financing a college education presented by rebecca wonderly, senior counselor & outreach...
TRANSCRIPT
Financing A College EducationPresented by
Rebecca Wonderly, Senior Counselor & Outreach Specialist
Student Financial Services OfficeSeattle University
Overview
How Much Will It Cost?
How Much Will We Pay?
Closing the Gap: Private Outside Scholarships
Closing the Gap: Need-Based Financial Aid
Applying for Financial Aid
How are Financial Aid Awards Determined?
Types of Financial Aid
Timelines
Web Sites and Resources
How much will it cost?
The cost of attendance for a nine-month school year… sometimes called the student’s “budget” …
varies from school to school andincludes actual or estimated amounts for
Tuition and feesRoom and board
Books and suppliesMiscellaneous personal expenses
TransportationOther documented educational expenses
2014-15 Nine-Month Cost of Attendance
Washington State College Averages 4-Year 4-YearCommunity Public Private College College College
Tuition and Fees $ 3,900 $12,400$38,200
Books $ 1,250 $ 1,250 $ 1,250
Room and Board* $ 3,250 $10,800$10,800
Personal Expenses $ 1,600 $ 2,300 $ 2,300
Transportation $ 1,350 $ 1,350 $ 1,350
Estimated Total Cost $11,350 $28,100$53,900
*Assumes living at home for community college and not living at home for 4-year colleges
Net Price CalculatorAll institutions that participate
in federally funded financial aid programsare required to have a net price calculator on their web
sites
Shows estimated cost Calculates estimated financial aid … and often
institutional academic scholarships … based on:Simplified FAFSA-like information andGPA and/or other information (test scores, for
instance) if merit-based scholarships are part of the estimate
The difference between estimated cost and estimated aid is the estimated “net price” to the student and his or her family
Finding the Net Price Calculator
Check out the “Net Price Calculator” on the web site of each school in which you’re interestedGo to the school’s web siteSearch that site for “Net Price Calculator”The Net Price Calculator will often be found on
the Admissions and/or Financial Aid page of a school’s web site
The Department of Education required that this information be provided, but did not specify the format and/or content. The result? These sites differ from school to school … sometimes a little, sometimes a lot.
How much will we pay?The student and family will pay the difference
between the cost of attendanceand the assistance the student receives from ALL
sources:
Cost of Attendance- Assistance from ALL Sources*
= Amount the Student and Family Will Pay
*Includes any and all sources of funding whose purpose is to help cover the student’s educational costs: need-based financial aid, institutional academic and talent scholarships, outside scholarships, veterans benefits, tribal stipends, tuition remission and exchange, etc.
Closing the Gap:Applying for Private Outside
ScholarshipsUse your favorite search engine to find
“FREE College Scholarship Search Websites”
A few of the results include: The College Board Scholarship Search
collegeboard.com/paying FastWeb Scholarship Search
fastweb.com FinAid!
finaid.org Student Scholarship Search
studentscholarshipsearch.org Washington Scholarship Coalition
www.thewashboard.org
Searching will produce many, many more!
Closing the Gap:Applying for Need-Based Financial Aid
The Free Application for Federal Student Aid (FAFSA)is filed each year, preferably in January,
for the following academic year(January 2015 for the 2015-16 Academic Year)
Free Application for Federal Student Aid (FAFSA)www.fafsa.gov
Personal Identification Number (PIN)Use as your electronic signature
on the FAFSAwww.pin.ed.gov
Who’s eligible to apply?NEARLY EVERYONE!!!
You won’t know unless you apply … and it’s freeIf you think you’ll need help paying for
college, complete the FAFSA DON’T exclude yourself because you don’t
think you’ll qualify With very few exceptions, EVERYONE
who files the FAFSA is eligible for at least a student loan
Keep your options open: have a “Plan B”You can list several colleges to receive
the results of your FAFSA.
Before Beginning the FAFSA
Frequent FAFSA Errors Filing too early (before January 1) = filing for
the incorrect year … 2014-15 instead of 2015-16, for instance
Filing too late = missing priority funding deadlines (file by February 1 if at all possible)
Waiting to complete tax return to file the FAFSA. Don’t wait … it’s okay to estimate!!!
FAFSA not signed Incorrect number of people in the household
and/or number of people in college Incorrect information from parents who have
divorced or divorced and remarried
Special Circumstances You must provide the information the FAFSA
requestsIf, for instance, 2014 information is requested,
you cannot provide 2013 or anticipated 2015 information
Contact the Financial Aid Office(s), not the FAFSA processor, about financial circumstances you’re not able to explain on the FAFSA such as:Inability to obtain parent informationLoss of Income (retirement, lay-off, etc.)Private K-12 Tuition for siblingsMedical/Dental expenses not covered by
insuranceUnusual non-discretionary expensesIf you’re unsure, it never hurts to ask!
How is the amount of financial aid a student receives determined?
The information provided on the FAFSA is used by the Department of Education’s FAFSA processor to calculate the student’s Expected Family Contribution (EFC)
The EFC is sent by the processor to the schools the student lists on the FAFSA
The EFC is an index of the family’s overall financial strength and also a rationing device of sorts
At most schools, the student’s EFC, calculated by the Federal FAFSA processor from the information the family provides on the student’s FAFSA, is one of the main tools financial aid offices use to determine the amount of aid they are able to award to the student
How is the amount of financial aid a student receives determined?
The schools …
to which the student has been admitted, andto which the student had FAFSA results sent
… create financial aid awards based on, among other things
The need-based aid for which the student is eligible and
Aid the student will receive from other sources, and
The amount of aid available to be awarded
Types of Financial Aid
SCHOLARSHIPS and GRANTS “Gift Aid”
Don’t have to be repaid
WORK STUDYMust work part-time to earn
LOANSMust be repaid
SOURCESFederal, State, Institutional &
Private
Timeline for 2015-16 Fall 2014:
Apply for admissionComplete institutional financial
aid form and/or supplemental application such as the College Board’s PROFILE as requested
January 2015:File the 2015-16 FAFSA … by
February 1 if possibleBegin scholarship search
High School Counselor and/or Career Center
Web Search Don’t wait to be admitted to apply
for financial aid
Helpful Financial Aid Web Sites
Free Application for Federal Student Aid (FAFSA)www.fafsa.gov
FAFSA Personal Identification Number (PIN)www.pin.ed.gov
Department of Education, Federal Student Aidwww.studentaid.ed.gov“Prepare for College” tab on home page
Have Questions? Get Answers!
Meet with your high school counselor
Contact the Financial Aid Office at the college(s) you’re considering
Contact the Department of Education’s FAFSA processor using the “Contact Us” menu link from www.fafsa.govOnline chatToll-free phoneE-mail
Contact Rebecca Wonderly at Seattle [email protected]