Melissa WinshipSchool Counselor

South Education Center Alternative

Financial Aid 101

Financing Your FutureFinancing Your Future

• What does college cost?

• What types of aid are available?

• How do I apply for financial aid?

• Where can I get more information?

What does college cost?What does college cost?(2011-2012 annual tuition and fees)(2011-2012 annual tuition and fees)

• Private Colleges: $31,862

• University of Minnesota: $13,062

• State Universities: $7,323

• Community & Technical Colleges: $5,173

• Private Career Colleges: $14,062

Source – MN Office of Higher Education

Cost of Attendance (COA)Cost of Attendance (COA)

The cost of attending an institution includes more than just tuition and fees. Also included are:

Room and Board Books and Supplies

Transportation Personal Expenses

How will I pay for it?How will I pay for it?

• Family support• Savings• Scholarships• Financial aid

–Grants–Loans–Work-study

Grants Grants FREE MONEY!FREE MONEY!

• Do not need to be paid back• Based on financial need

• Federal Pell Grant – up to $5,500/year

• MN State Grant – up to $9,000/year

• Institutional Grant – College funds awarded to students with financial need

LoansLoans• Must be repaid

– Perkins Loan (up to $5,500/year)

– Direct Subsidized (up to $5,500/year)

– Direct Unsubsidized (up to $20,500/year)

– Direct PLUS (for parents)

ScholarshipsScholarships

• Where can I find them?

• Community, church, civic, and business organizations

• Employers

• Colleges and universities

• On the Web

How do I apply for How do I apply for financial aid?financial aid?

• Obtain a Federal Personal Identification Number (PIN)

• Complete the Free Application for Federal Student Aid (FAFSA)

PIN RegistrationPIN Registrationwww.PIN.ed.gov

FAFSA on the WebFAFSA on the Webwww.fafsa.ed.gov

Expected Family Expected Family Contribution (EFC)Contribution (EFC)

The EFC is calculated from the information you provide on the FAFSA according to a formula established by law.

You can get an estimate of your EFC using the FAFSA 4-caster tool at www.fafsa.ed.gov.

EFC ComponentsEFC Components

Dependent Student• Parents’ income

and assets• Household size• Number of

dependents attending college

• Student’s income and assets

Independent Student• Student’s (and

spouse’s) income and assets

• Household size• Number in household

attending college

How does a school determine How does a school determine my financial aid award?my financial aid award?

Cost of Attendance (COA) - Expected Family Contribution (EFC) = Eligibility for need-based financial aid

Sample Financial Aid Award Package

Normandale Community College

Cost of tuition and living $10,000

Federal Pell Grant $5,000 Family

MN State Grant $1,000 Contribution =

Federal Perkins Loan $2,000 $1,000

Federal Stafford Loan $1,000

_________________________________

Total Aid $9,000

Where can I get more information?Where can I get more information?• Minnesota Office of Higher Education

www.getreadyforcollege.org

• Internet System for Education & Employment Knowledge www.iseek.org

• FinAid! - The Financial Aid Information Page

www.finaid.org

• Minnesota Association of Financial Aid Administrators: www.mafaa.org

• The College Board

www.collegeboard.org

What should I do and when?What should I do and when?

• Apply for scholarships now and throughout college

• Apply for admission to your school(s) of choice

• Apply for your PIN number

• Complete the FAFSA each year and be aware of school financial aid deadlines

What should I do and when? What should I do and when?

• Review your Student Aid Report (SAR) for accuracy

• Respond promptly if your school requests more information

• Respond to financial aid award notice

• Complete loan promissory notes and work-study forms

Financing Your FutureFinancing Your Future……an investment in you !an investment in you !

September 2009

Questions?

Feel free to contact me!

Melissa Winship

MAWinship@district287.org

612-355-5837