Andrea M. DeLuca, Assistant Director
Elizabethtown College
Financial Aid Office

Familiarize with terminology

Outline application process

Describe aid sources

List resources available

Reduce your anxiety






Campus visits
Personal interviews with
admissions and financial
aid
Create college spreadsheet
Complete admissions
application by December of
senior year
Note financial aid deadlines
Complete federal taxes
early
When beginning your college search, DO
NOT rule out any school based solely on
the cost. Only eliminate schools once
financial aid is known and affordability is
determined!





Resource for family
Responsible to federal
government
Administer state
funding
Steward of college
funds
Student advocate
To be considered for financial
aid, you must:
APPLY FOR IT!
Free Application for Federal Student
Aid (FAFSA)
 Institutional application
 CSS PROFILE Form
 Civic, religious, service scholarship
applications

The earliest that you may submit the
FAFSA is January 1st of the senior year.
 May 1st is the deadline to apply for a
PHEAA State Grant (PA Residents
Only).
 Check with each institution to determine
their own financial aid deadline.
 Review private sources for their
deadlines.


Student
AND

Parents
 Natural/adoptive
 Single: divorced,
separated,
widowed
 Remarried:
Natural and step
(who you live with)

Schedule time to do it together.

Be aware of application deadlines.

Complete federal tax return &
schedules as early as possible.

Complete all items – don’t leave any
blank spaces
Under the Family Educational Rights and
Privacy Act (FERPA), all information submitted
on applications is protected. The data is treated
as strictly confidential, maintained in a secure
area, and only released to a third party upon
obtaining student’s signature.

www.fafsa.gov
 Be sure to use the
“.gov” and not “.com”

www.pin.ed.gov
 Obtain a PIN to sign
the FAFSA
Improves speed of application process
 Used as “signature” on current and future
FAFSA and loan applications
 Used to make corrections to the FAFSA
 Student/parent(s) should apply for their
individual PIN – only one parent will need a
PIN.

www.pin.ed.gov
FAFSA
Web or paper
Federal Government
(data entry, analysis, matches)
SAR
Student
$$$
Colleges
$$$$$
State
(grant award)


FAFSA data checked against source
of data for accuracy
Common documents requested include:
○ 2013 Federal Tax Data
○ W-2 Forms
○ Verification Worksheets

Review performed by the Financial Aid
Office
Students and parents are the
primary source of funds for
postsecondary education and are
expected to contribute to the
extent they are able.
Federal government
 State government
 Postsecondary
institutions
 Private agencies

Dependent upon:
o Funds available to meet applicants’ need
o Specific goals of enrollment
o Amount of federal campus-based funds
o Special circumstances

Direct Costs

Indirect Costs
 Tuition
 Books & Supplies
 Fees
 Transportation
 Room
 Personal
 Board
Expenses
Cost of Education
- Expected Family Contribution
Student’s Financial Need
Parent Contribution
+ Student Contribution
Expected Family Contribution
Parental Income (Taxed and Untaxed)
 Parental Assets (Excluding Primary
Home & Tax-Sheltered Retirement
Plans)
 Student Income (amounts over $6,000)
 Student Assets
 Family Size/Number in College
 Age of the Older Parent




Consumer Debt
Prior Educational Debt
Auto Expenses
Permitted With Professional Judgment



Parent in College Expenses
Elementary/Secondary Tuition for Siblings
Medical & Dental Expenses

Gift Aid
 Scholarships
 Grants

Self-Help
 Employment
 Loans
Academics
 SAT’s
 Class Rank
 H.S. Attended
 AP Courses
 Predicted G.P.A.
 Academic Track in High
School

DiversityGender/Ethnicity
 Athletic Ability
 Talent- Theater, Art
 Activities- Yearbook,
Government
 Geographic Diversity
 Legacies


Merit-based aid (Scholarships)
 Academic ability
 Special talent/achievement
 Program of study

Need-based aid (Grants)
 Financial need
 Largest source of gift aid funds
PELL
“Floor” of Financial Aid Package
 Maximum Award: $5,645
 EFC determines eligibility ($5,081 or less)
 Limited to 6 years of full-time eligibility

SEOG
 “Priority to Pell Grant recipients
Award Range $100 to $4000 based on school’s funding
 Determined by Financial Aid Office

Initial application = FAFSA
 PHEAA online application notice sent
 Must be a PA resident
 Award value up to $4,362

 Correlates to cost of college





Spending money
Time management
Focused academics
Support group
Job references
(Recommended schedule: 6-10 hours a week)

Federal Work Study (FWS)
 Part-time employment on or off
campus
 Partially subsidized by federal
government

Institutional Employment
 Part-time employment on campus
 Fully subsidized by college
Borrowed money to be
paid back with interest.
 An investment of
students in themselves.
 Available to all
undergraduate students


For 2013-2014, loans
have a fixed interest rate
of 3.86 %
(set annually with an 8.25% cap)

Annual eligibility based on
student’s grade level
Loan fees of 1.072% (increased from
1.051%) are charged.
 Principal deferred while enrolled at least
half-time (minimum of 6 credits).
 Six-month grace period after last date of
attendance.
 Standard 10-year repayment term (other
options available).







Students with exceptional need
Loan amount determined by Financial Aid
Office
Interest rate: 5%
Loan maximums: $5,500 per year
9-month grace period
Deferment/cancellation provisions
Always FREE
Never provide personal information such as
your SSN
 Seek help finding scholarships through:


 High School Guidance Office
 Financial Aid Office
 World Wide Web Sites
http://www.finaid.com
http://www.fastweb.com
http://www.collegeboard.org

Must be reported

Individual institutions will handle
scholarships differently
 Check policy of each institution
10-month interest-free
payment plans
 Assortment of bank plans
 Institutional plans
 Federal PLUS loans

(6.41%, with a 10.50% cap)

Home equity loans
(Pursue these options after college
choice is made.)
The law provides the Financial Aid Office the
flexibility to deal with special circumstances
and conditions which are applied on a caseby-case basis after the original application has
been filed.
Separation or divorce
 Death of one parent
 Loss of employment income
 Loss of non-taxable income
 Unusual medical expenses
 Other unusual circumstances


Yes! Annually
 Every year a new financial “snapshot”
 Family circumstances may change
○ Income
○ Assets
○ Number in college
○ Number in household
○ Special circumstances
2013 Federal
Tax Return
 2014 Federal
Tax Return
 2015 Federal
Tax Return
 2016 Federal
Tax Return

2014-2015 Academic Year
2015-2016 Academic Year
2016-2017 Academic Year
2017-2018 Academic Year
College financial aid office
 PHEAA regional office
 Local lenders
 Local civic, religious, service
organizations
 High school guidance
counselor

Elizabethtown College
Financial Aid Office
717-361-1404