the harker school college counseling office
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Financial Aid Fundamentals. The Harker School College Counseling Office. Goals of Financial Aid. Primary goal is to assist students in paying for college and is achieved by: Evaluating family’s ability to pay educational costs Distributing limited resources in an equitable manner - PowerPoint PPT PresentationTRANSCRIPT
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The Harker School College Counseling Office
Financial AidFinancial AidFundamentals Fundamentals
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Goals of Financial AidGoals of Financial Aid
Primary goal is to assist students in paying for college and is achieved by:
• Evaluating family’s ability to pay educational costs
• Distributing limited resources in an equitable manner
• Providing balance of gift aid and self-help aid
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Gift AidGift Aid
Need based or merit-based
Scholarship Scams
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Self-Help AidSelf-Help Aid
• Earned or repaid
• Loans and work-study
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How Need is DeterminedHow Need is Determined
Cost of Attendance
Estimated Family Contribution (EFC)
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Cost of College AttendanceCost of College Attendance
Tuition and Fees Room and Board
INDIRECT COSTS Books and supplies Transportation Misc. Expenses
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Expected Family Contribution Expected Family Contribution [EFC][EFC]
Federal Methodology
Institutional Methodology
Parent Contribution from Income and Assets
Student Contribution from Income and Assets
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The Basic Financial Aid EquationThe Basic Financial Aid Equation
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
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ExampleExample
MIT Cost of Attendance: $48,000
– EFC: $20,000
= Demonstrated Financial Need: $28,000
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www.fafsa4caster.ed.govwww.collegeboard.com
www.finaid.org
Expected Family Contribution Calculator
Financial Aid EstimatorsFinancial Aid Estimators
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Applying for Financial AidApplying for Financial Aid
1. Which Colleges?
2. Which Forms?
3. When are the deadlines?
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Application FormsApplication Forms
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) – all
CSS PROFILE—mainly private colleges
COLLEGE’S OWN FORM – some
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Federal Student Aid Federal Student Aid PIN RegistrationPIN Registration
Web site: www.pin.ed.gov
Can obtain PIN before January 1, 2008
Parent AND student
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Free Application for Federal Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)
ALL colleges
FAFSA on the Web at www.fafsa.ed.gov
2008-09 FAFSA on the Web available on or after January 1, 2008
FAFSA on the Web Worksheet:• Used as “pre-application” worksheet• Questions follow order of FAFSA on the Web
Student Aid Report (SAR)
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CSS PROFILECSS PROFILE
Private colleges
Colleges set own deadlines
Register online
www.collegeboard.com
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Cal GrantCal Grant
California colleges
FAFSA required
academic achievement and financial need
GPA Verification Form due March 1, 2008
For more information visit: California Student Aid Commission at www.csac.ca.gov
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Additional Forms Possibly NeededAdditional Forms Possibly Needed
OTHER DOCUMENTS POSSIBLY NEEDED
• CSS Business/Farm supplement
• Tax returns (parents and student)
• W-2 forms
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Financial Aid Award OfferFinancial Aid Award Offer
Sent with or after the Admission Decision Letter
Compare Packages
Payment Plans
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Where to go from hereWhere to go from here
Find out required forms Know Financial Aid
deadlines Apply for Federal PIN Register for CSS Profile (if
needed) Visit helpful Websites
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For More InformationFor More Information
Contact the college Financial Aid Offices directly and visit their web pages
Visit FAFSA Online at www.fafsa.ed.gov •Apply for Federal PIN at www.pin.ed.gov
Visit CSS Profile at www.collegeboard.com
Visit FinAid at www.finaid.org
Visit FastWeb at www.fastweb.com
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Thank you for coming!Thank you for coming!
Questions?