Financial Aid
Doesn’t Have To
Be Scary!!!
Kathy Leaver and Kim Bailey
Shelby County Gifted Resource College Advisors
What is Financial Aid?
• Scholarships
– Merit Based
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Academic
Leadership
Service
Departmental
Talent/Skill
Need Based
Institutional
Private
Athletic (register with
www.NCAAclearinghouse.
net)
What is Financial Aid?
• Grants
– Federal
– State
• Employment Opportunities
– Work Study
– Summer Internships
• Loans
– Stafford Loans
– Perkins Loans
– PLUS Parent Loan
– Other
(Federal and state aid along with many
university aid and grants are awarded by
completing the Free Application for
Federal Student Aid at www.fafsa.ed.gov)
Goals of Financial Aid
• To assist students in paying for their educational
investment
• To evaluate the family’s financial ability to pay
educational costs
• To distribute limited resources in a fair manner
• To attempt to provide a balance of scholarships,
loans, grants, work study, etc.
Cost of Attendance (COA)
• Tuition and fees
• Housing
• Meal plan and additional food
and snacks
• Books and supplies
• Entertainment
• Transportation
• Miscellaneous personal
expenses
• Study abroad costs
Definition of Need
Cost of Attendance (COA)
- Expected Family Contibution (EFC)
________________________________________________
=
Financial Need
How much will you need?
50
45
40
35
30
College #1
College #2
College #3
25
20
15
10
5
0
COA
EFC
Need
Why do I have to pay so much?
• As much as they are able, parents have a
responsibility to pay for their children’s
education
• Students also have a responsibility to pay
for educational costs
• Family’s are evaluated in their present
financial condition
How do I qualify?
• CSS Profile
– www.collegeboard.com
– register now
• FAFSA (Free Application for Federal
Student Aid)
– www.fafsa.ed.gov
– register after January 1st
Eligibility
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Accepted to an eligible program of study
Must be planning to enroll as a full time student
US Citizen or eligible non-citizen
Males must be registered with selective service
Must not have a drug-related conviction
Must have a valid social security number
Must maintain satisfactory academic progress as
determined by the higher ed. institution
Role of the Financial Aid Office
• Determine eligibility after receiving information
from FAFSA or CSS Profile
• Create an aid package
• Send award letter to student that includes
– COA
– Student Need
– Types and Amount of Aid Offered
– How and When Aid Will Be Dispersed
– Student Employment Conditions
– Terms and Conditions of Aid Offer
Role of the Student
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Apply to college
Talk to your parents about your resources
Contact financial aid offices at your schools
Complete the FAFSA and/or CSS Profile
Review financial aid award letter
Compare school offers
• Talk to your parents (AGAIN) about offers
• Accept or reject offers and return paperwork to
schools
• Notify all colleges of your decisions by May 1st
Other Sources of Funds and Financing
• Resident Assistant Benefits
• PACT
• 529 Plans
• University Payment Plans
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Other Resources
www.fastweb.com
www.scholarships.com
www.scholarshiptree.com
www.finaid.org
www.studentaid.state.al.us
www.students.gov
www.alstudentaid.com
www.smartmoney.com
Student/Parent place of employment
Local business and civic organizations