Unlocking Financial Aid: MIT College Costs & Aid Facts

1. My money and my child go to MIT!

2. FINANCIAL AID • Need-Based • Merit-Based

3. Financial Aid FACTS • $52 Billion + • 95% from the Colleges

4. Comprehensive Fee • Tuition and Fees • Room • Board (Food) • Books and Supplies • Personal Expenses • Travel

5. Total Coverage Parents + Student + College _______________ Total College Costs

6. Expected Family Contribution (EFC) (PC) Parent’s Contribution + (SC) Student’s Contribution _____________________________ (EFC) Expected Family Contribution

7. Computing Need Comprehensive Fee (College Cost of Attendance) • Expected Family Contribution (EFC) ____________________ Student’s Financial Need

8. Financial Aid

9. Forms PROFILE • October 1 • https://profileonline.collegeboard.com FAFSA • January 1 • http://www.fafsa.ed.gov Institution’s Form or Supplement • Varies

10. Financial Aid Package • Scholarships Merit/Performance/Character • Grants Federal/State/Institutional • Work-Study Jobs • Loans Federal/State/Institutional

11. PROFILE • October 1 • 35 % Student Savings • 50% Student Salary $2,500+ • Parent’s Home Equity

12. FAFSA • Online FAFSA http://www.Fafsa.ed.gov • School and College Codes http://www.Fafsa.ed.gov • Student Pin Number http://www.pin.ED.gov

13. Worksheet • Social Security card and drivers license • Last year’s income tax return • W-2 forms • Record of any untaxed income • Current asset information • User’s name on social security card • Never leave anything blank/use 0’s instead

14. Deadlines • Second week in January • February 15?

15. SAR • Web-Based Application • 2-3 Weeks • Hardcopy • 4-6 Weeks

16. CFAR • Report • Income Tax Returns

17. State Residency • Permanent and mailing addresses • Your social security number • Student’s High School • Most recent employers • Parents' place of employment

18. Scholarships • Colleges • Private Sources

19. Search Engines • http://scholaraid.com • http://www.wiredScholar.com • http://www.wcholarships.com • http://www.fastWeb.com • http://www.finAid.org • www.collegescholarships.com • http://www.needalift.org

20. Specific Scholarships • www.boettcherfoundation.org • www.coca-colascholars.org • www.danielsfund.org • www.collegeincolorado.org • College Admission Office • Department of Interest

21. Other Sources of Aid • Cooperative Education (and some Internships) • Three Year Degree Programs • Military Commitment • Junior or Community College • Non-Need Work Study • Western Undergraduate Exchange • Reciprocal Agreements • College Opportunity Fund

22. 529 Plans • College Savings Plan • Prepaid Tuition Plan

23. Financial Aid Tips • Apply to more than one college. • Establish a contact in the financial aid office by phoning and/or visiting. This will give you a single, direct resource for answering questions and solving problems. • Appeal your financial aid package when it arrives if it is not satisfactory. Be gracious, be positive and have your reasons for requesting more funding be reasonable and justifiable. • Consider appealing your award AFTER the response deadline for offers of admission.

24. CollegeMasters, LLC • Rusty Haynes • collegemasters@comcast.net • Tel: 719.576.9487