2015-16 Financial Aid Powerpoint

Report
FINANCING A COLLEGE EDUCATION
PRESENTED BY
THE STUDENT FINANCIAL SERVICES OFFICE
SEATTLE UNIVERSITY
Overview
 How Much Will It Cost?
 How Much Will We Pay?
 Closing the Gap: Private Outside Scholarships
 Closing the Gap: Need-Based Financial Aid
 Applying for Financial Aid
 How are Financial Aid Awards Determined?
 Types of Financial Aid
 Timelines
 Web Sites and Resources
How much will it cost?
The cost of attendance for a nine-month school year
… sometimes called the student’s “budget” …
varies from school to school and
includes actual or estimated amounts for:
Tuition and fees
Room and board
Books and supplies
Miscellaneous personal expenses
Transportation
Other documented educational expenses
2014-15
Nine-Month Cost of Attendance
Tuition and Fees
Books
Room and Board*
Personal Expenses
Transportation
Estimated Total Cost
Washington State College Averages
4-Year
4-Year
Community
Public
Private
College
College
College
$ 3,900
$12,400
$38,200
$ 1,250
$ 1,250
$ 1,250
$ 3,250
$10,800
$10,800
$ 1,600
$ 2,300
$ 2,300
$ 1,350
$ 1,350
$ 1,350
$11,350
$28,100
$53,900
*Assumes living at home for community college and not living at home for 4-year colleges
Net Price Calculator
All institutions that participate
in federally funded financial aid programs
are required to have a net price calculator on their web sites
 Shows estimated cost
 Calculates estimated financial aid … and often institutional
academic scholarships … based on:
Simplified FAFSA-like information and
GPA and/or other information (test scores, for instance) if meritbased scholarships are part of the estimate
 The difference between estimated cost and estimated aid is the
estimated “net price” to the student and his or her family
Finding the Net Price Calculator
 Check out the “Net Price Calculator” on the web site of
each school in which you’re interested
Go to the school’s web site
Search that site for “Net Price Calculator”
The Net Price Calculator can often be found on the
Admissions and/or Financial Aid page of a school’s
web site
 The Department of Education required that this
information be provided, but did not specify the format
and/or content. The result? These sites differ from
school to school … sometimes a little, sometimes a lot.
How much will we pay?
The student and family will pay the difference
between the cost of attendance
and the assistance the student receives from ALL sources:
Cost of Attendance
- Assistance from ALL Sources*
= Amount the Student and Family Will Pay
*Includes any and all sources of funding whose purpose is
to help cover the student’s educational costs: need-based
financial aid, institutional academic and talent scholarships,
outside scholarships, veterans benefits, tribal stipends,
tuition remission and exchange, etc.
Closing the Gap:
Applying for Private Outside Scholarships
Use your favorite search engine to find
“FREE College Scholarship Search Websites”
A few of the results include:
 The College Board Scholarship Search
collegeboard.com/paying
 FastWeb Scholarship Search
fastweb.com
 FinAid!
finaid.org
 Student Scholarship Search
studentscholarshipsearch.org
 Washington Scholarship Coalition
thewashboard.org
Searching will produce many, many more!
Closing the Gap:
Applying for Need-Based Financial Aid
The Free Application for Federal Student Aid (FAFSA)
is filed each year, preferably in January,
for the following academic year
(January 2015 for the 2015-16 Academic Year)
Free Application for Federal Student Aid (FAFSA)
fafsa.gov
Personal Identification Number (PIN)
The student and parent each use their PIN
as their electronic signature
on the student’s FAFSA
pin.ed.gov
Who’s eligible to apply?
NEARLY EVERYONE!!!
 You won’t know unless you apply … and it’s
free
If you think you’ll need help paying for
college, complete the FAFSA
 DON’T exclude yourself because you don’t
think you’ll qualify
With very few exceptions, EVERYONE who
files the FAFSA is eligible for at least a
student loan
 Keep your options open: have a “Plan B”
You can list several colleges to receive the
results of your FAFSA.
FAFSA on the Web: f a f s a . g o v
Frequent FAFSA Errors
 Filing too early (before January 1) = filing for the
incorrect year … 2014-15 instead of 2015-16, for instance
 Filing too late = missing priority funding deadlines (file by
February 1 if at all possible)
 Waiting to complete tax return to file the FAFSA. Don’t
wait … it’s okay to estimate!!!
 FAFSA not signed
 Incorrect number of people in the household and/or
number of people in college
 Incorrect information from parents who have divorced or
divorced and remarried
Special Circumstances
 You must provide the information the FAFSA requests
If, for instance, 2014 information is requested, you cannot
provide 2013 or anticipated 2015 information
 Contact the Financial Aid Office(s), not the FAFSA processor,
about financial circumstances you’re not able to explain on
the FAFSA such as:
Inability to obtain parent information
Loss of Income (retirement, lay-off, etc.)
Private K-12 Tuition for siblings
Medical/Dental expenses not covered by insurance
Unusual non-discretionary expenses
If you’re unsure, it never hurts to ask!
How is the amount of financial aid
a student receives determined?
 The information provided on the FAFSA is used by the
Department of Education’s FAFSA processor to calculate the
student’s Expected Family Contribution (EFC)
 The EFC is sent by the processor to the schools the student
lists on the FAFSA
 The EFC is an index of the family’s overall financial strength
and also a rationing device of sorts
 At most schools, the student’s EFC, calculated by the
Federal FAFSA processor from the information the family
provides on the student’s FAFSA, is one of the main tools
financial aid offices use to determine the amount of aid
they are able to award to the student
How is the amount of financial aid
a student receives determined?
 The schools …
to which the student has been admitted, and
to which the student had FAFSA results sent
… create financial aid awards based on, among
other things
The need-based aid for which the student is
eligible and
Aid the student will receive from other sources,
and
The amount of aid available to be awarded
Types of Financial Aid
SCHOLARSHIPS and GRANTS
“Gift Aid”
Don’t have to be repaid
WORK STUDY
Must work part-time to earn
LOANS
Must be repaid
Students and parents may borrow
SOURCES
Federal, State, Institutional & Private
Timeline for 2015-16
 Fall 2014:
Apply for admission
Complete institutional financial aid form
and/or supplemental application such as
the College Board’s PROFILE as
requested
 January 2015:
File the 2015-16 FAFSA … by February 1
if possible
Begin scholarship search
High School Counselor and/or Career
Center
Web Search
 Don’t wait to be admitted to apply for
financial aid
Helpful Financial Aid Web Sites
 Free Application for Federal Student Aid (FAFSA)
fafsa.gov
 FAFSA Personal Identification Number (PIN)*
pin.ed.gov
 Department of Education, Federal Student Aid
studentaid.ed.gov
“Prepare for College” tab on home page
*The Department of Education has announced that on April 15, 2015,
they will change their access and signature protocol. As a FAFSA filer,
you will be notified of what you need to do to update to and use the
new protocol.
Have Questions? Get Answers!
 Meet with your high school counselor
 Contact the Financial Aid Office at the college(s) you’re
considering
 Contact the Department of Education’s FAFSA processor using the
“Contact Us” menu link from fafsa.gov
Online chat
Toll-free phone
E-mail
 Whether or not you’re considering attending Seattle University,
contact Rebecca Wonderly, Outreach Specialist in the Student
Financial Services Office at Seattle University
206-296-5839
[email protected]

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