Financial Aid 101
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Transcript of Financial Aid 101
Financial Aid 101What to Know -
The Basics
Financial Aid TermsFAFSA
EFC
COA
NPC
Work-Study
Loans
Financial Aid
Free money ! ! !
Financial Aid-Two Kinds
Need-Based Financial Aid
✤ determined by financial situation of family
Merit-Based Financial Aid
✤ awarded on basis of merit - academic, athletic, artistic
Need-Based AidFAFSA is completed
✤ www.fafsa.ed.gov
Jan 1 of Senior Year
Parent & Student PIN
Financial Information
Terms to KnowEFC = Expected Family Contribution
✤ What the government says your family should pay for college per year
COA = Cost of Attendance
✤ Tuition, room & board, books, fees, etc. per year
How This WorksCost of Attendance per year = $30,000
Expected Family Contribution = $10,000
Financial “Need” = $20,000
If college meets 100% of demonstrated need, will give financial aid award of $20,000
Financial Aid AwardGrants/Scholarships
Work-Study
Loans
Net Price Calculators
(NPC)Tool to help families determine what the net price would be for the first year of college
Net Price = Cost of Attendance minus estimated need-based financial aid award
Need financial records
Not easy to compare colleges
What to Look For -Generous Colleges
Colleges that give a large % of grants or scholarships in need-based financial aid awards & little or no loans
Colleges that give a large % of merit-based scholarships (not based on financial need)
Examples ofGenerous Colleges
Pay Attention ToEach college’s policies about financial aid and scholarships
Deadlines - can be different than application deadline
Are any additional forms needed - CSS Profile, etc.?
Private Scholarships -
National
Private Scholarships -
Local
Private Scholarships -
Ethnic/Race/Gender
ResourcesFAFSA - www.fafsa.ed.gov
Fast Web - www.fastweb.com
Scholarships - www.scholarships.com
Merit Aid - www.meritaid.org
College Board - www.collegeboard.org
My Information• Joni L. Towles
• Certified Educational Planner
• www. towlesedu.com
• 770-850-0910