Presentation Transcript

1. Financial Aid Information Session

   Eric J. HillCollege & Career Education Specialist eric.hill@apsva.us
2. Cost of Attendance College of William & Mary Tuition $6,785 Room $2,985 Board $1,642 Books, Travel and incidentals $1,400 Total (Per Semester $12,722 Total (Per Year) $25,444
3. To be Eligible for Federal Financial Aid Be a citizen or eligible non-citizen of U.S. Have a high school diploma or GED Be enrolled at least half-time at an eligible institution Register with Selective Service (men only) Not be in default on any federal education loans or owe a refund on any grants
4. Types of Financial Aid Three types of Financial Aid: Gift Money Earned Money Borrowed Money
5. Gift Money Grants Based on Financial need Federal, State, and University Grants Scholarships Based on various criteria From Colleges and other organizations
6. Earned Money Federal Work-Study Program Students work part-time, usually on campus Money earned helps pay for college
7. Borrowed Money Two types of loans Federal Personal Must be paid back
8. Federal Loans - Perkins Borrower: Student Based on Need: Yes Interest Rate: Fixed Repayment Begins: 9 months after graduating or dropping below half-time
9. Federal Loan - Stafford Borrower: Student Based on Need Subsidized = Yes Based on Need: Unsubsidized = No Interest Rate: Fixed every July 1, Repayment Begins: 6 months after graduating or dropping below half-time
10. Federal Plus Loan Borrower: Parent Based on Need: No Interest Rate: Fixed every July 1, 2013 6.41%
11. How is Financial Aid Awarded? Expected Family Contribution (EFC) The EFC is the amount you may be expected to contribute You don’t pay it up front Used to determine how much aid you’re eligible for Calculated from information you provide
12. Applying for Financial Aid To apply(FAFSA)www.fafsa.ed.gov FREE Free Application for Federal Student Aid Apply for a Department of Education PIN (www.pin.ed.gov) Apply regardless of family income
13. What is the CSS Profile ? The profile is an online application that collects information used by certain colleges and scholarship programs to award institutional aid funds. The CSS PROFILE also asks for more information than the FAFSA. For example, the CSS PROFILE asks for detailed information pertaining to investments and home worth— two areas the FAFSA does not cover in-depth. Using both of these tools allows University to gain a more accurate picture of a family’s financial standing.
14. How much does the CSS PROFILE Cost? There is a $25 fee for the initial application, and a $16 fee for each institution that receives it thereafter. A limited number of fee waivers are granted automatically to first-year, first-time applicants from low-income families, based on the financial information provided on the PROFILE.
15. When do I file the FAFSA & CSS Profile FAFSA: January 1, 2014 CSS Profile: October 1, 2013 However, you should file no later than two weeks before the earliest priority filing date specified by your colleges or programs.
16. Student Aid Report (SAR) Sent to you after FAFSA is processed If you provided an email you get a notification containing a link to it online Paper version via mail Contains your Expected Family Contribution(EFC) Information sent automatically to colleges you listed
17. In order to be considered for Aid at William & Mary Required application materials are: the FAFSA the CSS Profile
18. Stanford UniversityThe Parent Contribution We use an institutional formula to calculate an expected parent contribution toward educational costs.  Our goal is to treat families equitably while still maintaining flexibility to recognize unusual situations.  When we review your family’s finances, we make allowances for: living expenses (based on household size) federal and state taxes unusually high medical expenses college costs (undergraduate) for siblings private school tuition and college savings for younger siblings We also consider your family’s assets, including home equity, savings, investments and real estate, but not retirement accounts.
19. Stanford University In cases of separation or divorce, we expect both parents to participate in paying for your education. We will compute separate contributions for your custodial and non-custodial parents.
20. Stanford University Zero Parent Contribution for Parents with Income Below $60,000 For parents with total annual income below $60,000 and typical assets for this income range, Stanford will not expect a parent contribution toward educational costs. Students will still be expected to contribute toward their own expenses from their summer income, part-time work during the school year, and their own savings.
21. Stanford University Tuition Charges Covered for Parents with Income Below $100,000 For parents with total annual income below $100,000 and typical assets for this income range, the expected parent contribution will be low enough to ensure that all tuition charges are covered with need-based scholarship, federal and state grants, and/or outside scholarship funds.
22. Stanford University Tuition Charges for Parents with Income Below $200,000 Families with incomes at higher levels (typically up to $200,000) may also qualify for assistance, especially if more than one family member is enrolled in college. We encourage any family concerned about the ability to pay for a Stanford education to complete the application process. If we are not able to offer need-based scholarship funds we will recommend available loan programs.
23. Financial Aid Deadline Very from school to school UVA March 1, 2014 William & Mary March 1, 2014 Brown University Early Decision November 1, 2013 March 1, 2014 Regular Decision Institutional payment plan available
24. Award Letters and Offers Received from the financial Aid Office Compare offers Amount of Aid vs. cost of attendance Gift money vs. borrowed money Types of loans
25. Comparing Award Offers
26. Scholarships Washington -Lee high school, class of 2013 received more than $9.2 million in grants and scholarships.
27. Ivy League Institutions
28. University of AlabamaOut-Of State Scholarship A first-time freshman student who meets the December 15 scholarship priority deadline, has a 29 ACT or 1290–1320 SAT score (critical reading and math scores only) and at least a 3.5 cumulative GPA will be selected as a Foundation in Excellence Scholar and receive the value of one-half tuition or $47,900 over four years ($11,975 per year). Foundation in Excellence Scholarship
29. How to Locate Scholarships The student or the parent can login naviance family connection and search for scholarships. If you receive e-mails from me, you having a naviance family connections account. If you have forgotten your password or never registered, please e-mail me with your son or daughter's full name and I will reset your password.
30. Eric J. HillCollege & Career Education Specialist eric.hill@apsva.us