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Financial Aid Fundamentals. The Harker School College Counseling Office. Goals of Financial Aid. Primary goal is to assist students in paying for college and is achieved by: Evaluating family’s ability to pay educational costs Distributing limited resources in an equitable manner

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the harker school college counseling office

Financial Aid

Fundamentals

The Harker School

College Counseling Office

goals of financial aid
Goals of Financial Aid
  • Primary goal is to assist students in paying for college and is achieved by:
    • Evaluating family’s ability to pay educational costs
    • Distributing limited resources in an equitable manner
    • Providing balance of gift aid and self-help aid
gift aid
Gift Aid
  • Need based or merit-based
  • Scholarship Scams
self help aid
Self-Help Aid
  • Earned or repaid
  • Loans and work-study
how need is determined
How Need is Determined
  • Cost of Attendance
  • Estimated Family Contribution (EFC)
cost of college attendance
Cost of College Attendance
  • Tuition and Fees
  • Room and Board

INDIRECT COSTS

  • Books and supplies
  • Transportation
  • Misc. Expenses
expected family contribution efc
Expected Family Contribution [EFC]
  • Federal Methodology
  • Institutional Methodology
  • ParentContribution from Income and Assets
  • StudentContribution from Income and Assets
the basic financial aid equation
The Basic Financial Aid Equation

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

example
Example

MIT Cost of Attendance: $48,000

– EFC: $20,000

= Demonstrated Financial Need: $28,000

financial aid estimators
Financial Aid Estimators

www.fafsa4caster.ed.gov

www.collegeboard.com

www.finaid.org

Expected Family Contribution Calculator

applying for financial aid
Applying for Financial Aid
  • Which Colleges?
  • Which Forms?
  • When are the deadlines?
application forms
Application Forms
  • FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) – all
  • CSS PROFILE—mainly private colleges
  • COLLEGE’S OWN FORM – some
federal student aid pin registration
Federal Student Aid PIN Registration
  • Web site: www.pin.ed.gov
  • Can obtain PIN before January 1, 2008
  • Parent AND student
free application for federal student aid fafsa
Free Application for Federal Student Aid (FAFSA)
  • ALL colleges
  • FAFSA on the Web at www.fafsa.ed.gov
  • 2008-09 FAFSA on the Web available on or after January 1, 2008
  • FAFSA on the Web Worksheet:
    • Used as “pre-application” worksheet
    • Questions follow order of FAFSA on the Web
  • Student Aid Report (SAR)
css profile
CSS PROFILE

Santa Clara

  • Private colleges
  • Colleges set own deadlines
  • Register online
  • www.collegeboard.com

MIT

Wellesley

Stanford

USC

Cornell

PENN

Pomona

cal grant
Cal Grant
  • California colleges
  • FAFSA required
  • academic achievement and financial need
  • GPA Verification Form due March 1, 2008
  • For more information visit: California Student Aid Commission at www.csac.ca.gov
additional forms possibly needed
Additional Forms Possibly Needed
  • OTHER DOCUMENTS POSSIBLY NEEDED
    • CSS Business/Farm supplement
    • Tax returns (parents and student)
    • W-2 forms
financial aid award offer
Financial Aid Award Offer
  • Sent with or after the Admission Decision Letter
  • Compare Packages
  • Payment Plans
where to go from here
Where to go from here
  • Find out required forms
  • Know Financial Aid deadlines
  • Apply for Federal PIN
  • Register for CSS Profile (if needed)
  • Visit helpful Websites
for more information

Contact the college Financial Aid Offices directly and visit their web pages

Visit FAFSA Online at www.fafsa.ed.gov

Apply for Federal PIN at www.pin.ed.gov

Visit CSS Profile at www.collegeboard.com

Visit FinAid at www.finaid.org

Visit FastWeb at www.fastweb.com

For More Information