Send in Deposit
Direct Stafford Loan
Beware of scholarship scams! Check them out!www.bbb.org
7:45 am to 12:15 pm
440-352-3341 ext. 4320
LEAF Resource Center