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What is this Financial Aid Thing Anyway. Capital High School October 24, 2012 Tracy Dahl and Sabrina Knoll Centralia College Financial Aid Office. Topics We Will Discuss. What is financial aid Understanding college costs The expected family contribution, or EFC What is financial need

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what is this financial aid thing anyway
What is this Financial Aid Thing Anyway

Capital High School

October 24, 2012

Tracy Dahl and Sabrina Knoll

Centralia College Financial Aid Office

topics we will discuss
Topics We Will Discuss
  • What is financial aid
  • Understanding college costs
  • The expected family contribution, or EFC
  • What is financial need
  • Types of financial aid
  • Sources of financial aid
topics we will discuss1
Topics We Will Discuss
  • How to apply for financial aid
  • The federal financial aid programs
  • Estimating eligibility for federal financial aid using FAFSA4caster
  • Researching financial aid options
  • What you should be doing now
know how to go
Know How to Go
  • http://www.youtube.com/user/KnowHow2Go
what is financial aid
What is Financial Aid?

Any money from outside of the family that pays postsecondary (college) expenses.

understanding college costs
Understanding College Costs
  • College is expensive, but worth the cost
    • A sound investment in your child’s future
  • More than just tuition
    • Also includes room and board, books, transportation, personal expenses, etc.
understanding college costs1
Understanding College Costs
  • Vary by type of college
    • Community colleges are less expensive than four-year schools
    • Private colleges are more expensive than public colleges
    • http://www.wsac.wa.gov/PayingForCollege/CostFactors
expected family contribution efc
Expected Family Contribution (EFC)
  • Calculated using a federal form (FAFSA) and formula
  • Two components
    • Parent contribution
    • Student contribution
expected family contribution efc1
Expected Family Contribution (EFC)
  • Amount family can reasonably be expected to contribute, but not what family will pay to the college
  • EFC the same regardless of college the student attends
what is financial need
What is Financial Need
  • Financial need is the difference between the cost of attendance (COA) and expected family contribution (EFC).
  • COA is tuition, fees, room and board, transportation, etc.
  • EFC is determined from what you report on the FAFSA (Free Application for Federal Student Aid)
  • COA – EFC = Financial Need
what is financial need1
What is Financial Need
  • For example, if COA is 10,000, and EFC is 2,000, then a student’s need is 8,000
  • Amount of financial need determines the amount of aid a student will receive
sources of financial aid
Sources of Financial Aid
  • Federal government
  • States
  • Colleges
  • Private sources
federal government
Federal Government
  • Largest source of financial aid
  • Awarded mainly on the basis of financial need
  • Apply every year using standard form called Free Application for Federal Student Aid – (FAFSA)
states
States
  • Offer both merit-based and need-based aid
  • Usually have residency requirements
  • May have service requirements
colleges
Colleges
  • Varies widely from college to college
  • Offer both merit-based and need-based aid
  • May be offered as part of the admissions process
private sources
Private Sources
  • Churches, civic organizations, employers
  • Varying award amounts and application procedures
  • Small awards add up
types of financial aid
Types of Financial Aid
  • Grants
  • Loans
  • Employment
  • Scholarship
grants
Grants
  • Awarded on the basis of financial need
  • Do not have to be paid back
federal grant programs
Federal Grant Programs
  • Federal Pell Grant
  • Teacher Education Assistance for College and Higher Education (TEACH) Grant
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • http://www.studentaid.ed.gov/
maximum amounts for federal grants
Maximum amounts for federal grants
  • Federal Pell Grant: $5,550
  • Federal TEACH Grant: $4,000
  • FSEOG: $4,000
washington state need programs
Washington State Need Programs
  • Washington State Need Grant
  • College Bound Scholarship
  • Passport Program
  • Our state aid: www.wsac.wa.gov
maximum amounts for state grants
Maximum amounts for state grants
  • Washington State Need Grant
    • UW/WSU $10,868
    • Other 4 year public $ 7,580
    • Private 4 year $ 8,517
    • Community College $ 3,696
loans
Loans
  • Must be paid back, usually after the student finishes school
  • Many different types
  • Student loans are a reasonable form of aid
    • A good investment in the student’s future
federal loan programs
Federal Loan Programs
  • Federal Perkins Loan
  • Federal Direct Loans
    • Borrowed by students
  • PLUS Loans
    • Borrowed by parents and graduate students
maximum loan amounts and interest rates for first year student
Maximum loan amounts and interest rates for first year student
  • Federal Direct Loan: $5500 (no more than $3500 subsidized)
  • Interest rate fixed 3.4% subsidized, 6.8% unsubsidized
  • Federal Perkins Loan: $4000
  • Interest rate fixed 5%
  • Interest rates set by Congress
federal parent loan
Federal Parent Loan
  • COA minus other aid received
  • Interest rate fixed 7.9%
employment
Employment
  • Earnings used to cover college expenses
  • Advantages – Gain work experience and earn money
  • Income is reported on tax return but is excluded when calculating financial aid eligibility

,

employment programs
Employment Programs

Federal Work-Study (FWS)

State Work-Study (SWS)

scholarships
Scholarships
  • Awarded on the basis of merit or unique characteristics
  • Do not have to be paid back
how to apply for financial aid
How to Apply for Financial Aid
  • Complete a standard federal form every year
  • Free Application for Federal Student Aid, or FAFSA at www.fafsa.gov
    • Collects demographic and financial information
    • Data used to calculate the EFC
be aware of deadlines
Be Aware of Deadlines
  • Check with the colleges/universities to determine their priority deadline so that you are sure to have your FAFSA and any other additional forms/requirements submitted by that deadline.
  • Financial aid is usually awarded on a first-come, first-served basis. Don’t lose out on funding by missing the deadline.
  • The FAFSA form is available January 1, 2013 – submit it as soon after that date as possible.
estimating eligibility using fafsa4caster
Estimating Eligibility Using FAFSA4caster

On-line tool developed by U.S. Department of Education to help families prepare financially for college

  • Asks for data you will need to provide on the FAFSA
  • Estimates eligibility for the Federal Pell Grant
  • Available at www.FAFSA4caster.ed.gov
researching financial aid
Researching Financial Aid
  • Begin early
  • Find scholarships that match your student’s academic interests, hobbies, and unique characteristics (www.washboard.org)
  • Don’t pay for scholarship searches or to fill out the FAFSA
  • Report fraud
what you should be doing now
What You Should Be Doing Now
  • Begin researching financial aid options
  • Start or continue saving
  • Take college prep classes
  • Participate in extracurricular activities
  • Develop strong study skills
conclusion
Conclusion
  • It is never too early to start the college planning process
  • The more information you have, the easier the process will be for you and your student
questions
Questions?

Centralia College

Financial Aid Office

360-736-9391, ext. 234 or financialaid@centralia.edu