Senior Financial Aid Presentation
December, 2015
Objectives
• To give an overview of the financial aid
process
• To identify sources to pay for post-secondary
education
• To highlight scholarship searches and
resources
Financing Your Future
• What does college cost?
• How do I apply for financial aid?
• What types of aid are available?
• Where can I get more information?
Cost of Attendance (COA)
The cost of attending an institution includes
more than just tuition and fees. Also included
are:
Room and Board
Books and Supplies
Transportation
Personal Expenses
How will I pay for it?
•
•
•
•
Family support
Savings
Financial Aid
Summer Jobs/Work
What is financial aid?
• Merit-based aid (Scholarships)
– From within the college/university
– From private/public sources outside
the college/university
• Grants
• Loans
• Work Study -- Employment
Opportunities
How do I apply for financial aid?
• Obtain a FSA ID
• Complete the Free Application for Federal Student Aid
(FAFSA). Never pay a fee to complete this.
• Meet application deadlines
• Apply for scholarships both within and outside of the
college/university
• Contact your financial aid administrator if you have special
circumstances
FAFSA on the Web
www.fafsa.ed.gov
Apply for FSA ID here
On this website you can:
• Complete the FAFSA
• Retrieve IRS data
• Reapply
• Apply for FSA ID
• Find college codes
• Check status of FAFSA
• Make corrections
• Add additional colleges
• Print SARs
FSA ID Registration
https://fsaid.ed.gov/npas/index.htm
An FSA ID gives you access to Federal Student Aid’s online systems and
can serve as your legal signature.
Apply online NOW!
Expected Family Contribution
(EFC)
Once your parents and you put in all your
financial information, the FAFSA gives you
ONE number…..
EFC = Expected Family Contribution ($$)
How does a school determine my
financial aid award?
Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Eligibility for need-based financial aid
Financial Aid Examples
COA
EFC
NEED
School A
School B
School C
$30,000
- 5,000
$25,000
$15,000
- 5,000
$ 10,000
$4,000
-5,000
$0
Your Expected Family Contribution (EFC) remains the same!
Student Loansone way to pay for EFC
• Loans come from federal and state
governments or private entities that must be
repaid with interest
• Government loans typically have lower
interest rates than private loans
• The average student loan debt after four
years is about $35,000
• Make wise decisions about student loans and
borrowing!
The chart below provides a guideline for the estimated minimum salary you
would need to repay different levels of student loan debt. The chart assumes a
fixed 6.8 percent interest rate & a minimum of 120 monthly (or 10 years)
payments.
Amount Borrowed
Monthly Payments(120)
.
Estimated Income Level
$ 10,000
$ 115
$14,400
15,000
173
21,600
20,000
230
28,800
23,000
265
33,100
30,000
345
43,200
40,000
460
57,500
50,000
575
71,900
65,500
754
94,200
Scholarship Searching
• Family Connection
• RHS Website
• RHS Career Center
• Community, church, civic, and business
organizations
• Employers
• Colleges and universities
RHS Local Senior Scholarship
Online Application-class of 2016
• This is LIVE on the RHS website
• Go to www.district196.org/RHS >guidance >post secondary
planning>scholarship & financial aid information>click on RHS
Local Scholarship Application 2016
• Due date is Wednesday, March 30, 2016
• Some require certain majors or financial need
• Flint Hills requires an additional essay
• Some of the local scholarships from 2015 include: Apple
Valley Ford, Anchor Bank, Apple Valley Ford, Dakota Electric,
Fairview Ridges, First State Bank of Rosemount (Business),
Flint Hills, Food & Nutrition, Kopp, Pine Bend Paving
RHS Senior Scholarship Application
Additional Local Scholarships
• The scholarships listed below were also offered in 2015, but you
must complete a separate application for each scholarship.
These are NOT included in the RHS Local Senior Scholarship Online Application
Cedar Park, Diamond Path Elementary, RAHA Hockey, RHS Men’s Lacrosse,
RHS Men’s Soccer, RHS Women’s Soccer, Rosemount Elementary, Rosemount
Middle, Scott Highlands (2), Shannon Park (2) and Dakota County Technical
College, TEAM Kaleigh Memorial, Warrior 196 Trust
Watch for announcements regarding the application
process for each of these individual scholarships
Selective Service Registration
• Male students 18-25 years old must register
with Selective Service
• FAFSA on the Web interface with Selective
Service system verifies students has registered
– If not verified, student won’t be eligible until
registered
What should I do and when?
• Apply for scholarships now and throughout
college
• Apply for your FSA ID number NOW
• FAFSA-Fill out AFTER January 1, 2016 and each
year you are in college
• Reciprocity-Apply starting March 1 (WI, ND, SD)
• Free Financial Aid Books to take home today
• You may view this PowerPoint presentation
online (go to RHS guidance main page>go to
classroom presentations)
GOOD LUCK