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Samford Office of Financial Aid (205) 726-2905 - samford/financialaid

Samford Office of Financial Aid (205) 726-2905 - www.samford.edu/financialaid. What Does College Cost? (Per semester). Univ. of Alabama - $10,625 Auburn University - $9,345 Jefferson State Community College - $1,656 Miles College - $7,898 Alabama State University- $6,649

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Samford Office of Financial Aid (205) 726-2905 - samford/financialaid

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  1. Samford Office of Financial Aid (205) 726-2905 - www.samford.edu/financialaid

  2. What Does College Cost?(Per semester) • Univ. of Alabama - $10,625 • Auburn University - $9,345 • Jefferson State Community College - $1,656 • Miles College - $7,898 • Alabama State University- $6,649 • Univ. of North Alabama - $9,069 • Jacksonville State University - $5,902 • Alabama A&M University - $6,154 • Samford University – $15,866

  3. What We’ll Cover • Types of Financial Aid • Sources of Financial Aid • Next Steps

  4. Types of Financial Aid Grants/Scholarships (free money) Self Help 1. Loans 2. Work Study

  5. Sources of Financial Aid • Federal Government • State Government • Private/Outside Resources • Your College or University • Personal Finances

  6. Federal Aid • Grants (free money) • Loans (self help) • Work Study (self help)

  7. Fed. Aid - FAFSA • Free Application for Federal Student Aid • Free is the key – do not pay • www.fafsa.govNOT www.fafsa.com

  8. Fed. Aid - FAFSA • Starting point every year • Required by some colleges for institutional need-based aid • Available NOW • Input • Parents’ and Student Income • Demographic Information

  9. Fed. Aid - FAFSA • Output EFC – Expected Family Contribution 1. Portable 2. Key factor in determining NEED • FAFSA Forecaster http://www.fafsa4caster.ed.gov • Paper version on the web http://www.fafsa.ed.gov/options.htm

  10. Fed. Aid - FAFSA • Dependency Status • Born before January 1, 1989 (2012-13) • Married • Have a dependent that receives at least 50% of their support from student • Graduate student • Orphan or ward of the court • Veteran or Active Duty Soldier • At risk of being homeless or is homeless

  11. Federal Aid - Grants • Pell Grant (all schools have access) • High need students • Guaranteed • 2012-2013 award of $5,550 • Award prorated due to enrollment status • SEOG (not all schools have access) • Pell recipients only • High need • Awarded to full time students • 2011-2012 award of $1,000 per year • Not guaranteed

  12. Federal Aid – Work Study • Awards vary from college to college • Not available at all colleges • Must be enrolled at least half time

  13. Federal Aid - Loans • Stafford • FAFSA required • Guaranteed • 6.8% interest rate for both Sub and Unsub • $3,500 - $4,500 - $5,500 - $5,500 (plus extra $2,000) • Must be enrolled at least ½ time • Six month grace period after graduation • Two types • Subsidized • Unsubsidized • App in Samford Portal • E-sign the Master Promissory Note

  14. Federal Aid - Loans • PLUS Loan • Parent Loan for Undergraduate Student • Max amount is COA less any other aid • Based on credit check of parent • This is the parents’ loan not the student’s • 7.9% interest • Payments begin after second (spring) disbursement or later if be deferred until after graduation

  15. State of Alabama Aid Programs • No central application like FAFSA • No ministerial students • Alabama Student Grant • Application available in FAO/Website • Amount varies – approx $250 • Prove Alabama residency

  16. Private/Outside Resource • Any scholarship or grant not from the state, feds or Samford • Form in student portal • Church • Employer – student’s and/or parents’ • Corporations • Civic Groups • www.fastweb.com or www.scholarshipexperts.com or www.schoolsoup.com

  17. Institutional Specific Scholarships • Primarily awarded by the Admissions Office or the Financial Aid Office • Some awarded by the schools w/in univ. • Both merit based and need based awards

  18. Private Loans • Private Loans • Not federally guaranteed • Interest rate depends on credit • Co-signer usually required for best rates and approval • Could be as expensive as a credit card • 6 to 9 month grace period • Absolute last resort

  19. Additional Information • Your college’s financial aid web page www.samford.edu/financialaid/ • www.finaid.org • www.collegeboard.com • www.fafsa.gov • www.college.gov and www.ed.gov • www.upromise.com • www.collegesavings.org • www.staffordloan.com

  20. Cost Scorecard

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