FINANCIAL AID

101…Ann Marie Gruber

Associate Director of Financial AidLakeland Community College

agruber@lakelandcc.edu

Calculating Your Financial Aid Eligibility...

Cost of Attendance

-Expected Family Contribution (EFC)

=Financial Need

Cost of Attendance

Tuition and FeesRoom & BoardBooks & SuppliesTransportationMiscellaneous Expenses

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

www.fafsa.gov

EFC*EFC calculated when Free Application

for Federal Student Aid (FAFSA) is submitted

*EFC estimator available at www.fafsa4caster.ed.govwww.finaid.org

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

Determining Need

0

5

10

15

20

25

30

35

Cost ofAttendance

EFC FinancialNeed

CommunityCollege

State 4Year

Private 4Year

Sources of Aid

Federal

State

Institutional

Private

Types of Financial AidGift Aid

Funds which do not need to be repaid

Grants-usually need

based

Scholarships-merit based

Examples of Gift Aid

Federal Pell Grant

FSEOG

TEACH Grant

Examples of Gift AidOhio College Opportunity

Grant (OCOG)Endowed ScholarshipsInstitutional Scholarships Outside Scholarships

Types of Financial AidSelf Help

Funds which must be repaid or earned

Loans

Work Study

Examples of Self HelpFederal Perkins LoanDirect LoansDirect PLUSAlternative Student LoansFederal College Work StudyGeneral Student Employment

ABC CollegeABC CollegeCost of Attendance 19,500EFC - 2000Financial Need 17,500

Federal Pell Grant 3500SEOG 1000Ohio College Opportunity Grant 672Federal College Work Study 1800Direct Subsidized Loan 3500Direct Unsubsidized Loan 2000

Total 12,472

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

Total 28672

Cost of Attendance 21,598EFC -15,000Financial Need 6,598

XYZ President’s Scholarship 2,000Direct Subsidized Loan 3,500Direct Unsubsidized Loan 2,000

Total 7,500

123 College123 College

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

Tips to ApplyingApply early

Be aware of deadlinesUse accurate information

Keep copies of everything you submitSearch for outside scholarships

Think before you spend money on financial aid consultants, scholarship search

companies, etc. Ask questions…get the student involved!

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.

Questions?