financial aid information session minnesota association of financial aid administrators (mafaa)
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Financial Aid Information Session
Minnesota Association of Financial Aid Minnesota Association of Financial Aid Administrators (MAFAA)Administrators (MAFAA)
Objectives of this Session
• General Overview
• Application Process
• Types of Aid
• Answer Questions
Where to start
• Check with the college:Does college have an institutional aid
application?Does college do estimates of financial aid?Does college have a priority deadline date?What is the college’s Federal Code?
• Go on-line to www.FAFSA.ed.govGo on-line to www.FAFSA.ed.gov
Free Application for Federal Student Aid (FAFSA) facts
Universal tool for data collection Federal central processor computes data Apply every year Takes 1-2 weeks to process--apply early Generates Student Aid Report (SAR) Determines your Expected Family
Contribution (EFC)
Ways to complete the FAFSA
FAFSA on the WEB
http://www.fafsa.ed.gov
Paper FAFSA
Expected Family Contribution (EFC)
Student and parent contributions are determined by the federal formula
Colleges use your EFC to determine your financial aid eligibility at their school
Remember…• The cost of higher education
is primarily the responsibility of the family
• Financial aid supplements the Expected Family Contribution
• Ability-to-pay vs. willingness-to-pay
Tuition and Fees
Room and Board
Books and Supplies
Misc. Personal ExpensesTransportationChild CarePersonal Expenses
Cost of Attendance
Determining Financial Aid Eligibility
Cost of Attendance (COA) minus
Expected Family Contribution (EFC)
equals
Eligibility for need based aid
Financial Aid Examples
School A
COA$30,500
EFC - 5,000
NEED $25,500
School B School C
$15,500 $4,500
- 5,000 -5,000
$ 10,500 $0
Your Expected Family Contribution (EFC) remains the same!
Grants Federal
Pell Grant Supplemental Educational Opportunity
Grant ACG/SMART Grant
StateMinnesota State Grant
PrivateInstitutional Grants
Scholarships
Contact Colleges Check with High School
Guidance Counselor Check parent & student clubs,
unions, employers Search the internet
www.fastweb.com www.collegeboard.org www.finaid.org
Student Employment
Campus-based employmentCredited to student’s account or paid
directly to student depending on collegeFederal and state student work study
employment will not be used in determining the student’s contribution on next year’s FAFSA
Student Loans
Federal Stafford/Direct Loansubsidized and unsubsidized
Federal Perkins LoanFederal Parent (PLUS) LoanState of Minnesota SELF LoanPrivate Loan Options
Other important WEB resources...
• Financial Aid Information Page www.finaid.org
• The Internet System for Education and Employment Knowledge (ISEEK) www.iseek.org
• Minnesota Office of Higher Education www.ohe.state.mn.us
• Minnesota Association of Financial Aid Administrators www.mafaa.org
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