Financial aid doesn t have to be scary
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Financial Aid Doesn’t Have To Be Scary!!! PowerPoint PPT Presentation


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Financial Aid Doesn’t Have To Be Scary!!!. Kim Bailey Shelby County Gifted Resource College Advisors. What is Financial Aid?. Scholarships Merit Based Academic Leadership Service Departmental Talent/Skill Need Based Institutional Private

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Financial Aid Doesn’t Have To Be Scary!!!

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Financial Aid Doesn’t Have To Be Scary!!!

Kim Bailey

Shelby County Gifted Resource College Advisors


What is Financial Aid?

  • Scholarships

    • Merit Based

      • Academic

      • Leadership

      • Service

      • Departmental

      • Talent/Skill

    • Need Based

    • Institutional

    • Private

    • Athletic (register with www.NCAAclearinghouse.net)


What is Financial Aid?

  • Grants

    • Federal

    • State

  • Employment Opportunities

    • Work Study

    • Summer Internships

  • Loans

    • Stafford Loans

    • Perkins Loans

    • PLUS Parent Loan

    • Other

      (Federal and state aid along with many university aid and grants are awarded by completing the Free Application for Federal Student Aid at www.fafsa.ed.gov)


Goals of Financial Aid

  • To assist students in paying for their educational investment

  • To evaluate the family’s financial ability to pay educational costs

  • To distribute limited resources in a fair manner

  • To attempt to provide a balance of scholarships, loans, grants, work study, etc.


Cost of Attendance (COA)

  • Tuition and fees

  • Housing

  • Meal plan and additional food and snacks

  • Books and supplies

  • Entertainment

  • Transportation

  • Miscellaneous personal expenses

  • Study abroad costs


Definition of Need

Cost of Attendance (COA)

- Expected Family Contibution (EFC)

________________________________________________

= Financial Need


How much will you need?


Why do I have to pay so much?

  • As much as they are able, parents have a responsibility to pay for their children’s education

  • Students also have a responsibility to pay for educational costs

  • Family’s are evaluated in their present financial condition


How do I qualify?

  • CSS Profile

    • www.collegeboard.com

    • register now

  • FAFSA (Free Application for Federal Student Aid)

    • www.fafsa.ed.gov

    • register after January 1st


Eligibility

  • Accepted to an eligible program of study

  • Must be planning to enroll as a full time student

  • US Citizen or eligible non-citizen

  • Males must be registered with selective service

  • Must not have a drug-related conviction

  • Must have a valid social security number

  • Must maintain satisfactory academic progress as determined by the higher ed. institution


Role of the Financial Aid Office

  • Determine eligibility after receiving information from FAFSA or CSS Profile

  • Create an aid package

  • Send award letter to student that includes

    • COA

    • Student Need

    • Types and Amount of Aid Offered

    • How and When Aid Will Be Dispersed

    • Student Employment Conditions

    • Terms and Conditions of Aid Offer


Role of the Student

  • Apply to college

  • Talk to your parents about your resources

  • Contact financial aid offices at your schools

  • Complete the FAFSA and/or CSS Profile

  • Review financial aid award letter

  • Compare school offers

  • Talk to your parents (AGAIN) about offers

  • Accept or reject offers and return paperwork to schools

  • Notify all colleges of your decisions by May 1st


Other Sources of Funds and Financing

  • Resident Assistant Benefits

  • PACT

  • 529 Plans

  • University Payment Plans


Other Resources

  • www.fastweb.com

  • www.scholarships.com

  • www.scholarshiptree.com

  • www.finaid.org

  • www.studentaid.state.al.us

  • www.students.gov

  • www.alstudentaid.com

  • www.smartmoney.com

  • Student/Parent place of employment

  • Local business and civic organizations


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