PICKING A COLLEGE…..PICKING A COLLEGE…..AND PAYING FOR ITAND PAYING FOR ITEmployee College Advising

Program

WELCOMEWELCOME

TYPES OF SCHOOLSTYPES OF SCHOOLS

PVCC UVA Richmond

Tuition/Fees 3,556 13,216 46,680

Room/Board 3,500 10,052 10,790

SUBTOTAL 7,056 23,268 57,470

Books/Supplies

1,800 1,260 1,100

Personal 2,000 2,110 1,000

Transportation

2,500 380 0

TOTAL 13,356 27,018 59,570

COST OF ATTENDANCE COST OF ATTENDANCE BUDGETSBUDGETS

NET PRICE CALCULATORNET PRICE CALCULATOR

Federally mandated• All schools required to have a net price

calculator

Must represent factual data• Information is for current academic year• If you used a net price calculator today,

it would reflect 2014-2015 costs and awards.

Reflects cost of attendance minus grant aid

EDUCATION SHOPPING SHEETEDUCATION SHOPPING SHEET

PVCC UVA Richmond

FAFSA YES YES YES

CSS PROFILE NO YES YES

INSTITUTIONAL APPLICATION

NO NO NO

TAX RETURNS AS REQUESTED

YES YES

DEADLINE MARCH 31 MARCH 1 FEB 15

APPLICATION REQUIREMENTS, APPLICATION REQUIREMENTS, DEADLINESDEADLINES

Financial Aid timelineFinancial Aid timeline

CSS/Financial Aid CSS/Financial Aid PROFILEPROFILE

www.collegeboard.orgwww.collegeboard.org

PROFILE schools in PROFILE schools in VirginiaVirginia

• College of William and Mary

• Patrick Henry College

• University of Richmond

• University of Virginia

• Washington and Lee University

FAFSA on the WebFAFSA on the Webwww.fafsa.govwww.fafsa.gov

After submitting your After submitting your applicationapplication

Review the information and calculate an expected family contribution (EFC).

Expected family contribution =

◦Student contribution from income +◦Student contribution from assets +◦Parent contribution from income +◦Parent contribution from assets

Determining Financial Determining Financial NeedNeedSchools use the EFC to determine

eligibility for need-based financial aid and to prepare an award package.

Cost of AttendanceminusEFC

equalsFinancial Need

CALCULATION OF NEEDCALCULATION OF NEED

PVCC UVA Richmond

Tuition/Fees 3,556 13,216 46,680

Room/Board 3,500 10,025 10,790

SUBTOTAL 7,056 23,268 57,470

Books/Supplies

1,800 1,260 1,100

Personal 2,000 2,110 1,000

Transportation

2,500 380 0

TOTAL 13,356 27,018 59,570

EFC 8,282 8,282 8,282

NEED 5,074 18,736 51,288

Meet 100% of demonstrated need of all Meet 100% of demonstrated need of all studentsstudents

Affordable ExcellenceAffordable Excellence

In-state, low-income students offered $1,000 in In-state, low-income students offered $1,000 in loans/year loans/year toward institutional needtoward institutional need

All other in-state students offered an average of $4,500 All other in-state students offered an average of $4,500 in in loans/year toward institutional needloans/year toward institutional need

March 1March 1stst deadline deadline

AccessUVAAccessUVA

Funds made available to students and families to help pay for postsecondary educational expenses. These include:

• Scholarships/Grants – Money that does not need to be repaid

• Work Study – The student must work to earn funds

• Loans – The student or parent must pay back what was borrowed, and possibly additional interest

Financial AidFinancial Aid

Need Based◦ Aid given to a student based on the amount of demonstrated

need, as determined by information within the application.◦ Examples include the Pell Grant, Subsidized Loans and

Federal Work Study.Non-need Based

◦ Aid given to a student not based on need.◦ Examples include credit-based loans or regional

scholarships.Merit Based

◦ Aid given to a student based on scholastic or talent achievement.

◦ Examples include awards based on GPA, extracurricular activities, unique talents, and/or leadership potential.

Types of Financial AidTypes of Financial Aid

GRANTSGRANTSneed-based money awarded by colleges and universities

WORK-STUDYWORK-STUDYNeed-based award that provides an opportunity to work at your school and earn money to help pay for educational expenses

LOANSLOANSMoney that has to be repaid – not until after the student graduates or drops below half-time status

Subsidized Loans◦ Available to undergraduate students with financial need◦ Loan is in the student’s name, guaranteed by the Federal

government through the Department of Education◦ The government pays the interest while the student is in

school◦ Fixed interest rate for 2015-2016 is 4.29%

Unsubsidized Loans◦ Non-need based loan in the student’s name, guaranteed

by the Federal government through the DOE◦ Federal Government does not pay the interest while the

student is in school◦ Fixed interest rate for 2015-2016 is 4.29%

SUBSIDIZED VS. SUBSIDIZED VS. UNSUBSIDIZEDUNSUBSIDIZED

Direct Parent Loan for Undergraduate Students (PLUS)

◦Credit-based educational loan in the parent’s name guaranteed by the Federal government◦Fixed interest rate of 6.84%◦The government does not subsidize this loan◦Maximum amount a student can borrow is the cost of attendance minus all other financial aid

OTHER LOANSOTHER LOANS

Alternative/Private Loans for Students available through banks or other financial institutions

◦Loan in the student’s name◦Credit check required, student may need

a credit-worthy cosigner◦May borrow up to the Cost of Attendance

minus other financial aid

OTHER LOANSOTHER LOANS

SCHOLARSHIPSSCHOLARSHIPSawarded based upon need, merit and talent

SCHOLARSHIPSSCHOLARSHIPS

College and universities – every school is different

SCHOLARSHIPSSCHOLARSHIPSYou may find them in unexpected places.

Obtain and review admissions and financial aid information from each school.

Submit all applications and requested documentation by the deadlines.

Investigate other sources of aid every year.

Talk to financial aid offices if you or the student has questions or special circumstances.

Helpful Tips FOR STUDENTSHelpful Tips FOR STUDENTS

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