UNDERSTANDING THE FINANCIAL AID PROCESS COLLEGE FUNDING PROFESSIONALS
- Slides: 21
UNDERSTANDING THE FINANCIAL AID PROCESS
COLLEGE FUNDING PROFESSIONALS l Website: www. collegefunding. com l Phone: 201 -285 -7890 l Email: mdaly@collegefunding. com
HOW DO THEY DETERMINE IF I’M ELIGIBLE? • COA – EFC = NEED • COA = Cost of Attendance • (Includes tuition, books, room/board, etc. ) • EFC = Expected Family Contribution • (Based on parent and student income, assets, age, number of students in school, etc. ) • Need = Amount of aid the family is eligible
WHAT SHOULD WE KNOW ABOUT OUR FAMILY CONTRIBUTION? l Asset Protection Allowance l What is considered an asset? l Parental Assets vs. Student Assets l Is debt considered? l How should we value our home? -www. finaid. com -Calculators -Federal Housing Index
WHAT SHOULD WE KNOW ABOUT OUR FAMILY CONTRIBUTION? l Parent Income vs. Student Income l Student Income allowance = $6, 420 l Self-employed families l Do NOT include business assets/worth on FAFSA if you have less than 100 employees l Salary to a dependent as tax benefit detrimental for financial aid
BORROWING OPTIONS l. Student Loans vs. Parental Loans l. Subsidized vs. Unsubsidized Loans l. Federal vs. State vs. Private l. Read fine-print and understand entire life of loan
FINANCIAL AID l. Myths vs. reality: l. Income too High l. Grades too Low l. Own a home l. Aid is only for special groups
SOURCES OF FINANCIAL AID l FEDERAL GOVERNMENT l Pell Grants l SEOG Grants l College Work/Study l Subsidized and Unsubsidized l Stafford Loans l Perkins Loans l PLUS
SOURCES OF FINANCIAL AID State Government l Special programs for in-state residents. l Teachers, health professionals, minorities, etc. l Contact HESAA (609) 584 -4480 l www. hesaa. org l NJ TAG Grant l NJCLASS Loans
SOURCES OF FINANCIAL AID Colleges and Universities l Private universities have endowment funds, outside of federal and state funds. l Create competition l Give preferential packaging to students who are in top 25% of applicants.
WHAT IF I DO NOT QUALIFY FOR NEED-BASED AID? l Merit Aid l Top 25% of applicants l School by school basis; some more generous than others (some not at all) l Value Schools l Average School cost $30 -$70 K l Lower end of range = Value l Ex. Binghamton l COA = $35, 000 l Honors Programs
HOW DO YOU APPLY? l The FAFSA (Free Application for Federal Student Aid) l EVERYONE must fill out this form to get aid l You cannot apply for Federal Loans if you do not fill one out l Accessible until October 1 st l Accessible at FASFA. ed. gov l 2016 will be base income year for Class of 2018 l Details of all Assets that day l DEADLINES ARE PARAMOUNT
FAFSA - FSA ID l New Login/Access Procedure: FSA ID l Required by student and one parent l Needed to access/submit the FAFSA l Username/Password (Replaced PIN number system) l Create Prior to preparing FAFSA: l FSAID. ed. gov
CSS/PROFILE l Most private schools require this form l Much more invasive and complex l Home equity treated as liquid asset l Section Q l www. collegeboard. com l $25. 00 for 1 st school, $16. 00 for each thereafter
HOW DO YOU APPLY FOR AID? l Institutional Applications l Some schools require their own additional forms. l EX. - UPENN l They should be consistent with other forms l Usually asks similar questions to the other two forms
HOW DO YOU APPLY FOR AID? l FAFSA l CSS/PROFILE l College Institutional Forms l ADDITONAL FORMS: l Business/Farm Supplement l Divorced/Separated Situations
WHICH COLLEGES GIVE YOU THE BEST SHOT AT GETTING MONEY?
CASE STUDIES : Williams College: Cost - $70, 000 EFC - $15, 000 Need - $55, 000 Rutgers Univeristy : Cost - $30, 000 EFC - $15, 000 Need - $15, 000 School A: Meets 100% Need Gift Aid - 90% Self Help – 10% School B: Meets 60% Need Gift Aid - 60% Self Help - 40% What you actually pay at each school: School A: School B: Total EFC = $15, 000 Original EFC = + Unmet Need = Total EFC = $15, 000 $6, 00 $21, 000
HOW TO APPEAL FOR THE BEST POSSIBLE PACKAGE 5 Point Plan of Attack 1. Bring color/background to your story 2. Ask for specific amount of additional aid 3. Show awards offered by other colleges 4. Challenge expenses not considered on taxes 5. Be persistent
HELPFUL LINKS lcollegeboard. com lcollegeprowler. com lfafsa. ed. gov lfastweb. com lfinaid. com
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