understanding and explaining financial aid packages karly aparicio and katy murphy wacac slc march...
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UNDERSTANDING AND EXPLAININGFINANCIAL AID PACKAGESKarly Aparicio and Katy Murphy
WACAC SLC March 2013
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(Possible) Roles of the Counselor
Help families read financial aid awards
Help families break out direct or billable costs from personal costs
Help families reach an understanding of what student and parent loans mean, what work study means, and how payment plans work
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(Possible) Roles of the Counselor
Help students understand ramifications of choices
Help families determine bottom-line costs at each institution
Help families understand deadlines for sending forms and payments
Give families information; they make the decision!
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Make sure student has all of the information from the colleges’ portals / packets
Cost of Attendance
Expected Family Contribution
Expected Student Contribution
Help families read financial aid awards
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Cost of Attendance
Tuition and fees (including health insurance)
Room and board (allowances for living at home or in an apartment)
Books
Transportation
Personal Expenses
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Expected Contributions
For parents . . . Comes from income and asset information from the FAFSA / CSS Profile if submitted
For students . . . Comes from income and asset information and a small portion from expected Summer earnings
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The student’s bill includes tuition / fees and
room and board if living on campusFees can include parking, health, technology, social, etc.The bill is paid by quarter (3 times)
or by semester (2 times)
Break out Billable Costs
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Personal Costs . . . and variance
If living on campus . . . choice of residence and meal plans
A car on campus? Cost of books and supplies Cost of transportation to and from campus
if from a distance, how many times home? Personal Items: pizza and tide Social opportunities: trips, frats, clubs,
sports
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Loans, Work Study & Payment
Plans
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Student Loans
Direct Subsidized and Unsubsidized Loans
limited by year in collegesubsidized rates this coming year: 3.4%unsubsidized rates this year: 6.8%ten year repayment, other optionsone time 6 month grace period
Federal Perkins Loans5% interest10 year repayment9 month grace period
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Student Loans
Alternative / Market Loanscan carry lower interest ratesin student name . . . probably need co-
signerno loan fees
Institutional Loansawarded by some colleges, using their own
moneywill provide information on interest and
repayment
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Parent Loans
Federal PLUS Loansamount up to cost of attendance minus student
financial aidcannot have “adverse” credit report10 year repayment7.9% interest
Home Equity Loans / Other Borrowingconsider monthly payments
Loan payments are made to the college for the student’s account
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Work Study
Considered Financial Aid
More offers than jobs usually . . . secure job early
Usually option to “pre-pay” the bill from Summer earnings and then use the work study checks for personal expenses . . . or just signed over for the bill
Must be worked!
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Payment Plans
Offered by companies contracted by the college
Breaks the total year bill up into 8 – 9 – or 10 payments
Payments usually begin in June / July
Parents send checks to the company, then the company sends money to the college . . . student bill is then credited
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Grades and Academic Loads
Housing and Meal Options
Social Opportunities
Help Students Understand Choices
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Compare costs and offers at all of the colleges to which the student has been admitted
Help Families Understand the Bottom Line
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When Considering the Bottom Line How many years to graduate?
Retention rate . . . Frosh to soph?
Graduation rate
Total Loan
Career Placement / internships etc.
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Federal Shopping
Sheet
Grad Rate
Loan Default Rate
Median Loan Amt.
Cost of AttendanceGrants & Schol.
WorkLoans
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For committing by May 1st with depositsFor responding to the financial aid offerFor registering / signing up for OrientationFor submitting loan and other documentsFor responding to requests for more informationFor paying the bill / signing up for payment plans
Help Families Understand
Deadlines
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Once they understand their options,
THEY MAKE THE DECISION!