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Navigating Financial Aid: Calculate Your Eligibility & Apply Smartly

Learn how to calculate financial need, explore types of aid, and access helpful tips for applying for financial assistance. Understand EFC, grants, scholarships, loans, and work-study programs to fund your education wisely.

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Navigating Financial Aid: Calculate Your Eligibility & Apply Smartly

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  1. FINANCIAL AID 101… Ann Marie Gruber Associate Director of Financial Aid Lakeland Community College agruber@lakelandcc.edu

  2. Calculating Your Financial Aid Eligibility... Cost of Attendance -Expected Family Contribution (EFC) =Financial Need

  3. Cost of Attendance Tuition and Fees Room & Board Books & Supplies Transportation Miscellaneous Expenses

  4. EFC Factors • Parental Income • Parental Assets (excluding primary residence, retirement accounts) • Age of Older Parent • Family Size • Number in College • Student Income • Student Assets • Federal Means Tested Benefits

  5. www.fafsa.gov

  6. EFC *EFC calculated when Free Application for Federal Student Aid (FAFSA) is submitted *EFC estimator available at www.fafsa4caster.ed.gov www.finaid.org

  7. Financial Need *Varies depending on the cost of the school *Compare how and how much of your financial need has been met at each school

  8. Determining Need

  9. Sources of Aid Federal State Institutional Private

  10. Types of Financial Aid Gift Aid  Funds which do not need to be repaid  Grants-usually need based  Scholarships-merit based

  11. Examples of Gift Aid • Federal Pell Grant • FSEOG • TEACH Grant

  12. Examples of Gift Aid • Ohio College Opportunity Grant (OCOG) • Endowed Scholarships • Institutional Scholarships • Outside Scholarships

  13. Types of Financial Aid Self Help  Funds which must be repaid or earned  Loans  Work Study

  14. Examples of Self Help • Federal Perkins Loan • Direct Loans • Direct PLUS • Alternative Student Loans • Federal College Work Study • General Student Employment

  15. ABC College Cost of Attendance 19,500 EFC - 2000 Financial Need 17,500 Federal Pell Grant 3500 SEOG 1000 Ohio College Opportunity Grant 672 Federal College Work Study 1800 Direct Subsidized Loan 3500 Direct Unsubsidized Loan 2000 Total 12,472

  16. XYZ College Cost of Attendance 32610 EFC -2000 Financial Need 30610 Federal Pell Grant 3500 SEOG 1000 Ohio College Opportunity Grant 1872 President’s Scholarship 10000 XYZ College Grant 3000 Federal Perkins Loan 2000 Federal College Work Study 1800 Direct Subsidized Loan 3500 Direct Unsubsidized Loan 2000 Total 28672

  17. 123 College Cost of Attendance 21,598 EFC -15,000 Financial Need 6,598 XYZ President’s Scholarship 2,000 Direct Subsidized Loan 3,500 Direct Unsubsidized Loan 2,000 Total 7,500

  18. The Process... 1) Complete the Free Application for Federal Student Aid (FAFSA) on-line 2) Complete an institutional application and/or the PROFILE if applicable 3) Provide any additional documentation requested by the college in a timely manner 4) Receive award letters from schools 5) Compare and make a decision

  19. Tips to Applying Apply early Be aware of deadlines Use accurate information Keep copies of everything you submit Search for outside scholarships Think before you spend money on financial aid consultants, scholarship search companies, etc. Ask questions…get the student involved!

  20. Tax Benefits for Education American Opportunity (formerly Hope) Lifetime Learning Tuition and Fee Deductions Student Loan Interest Deductions ***Check the IRS website or with your tax preparer for more information.

  21. Questions?

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