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College Funding Services110 Midvale TerraceWestfield, NJ 07090
Email: [email protected]@ineedfinancialaid.com
Ineedfinancialaid.com
College Funding Services110 Midvale TerraceWestfield, NJ 07090
Email: [email protected]@ineedfinancialaid.com
Ineedfinancialaid.com
How Do They Determine If I’m Eligible?
How Do They Determine If I’m Eligible?
COA – FC = NEEDCOA stands for Cost of Attendance
(Includes tuition, books, room/board, etc.)
FC stands for Family Contribution(Based on parents and students income,
assets, ages, number of people in school)Need is how much aid the family is
eligible for.
COA – FC = NEEDCOA stands for Cost of Attendance
(Includes tuition, books, room/board, etc.)
FC stands for Family Contribution(Based on parents and students income,
assets, ages, number of people in school)Need is how much aid the family is
eligible for.
What can we do?What can we do?
Private Scholarships?
* Guidance Department * www.fastweb.com * www.ftc.gov * College’s Scholarships
Private Scholarships?
* Guidance Department * www.fastweb.com * www.ftc.gov * College’s Scholarships
What should we know about our Family Contribution?
What should we know about our Family Contribution?
Asset Protection AllowanceWhat is considered an asset?Parental Assets vs. Student Assets Is debt considered? Is our home considered an asset -www.finaid.com
-Calculators -Federal Housing Index (under
“needs analysis”)
Asset Protection AllowanceWhat is considered an asset?Parental Assets vs. Student Assets Is debt considered? Is our home considered an asset -www.finaid.com
-Calculators -Federal Housing Index (under
“needs analysis”)
What should we know about our Family Contribution?
What should we know about our Family Contribution?
Parent Income vs. Student IncomeStudent Income allowanceSelf-employed families
Parent Income vs. Student IncomeStudent Income allowanceSelf-employed families
Borrowing OptionsBorrowing Options
Student Loans vs. Parental LoansSubsidized vs. Unsubsidized LoansPLUS LoansUnderstanding life of loan
Student Loans vs. Parental LoansSubsidized vs. Unsubsidized LoansPLUS LoansUnderstanding life of loan
Financial AidFinancial Aid Myths vs. reality:
Income too High Grades too Low Own a home Aid is only for
special groups
Myths vs. reality: Income too High Grades too Low Own a home Aid is only for
special groups
Sources of Financial AidSources of Financial Aid
FEDERAL GOVERNMENTPell GrantsSEOG GrantsCollege Work/StudySubsidized and Unsubsidized
Stafford LoansPerkins LoansPLUS and SLS Loans
FEDERAL GOVERNMENTPell GrantsSEOG GrantsCollege Work/StudySubsidized and Unsubsidized
Stafford LoansPerkins LoansPLUS and SLS Loans
Sources of Financial AidSources of Financial Aid
Federal GovernmentState Government
Special programs for in-state residents.
Teachers, health professionals, minorities, etc.
Contact Massachusetts Education Financing Authority (MEFA) for more information.
www.mefa.org
Federal GovernmentState Government
Special programs for in-state residents.
Teachers, health professionals, minorities, etc.
Contact Massachusetts Education Financing Authority (MEFA) for more information.
www.mefa.org
Sources of Financial AidSources of Financial Aid
Federal GovernmentState GovernmentColleges and Universities
Private universities have endowment funds, outside of federal and state funds.
Create competitionGive preferential packaging to
students who are in top 25% of applicants.
Federal GovernmentState GovernmentColleges and Universities
Private universities have endowment funds, outside of federal and state funds.
Create competitionGive preferential packaging to
students who are in top 25% of applicants.
How Do You Apply?How Do You Apply?
The FAFSA (Free Application for Federal Student Aid)EVERYONE must fill out this form to get
aidYou cannot apply for Federal Loans if you
do not fill one out
The FAFSA (Free Application for Federal Student Aid)EVERYONE must fill out this form to get
aidYou cannot apply for Federal Loans if you
do not fill one out
FAFSAFAFSA
Estimate 2014 taxes, based on 2013 tax returns
Federal Government interested in all aspects of tax return
Details of all assets that dayAudit/verification process similar
to IRSwww.fafsa.ed.gov
Estimate 2014 taxes, based on 2013 tax returns
Federal Government interested in all aspects of tax return
Details of all assets that dayAudit/verification process similar
to IRSwww.fafsa.ed.gov
CSS/PROFILECSS/PROFILE
Most private schools require this form
Much more invasive and complexHome equity treated as liquid assetSection Qwww.collegeboard.com $25.00 for 1st school, $16.00 for
each thereafter
Most private schools require this form
Much more invasive and complexHome equity treated as liquid assetSection Qwww.collegeboard.com $25.00 for 1st school, $16.00 for
each thereafter
How Do You Apply For Aid?
How Do You Apply For Aid?
The FAFSA.The CSS/ProfileThe school’s own institutional
forms.Some schools require their own
additional forms.They should be consistent with other
formsUsually will ask similar questions to the
other two forms.
The FAFSA.The CSS/ProfileThe school’s own institutional
forms.Some schools require their own
additional forms.They should be consistent with other
formsUsually will ask similar questions to the
other two forms.
How Do You Apply For Aid?
How Do You Apply For Aid?
FAFSACSS/PROFILECollege Institutional FormsADDITONAL FORMS:
Business/Farm SupplementDivorced/Separated Situations?
FAFSACSS/PROFILECollege Institutional FormsADDITONAL FORMS:
Business/Farm SupplementDivorced/Separated Situations?
Which Colleges Give You The Best Shot At Getting Money?Which Colleges Give You The Best Shot At Getting Money?
CASE STUDIES :CASE STUDIES :
Amherst College: UMASS-Amherst:Cost - $60,000 Cost - $23,000EFC - $15,000 EFC - $15,000Need - $45,000 Need - $8,000
School A: School B:Meets 100% Need Meets 60% NeedGift Aid - 100% Gift Aid - 50%Self Help – 0% Self Help - 50%
What you actually pay at each school:School A: School B:Total EFC = $15,000 Original EFC = $15,000Total Gift = $45,000 + Unmet Need = $3,000Total Self = $0 Total EFC = $18,000
Total Gift = $2,500Total Self = $2,500
Amherst College: UMASS-Amherst:Cost - $60,000 Cost - $23,000EFC - $15,000 EFC - $15,000Need - $45,000 Need - $8,000
School A: School B:Meets 100% Need Meets 60% NeedGift Aid - 100% Gift Aid - 50%Self Help – 0% Self Help - 50%
What you actually pay at each school:School A: School B:Total EFC = $15,000 Original EFC = $15,000Total Gift = $45,000 + Unmet Need = $3,000Total Self = $0 Total EFC = $18,000
Total Gift = $2,500Total Self = $2,500
How To Appeal For The Best Possible Package
How To Appeal For The Best Possible Package
5 Point Plan
1. Bring color/background to story
2. Ask for specific amount of additional aid
3. Show awards offered by other colleges
4. Challenge expenses not considered on taxes
5. Be persistent
5 Point Plan
1. Bring color/background to story
2. Ask for specific amount of additional aid
3. Show awards offered by other colleges
4. Challenge expenses not considered on taxes
5. Be persistent
Helpful LinksHelpful Links
www.ineedfinancialaid.com www.collegeboard.com www.mefa.org www.collegeprowler.com www.fafsa.ed.gov www.finaid.com
www.ineedfinancialaid.com www.collegeboard.com www.mefa.org www.collegeprowler.com www.fafsa.ed.gov www.finaid.com