Understanding Financial Aid: Information Session Presented by Triena Bodart, UW-Milwaukee. Financing Your Education. Goal of financial aid How to apply Determining eligibility Types of aid available. Goal of Financial Aid. To assist students in paying for college.
Helps “bridge” the gap between what the family can pay and the cost of education.
and state statutes and legislators
most types of aid
YOU MUST APPLY TO FIND OUT!
And it’s free!
♦The earliest you may file the FAFSA is January 1
of the year you graduate high school
♦ Check with the colleges where you plan to apply for deadlines and institutional requirements.
♦ The FAFSA is student specific.
♦ It is o.k. to estimate income
♦ Who is considered a parent?
♦ You must re-apply for aid every year.
College Goal Sunday
complete the FAFSA
SHOW UP. CASH IN.
Determined by filing the FAFSA
Adjustments to EFC may be made due to Verification and/or Special Circumstances that limit ability to pay
Is the sum of four separate calculations:
Contribution from Parental Income
Contribution from Parental Assets
Contribution from Student Income
Contribution from Student Assets
Assets Not Included
(Parents refusal to provide support or financial data is insufficient to make a student independent regardless of tax filing status)
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
(Direct & Indirect)
Tuition and Fees
+ Room and Board
+ Books & Supplies
+ Miscellaneous Personal Expenses
= Cost of Attendance (COA)
Grants & Scholarships
Loans (must be repaid with interest)
Employment (must be earned as wages)
Two types of Stafford Loans:
- Borrow conservatively! Remember: Loans have to be paid back- Keep detailed records- Borrow only what is needed for direct educational expenses - Utilize Tax Benefits like Interest Deductibility & the American Opportunity Tax Credit and/or Lifetime Learning Credit
Every family should file a FAFSA. Regardless of income, every student qualifies for a Federal Stafford loan, if they meet the basic eligibility requirements.
Benefits of a federal student loan:
Civic organization scholarships
Private business scholarships
use when signing the FAFSA