College Financial Aid Night

JODI SEYMOUR

ASSOCIATE DIRECTOR OF STUDENT FINANCIAL ASSISTANCE

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Tonight’s Discussion Will Highlight:

• Types of Financial Aid
• Financial Aid Application Process
• Determining Financial Aid Eligibility
• Tools, Tips & Thoughts

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Types of Financial Aid

• Grants
• Scholarships
• Work-Study Program
• Federal Direct Student Loans
• Subsidized: no interest while enrolled
• Unsubsidized: interest accrues while enrolled

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If You Want To Be Considered For Financial Aid

• Please be aware of the following deadlines…
• Application for Admission
• Application for Financial Aid
• FAFSA
• CSS Profile

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Where To Begin

• Required Financial Aid Applications may vary:
• FAFSA
• CSS Profile
• Institution Specific Applications

Submission deadlines may vary:

• Submit two weeks before earliest deadline

Net Price Calculator: available on a university's website, allows prospective students to enter information to receive an estimate of expenses and financial aid possibilities

• https://collegecost.ed.gov/net-price

Be Organized!

• Have all required information necessary to ensure prompt processing and to enable an informed decision can be made with respect to the applications.

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Types of Applications

• Free Application for Federal Student Aid FAFSA
• Required for Federal & State Aid
• https://studentaid.gov/h/apply-for-aid/fafsa
• College Scholarship Service Profile CSS Profile
• Used primarily by private colleges
• $25.00 for first submission to school
• https://cssprofile.collegeboard.org/
• Institutional Applications
• Check school publications and websites

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Federal Student Aid ID (FSA ID)

• For FAFSA Application, Student Loans & Parent Loans

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• Be mindful of timing as your information needs to be confirmed with SSA

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• Students and at least one parent need an FSA ID

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Helpful Resources

• Visit www.studentaid.gov and the Understand Aid tab to prepare for college and the federal student aid process.
• Learn about:
• Types of Financial Aid
• Who Gets Aid
• Submitting a FAFSA
• How to Repay Your Loans

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Federal Application Process

• FAFSA available October 1^st of every year
• Parent & student tax information required
• Use 2021 tax information
• If divorced/separated, use custodial parent information
• Submitted each year the student is in school
• 1 FAFSA per student, not per family
• www.studentaid.gov

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Federal Data Retrieval Tool (DRT)

• IRS DRT transfers parent & student tax information into the FAFSA form.
1. On “Parent Financial Information" page, answer DRT eligibility questions
2. Enter Parent’s FSA ID & Click "Link to IRS“ (will leave the FAFSA website)
3. Link to IRS website will go through authentication process
4. Select “Transfer My Information into the FAFSA”. (FAFSA will note in field “transferred from the IRS”)
5. Repeat same process for student tax filers on “Student Financial Information” page (if needed)

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AFTER SUBMITTING THE FAFSA

• Review the Student Aid Report (SAR) for errors
• If necessary, make corrections and resubmit FAFSA
• If selected for verification, you will be notified
• You may be required to submit tax transcripts and/or other forms for verification purposes to the school
• Financial aid awards are tentative until verification is complete
• If 2021 tax information is not representative of your current income, contact each school about an appeal/professional judgement
• Do not alter FAFSA information on your own

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CSS Profile Application Process

• Available October 1^st of every year
• Parent & student tax information required
• If divorced/separated, use custodial parent information
• Some schools may require Non-Custodial Parent Profile
• 1 Profile per student, not per family
• $25 fee for first application submission, $16 for each submission after
• Institutions may calculate an alternate Institutional EFC to award institutional and private sources of financial assistance
• The calculation considers information reported on an application like the CSS Profile, institutional or other private forms
• www.collegeboard.org

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Financial Aid Process

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What Is The EFC?

• EFC stands for Expected Family Contribution
• The EFC is a measure of family’s financial strength and is calculated according to a formula established by law
• NOT the amount of money you will be required to pay to a college
• NOT the amount of assistance you will receive
• It is a number used by your school to calculate the amount of federal student aid you are eligible to receive, need based institutional grants, endowment etc.
• The EFC is subject to school verification and adjustments

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DETERMINING ELIGIBILITY�Determining Eligibility

• Schools utilize the following equation to determine your financial aid needs:

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• Cost of Attendance
• - Federal EFC
• Financial Need

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The Cost of Attendance

• Direct Costs + Indirect Costs = Total Cost of Attendance

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Direct Costs

• Tuition and mandatory fees
• Room and board for resident students

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• Indirect Costs
• Books and supplies
• Transportation to and from campus
• Miscellaneous personal expenses

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Financial Aid Eligibility

• Financial aid packages will be different at each school even though the EFC remains the same

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Family Cost Responsibility

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• Total Cost of Attendance
• - Financial Aid Awards
• Family Share

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Funding your Family Share – Savings, Loans, Monthly Income

What is Gift Aid?

Gift Aid are forms of financial aid that do not need to be paid back.

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Types of gift aid include:

• Need-Based Gift Aid
• Federal Pell Grant
• State Grant

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• Merit-Based Gift Aid
• Academic Achievement
• Athletic Achievement

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Self Help Aid

• Self-Help aid typically requires work or repayment, with some types subject to a student’s demonstrated financial need.

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Student Loans

• Loan options available to you include:

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• Federal Direct Student Loan
• Solely in the student’s name
• Subsidized vs. Unsubsidized
• No credit check, student cannot be in default on a previous loan

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• Federal Parent PLUS Loan
• Solely in the parent’s name
• Requires a credit check

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• Private Loans
• Student will need a co-signer
• Requires a credit check

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Outside Scholarships

• Seek opportunities where there may be less applicants: Town/City, County, State

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• Potential Sources:
• Local businesses
• School guidance office
• Civic and community organizations
• Ethnic & cultural organizations
• Parents’ employer
• Churches/religious groups

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Online Resources:

Tuition Funding Sources

Fast Web

School Soup

Admission Hook

Scholarship America

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State of Connecticut Programs

• Connecticut Office of Higher Education
• Roberta B. Willis Scholarship Program
• Veterans Benefits
• www.ctohe.org/SFA

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• CHELSLA Loan Program
• The CT Higher Education Supplemental Loan Authority
• www.chesla.org

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Questions to Ask Along the Way

• When will I receive my financial aid award?
• How do outside awards affect the aid package?
• What is the school’s policy on non-custodial parents?
• Are the scholarships/grants renewable each year?
• What happens if financial circumstances change?

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Tips & Thoughts

1. Consider a financial “safety” school
2. The best deal is not always the best fit!
3. Keep in mind your financing plan should cover the 4 year education
4. Appeal with financial aid counselors if circumstances change
5. Spend time with scholarship and grant search tools – they make a difference!

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Questions?

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