$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

College Financial Aid for the 2011-2012

academic year $$$$$$$$$$$$$$$$$$$$$$$$$

$$$$$$$$

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Who should apply for aid… You should apply for financial aid:

• If you can’t completely cover the costs• If you might want to use student loans to use your

savings wisely• If you want to be eligible for some independent

scholarships (i.e. Mariemont Kiwanis)

• If you might want an on-campus job

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How to Apply for aid

Complete the FAFSA = Free Application for Federal Student Aid

FAFSA on the web (www.fafsa.ed.gov) Be sure to use the 2011-2012 version

NOTE: list all your colleges on the FAFSA (even if you haven’t yet applied, or if you haven’t heard a decision)

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When to apply for aid• Complete the FAFSA by the “priority

deadline” of February 15, 2011, even if you haven’t heard your admission decision

• It’s okay to file the FAFSA at about the same time that you’re applying to colleges…be careful of deadlines!

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Before you begin…

• Register for PIN’s (parent and student) • Need Social Security Number, birth date, email address

• Print a FAFSA worksheet to use before going online (optional, but helpful…available late January)

• Complete tax returns for 2010 (estimates ok)

• Gather asset (investment) amounts (savings accounts, stocks, bonds, mutual funds, 529 plans, etc.)

Reminder: use the 2011-2012 version of FAFSA

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After the FAFSA is submitted…• Receive SAR (Student Aid Report) via email• Check it for accuracy and make necessary

changes online• Discover what your family will be expected to

pay for one year (EFC…Expected Family Contribution)

• Wait for the award from the colleges you listed

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How much $$ can I expect?

Cost of attendance for 1 year(tuition, room & board, books, fees, transportation)

--- EFC (Expected Family Contribution)

___________________

Financial aid eligibility (financial need)

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Examples of aid eligibility

College A College B College CApprox. cost

of attendance $46,000 $22,000 $4,500(for 1 year)

EFC $10,000 $10,000 $10,000

Need $36,000 $12,000 0(aid eligibility)

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Sources of aid

• Federal government - Dept. of Education (Pell Grant, SEOG, Work Study, Stafford Loan, PLUS Loan, TEACH Grant, etc.) Apply via FAFSA

• State government (Ohio College Opportunity Grant (OCOG), Ohio War Orphan’s Scholarship*, Nurse Education Assistance Loan Program*, etc.) Apply via FAFSA

*separate application

• Colleges (separate application/competition may be required)

• Independent sources (search online) (local scholarships will be available in March 2011)

What’s next?

• Wait for your award notification from all colleges you listed on FAFSA.• “Gift aid” – grants, scholarships• “Self-help aid” – loans, work study

• Compare actual costs from each college• Contact college financial aid office for

clarification or if there are special circumstances (loss of job, health, etc.)

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Tools

o FAFSA: www.fafsa.ed.gov (with link to PIN site)o FAFSA help line: 800-4-FED-AIDo FAFSA website online live help

o Estimator: FAFSA forecaster www.fafsa4caster.ed.gov

o MHS College Planning Webpage (www.mariemontschools.org/elfers )o Links to scholarship searches and local scholarship information

o Federal Student Aid information www.studentaid.ed.gov

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Quiz

How do you access the FAFSA? What version of the FAFSA will you be using? What can/should you and your family do before

starting the FAFSA? What is the priority deadline to file the FAFSA? What is the EFC? What is the SAR? How will you be notified of what your EFC is? How will your financial aid award be communicated

to you?