Eric J. Hill
College & Career Education Specialist
eric.hill@apsva.us
Tonight’s Topics

 What is Financial Aid
 Types of Financial Aid
 How Financial Aid is Awarded
 The Financial Aid Process
 Scholarships
To be Eligible for Federal
Financial Aid

 Be a citizen or eligible non-citizen of U.S.
 Have a high school diploma or GED
 Be enrolled at least half-time at an eligible institution
 Register with Selective Service (men only)
 Not be in default on any federal education loans or owe a
refund on any grants
Types of Financial Aid

Three types of Financial Aid:
 Gift Money
 Earned Money
 Borrowed Money
Gift Money

Grants
 Based on Financial need
 Federal, State, and University Grants
Scholarships
 Based on various criteria
 From Colleges and other organizations
Earned Money

Federal Work-Study Program
 Students work part-time, usually on campus
 Money earned helps pay for college
Borrowed Money

Two types of loans
 Federal
 Personal
 Must be paid back
Federal Loans - Perkins

Borrower:
Student
Based on Need:
Yes
Interest Rate:
Fixed
Repayment Begins: 9 months after graduating or
dropping below half-time
Federal Loan - Stafford

Borrower:
Student
Based on Need Subsidized = Yes
Based on Need: Unsubsidized = No
Interest Rate: Fixed every July 1,
Repayment Begins: 6 months after graduating or dropping
below half-time
Federal Plus Loan

Borrower:
Parent
Based on Need:
No
Interest Rate: Fixed every July 1,
Cost of Attendance
William & Mary

 Tuition
$6,785
 Room
$2,985
 Board
$1,642
 Books, Travel and incidentals
$1,400
 Total (Per Semester)
$12,722
How is Financial Aid
Awarded?

Expected Family Contribution (EFC)
 The EFC is the amount you may be expected to contribute
 You don’t pay it up front
 Used to determine how much aid you’re eligible for
 Calculated from information you provide
Applying for Financial Aid

 To apply(FAFSA)www.fafsa.ed.gov FREE
Free Application for Federal Student Aid
 Apply for a Department of Education PIN
(www.pin.ed.gov)
 Apply regardless of family income
What is the CSS Profile ?

The profile is an online application that collects
information used by certain colleges and scholarship
programs to award institutional aid funds.
The CSS PROFILE also asks for more information than the
FAFSA. For example, the CSS PROFILE asks for detailed
information pertaining to investments and home worth—
two areas the FAFSA does not cover in-depth. Using both
of these tools allows University to gain a more accurate
picture of a family’s financial standing.
How much does the CSS
PROFILE Cost?

There is a $25 fee for the initial application, and a $16
fee for each institution that receives it thereafter. A
limited number of fee waivers are granted
automatically to first-year, first-time applicants from
low-income families, based on the financial information
provided on the PROFILE.
When do I file the FAFSA
& CSS Profile

 FAFSA:
January 1, 2013
 CSS Profile:
October 15, 2012
However, you should file no later than two weeks
before the earliest priority filing date specified by your
colleges or programs.
Student Aid Report
(SAR)

Sent to you after FAFSA is processed
 If you provided an email you get a notification containing
a link to it online
 Paper version via mail
 Contain your Expected Family Contribution(EFC)
 Information sent automatically to colleges you listed
In order to be considered for
certain types of aid at UVA

Required application materials are:
 the FAFSA
 the CSS Profile
 a signed copy of the parent 2012 federal tax return
including all schedules* (If the parent did not file a
2012 federal tax return, the parent must complete the
Parent Non-Tax Filer form
 parent 2012W-2 form(s)
 a signed copy of the student 2012 federal tax return
including all schedules* (If the student did not file a
2012 federal tax return, the student must complete
the Student Non-Tax Filer form
In order to be considered for aid
at William & Mary

Required application materials are:
 the FAFSA
 the CSS Profile
Stanford University
The Parent Contribution

 We use an institutional formula to calculate an expected
parent contribution toward educational costs. Our goal is
to treat families equitably while still maintaining
flexibility to recognize unusual situations. When we
review your family’s finances, we make allowances for:
 living expenses (based on household size)
 federal and state taxes
 unusually high medical expenses
 college costs (undergraduate) for siblings
 private school tuition and college savings for younger
siblings
 We also consider your family’s assets, including home
equity, savings, investments and real estate, but not
retirement accounts.
Stanford University

 In cases of separation or divorce, we expect both
parents to participate in paying for your education.
We will compute separate contributions for your
custodial and non-custodial parents.
Stanford University

 Zero Parent Contribution for Parents with Income
Below $60,000
 For parents with total annual income below $60,000
and typical assets for this income range, Stanford
will not expect a parent contribution toward
educational costs. Students will still be expected to
contribute toward their own expenses from their
summer income, part-time work during the school
year, and their own savings.
Stanford University

 Tuition Charges Covered for Parents with Income
Below $100,000
 For parents with total annual income below $100,000
and typical assets for this income range, the expected
parent contribution will be low enough to ensure
that all tuition charges are covered with need-based
scholarship, federal and state grants, and/or outside
scholarship funds.
Stanford University

 Tuition Charges for Parents with Income Below
$200,000
 Families with incomes at higher levels (typically up
to $200,000) may also qualify for assistance,
especially if more than one family member is
enrolled in college. We encourage any family
concerned about the ability to pay for a Stanford
education to complete the application process. If we
are not able to offer need-based scholarship funds
we will recommend available loan programs.
Financial Aid Deadline

 Very from school to school
 Early Decision students at William & Mary need to
complete the CSS Profile by December 7, 2012
 Institutional payment plan available
Award Letters and
Offers

Received from the financial Aid Office
 Compare offers
 Amount of Aid vs. cost of attendance
 Gift money vs. borrowed money
 Types of loans
Comparing Award
Offers

Type of Aid
Brown University
University of Penn
Federal Grant
$5,000
$5,000
Institution Based Grant $35,000
$38,658
Perkins Loan Un-Sub
$1,000
Stafford Loan Sub
$3,000
Work-Study
$3,000
$3,000
Parent Plus Loan
$9,000
$4,000
Total Aid
$53,500
$50,658
Scholarships

Washington -Lee high school, class of 2012
received more than $5.2 million in grants
and scholarships.
Ivy League Institutions

Merit Scholarships
No Merit Scholarships
Cornell University
Columbia University
Dartmouth College
Harvard University
Brown University
Princeton University
Yale University
University of Pennsylvania
University of Alabama
Out-Of State Scholarship

 Students who have 32-36 ACT or 1400-1600 and at
least a 3.5 cumulative GPA will receive out-of-state
tuition for four years.
 Students who have 30-31 ACT or 1330-1390 SAT and
at least a 3.5 cumulative GPA will receive two-thirds
the cost of out-of-state for four years.
How to Locate Scholarships

 The student or the parent can login naviance family
connection and search for scholarships.
 If you receive e-mails from me, you having a
naviance family connections account. If you have
forgotten your password or never registered, please
e-mail me with your son or daughter's full name and
I will reset your password.
Eric J. Hill
College & Career Education Specialist
eric.hill@apsva.us
