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Understanding and Comparing Financial Aid Packages: A Comprehensive Guide

This guide provides an overview of the financial aid process, focusing on award letters, estimated costs, and the significance of terms like Cost of Attendance (COA), Estimated Family Contribution (EFC), and unmet need. It outlines how to evaluate your financial aid package, considering factors like the types of aid offered (loans, grants, and scholarships), their renewability, and potential for negotiation. Additionally, it includes practical exercises for determining need and comparing financial aid packages, as well as resources for further assistance.

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Understanding and Comparing Financial Aid Packages: A Comprehensive Guide

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  1. Understanding and Comparing Financial Aid Packages Revised 8/2013

  2. Agenda

  3. Financial Aid Process Overview

  4. Agenda

  5. What’s In a Financial Aid Award Letter? • Cost of attendance (COA) • Estimated Family Contribution (EFC) • Need • Award package • Total award • Gap • Option to accept, reject or reduce COA -EFC Need COA -Award Gap

  6. Financial Aid Shopping Sheet

  7. Sample Award Letter

  8. COA -Award Gap $30,150 -$20,400 Gap: $9,750

  9. What’s In a Financial Aid Award Letter? • Cost of attendance (COA) • Estimated Family Contribution (EFC) • Need • Award package • Total award • Gap • Option to accept, reject or reduce COA -EFC Need COA -Award Gap YOUR COST = EFC + GAP

  10. Agenda

  11. Consider: How Final is the Package?

  12. Consider: How Final is the Package?

  13. Consider: How Final is the Package?

  14. Consider: Does It Meet My Need?

  15. PELL-Eligible Student (low EFC) Doesn’t include full CoA Balance owed=unmet need

  16. Consider: What Are the Components?

  17. Lots of loans considering the low EFC

  18. Consider: Are the Items Recurring?

  19. Consider: Are the Items Recurring?

  20. Based on full-time enrollment

  21. College Bound Scholarship

  22. College Bound Scholarship

  23. College Bound Scholarship Remember: College Bound Scholarship covers tuition & fees not covered by other state aid—not a “full ride” CollegeBound.wa.gov

  24. Other Things to Consider

  25. Practice: Determining Need

  26. Practice: Determining Need 4-yr public

  27. Practice: Determining Need 4-yr public 2-yr public 4-yr private

  28. Evaluate Your Package • Does it meet my need? • How much of it is loans vs. grants & scholarships? • What kind of loans are included? • How much of it is renewable? • What are the conditions of this package? • Is there room for negotiation?

  29. Practice: Comparing Packages

  30. Practice: Comparing Packages

  31. Stretching Student Aid $ UNMET NEED $3,000 RESOURCES EXPENSES

  32. Stretching Student Aid $ UNMET NEED Option 1: Get rid of $3,000 of expenses RESOURCES EXPENSES

  33. Stretching Student Aid $ UNMET NEED Option 2: Find $3,000 of resources to cover expenses $3,000 $3,000 RESOURCES EXPENSES

  34. Stretching Student Aid $ UNMET NEED Option 3: A combination of getting rid of expenses + adding resources $1,500 $1,500 RESOURCES EXPENSES

  35. Agenda

  36. Accept Decline Reduce Sign Submit

  37. CWU Accept Decline Reduce Sign Submit

  38. Financial Aid Overview

  39. Resources • YOUR FINANCIAL AID OFFICE!!! • College Cost Navigator • Collegecost.ed.gov • USA Funds Workshops(usafunds.webex.com) • Paying for College • Understanding the FAFSA • After the FAFSA • Scholarship Strategies • Stretching Student Aid Dollars • Student Loan Options

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