Part IVMoney…Money…Money

29. The Acronym Game (Part 2): FAF/FAFSA/FFS

College costsCollege financial aid

The process of determining “need”Six financial aid “hints and tips”

College Costs

• Tuition = education costs

• Room and board (housing and meals)

• Books and supplies

• Miscellaneous out-of-pocket expenses (laundry, telephone, spending money)

• Transportation

$$ Help

• Financial Aid is the process by which you submit financial information to determine how much you (and your family) can afford to pay and perhaps find alternative methods of financing your education.

Determining Need

• Forms– Free Application for Federal Student Aid

(FAFSA) Now online!– Financial Aid Form (FAF)– Family Financial Statement (FFS)

Get these from your high school counselor!

Determining Need

• Students should also ask each college whether they have their own supplementary financial aid form. Many do.

• Parents complete these forms, meeting the deadlines and following the mailing instructions.

• When the completed forms arrive at the centralized processing center, a need analysis is done for each form, examining income, assets, the number of members in the family, the number attending college, and other variables.

Determining Need

• Copies of the analysis are distributed to the financial aid offices at every college where the student applied. The college’s financial aid staff review the analysis and figure out how much of the demonstrated need the institution will meet, and how they’ll meet it. In short,

• Total Cost of the College Education – Family and Students Contribution = Demonstrated Financial Need/Eligibility

Financial Aid Hints

• Start early – Financial aid is first come, first served: Waiting until the last minute is a really bad idea.

• Consider asking for expert advice. Many financial institutions know that college costs are a major concern to their customers.

• Write it down—when speaking with anyone in an official capacity, write down the person’s name, title, date and time of call and the result of the conversation.

Financial Aid Hints

• Copy Everything—before mailing & keep in a safe place.

• Never give up on a college because of cost—the real issue for you to consider is the final cost to you.

• Ask questions—this is not easy stuff to understand. It can make tax forms look easy.

Remember this…

• Do not only consider the tuition of a college

• Understand the process for applying for financial aid and what to expect

• Meet with a financial aid representative at each college you apply to.– Complete College Cost Form Handout

30. I Know What You Need

What about my needs?Family resourcesStudent resources

Scholarships

Demonstrated Need

• A primer: Here’s how colleges figure out what you need—Example: – The complete cost of college for one year

($20,000)– The analysis elves at the central processing

centers for Financial Aid determine what a family can contribute, based on the paper work the family filled out & submitted: $10,000

– $20,000 - $10,000 = $10,000 That’s demonstrated need.

How colleges try to meet your demonstrated need

• Meeting Full Need• Meeting a Percentage

of Demonstrated Need

• Meeting a Particular Dollar Amount of Need

Family Resources

• When filling out your FAFSA and other forms colleges consider– Family income– Family assets– Number of family members– Number of family members attending college– Unusual family circumstances or expenses

Family Resources

• Based on this information, a certain dollar amount is determined.

• This figure is the amount of money your family has to assist you for college that year.

• Many families do not agree with this assessment.

• You can contact the financial aid office immediately and explain your circumstances and why you feel that your assigned amount is not right for your circumstances.

Family Resources

• Additional avenues for financing college:– Extended payment plans– Early payment programs– Trust plants– Federal PLUS loan program– College parent loan programs– State government loan programs– Commercial lending loan programs

Student Resources

• Student savings

• Summer or off-term employment

• In-school employment

• Student loans– Federal Subsidized Loan Program– Federal Perkins Loan Program

Need-based Scholarships

• Federal (Pell Grant) & state governments, and most colleges, offer need-based financial support.

• Private scholarships

• See your guidance councilor for more information on all financial assistance programs!

Remember this…

• Discuss the financial aid policy for each college regarding meeting financial need.

• Explore the many different loan programs available through college, state and national office.

• Students are expected to financially contribute to their educational funds.

• See the advise of your guidance counselor.

31. Because You Deserve It

College-sponsored scholarshipsNational Merit Scholarships

Reserve Officers’ Training Corps Non-college sponsored scholarships

College-Sponsored Scholarships

• Enticements for “gifted” students to enroll in their institution without considering financial need.– Ask your guidance

counselor which colleges offer this type of scholarship

Scholarships

• National Merit Scholarships (PSAT)• Reserve Officers’ Training Corps (ROTC)

Scholarships• Non-College Sponsored Scholarships

– Country, state, county, or city– Religious affiliation– Family ancestries– Ethnic background– Extracurricular activities– GPA– Occupational goals

Scholarships--Additional Resources to Check Out!

• Religious organizations

• YMCA• Elks• Kiwanis• American Legion• Boy Scouts• Girl Scouts

• Labor unions• Jaycees• 4-H Club• Chamber of

Commerce• Local newspapers• Ethnic organizations• Rotary Club

Remember this…

• Explore merit scholarships—this takes work!

• Contact various organizations to determine scholarships available and the criteria

• Apply, apply, apply!

32. You Snooze…You Lose

Planning calendar

Being fearless

Financial Aid TimetableJunior Year

• Schedule appointments with members of the financial aid staff when visiting the campus

• Ask these 4 questions:– What forms are due when and where?– Do you offer “early estimates” of financial aid awards?

If yes, how to apply?– What types of scholarships are available through the

college?– What additional source of aid are available, and how

do I apply?

Financial Aid TimetableSenior Year

• Financial aid forms and so on are generally available in November. Get them hot off the press!

• Mail your forms (keep copies). Call in a week or so to make sure that the financial aid office received them.

• Award decisions begin in March.• Do not accept an award form a college until

both you and your parents understand it completely!

There’s No Need to Fear

• Don’t be intimidated by cost!

• Look into all of the financial options before you cross any college off of your list

• The reason why:– You really don’t know what aid is available

unless you poke around—think “I will get what I need.” Be positive. Do not fear financing!

33. Financial Aid Q & A

Q & A

Hints and tips

Questions, questions…

• If I apply for Financial Aid, Will It Hurt My Chances for Admission?

• Should I Bother Applying to Colleges That Seem to Cost More Than My Family Can Afford?

• When Should I Start Gathering Information and Exploring the Financial Aid Process?

• What Questions Should I ask About Any Scholarships I Get?

Questions, questions…

• How Does the Financial Aid Office Treat “Outside Scholarship and Awards” When They Determine My Financial Aid Package?

• If the Financial Aid Offered to Freshmen Available to Students After Their First Yar of College?

• What Are the Best Resoure Books for Information on Merit Scholarships?

Questions, questions…

• Should I Think About Using Scholarship Computer Search Services?

• How Do I Appeal a Financial Aid Decision from a College

• Is it True That Many Colleges Won’t Let ME Use Financial Aid if A Am Attending a College-sponsored Foreign-study Program?

Remember this…

• Explore the financial aid options early.

• Never assume you will not qualify for aid.

• Do not sign anything unless you understand and agree with what is stated on the paper.

Part VThe Waiting Game

34. Waiting on Pins and Needles

Have Faith

• You have done your homework:– Explored your reasons for wanting to go to

college– Established your academic, social & personal

criteria– Created a list of colleges based upon your

criteria & level of academic performance– Researched each college on your list before

deciding to visit

Have Faith

• Prepared for each interview

• Interviewed and toured each college on your list

• Checked out all the financial aid opportunities

• Narrowed your college list, based on how the colleges seemed to match your needs in person

Have Faith

• Got together and filled out gobs of application materials

• Got your applications and financial aid stuff in ahead of deadlines

Be Realistic

• It is natural to have a couple of top-choice colleges on your list, you should be pleased to attend any of the colleges that made the final cut.

• You should not judge your success by the percentage of colleges to which you were admitted. Try to just be pleased with the options that come your way in the form of admission offers.

• You’ve made good choices for yourself, and now you’ll have some good options!

An Inside Look at Application Review

• Computer Generated GPA & Standardized Test Score Cutoffs

• Reader Review of All Applications

• Committee Review of All Applications

35. Letter! You Get Letters!

Letters!

• Yes! They said “Yes!”

• Denial News

• Appeal Efforts No Offers of Admission

• Wait Again

• No ‘tude

36. One More Visit

One last visit

• Places to Visit or Re-visit on Campus– Financial Aid Office– Housing Office– Academic Program– Particular Interests– Eating Options– Campus environment– Off-Campus Stuff

One last visit

• Addressing “Special” Needs

• Different Learning Styles

• Physically Challenged Students

37. The Big Decision

The final stepsReasons

Notifying colleges of your decisionThe big push

Five Steps

1. Don’t Rush—But Know Your Real Deadline

2. Talk to Others—but Listen to Yourself

3. Read Everything You Can Find about the Colleges

4. Review Your College Criteria

5. What Does Your Gut Say?

Reasons for Reaching Your Decision

&

Let them Know

One More Big Push

• It’s not over until the fat report card sings

• After choosing a college, some students vanish from the activities they led before selecting a college. Don’t rush it. Leave the club/activity a better place than you found it.

• Enjoy your final few weeks of high school

• Find time for yourself!

SMILE!You made it!