parent college financing primer williston 2011
TRANSCRIPT
-
8/6/2019 Parent College Financing Primer Williston 2011
1/23
College FinancingParent Primer
Dr.Linda DagradiWilliston Northampton School
February 2011
-
8/6/2019 Parent College Financing Primer Williston 2011
2/23
GOALS
Increase understandingof the college financingprocessRelieve stressDevelop awareness of
tools and resources
-
8/6/2019 Parent College Financing Primer Williston 2011
3/23
PARENTAL FEAR
-
8/6/2019 Parent College Financing Primer Williston 2011
4/23
Good enrollment decisionsA process not an event!
T imeResearchI nvolvementProcess
-
8/6/2019 Parent College Financing Primer Williston 2011
5/23
Putting the Pieces TogetherMaking a Good Decision
Get organized Collect information Communicate
Develop a Plan Check assumptions & expectations
-
8/6/2019 Parent College Financing Primer Williston 2011
6/23
A realisticfinancingplan
-
8/6/2019 Parent College Financing Primer Williston 2011
7/23
College Cost IssuesSticker shockPrice vs CostShould we apply for admission?Defining affordabilityProjected student debtThe Best Fit or the Best Deal
-
8/6/2019 Parent College Financing Primer Williston 2011
8/23
Cost of Attendance
Direct costs Tuition Fees
Housing & food (residents)Indirect costs
Transportation Books
Personal Other educational expenses
-
8/6/2019 Parent College Financing Primer Williston 2011
9/23
Understand the Process
Financing Delivery System
System partnersApplication processTypes of aidDecisions
-
8/6/2019 Parent College Financing Primer Williston 2011
10/23
Partners
Federal governmentState government
Colleges & UniversitiesPrivate organizationsFamily
LendersAgencies
-
8/6/2019 Parent College Financing Primer Williston 2011
11/23
SOURCES OF AIDFederal government
State government
Colleges &Universities
Private
organizations
-
8/6/2019 Parent College Financing Primer Williston 2011
12/23
Types of Financial Aid
GIFT AID Grants or scholarships Need based or merit No repayment required
SELF HELP Loans
Must be repaid Student is theborrower
Work Study
Student mustearn theaward whileenrolled
-
8/6/2019 Parent College Financing Primer Williston 2011
13/23
Types of Financial Aid
NEED-BASEDFamily ability to payVariable eligibilityCost of collegeAvailability of fundingCollege calculates familycontributionCollege awarding policyAppeal process
MERIT Measure of qualityFamily resources not afactorAward levels pendingmission & resources of theawarding entityNo appeal process
-
8/6/2019 Parent College Financing Primer Williston 2011
14/23
Forms Forms Forms
FAFSAPROFILEInstitutional ApplicationTax returns
Other family information
-
8/6/2019 Parent College Financing Primer Williston 2011
15/23
Financial Aid Application Process
Deadlines and priority dates are critical Late filers jeopardize eligibility Eligibility vs. availability of funds
Shift from paper to electronic format
Colleges define document requirements
-
8/6/2019 Parent College Financing Primer Williston 2011
16/23
Get a USED PIN
Legal signatureUnique to the person
Parent PIN Student PIN
www.pin.ed.gov
-
8/6/2019 Parent College Financing Primer Williston 2011
17/23
Where Does All the Data Go ?
Confidentiality & Security
Who gets what formsDeadlines & priority datesData flow
-
8/6/2019 Parent College Financing Primer Williston 2011
18/23
PIN
Student Parent
FAFSA
Use FAFSA Worksheet ~ estimate if necessary ~ file early File after January 1 @ www.fafsa.gov
CPS
Central processing system
Conducts database matches Distributes data and processing results
SAR
Student Aid Report to student by email link or USPS
ISIR
Institutional Student Information Record Electronic data file sent to colleges from CPS
-
8/6/2019 Parent College Financing Primer Williston 2011
19/23
Cost of Attendance(COA)
- Expected FamilyContribution (EFC)
= Financial Aid Eligibility
Financial Aid Formula
-
8/6/2019 Parent College Financing Primer Williston 2011
20/23
Expected Family Contribution
IS a measure of capacityover time to absorbeducational costs
IS NOT a dollar amountexpected from currentincome or assets
IS NOT an estimate ofextra cash available.
PC
+
SC
-
8/6/2019 Parent College Financing Primer Williston 2011
21/23
Family CommunicationDefine affordabilityCheck expectationsDiscuss borrowing
Organize & PlanCalendar for due dates
Start a FA fileApplication responsibilityTrack questions
ResearchCollege costsScholarshipsCollege financing programsCollege application deadlines
Visit FAFSA websiteGet a federal PIN
Parent PINStudent PINAttend workshops
-
8/6/2019 Parent College Financing Primer Williston 2011
22/23
www.collegeboard.comFinancial aid calendarCSS PROFILEEFC calculatorStudent loan calculatorParent debt calculatorEducational loansCompare Your Aid AwardOutside aid search
College CostsFinancial aid mythsSavings options
RESOURCES
-
8/6/2019 Parent College Financing Primer Williston 2011
23/23
Federal Department of Education
1-800-4-FEDAID www.ed.gov www.fafsa.gov
Mapping Your Future www.mappingyourfuture.org
National Assoc. of Student Financial Aid Administrators www.nasfaa.org
Financial Aid Information Page www.finaid.org
MA Educational Financing Authority www.mefa.org
College websites