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Financial Aid Basics

Sharon L Harper Director of University Scholarships University of Colorado Denver. Financial Aid Basics. Tonight:. What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid

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Financial Aid Basics

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  1. Sharon L Harper Director of University Scholarships University of Colorado Denver

    Financial Aid Basics

  2. Tonight: What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances
  3. What is Financial Aid?
  4. Any money that can be used to pay for a student’s college Scholarships Grants Student Employment Student Loans Parent/Family Resources
  5. Steps to Receiving Financial Aid Apply to college Complete Free Application for Federal Student Aid (FAFSA) AFTER January 1, 2012 There may be additional applications for scholarships/loans/institutional aid that will vary by school Receive Financial Aid Award from School attending Accept awards offered
  6. Free Application for Federal Student Aid www.fafsa.gov 2014–15 FAFSA on the Web available on January 1, 2014 FAFSA on the Web Worksheet: Used as “pre-application” worksheet Questions follow order of FAFSA on the Web
  7. Sample Budgets/Cost of Attendance Resident at State University Tuition & Fees $ 7,932 Books & Supplies $ 1,749 Personal/Misc. $ 2,565 Room & Board $10,378 TOTAL $22,624 Non-Resident Tuition & Fees $ 28,187 Books & Supplies $ 1,749 Personal/Misc. $ 3,437 Room & Board $ 10,378 TOTAL $ 43,751
  8. What is Financial Need? Cost of Attendance –Expected Family Contribution = Financial Need
  9. What is the Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two parts Parent contribution Student contribution Provided by the FAFSA information
  10. Need Varies Based on Cost
  11. Categories of Financial Aid Need-based Non-need-based
  12. Types of Financial Aid Scholarships Grants Loans Employment Gift Aid Self-Help Options
  13. Gift Aid: Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, unique characteristic, or community service Scholarships can be Institutional, Regional, and/or National
  14. Gift Aid: Scholarships Available through: Employers, businesses, churches, foundations, tribal affiliations. . . Look here: Fastweb.com Scholarships.com Finaid.org High school counseling Center College/University Websites
  15. Application Process Essay Pay attention to the prompt and be clear and direct with responses. Resume Be thorough with the activities, experiences, and any accolades you have acquired. Recommendation Letters Provide plenty of time for your recommender to complete their letter Interview Practice interviewing ahead of time to be prepared. Remember to be yourself. Transcripts Keep copies for multiple applications throughout this process.
  16. Gift Aid: Grants Money thatdoes not have to be paid back Usually awarded on the basis of financial need
  17. Self-Help Option: Loans Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future
  18. Self-Help Option: Employment Allows student to earn money to help pay educational costs A paycheck; or Non-monetary compensation, such as room and board
  19. What next? School makes the financial aid award Notifies student/family May be selected for verification: Respond to all requests from school immediately Provide ONLY information requested
  20. IRS Data Retrieval Tool While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FOTW
  21. Available early February 2014 for 2014–15 processing cycle Participation is voluntary Reduces documents requested by financial aid office
  22. Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
  23. Special Circumstances Notify your school in writing of any of the following: Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information
  24. College Opportunity Fund (COF) NOT a Grant/Scholarship/Aid Undergraduate Colorado resident Enrolled in eligible Colorado college Must apply on-line (only once) CollegeInColorado.org Must authorize use at college
  25. Where can I get help? Your High School Counseling Office Your College of Interest Financial Aid/Admissions/Scholarship Offices FinAid.Org
  26. Questions
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