Financial Aid 101

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Financial Aid 101 What to Know - The Basics

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Financial Aid 101. What to Know - The Basics. Financial Aid Terms. FAFSA EFC COA NPC Work-Study Loans. Financial Aid. Free money ! ! !. Financial Aid- Two Kinds. Need-Based Financial Aid determined by financial situation of family - PowerPoint PPT Presentation

Transcript of Financial Aid 101

Page 1: Financial Aid 101

Financial Aid 101What to Know -

The Basics

Page 2: Financial Aid 101

Financial Aid TermsFAFSA

EFC

COA

NPC

Work-Study

Loans

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Financial Aid

Free money ! ! !

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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

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Need-Based AidFAFSA is completed

✤ www.fafsa.ed.gov

Jan 1 of Senior Year

Parent & Student PIN

Financial Information

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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

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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

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Financial Aid AwardGrants/Scholarships

Work-Study

Loans

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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

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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)

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Examples ofGenerous Colleges

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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.?

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Private Scholarships -

National

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Private Scholarships -

Local

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Private Scholarships -

Ethnic/Race/Gender

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ResourcesFAFSA - www.fafsa.ed.gov

Fast Web - www.fastweb.com

Scholarships - www.scholarships.com

Merit Aid - www.meritaid.org

College Board - www.collegeboard.org

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My Information• Joni L. Towles

• Certified Educational Planner

• www. towlesedu.com

[email protected]

• 770-850-0910