Samford Office ofFinancial Aid
(205) 726-2905 - www.samford.edu/financialaid
What Does College Cost?(Per semester)
Univ. of Alabama - $10,625
Auburn University - $9,345 Jefferson State Community College - $1,656 Miles College - $7,898 Alabama State University- $6,649 Univ. of North Alabama - $9,069 Jacksonville State University - $5,902 Alabama A&M University - $6,154 Samford University – $15,866
What We’ll Cover
Types of Financial Aid
Sources of Financial Aid
Next Steps
Types of Financial Aid
Grants/Scholarships (free money)
Self Help1. Loans2. Work Study
Sources of Financial Aid
Federal Government
State Government
Private/Outside Resources
Your College or University
Personal Finances
Federal Aid
Grants (free money)
Loans (self help)
Work Study (self help)
Fed. Aid - FAFSAFree Application for Federal Student Aid
1. Free is the key – do not pay2. www.fafsa.gov NOT www.fafsa.com
Fed. Aid - FAFSA
Starting point every year
Required by some colleges for institutional need-based aid
Available NOW
Input1. Parents’ and Student Income2. Demographic Information
OutputEFC – Expected Family Contribution
1. Portable2. Key factor in determining NEED
FAFSA Forecasterhttp://www.fafsa4caster.ed.gov
Paper version on the web http://www.fafsa.ed.gov/options.htm
Fed. Aid - FAFSA
Dependency Status1. Born before January 1, 1989 (2012-13)2. Married3. Have a dependent that receives at least
50% of their support from student4. Graduate student5. Orphan or ward of the court6. Veteran or Active Duty Soldier7. At risk of being homeless or is homeless
Fed. Aid - FAFSA
Federal Aid - Grants
Pell Grant (all schools have access)
1. High need students2. Guaranteed3. 2012-2013 award of $5,5504. Award prorated due to enrollment status
SEOG (not all schools have access)
1. Pell recipients only 2. High need3. Awarded to full time students4. 2011-2012 award of $1,000 per year5. Not guaranteed
Federal Aid – Work Study
Awards vary from college to college
Not available at all colleges
Must be enrolled at least half time
Federal Aid - Loans
Stafford1. FAFSA required2. Guaranteed3. 6.8% interest rate for both Sub and Unsub4. $3,500 - $4,500 - $5,500 - $5,500 (plus extra
$2,000)5. Must be enrolled at least ½ time6. Six month grace period after graduation7. Two types
a. Subsidizedb. Unsubsidized
8. App in Samford Portal9. E-sign the Master Promissory Note
PLUS Loan1. Parent Loan for Undergraduate Student2. Max amount is COA less any other aid3. Based on credit check of parent4. This is the parents’ loan not the
student’s5. 7.9% interest6. Payments begin after second (spring)
disbursement or later if be deferred until after graduation
Federal Aid - Loans
State of Alabama Aid Programs
No central application like FAFSA
No ministerial students
Alabama Student Grant1. Application available in FAO/Website2. Amount varies – approx $2503. Prove Alabama residency
Private/Outside Resource
Any scholarship or grant not from the state, feds or Samford
Form in student portal
Church
Employer – student’s and/or parents’
Corporations
Civic Groups
www.fastweb.com or www.scholarshipexperts.com or www.schoolsoup.com
Institutional Specific Scholarships
Primarily awarded by the Admissions Office or the Financial Aid Office
Some awarded by the schools w/in univ.
Both merit based and need based awards
Private Loans
Private Loans1. Not federally guaranteed2. Interest rate depends on credit3. Co-signer usually required for best
rates and approval4. Could be as expensive as a credit
card5. 6 to 9 month grace period6. Absolute last resort
Additional InformationYour college’s financial aid web pagewww.samford.edu/financialaid/
www.finaid.org
www.collegeboard.com
www.fafsa.gov
www.college.gov and www.ed.gov
www.upromise.com
www.collegesavings.org
www.staffordloan.com
College Options
TuitionFees
Room + Board
Total Costs
Scholarships + Grants
Total Gift Aid
Costs - Gift Aid
Net Costs
Stafford LoanPerkins Loan
+ Parent Loan Total Loans
Cost Scorecard