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

Why FAFSA on the Web?

• Faster

• Built in Edits and skip-logic

• Fewer Errors

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!

Types of Financial Aid

Gift Aid Grants Scholarships

Self-Help Student Employment Student Loans

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

We’re ready to help you!

Staff Assistance

• Contact the college financial aid office for assistance.

• Most offer both telephone & walk in counseling.