fin aid 101 & scholarships: creek to college herry creek 2014

Financial Aid 101Chris George

Assistant Vice Chancellor for Enrollment & Director of Financial Aid

Paying for College

Paying for College – The Process

Family Discussions Net Price Calculators Seek and Apply for Private Scholarships Apply for Financial Aid Financial Aid Award Letter (Aid Package) Multi-year commitment Rising Costs

Be Prepared

Welcome to the Financial Aid, I need the following information:◦ Salary◦ Investments◦ Cash, Savings, Checking balance◦ Home Value◦ Taxes Paid◦ Tax Transcript from the IRS

Organization

Colleges have varying deadlines◦ Priority deadlines◦ Ask what it means?

What Applications are required?◦ FAFSA, CSS PROFILE, institutional◦ Scholarship applications

Terms◦ Start developing a glossary◦ studentaid.ed.gov (Types of Aid)

Admission Office

Determines eligibility for merit based aid◦ Evaluate GPA ◦ ACT and/or SAT Scores◦ Extracurricular Activities◦ Leadership◦ Community Service◦ Teacher Recommendations

Financial Aid Office

◦ Establishes the cost of attendance

◦ Evaluates family’s ability to pay by determining an expected family contribution (EFC)

◦ Offers financial aid based on the cost of attendance and the expected family contribution

Determining Costs and Aid

Cost of Attendance◦ Direct Costs

Tuition and Fees Room & Board

◦ Indirect Costs Books & Supplies Transportation Personal Expenses

Financial Aid Applications FAFSA – Free Application for Federal Student Aid

◦ Required to determine eligibility for many federal, state and institutional aid programs which can include scholarships, grants, work study and student loans

◦ studentaid.ed.gov

CSS PROFILE – College Board◦ Many private universities and scholarship providers

require the CSS PROFILE application to determine financial eligibility for institutional aid programs

◦ student.collegeboard.org/css-financial-aid-profile◦ $25 Application Fee

Determining Costs and Aid

Financial NeedCost of Attendance - Expected Family ContributionFinancial Need

◦ Need varies based on cost◦ Most colleges are unable to meet 100% of

financial need with scholarship and grant aid

Types of Aid / Award Letters

Grants and Scholarships Self-help Aid

◦ Work Study◦ Direct Stafford Loans

Additional Loan Resources◦ Parent PLUS or Private Loans

Multi-year investment and costs Tuition increases

Financial Aid Applications Tips for Completing Applications

◦ Meet Deadlines◦ You can estimate information on both the FAFSA

and CSS PROFILE applications◦ Reapply every year ◦ Ensure Social Security Number is correct◦ Send applications to the correct institutions◦ Ask questions if you are unsure

Financial Aid Resources

Financial Aid Office & Website◦ Webinars / Chats / Videos / FAQs

Application Completion Events◦ High School◦ FAFSA Free for All Events◦ Financial Aid Office

Department of Education◦ @FAFSA◦ http://studentaid.ed.gov

Loans – Are they Evil?

No, but excessive borrowing is!

How much will your payment be?◦ Loan Balance of $10,000◦ 3.86% interest rate◦ Standard 10 year Repayment Plan

A. $80B. $100C. $120D. $140

For every $10,000 in loan balance, you will pay ~$100 per month for 10 years. $2,070 in interest

Smart Borrowing

Don’t borrow more than your first year salary

What do teenagers think their salary will be?

Source: Charles Schwab – Teens & Money Survey 2011

Private Scholarships Civic Groups/Organizations (Rotary, Lions) Foundations (Daniels’ Fund, Gates) Religious Organizations Corporations (Target, Coca Cola, Ford) High School Counselor College or University Financial Aid Office Website Online Resources

Tips on Winning a Scholarship

Use multiple FREE scholarship search sites◦ fastweb.com◦ bigfuture.collegeboard.org◦ scholarships.com◦ My College Dollars (Facebook App)◦ College In Colorado (Financial Aid)

Search and apply to scholarships as soon as possible

Adapted from Mark Kantrowitz & FinAid.org

Tips on Winning a Scholarship Answer all optional questions on scholarship

search sites Apply to every scholarship for which you are

eligible◦ Scholarships for less than $1,000 often have fewer

applicants Persistence pays

◦ Skill and luck are involved Meet deadlines Tailor your application to sponsor’s goals

Adapted from Mark Kantrowitz & FinAid.org

Tips on Winning a Scholarship

Clean up your online profile◦ Perform a Google search on your name◦ Review public profile on Facebook,

LinkedIn, Twitter, & YouTube Print, read and speak your essay to

correct spelling and grammar mistakes

If you have to pay to get money, it’s probably a scam

Adapted from Mark Kantrowitz & FinAid.org

Where Do I Go From Here? Talk about what the family can afford Utilize Net Price Calculators Understand dates and deadlines for both admission

and financial aid Inform colleges about special circumstances Investigate and apply for private scholarships

Questions?

Chris GeorgeAsst. Vice Chancellor for Enrollment & Director of Financial Aid

@CGeorge_DU

303-871-4020 finaid@du.edu