samford office of financial aid (205) 726-2905 -

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