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Maximizing Financial Aid Opportunities for College Success

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Learn about scholarships, FAFSA, need-based aid process, types of aid available, and resources for students to create their own roadmap to college. Discover special circumstances for additional aid opportunities.

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Maximizing Financial Aid Opportunities for College Success

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  1. Financial Aid Presentation Given By: Terry Norman Viterbo University twnorman@viterbo.edu 608-796-3900

  2. Scholarships • “Free” money • Research! • Use resources such as High School Guidance Office, Internet, etc.

  3. Resource for students • www.college.gov • US Dept. of Education • Designed by other students • First-person accounts of challenges faced by students • “Create their own “roadmap” to college” www.college.gov

  4. FAFSA4caster http://www.fafsa4caster.ed.gov/F4CApp/index/index.jsf • www.fafsa4caster.ed.gov • Receive an early estimate of eligibility for federal student aid • Increase your knowledge of the process and types of aid available • Some information entered will populate your FAFSA on the Web application

  5. College Goal Sunday “Weekend Edition” • www.collegegoalsundayusa.org • www.wicollegegoalsunday.org • February 20 or 21, 2010 • Volunteers from Financial Aid Offices and other financial institutions • Ask questions • Fill out FAFSA • File FAFSA • Raffle and Scholarship drawing www.collegegoalsundayusa.org

  6. Need-Based Financial Aid Process How do I apply? • Accepted for Admission • Complete “Free Application for Federal Student Aid (FAFSA)” • www.fafsa.gov* • www.pin.ed.gov • Promptly submit other documentation requested by the Financial Aid Office www.fafsa.gov *Website updated to avoid using erroneous websites

  7. Filing the FAFSA

  8. Determination of Financial Need How will the amount be determined? • Cost of Attendance – Expected Family Contribution (EFC) = Financial Need

  9. Expected Family Contribution (EFC) How is the EFC determined? • Dependent Students • Student Income and Assets + Parent Income and Assets = EFC • Independent Students • Student/Spouse Income + Assets = EFC

  10. Types of Financial Aid How will my “need” be met? • Grants/Scholarships • Student Employment • Student Loans

  11. Other Options What options are available beyond FAFSA? • Federal PLUS Loan • College/ University payment plan • Private Educational Loans • Other Loans

  12. 2010-11 FAFSA on the Web Worksheet (DRAFT) • NOT finalized! • Used to gather basic information • More questions will be asked when filing online compared to bare minimum on this draft • Worksheet will mirror online version • DO NOT mail completed worksheet!

  13. 2010-2011 FAFSA (DRAFT) • Q 1-3), 8), 24-25), 31)

  14. 2010-2011 FAFSA (DRAFT) • Q 46-58) Determining Student Dependency Status

  15. 2010-2011 FAFSA (DRAFT) • Parent(s) on FAFSA • Married= Both parents’ information • Divorced= Primary parent’s information • Primary Parent= Parent that provides more than ½ of the support for the student • Remarried= Step-parent information MUST also be provided

  16. 2010-2011 FAFSA (DRAFT) • Q 80) Parent Tax Returns filing status

  17. 2010-2011 FAFSA (DRAFT) • Q 41-43) Student Assets • Q 89-91) Parent(s) Assets

  18. 2010-2011 FAFSA (DRAFT) • Q 93) Parent’s Untaxed Income

  19. 2010-2011 FAFSA (DRAFT) • Q 102) Indicate where FAFSA should be sent

  20. Special Circumstances • Matters beyond control not reported on FAFSA • Medical Expenses • Loss of income • Death • Loss of Job • Separation/Divorce • Tuition • Parent • Siblings

  21. Questions?

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