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CARLISLE HIGH SCHOOL Financial Aid Information Session. Diane Cantonwine Office of Student Financial Aid Miami University Middletown. Topics We Will Discuss:. What is financial aid? Cost of Attendance (COA) Expected Family Contribution (EFC) What is financial need?

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carlisle high school financial aid information session

CARLISLE HIGH SCHOOLFinancial Aid Information Session

Diane Cantonwine

Office of Student Financial AidMiami UniversityMiddletown

topics we will discuss
Topics We Will Discuss:
  • What is financial aid?
  • Cost of Attendance (COA)
  • Expected Family Contribution (EFC)
  • What is financial need?
  • Categories, types and sources of financial aid
  • The Free Application for Federal Student Aid (FAFSA)
  • A general financial aid timeline
  • What if you have special circumstances?
  • There are resources available
what is financial aid
What is Financial Aid?
  • Financial aid are the funds provided to students and families to help pay for postsecondary educational expenses.
    • Can come from various sources:
          • Colleges or Universities
          • Federal Government
          • State Government
          • Civic Organizations and Churches
          • Employers
          • Private Sources
what is a cost of attendance
What is a Cost of Attendance?

Commonly abbreviated at COA


  • Direct Costs
    • Billed by or paid directly to the college, such as tuition and on-campus housing
  • Indirect Costs
    • Necessary expenses, such as transportation and personal care items, that are not paid to the college.
cost of attendance continued
Cost of Attendance (continued)
  • We combine the Direct and Indirect costs to form the Cost of Attendance, or student budget.
cost of attendance continued1
Cost of Attendance (continued)
  • Cost of Attendance varies widely among different types of college.
    • Residency (in-state vs. out of state)
    • Enrollment Status (full-time vs. part-time)
    • Campus (main campus vs. regional campus)
    • Living arrangements (on-campus vs. off-campus)
  • It is important to compare the COA at each university alongside the student’s aid package.
  • Remember that the COA is not necessarily what you are going to be billed, but it does represent the maximum amount of aid a student can receive.
what is the expected family contribution efc
What is the Expected Family Contribution (EFC)?
  • Amount a family can reasonably be expected to contribute, but not what the family will necessarily pay to the college
  • EFC is the same regardless of what college or university the student attends
  • Two components combined to form EFC:
    • Parent contribution
    • Student contribution
  • Calculated using data from a federal application form and a federal formula - FAFSA
  • Range of an EFC is $0 - $99,999
2010 2011 efc calculation
2010-2011 EFC Calculation
  • A few of the things included to calculate the EFC:
    • Family’s Taxable Income
    • Family’s Untaxed Income
    • The Number of People in your Household
    • The Number of Students in College
    • Child Support Paid or Child Support Received
    • Family Assets**Examples of what is NOT included in Assets:
        • Value of your Primary Home
        • Value of Life Insurance
        • “Official” Retirement Plans (pension funds, annuities, non-education IRAs, Keogh plans, etc.)
        • Value of Small Business that the family owns more than 50% of but has 100 or fewer employees
income vs efc
Income vs. EFC

Estimates are from

what is financial need
What is Financial Need?
  • The difference between the cost of attendance and the expected family contribution
  • Your financial need is used to determine how much aid you may receive
  • A college may not be able to offer enough aid to meet your demonstrated financial need, however it is our GOAL!
financial need comparison
Financial Need Comparison
  • The Expected Family Contribution (EFC) is the same at every institution, need changes.
categories of financial aid
Categories of Financial Aid
    • Awarded on the basis of financial need, as calculated using a form such as the FAFSA
    • Awarded on the basis of a student’s ability, talent or unique characteristics, such as academic achievements, athletic ability, musical talent, or ethnic heritage
  • Grants (typically need-based) are funds that do not have to be re-paid by the student. They are often based on the student’s financial need and may nothave a minimum Grade Point Average (GPA) for renewal.
    • A Few Examples:
      • Federal Pell Grant – Maximum of $5,550/year for 2010-2011
      • Supplemental Education Opportunity Grant (SEOG)
      • Federal TEACH Grant – Maximum of $4,000/year

Scholarships (need-based OR non-need-based) are also funds that do not have to be re-paid by the student.

They are usually awarded on academic criteria and there is often a minimum GPA required for renewal.

  • Some scholarships are renewable, some are not.

Loans are funds that students or parents borrow to pay for college costs. Repayment typically begins after the student’s education is finished.

    • Look at loans as an investment in the student’s education… and their future!
  • TIP: Only borrow what you need!
types of loans
Types of Loans
  • All FAFSA filers may receive a Federal Direct Stafford Student Loan with no credit check or co-signer
  • For dependent students: loan amounts are limited to $5,500 for freshmen, $6,500 for sophomores, $7,500 for juniors and seniors. Independent students are eligible for an additional amount of $4,000 or $5,000.
  • Repayment will begin 6 months after graduation (or when enrollment falls below ½ time)
types of loans continued
Types of Loans (continued)
  • Subsidized Federal Student Loans (fixed rate)
    • The interest is paid by the government while the student is in school.
      • Examples: Federal Perkins Loan, Federal Direct Subsidized Stafford Loan.
  • Unsubsidized Federal Student Loans (fixed rate)
    • The interest accrues on the loan while the student is in school.
      • Example: Federal Direct Unsubsidized Stafford Loan




2011-2012 Rates

Depending on financial need, a student may be offered a combination of subsidized and unsubsidized federal loans.

types of loans continued1
Types of Loans (continued)
  • PLUS Loans (fixed interest rate)
    • Federal loan taken out by the parent of a dependent student
    • Repayment begins 60 days after full disbursement of loan (typically Spring). Provisions allow for in school deferment that mimics that of the Federal Stafford/Direct Loan programs.
    • Approval is based on the parent’s credit history
    • If the parent is denied a PLUS loan, the student is eligible for additional unsubsidized loan funds
      • $4,000 if student is a freshman or sophomore
      • $5,000 if student is a junior or senior


2011-2012 Rate

types of loans continued2
Types of Loans (continued)
  • Private Education Loans (variable interest rate)
    • Loan taken out by the student from a private bank/credit union
    • Typically requires a co-signer
    • Payment usually deferred until after graduation
      • Sometimes interest only payments are required
    • Approval is based on student and/or co-signer’s credit history
    • Amount can not exceed COA minus all other aid
  • Federal Work-Study
    • The school pays a percentage of a student’s wage and the government pays the rest
    • Earnings are typically not directly applied to a student’s bill, instead, the student receives regular paychecks throughout the year
    • Work-Study Benefits:
      • Increases employment opportunities
      • Federal Work-Study wages are excluded from the EFC calculation on the following year’s FAFSA
the free application for federal student aid fafsa
The FREE Application for Federal Student Aid (FAFSA)
  • The FAFSA is the standard form that collects demographic and financial information about the student and family – available in English and Spanish
  • Why file electronically at
    • Built-in edits to prevent costly errors
    • Skip-logic allows you to skip unnecessary questions
    • Option to use Internal Revenue Service (IRS) data share
    • More timely submission of application and/or corrections
    • More detailed instructions and “help” for common questions
    • Ability to check application status on-line
basic fafsa eligibility
Basic FAFSA Eligibility
  • have a high school diploma or G.E.D.
  • be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program
  • be a U.S. citizen or eligible noncitizen
    • U.S. national (includes natives of American Samoa or Swain’s Island)
    • U.S. permanent resident with an 1-151, I-551 or I 551C
    • Have an I-94 from U.S. Citizenship and Immigration Services showing:
      • “Refugee”, “Asylum Granted”, “Cuban-Haitian Entrant, Status Pending”, “Conditional Entrant”, or “Parolee”.
  • have a valid Social Security Number
  • register with the Selective Service (if required)
dependency status questions for the 2011 2012 fafsa application
Dependency Status Questions for the 2011-2012 FAFSA Application
  • Were you born before January 1, 1988
  • As of today, are you married?
  • At the beginning of the 2011-2012 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?
  • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training ?
  • Are you a veteran of the U.S. Armed Forces?
  • Do you have children who will receive more than half of their support from you between July 1, 2011, and June 30, 2012?
dependency questions continued
Dependency Questions (Continued)
  • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012?
  • At anytime since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
  • Are you, or were you an emancipated minor as determined by a court in your state of legal residence at the time you received the determination?
  • Are you, or were you in legal guardianship as determined by a court in your state of legal residence at the time you received the determination?
dependency questions continued1
Dependency Questions (Continued)
  • At any time on or after July 1, 2010, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?
  • At any time on or after July 1, 2009, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
  • At any time on or after July 1, 2009, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
fafsa on the web fotw website www fafsa gov
'FAFSA on the Web' (FOTW)Website:

All application options will be accessible with one log in:

  • Starting a FAFSA
  • Continue a FAFSA
  • Corrections
  • Adding a School Code
  • Signing the FAFSA
  • Status Check
  • View SAR
fafsa details
FAFSA Details:
  • May be filed at any time during an academic year, but no earlier than January 1st prior to the academic year for which the student requests aid
    • January 1, 2011 for the 2011/2012 academic year
  • College may have their own priority deadlines
    • Not meeting a college’s priority deadline may severely impact the amount of financial aid a student receives
    • TIP: The IRS data share option may not be available to you in time to meet a school’s priority deadline.

Note: File the FAFSA even before you hear about your admission decision.

what is needed to file
What is Needed to File ?
  • Step 1: Register for a PIN (both parent and student) at
  • Step 2: Collect needed documents and information for student and parent(s):
    • Social Security Numbers
    • Prior Year Federal Income Tax Return (if applicable)
    • All Prior Year W2s
    • Records of untaxed income (i.e., payments to tax-deferred pension and savings plans, veterans non-education benefits, child support received for all children, etc)
    • Asset Information
fafsa steps continued
FAFSA Steps (continued)
  • Step 3: Use the FOTW Worksheet
    • Print from
    • This step is optional, but USEFUL!
  • Step 4: Be aware of deadlines
    • Deadlines differ by school and they are typically not negotiable.

The 2011-2012 ‘FAFSA on the Web’ Worksheet is included in your red folder.

more fafsa details
More FAFSA Details:
  • Once you submit the FAFSA it computes your Expected Family Contribution (EFC) and provides you with an electronic Student Aid Report (SAR).
  • This information is also sent to your chosen school(s). You control what school(s) receives your FAFSA results.

TIP: Filing the FAFSA should be FREE! Be careful that you are not paying someone to complete it for you. Use resources like a school’s financial aidoffice or your guidance counselor instead.

css profile
CSS Profile
  • The financial aid application used by some (mostly private) schools to determine eligibility for the university’s financial aid
    • Almost 600 schools, organizations, and scholarship programs use the CSS Profile
  • COST: $25 initial registration fee (includes one school or scholarship program) and $16 for each additional school or scholarship program
    • A limited number of fee waivers are granted automatically to first-year, first-time citizen — or eligible non-citizen applicants — from low-income families, based on the financial information provided on the
frequently asked questions
Frequently Asked Questions
  • What if my parents are divorced?
    • Use the parent with whom the student lived with the most in the last 12 months.
    • If you did not live with one parent more than the other, give answers about the parent who provided more financial support during the past 12 months, or during the most recent year that you actually received support from a parent.
  • Do I include the income of my stepparent?
    • Yes, if the stepparent is married to the parent who is required to provide information on the FAFSA.
  • If the student provides his/her own support, do I have to list parental income?
    • Yes, until the student is 24 years old or meets the limited exceptions listed on the FAFSA worksheet.
what is a special circumstance
What is a Special Circumstance?
  • Special Circumstance Examples:
      • Change in employment status
      • Medical bills not covered by insurance
      • Change in parent marital status
      • Student cannot obtain information from parents due to incarceration, abusive situation and/or no relationship with parents
  • You cannot report this type of situation on the FAFSA? Instead, speak to the financial aid office at each college. The college will review your situation and request additional documentation if appropriate

Fill out

FAFSA with


school codes


financial aid

offer from


After January 1st

Accept or

decline aid

as desired

Sign loanpromissory

notes, entrance counseling, etc…

May 1 or later

Don’t forgetto re-applyfor aid nextyear!

Register for

your courses

Aid is applied

towards your bill

Aid in excess

of billed amount is sent to you in a refund check

About 1 week before class

March/April for 4 year schools.


helpful contacts resources
Helpful Contacts/Resources
  • General Financial
  • FAFSA on the

-Access real-time, private, online chat with a customer service representative

  • Useful
  • If you have additional questions call the school financial aid office, or 1-800-4-FEDAID