Welcome to financial aid night
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Welcome to Financial Aid Night. Eric J. Hill College & Career Education Specialist [email protected] Tonight’s Topics. What is Financial Aid Types of Financial Aid How Financial Aid is Awarded The Financial Aid Process Scholarships. To be Eligible for Federal Financial Aid.

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Welcome to financial aid night

Welcome to Financial Aid Night

Eric J. HillCollege & Career Education Specialist

[email protected]


Tonight s topics

Tonight’s Topics

  • What is Financial Aid

  • Types of Financial Aid

  • How Financial Aid is Awarded

  • The Financial Aid Process

  • Scholarships


To be eligible for federal financial aid

To be Eligible for Federal Financial Aid

  • Be a citizen or eligible non-citizen of U.S.

  • Have a high school diploma or GED

  • Be enrolled at least half-time at an eligible institution

  • Register with Selective Service (men only)

  • Not be in default on any federal education loans or owe a refund on any grants


Types of financial aid

Types of Financial Aid

Three types of Financial Aid:

  • Gift Money

  • Earned Money

  • Borrowed Money


Gift money

Gift Money

Grants

  • Based on Financial need

  • Federal, State, and University Grants

    Scholarships

  • Based on various criteria

  • From Colleges and other organizations


Earned money

Earned Money

Federal Work-Study Program

  • Students work part-time, usually on campus

  • Money earned helps pay for college


Borrowed money

Borrowed Money

Two types of loans

  • Federal

  • Personal

  • Must be paid back


Federal loans perkins

Federal Loans - Perkins

Borrower:Student

Based on Need:Yes

Interest Rate:Fixed

Repayment Begins: 9 months after graduating or dropping below half-time


Federal loan stafford

Federal Loan - Stafford

Borrower:Student

Based on Need Subsidized = Yes

Based on Need: Unsubsidized = No

Interest Rate:Fixed every July 1,

Repayment Begins: 6 months after graduating or dropping below half-time


Federal plus loan

Federal Plus Loan

Borrower:Parent

Based on Need: No

Interest Rate: Fixed every July 1,


Cost of attendance william mary

Cost of Attendance William & Mary

  • Tuition$6,785

  • Room $2,985

  • Board$1,642

  • Books, Travel and incidentals$1,400

  • Total (Per Semester)$12,722


How is financial aid awarded

How is Financial Aid Awarded?

Expected Family Contribution (EFC)

  • The EFC is the amount you may be expected to contribute

  • You don’t pay it up front

  • Used to determine how much aid you’re eligible for

  • Calculated from information you provide


Applying for financial aid

Applying for Financial Aid

  • To apply(FAFSA)www.fafsa.ed.gov FREE

    Free Application for Federal Student Aid

  • Apply for a Department of Education PIN (www.pin.ed.gov)

  • Apply regardless of family income


What is the css profile

What is the CSS Profile ?

The profile is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds.

The CSS PROFILE also asks for more information than the FAFSA. For example, the CSS PROFILE asks for detailed information pertaining to investments and home worth— two areas the FAFSA does not cover in-depth. Using both of these tools allows University to gain a more accurate picture of a family’s financial standing.


How much does the css profile cost

How much does the CSS PROFILE Cost?

There is a $25 fee for the initial application, and a $16 fee for each institution that receives it thereafter. A limited number of fee waivers are granted automatically to first-year, first-time applicants from low-income families, based on the financial information provided on the PROFILE.


When do i file the fafsa css profile

When do I file the FAFSA & CSS Profile

  • FAFSA: January 1, 2013

  • CSS Profile:October 15, 2012

    However, you should file no later than two weeks before the earliest priority filing date specified by your colleges or programs.


Student aid report sar

Student Aid Report (SAR)

Sent to you after FAFSA is processed

  • If you provided an email you get a notification containing a link to it online

  • Paper version via mail

  • Contain your Expected Family Contribution(EFC)

  • Information sent automatically to colleges you listed


In order to be considered for certain types of aid at uva

In order to be considered for certain types of aid at UVA

Required application materials are:

  • the FAFSA

  • the CSS Profile

  • a signed copy of the parent 2012 federal tax return including all schedules* (If the parent did not file a 2012 federal tax return, the parent must complete the Parent Non-Tax Filer form

  • parent 2012W-2 form(s)

  • a signed copy of the student 2012 federal tax return including all schedules* (If the student did not file a 2012 federal tax return, the student must complete the Student Non-Tax Filer form


In order to be considered for aid at william mary

In order to be considered for aid at William & Mary

Required application materials are:

  • the FAFSA

  • the CSS Profile


Stanford university the parent contribution

Stanford UniversityThe Parent Contribution

  • We use an institutional formula to calculate an expected parent contribution toward educational costs.  Our goal is to treat families equitably while still maintaining flexibility to recognize unusual situations.  When we review your family’s finances, we make allowances for:

  • living expenses (based on household size)

  • federal and state taxes

  • unusually high medical expenses

  • college costs (undergraduate) for siblings

  • private school tuition and college savings for younger siblings

  • We also consider your family’s assets, including home equity, savings, investments and real estate, but not retirement accounts.


Stanford university

Stanford University

  • In cases of separation or divorce, we expect both parents to participate in paying for your education. We will compute separate contributions for your custodial and non-custodial parents.


Stanford university1

Stanford University

  • Zero Parent Contribution for Parents with Income Below $60,000

  • For parents with total annual income below $60,000 and typical assets for this income range, Stanford will not expect a parent contribution toward educational costs. Students will still be expected to contribute toward their own expenses from their summer income, part-time work during the school year, and their own savings.


Stanford university2

Stanford University

  • Tuition Charges Covered for Parents with Income Below $100,000

  • For parents with total annual income below $100,000 and typical assets for this income range, the expected parent contribution will be low enough to ensure that all tuition charges are covered with need-based scholarship, federal and state grants, and/or outside scholarship funds.


Stanford university3

Stanford University

  • Tuition Charges for Parents with Income Below $200,000

  • Families with incomes at higher levels (typically up to $200,000) may also qualify for assistance, especially if more than one family member is enrolled in college. We encourage any family concerned about the ability to pay for a Stanford education to complete the application process. If we are not able to offer need-based scholarship funds we will recommend available loan programs.


Financial aid deadline

Financial Aid Deadline

  • Very from school to school

  • Early Decision students at William & Mary need to complete the CSS Profile by December 7, 2012

  • Institutional payment plan available


Award letters and offers

Award Letters and Offers

Received from the financial Aid Office

  • Compare offers

  • Amount of Aid vs. cost of attendance

  • Gift money vs. borrowed money

  • Types of loans


Comparing award offers

Comparing Award Offers


Scholarships

Scholarships

  • Washington -Lee high school, class of 2012 received more than $5.2 million in grants and scholarships.


Ivy league institutions

Ivy League Institutions


University of alabama out of state scholarship

University of AlabamaOut-Of State Scholarship

  • Students who have 32-36 ACT or 1400-1600 and at least a 3.5 cumulative GPA will receive out-of-state tuition for four years.

  • Students who have 30-31 ACT or 1330-1390 SAT and at least a 3.5 cumulative GPA will receive two-thirds the cost of out-of-state for four years.


How to locate scholarships

How to Locate Scholarships

  • The student or the parent can login naviance family connection and search for scholarships.

  • If you receive e-mails from me, you having a naviance family connections account. If you have forgotten your password or never registered, please e-mail me with your son or daughter's full name and I will reset your password.


Welcome to financial aid night

Eric J. HillCollege & Career Education Specialist

[email protected]


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