FINANCIAL AID FOR

US CITIZENS

What Financial Aid Is

Terms & Acronyms

Types & Sources of Aid

Application Process & Forms

Creative Ways to Pay

Timeline

GOALS

Money supplied by a source outside the family to help pay for

the cost of education.

Basic premise of Financial Aid: Students and parents are the

primary source of funds and are expected to contribute to the

extent they are able.

WHAT IS FINANCIAL AID?

An assistance device

Not designed to replace a family’s contribution

Not based on what parents would LIKE to pay

FINANCIAL AID IS...

FINANCIAL AID OFFICE

COST OF U.S. INSTITUTIONS

FINANCIAL AID INFORMATION

NET PRICE CALCULATOR

FINANCIAL AID OFFICE

CONTACT INFORMATION

Need-Based Aid

Merit-Based Aid

Need-Blind Admissions

Need-Aware Admissions (Most US Colleges &

Universities)

TERMS

COA – Cost of Attendance

EFC – Expected Family Contribution

FAFSA – Free Application for Federal Student Aid

SAR – Student Aid Report

CSS Profile – College Student Scholarship

ACRONYMS

EXPECTED FAMILY CONTRIBUTION

Parent’s Contribution

+ Student’s Contribution

Expected Family Contribution

Calculated ability to pay may not match

family will ingness to pay!

Federal Funding

State Aid

Institutional

Private

Student/Family

Community Organizations

Civic Groups

Religious Organizations

Businesses

Industry

SOURCES OF AID

Most Common Federal Aid

Pell Grant

Stafford Loan

Perkins Loan (high need families)

State Aid

Institutional

Private

Student/Family

Community Organizations

Civic Groups

Religious Organizations

Businesses

Industry

SOURCES OF AID

Based on family’s ability to pay

Eligibility may vary

Cost of college

Availability of funding

College calculates family

contribution

College awards aid based on level

of need and available funding

Parent Plus Loan

Parent loan

Based on parent credit

Measure of Quality

Academic

Athletic

Artistic

Special Characteristic

Family resources not a factor

Award levels based on sponsors’

goals and funding levels

Always double check to see if merit aid is an “automatic”

process or a separate application.

HOW TO APPLY

Free Application for Federal

Student Aid (FAFSA)

Apply for a PIN first

Apply online

Available January 1

Parent tax information needed

Add schools you are applying to (in ABC order)

Apply early and watch deadlines

SAR approx. 4 weeks later

REQUIRED FOR ANY FORM OF FEDERAL AID

WWW.FAFSA.ED.GOVNOT FAFSA.COM

FEDERAL APPLICATION

PROCESS

http://student.collegeboard.org/css-financial-aid-profile

Verify if the university also requires CSS Profile

Beyond the FAFSA: Medical expenses, elementary and

secondary school tuition, home equity, variety of unusual

circumstances

Tailored to an institution

Popular with ED schools

CSS/FINANCIAL AID

PROFILE

“When we began using the CSS, we were

not trying to cut the amount of money we

were distributing – we were just trying to

do a better job distributing it.”

Divorced or separated parent information

Parent tax returns

Student tax returns

Other information to verify Income

Assets

Family Size

Special circumstances

FORMS & DOCUMENTS

CREATIVE WAYS TO “PAY”

IB COURSE WORK

Credit Or

Scholarships

Did you know that most

Florida universities will

grant a full year of credit for

an IB Diploma score of 32?

Also Southern Methodist,

Ohio Wesleyan, U of

Minnesota, Oregon State,

and other universities

http://blogs.ibo.org/funding-opportunities/

OLIN COLLEGE OF ENGINEERING:

HALF TUITION SCHOLARSHIP

NON-RESIDENT TUITION

SCHOLARSHIP

• Oklahoma State

• Colorado State

• Auburn

• U of Texas

• U of Washington

• Idaho State University

• Minnesota State University Campuses

COMMUNITY/JUNIOR

COLLEGE

Pay lower

tuition for two

years

Guaranteed

matriculation

to a top

university

COMMUNITY/JUNIOR

COLLEGE

Pay lower

tuition for two

years

Guaranteed

matriculation

to a top

university

Work, Make Money, Earn Credit at the

SAME TIME!

CO-OP EDUCATION

• California Polytechnic State

University, Sam Luis Obispo

• University of Cincinatti

• Georgia Institute of Technology

• Johnson & Wales

• Kettering

• Long Island University, CW

Post

• University of Louisville

• UMass, Dartmouth

• Merrimack College

• Miami Dade College

• University of Michigan,

Dearborn

• Northeastern University

• Pace University

• Rochester Institute of

Technology

• University of Toledo

WHAT TO DO NOW

Research colleges and financial aid websites thoroughly

Determine your actual level of need

Have realistic conversations about what you can afford

Talk to representatives who visit ISM. They don’t work for the Financial Aid office, but can provide some insight.

Visit the Financial Aid office when visiting campuses

Check state residency requirements (CollegeBoard)

Get a social security number

Do well academically

JUNIOR YEAR

JUNIOR YEAR

Get organized

Deadlines: Scholarship/Aid deadlines might be earlier

Complete college applications

Register for CSS Profile if needed

Get PIN for FAFSA

Gather information needed for CSS and FAFSA

Check each university’s website

SENIOR YEAR: 1ST

SEMESTER

January 1 – Apply For FAFSA

Print copies for your file

2-4 Weeks After FAFSA

Review SAR for accuracy

Make corrections if necessary

Notify additional schools that it is available

February – April

Receive award letters

Evaluate awards

Contact University if necessary

Make decisions

April – June

Follow university’s procedures

Send required forms

Signatures

Deposit

SENIOR YEAR: 2ND

SEMESTER

POINTS TO REMEMBER

US Perspective: Paying for university may require

some sacrifice (vacations, helpers, etc.)

Deadlines vary by institution

Write or call the institution if any information is

unclear or if there are any unanswered questions

(DO NOT ASSUME!)

Be prepared to provide documentation of family

resources

POINTS TO REMEMBER

Must re-apply every year

Some aid may be contingent on grades/GPA to

maintain aid

Keep copies of forms completed as well as

supporting documentation

Tax forms

Employer’s statements

Bank statements

POINTS TO REMEMBER

ADDITIONAL

RESOURCES

FEDERAL AID RESOURCE

http://studentaid.ed.gov/

FINANCIAL AID 101

https://bigfuture.collegeboard.org/pay-for-college/financial-aid

THANK YOU FOR

COMING!

This presentation wil l be posted on the HS

Guidance blog in the next week.

http://guidance.ism-online.org/