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Financial Aid: Back to Basics. Andrea M. DeLuca, Assistant Director. Elizabethtown College Financial Aid Office. Presentation Objectives. Familiarize with terminology Outline application process Describe aid sources List resources available Reduce your anxiety. Getting Started.

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Financial Aid: Back to Basics

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Financial aid back to basics

Financial Aid:Back to Basics

Andrea M. DeLuca, Assistant Director

Elizabethtown College

Financial Aid Office

Presentation objectives

Presentation Objectives

  • Familiarize with terminology

  • Outline application process

  • Describe aid sources

  • List resources available

  • Reduce your anxiety

Getting started

Getting Started

  • Campus visits

  • Personal interviews with admissions and financial aid

  • Create college spreadsheet

  • Complete admissions application by December of senior year

  • Note financial aid deadlines

  • Complete federal taxes early

A word of advice

When beginning your college search, DO NOT rule out any school based solely on the cost. Only eliminate schools once financial aid is known and affordability is determined!

A word of advice:

Role of the financial aid office

Role of the Financial Aid Office

  • Resource for family

  • Responsible to federal government

  • Administer state funding

  • Steward of college funds

  • Student advocate

Do you qualify for financial aid

Do You Qualify for Financial Aid?

To be considered for financial aid, you must:


Potential applications

Potential Applications

  • Free Application for Federal Student Aid (FAFSA)

  • Institutional application


  • Civic, religious, service scholarship applications

When do you apply for financial aid

When Do You Apply For Financial Aid?

  • The earliest that you may submit the FAFSA is January 1st of the senior year.

  • May 1st is the deadline to apply for a PHEAA State Grant (PA Residents Only).

  • Check with each institution to determine their own financial aid deadline.

  • Review private sources for their deadlines.

Who completes the application

Who Completes the Application?

  • Student

  • Parents

    • Natural/adoptive

    • Single: divorced, separated, widowed

    • Remarried: Natural and step (who you live with)


Application suggestions

Application Suggestions

  • Schedule time to do it together.

    • Be aware of application deadlines.

    • Complete federal tax return & schedules as early as possible.

    • Complete all items – don’t leave any blank spaces

Privacy matters

Privacy Matters

Under the Family Educational Rights and Privacy Act (FERPA), all information submitted on applications is protected. The data is treated as strictly confidential, maintained in a secure area, and only released to a third party upon obtaining student’s signature.

Fafsa on the web fotw

FAFSA on the Web (FOTW)


    • Be sure to use the “.gov” and not “.com”


    • Obtain a PIN to sign the FAFSA

Why get a federal pin personal identification number

Why get a federal PIN?Personal Identification Number

  • Improves speed of application process

  • Used as “signature” on current and future FAFSA and loan applications

  • Used to make corrections to the FAFSA

  • Student/parent(s) should apply for their individual PIN – only one parent will need a PIN.

Financial aid back to basics

Where does your information go?


Web or paper

Federal Government

(data entry, analysis, matches)


$ $ $


(grant award)



$ $ $ $ $



  • FAFSA data checked against source

    of data for accuracy

  • Common documents requested include:

    • 2013 Federal Tax Data

    • W-2 Forms

    • Verification Worksheets

  • Review performed by the Financial Aid Office

  • Basic premise

    Students and parents are the primary source of funds for postsecondary education and are expected to contribute to the extent they are able.

    Basic Premise

    Aid sources

    Aid Sources

    • Federal government

    • State government

    • Postsecondary institutions

    • Private agencies

    Philosophies of meeting need

    Philosophies of Meeting Need

    Dependent upon:

    • Funds available to meet applicants’ need

    • Specific goals of enrollment

    • Amount of federal campus-based funds

    • Special circumstances

    Cost of education

    Cost of Education

    • Direct Costs

      • Tuition

      • Fees

      • Room

      • Board

    • Indirect Costs

      • Books & Supplies

      • Transportation

      • Personal Expenses

    Financial aid eligibility

    Financial Aid Eligibility

    Cost of Education

    - Expected Family Contribution

    Student’s Financial Need

    Financial aid back to basics

    Parent Contribution

    +Student Contribution

    Expected Family Contribution

    Efc determining factors

    EFC Determining Factors

    • Parental Income (Taxed and Untaxed)

    • Parental Assets (Excluding Primary Home & Tax-Sheltered Retirement Plans)

    • Student Income (amounts over $6,000)

    • Student Assets

    • Family Size/Number in College

    • Age of the Older Parent

    Items not included in the federal formula

    Items Not Included in the Federal Formula

    • Consumer Debt

    • Prior Educational Debt

    • Auto Expenses

      Permitted With Professional Judgment

    • Parent in College Expenses

    • Elementary/Secondary Tuition for Siblings

    • Medical & Dental Expenses

    Types of financial aid

    Types of Financial Aid

    • Gift Aid

      • Scholarships

      • Grants

    • Self-Help

      • Employment

      • Loans

    Factors which may influence the financial aid package

    Factors Which May Influence the Financial Aid Package

    • Academics

    • SAT’s

    • Class Rank

    • H.S. Attended

    • AP Courses

    • Predicted G.P.A.

    • Academic Track in High School

    • Diversity- Gender/Ethnicity

    • Athletic Ability

    • Talent- Theater, Art

    • Activities- Yearbook, Government

    • Geographic Diversity

    • Legacies

    How gift aid is awarded

    How Gift Aid is Awarded

    • Merit-based aid (Scholarships)

      • Academic ability

      • Special talent/achievement

      • Program of study

    • Need-based aid (Grants)

      • Financial need

      • Largest source of gift aid funds

    Federal grants

    Federal Grants


    • “Floor” of Financial Aid Package

    • Maximum Award: $5,645

    • EFC determines eligibility ($5,081 or less)

    • Limited to 6 years of full-time eligibility


    • “Priority to Pell Grant recipients

    • Award Range $100 to $4000 based on school’s funding

    • Determined by Financial Aid Office

    Pheaa state grant

    PHEAA State Grant

    • Initial application = FAFSA

    • PHEAA online application notice sent

    • Must be a PA resident

    • Award value up to $4,362

      • Correlates to cost of college

    Employment self help

    Employment (Self Help)

    • Spending money

    • Time management

    • Focused academics

    • Support group

    • Job references

    (Recommended schedule: 6-10 hours a week)

    Types of employment

    Types of Employment

    • Federal Work Study (FWS)

      • Part-time employment on or off campus

      • Partially subsidized by federal government

    • Institutional Employment

      • Part-time employment on campus

      • Fully subsidized by college

    Student loans

    Student Loans

    • Borrowed money to be paid back with interest.

    • An investment of students in themselves.

    • Available to all undergraduate students

    Federal student loan

    Federal Student Loan

    • For 2013-2014, loans have a fixed interest rate of 3.86 %

      (set annually with an 8.25% cap)

    • Annual eligibility based on student’s grade level

    Federal student loan1

    Federal Student Loan

    • Loan fees of 1.072% (increased from 1.051%) are charged.

    • Principal deferred while enrolled at least half-time (minimum of 6 credits).

    • Six-month grace period after last date of attendance.

    • Standard 10-year repayment term (other options available).

    Federal perkins loan

    Federal Perkins Loan

    • Students with exceptional need

    • Loan amount determined by Financial Aid Office

    • Interest rate: 5%

    • Loan maximums: $5,500 per year

    • 9-month grace period

    • Deferment/cancellation provisions

    Private scholarship searches

    Private Scholarship Searches

    • Always FREE

    • Never provide personal information such as your SSN

    • Seek help finding scholarships through:

      • High School Guidance Office

      • Financial Aid Office

      • World Wide Web Sites

    Outside scholarships

    Outside Scholarships

    • Must be reported

    • Individual institutions will handle scholarships differently

      • Check policy of each institution

    Other options for payment

    Other Options for payment

    • 10-month interest-free payment plans

    • Assortment of bank plans

    • Institutional plans

    • Federal PLUS loans

      (6.41%, with a 10.50% cap)

    • Home equity loans

    (Pursue these options after college choice is made.)

    Professional judgment

    Professional Judgment

    The law provides the Financial Aid Office the flexibility to deal with special circumstances and conditions which are applied on a case-by-case basis after the original application has been filed.

    Types of professional judgment

    Types of Professional Judgment

    • Separation or divorce

    • Death of one parent

    • Loss of employment income

    • Loss of non-taxable income

    • Unusual medical expenses

    • Other unusual circumstances

    Must i reapply

    Must I Reapply?

    • Yes! Annually

      • Every year a new financial “snapshot”

      • Family circumstances may change

        • Income

        • Assets

        • Number in college

        • Number in household

        • Special circumstances

    Foundation base year income

    Foundation: Base-Year Income

    • 2013 Federal

      Tax Return

    • 2014 Federal

      Tax Return

    • 2015 Federal

      Tax Return

    • 2016 Federal Tax Return

    2014-2015 Academic Year

    2015-2016 Academic Year

    2016-2017 Academic Year

    2017-2018 Academic Year

    Best sources for help

    Best Sources for Help

    • College financial aid office

    • PHEAA regional office

    • Local lenders

    • Local civic, religious, service organizations

    • High school guidance counselor

    Good luck and best wishes

    Good Luck and Best Wishes!

    Elizabethtown College

    Financial Aid Office


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