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Financial Aid Information Session

Learn about financing your education and the Free Application for Federal Student Aid (FAFSA) to determine eligibility for scholarships, grants, work-study, and student loans. Find out where the money is coming from and how to apply for financial aid.

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Financial Aid Information Session

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  1. Financial Aid Information Session

  2. Financing your Education How am I going to pay for this? The Free Application for Federal Student Aid(FAFSA) If applying for Financial Aid, this form is required to determine eligibility for many Federal, State and Institutional aid programs which can include scholarships, grants, work study and student loans.

  3. Financing Your Education • Where is the money coming from? • Recent studies have found that the average family pays for college from these sources- • 30% Federal Grants and Scholarships • 30% Student Savings and or Loans • 30% Parents Savings and or Loans

  4. FAFSA • Collects family’s personal and financial information used to calculate an EFC (Expected Family Contribution) • May file FAFSA in one of two ways: • Electronically via FAFSA on the Web • Paper • FAFSA available in English and Spanish

  5. FAFSA on the Web • Web site: www.fafsa.ed.gov • 2018-2019 FAFSA on the Web available on October 1, 2017 • FAFSA on the Web Worksheet: • Questions follow order of FAFSA on the Web

  6. Federal Student Aid (FSA) ID • Web site: www.fsaid.ed.gov • Replaces “FAFSA PIN” • Will be used by students and parents throughout aid process, including subsequent school years

  7. FAFSA on the Web • Filing electronically: • Built-in edits to help prevent costly errors • Skip-logic allows student and/or parent to skip unnecessary questions • More detailed instructions and “help” for common questions • More timely submission of original application and any necessary corrections • Ability to check application status on-line • More simplified verification (IRS data retrieval tool) & renewal application process

  8. What happens next • You’ll receive a Student Aid Report (SAR) electronically or through the mail • Check carefully and make any corrections necessary • Schools will receive the same information and corrections you make • School determines aid eligibility and will contact you if they need additional information

  9. Expected Family Contribution (EFC) What is it? The FAFSA takes information like Adjusted Gross Income (AGI), Wages and Earnings, Household size and other things to determine how much a family can contribute financially for the given school year. Why is it important? The EFC generated will help calculate if you qualify for Pell Grant as well as other grants and aid. It also helps calculate the amount of need a student has and qualifies for.

  10. Application Process • Submit FAFSA prior to school’s deadline • Most aid awarded on “first-come, first-served” basis • To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: • Required application materials • Application deadlines (priority deadline) March 1 – New Students April 1 – Continuing Students

  11. Cost of Attendance (COA) • Tuition and fees • Room and board • Books and supplies • Loan fees • Transportation Expenses • Personal/Miscellaneous Expenses • COA is not a bill or list of your direct expenses, COA is only used for awarding purposes

  12. Direct vs. Indirect Costs • Direct Costs: • Total of $19,115 per year • Tuition and Fees/Sem: $4,785 • Room and Board/Sem: $4,773 Colorado Resident • Indirect Costs: • Total of $4,324 per year and $2,162 per semester. • Books could be charged directly depending on the school.

  13. Definition of Need Cost of attendance (COA) – Expected family contribution (EFC) = Need

  14. Need Varies Based on Cost

  15. 3 Types of Aid There is more than $150 billion available in federal aid to help students pay for college

  16. Types of Grants/Scholarships • Federal and State Grants • Federal PELL Grant • Supplement Educational Opportunity Grant (SEOG) • Colorado Student Grant • Institutional Grants/Merit Scholarships • Provided by institution • Private Scholarships • Outside source – donors You must have NEED to be awarded grants.

  17. Types of Workstudy • Federal Work-study (need-based) • State Work-study (need based) • Institutional Work-study (typically non-need based) • Work 10-20 hours per week while attending school • May be related to degree program • Valuable experience–looks great on your resume • Paid by hours worked, at variable wage rate, around class schedule

  18. Student Loans • Subsidized (need-based) • Interest paid by the Government while enrolled at least half-time • Unsubsidized • Interest accrues continually Parent Loans • Federal PLUS Loan • Credit-based

  19. College Opportunity Fund • $77 stipend per credit hour • Available to Colorado residents ONLY • ONLY at Colorado schools • Must apply at www.cof.college-assist.org • Check with school to see if there are additional requirements

  20. Questions?? Western State Colorado University finaid@western.edu 970-943-3085 Thank you!

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