An introduction to financial aid
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An Introduction to Financial Aid. Bowdoin College Student Aid Office. Financial Aid Realities. There is financial aid available for all U.S. citizens. Loans and Jobs The funding systems (generally) work! Apply to colleges with varying costs, just in case.

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An Introduction to Financial Aid

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An introduction to financial aid

An Introduction toFinancial Aid

Bowdoin College

Student Aid Office


Financial aid realities

Financial Aid Realities

  • There is financial aid available for all U.S. citizens.

    • Loans and Jobs

  • The funding systems (generally) work!

    • Apply to colleges with varying costs, just in case.

  • A funding partnership is essential:

    • Family

    • Government

    • College/University


Should you apply for aid

Should You Apply for Aid?

  • YES !

    • All students are eligible…. for loans and jobs.

    • Financial aid may be available from…

      • Federal and State governments

      • Colleges

      • Private sources

    • Receive valuable information about…

      • Financing strategy

      • Borrowing resources

      • Payment plans


Should you apply for aid1

Should You Apply for Aid?

  • No!

    • Planned and saved for college costs

    • Avoid unpleasant paperwork

    • Enhance possibility of admission


The wizard of id s golden rule

The One with the Gold…

…makes the Rule!

The Wizard of Id’s Golden Rule:


How to apply

HOW TO APPLY…


Fafsa on the web

FAFSA on the Web

  • Web site: www.fafsa.ed.gov

  • 2009-10 FAFSA available on or after January 1, 2009

  • Paper application available on request

  • Worksheet: It’s not the application!


Pin registration

PIN Registration

  • Web site: www.pin.ed.gov

  • Not required, but speeds processing

  • May be used throughout aid process

  • Can get PIN anytime… now


Completing the css profile

Completing the CSS Profile

  • Apply Online

    • Registration

      • Log on to www.collegeboard.com

      • Click on CSS/PROFILE “Paying for College”

      • Enter a user name and password

      • Select Colleges to receive your data

      • Pay the fee with a credit card. $5 plus $18/college

    • Complete the PROFILE Application

    • Submit the Application at least one week prior to deadline


How is the data used

HOW IS THE DATA USED?


Eligibility formula

Eligibility Formula

Cost of attendance (COA)

  • Expected Family Contribution (EFC)

    = Financial Need


Expected family contribution efc

Expected Family Contribution (EFC)

income

assets

# in family

taxes paid

# in college

age of older parent

  • Federal EFC (from the FAFSA)

  • Used to award all federal aid

  • Used to award most institutional aid

  • Uses both parent and student information (for dependent students)

EFC


Estimating your efc

Estimating Your EFC

  • The Finance Authority of Maine is providing students and families with immediate access to “estimated” financial aid eligibility with the College Aid Calculator on the web.

  • “What ifs”: learn how potential changes in your circumstances affect the family contribution.

  • www.famemaine.com

  • www.collegeboard.com


An introduction to financial aid

The Award Barrel

Remember:$25,000 - $8,000 = $17,000

COA -EFC = Need

Cost of Attendance = $25,000

Unmet Need = $1,000

Gift Aid = $11,000 Grant

Work = $1,500 Work Study

Loan = $3,500 Stafford Loan

EFC = $8,000

Merit Awards


Sources of financial aid

Sources of Financial Aid

  • Federal Pell Grants

  • FSEOG (Federal Supplemental Educational Opportunity Grant)

  • Maine State Grant Program (MSGP)

  • Institutional Grants

  • Work Study

  • Federal Stafford Student Loans

  • Federal Perkins Student Loans

  • Alternative (Private) Student Loans

  • Parent Loans (Federal PLUS)

  • Private/Local Scholarships


A word of caution

A WORD OF CAUTION!!!

  • Beware of solicitations for programs that “guarantee” to find financial aid and scholarships for a FEE!

  • Beware of solicitations for FREE “financial aid interviews.”

  • The Finance Authority of Maine and the Maine Association of Student Financial Aid Administrators (MASFAA) provide free counseling and assistance to students and families completing financial aid forms.


Final reminders

Final Reminders

  • (Almost) Everyone should apply for financial aid

  • Consider colleges that are right for your son/daughter based on his/her interests and aspirations, as well as cost & affordability

  • Be proactive- Call if you have questions or concerns


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