Financial Aid 101. For High School Students and Their Parents. Bristol Eastern High School December 6, 2011.
For High School Students and Their Parents
Bristol Eastern High School
December 6, 2011
This presentation was developed by Stacey Musulin in concert with other staff members at the University of Connecticut Office of Student Financial Aid Services. This presentation uses materials created by the National Association of Student Financial Aid Administrators
The information in this presentation was based on rules and regulations interpreted as of the date of its creation. Please note that programs may change over time. Also, many forms of aid are based on individual schools’ policies and available funding. Examples used in this presentation should not be considered guarantees of aid a student would receive. Contact your school for details about application procedures and eligibility questions.
Financial aid consists offunds provided to students and families to help pay for postsecondary educational expenses
Tuition & Fees(billed)
Room & Board (billed if on-campus)
Books & Supplies
Miscellaneous Living Expenses
Cost of Attendance (COA)
Parental contribution from income & assets
+ Student contribution from available income & assets
= Expected Family Contribution
(adjusted if more than one dependent in college)
NB: The official “Need” figure is not necessarily what is needed to pay the bill
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
(billed and miscellaneous non-billed expenses)
(schools will use this figure to determine eligibility for need-based aid)
Important Tip: There are scholarship scams! Do not pay for scholarship searches/ applications.
Important Tip: Start Early! Application deadlines and procedures vary depending on source of aid!
Tip: FWS earnings, if indicated specially on the FAFSA, do not count in the expected family contribution (EFC) calculation for the following school year!
CSS Profile Application
Tip: Get student AND parent PINs now!
TIPS FOR SECTION 1:
Tip: In extreme circumstances, dependency status may be appealed. Contact your school’s financial aid office for more details.
Tip: Review your SAR carefully for accuracy and keep a hard copy!
Tip: Respond to requests for additional information/ documentation ASAP!
Unmet Need = $6,000
Work study = $2,000
Other loans: $2,000 Unsubsidized Stafford
Need-based loans = $3,500 Subsidized Stafford
EFC = $5,000The Financial Aid “Barrel”
$25,000 - $5,000 = $20,000
COA - EFC = Need
Hypothetical example only!
PLUS Loan eligibility, Unsubsidized Stafford, or alternative loans may be used to “fill” unmet need and EFC