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Financial Aid 101

Financial Aid 101. Presented by F. Shawn O’Neill Director of Financial Aid Stevens Institute of Technology. Today’sTopics. Types and sources of aid How financial need is determined When and how to apply Completing CSS Profile Completing the FAFSA

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Financial Aid 101

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  1. Financial Aid 101 Presented by F. Shawn O’Neill Director of Financial Aid Stevens Institute of Technology

  2. Today’sTopics • Types and sources of aid • How financial need is determined • When and how to apply • Completing CSS Profile • Completing the FAFSA • What to expect in the Financial Aid Process • How to recognize and avoid scams • Other college financing options

  3. Goals of Financial Aid Office • Help make college affordable • Determine financial need of all applicants • Develop policies and procedures to distribute aid • Develop an individualized finanical aid package/award for each student • Answer your questions and provide guidance

  4. Myths about Financial Aid • My parents make too much money, so I won’t qualify for aid • Only students with good grades get financial aid • You have to be a minority to get financial aid • The forms are too hard to fill out

  5. Sources of Financial Aid • Federal Government: $51 billion (68%) • Colleges and Schools: $15 billion (20%) • State Government: $4 billion (6%) • Private Organizations: $ 4 billion (6%)

  6. Need Vs. Merit Aid • Aid based on financial need • Most government grants • Subsidized student loans • Federal Work-Study • Aid based on merit • Academic and athletic scholarships • Some government grants • Some scholarships such as endowments require merit and need

  7. Financial Need Cost of Attendance (COA) Minus Expected Family Contribution (EFC) Equals Financial Need

  8. Cost of Attendance(COA) • Tuition and fees • Books and supplies • Room and board • Transportation • Personal expenses • Cost vary based on type of college and Academic program

  9. Expected Family Contribution • Formula established by the U.S. Congress • Uses information reported on your FAFSA • Establishes index used to determine Federal and State Grant eligibility • EFC may adjusted by your college due to: • Verification/correction of your FAFSA data • Special circumstances that limit your ability to pay

  10. Types of Financial Aid • Gift Aid: Does not have to be paid back • Grants and scholarships • Loans: paid back with interest • Student and /or parent may borrow • Work-Study: earned as wages • Part-time jobs on or off campus

  11. Tips for Applying for Financial Aid • Review college website for procedures and deadlines • Know the forms you need to complete • Understand your file will not be processed until you are ACCEPTED for Admission • Respond promptly to requests and notices • Keep copies of all forms sent and received • Re-apply each year

  12. CSS Profile • An additional application used to help determine eligibility for additional Institutional based Merit scholarships. • Must completed to be considered for early decision process. • Special Circumstance Section • Non-custodial parents • www.css-profile.com

  13. What is the FAFSA?Free Application for Federal Student Aid • A multi-purpose application form • One form to apply for all colleges • One form to apply for all aid programs • Federal grants, loans and work-study • New jersey grants • Most college aid • One form each year for each student

  14. FAFSA on the web • www.fafsa.ed.gov • Access from anywhere • No software to install • Automatically edits data as you enter it • Skip logic: asks only what you must answer

  15. What is a PIN Number? • Personal Identification Number • Students and Parents can get PINs • Electronic signature for your FAFSA and Loans • PIN delivered through email • Sign: Renewal applications, Corrections and obtain access to the National Student Loan Database

  16. Needs Vary By School Attended

  17. There are many forms of grants: • Federal Pell Grant • Federal Supplemental Education Opportunity Grant • N.J Tuition Aid Grant • College Grants None of the above have to be repaid!!!!

  18. Other Sources of Aid • Colleges • Athletic and academic scholarships • Endowed funds and alumni groups • Private sources • Employers and labor unions • Religious or community organizations, clubs and civic groups • High schools • Veterans Administration (apply to VA)

  19. There are numerous loan programs • Federal Perkins Loans: 5.00% • Direct Subsidized loans: 3.86% • The Perkins Loan and the Direct Subsidized loan do not accrue interest while the student is in school. • Direct Unsubsidized loans: 6.80% • Parent Plus Loans: 7.9% • Alternative/Private student loans: Fixed rate 6.9% and Variable 4.25%

  20. Questions • ????

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