Finding Financial Fit
The Role of Financial Aid in the College
Selection Process
Jerry Cebrzynski
Associate Vice-President for Financial Aid
Lake Forest College
Choosing a College
Best Fit

Program

Location

Size

Mix of Students

Academics

Extracurricular

Facilities

Financial Considerations
The Real Cost of College
Sticker Price
vs.
After Financial Aid/Scholarship Price
Average Estimated Full-Time Undergraduate
Budgets 2015-16
SOURCE: The College Board, Trends in College Pricing 2015
 82% of all full-time, first-time (FTFT) undergraduate
students receive some form of financial aid
 93% at private colleges; 78% at public institutions
 In 2014-2015 undergraduates received an average of
$15,000 in aid from all sources
 60% of all funds awarded to undergraduates were from a
scholarship or grant
 If you think you need help financing college, apply
for financial aid
Net Price Calculators
 Great place to start
 Online, College-specific estimator
 Average grant/scholarship available to a family
like yours
 Average student loan and work-study eligibility
 Estimated award is not a promise, a guarantee, or
an actual aid offer
 318 College sample (all types)
 Current aid policies cancel out public
vs. private prices differences for
middle to lower income families
On average, the net price calculated is
55% of the published price, with some
differences for public (60–80%) and
private (50–60%) universities
Exploring Financial Aid Options
UNDERGRADUATE STUDENT AID BY SOURCE AND TYPE
2014-15
$185
Billion
SOURCE: The College Board, Trends in Student Aid
What is Offered

Scholarships

Grants

Student Loans

Work-Study
Four major sources of funding
Federal
State
College
Private
Organizations
Two Categories of Financial Aid
Merit-based
 From College as well as from foundations, etc.
 Based solely on the student’s credentials
Need-based
 Calculated from FAFSA and other aid
applications
 Sources can be federal, state, institutional
 Types include grants, student loans, work-study
Financing a College Education is
“A Partnership”





To the extent they are able, parents have primary responsibility to
pay for their dependent children’s education
Students also have a responsibility to contribute to their
educational costs
Families should be evaluated in their appropriate financial
condition
A family’s ability to pay for educational costs must be evaluated in
an equitable and consistent manner, recognizing that special
circumstances can and do affect its ability to pay
The Financial Aid Office is your advocate!
How to Begin
The Free Application for Federal Student Aid
(FAFSA) collects basic financial data and is
used to determine the student’s eligibility by
calculating an “index” #
Overview of the FAFSA

2016-2017 available January 1, 2016(current seniors)
o Current Juniors will access 2017-18 FAFSA October 1, 2016

FAFSA.GOV

7 Steps

Based upon preceding calendar year (2015)
Overview of the FAFSA
Parents
•
•
•
•
•
•
Family size
Number in college
Age of parents
Taxable income
Untaxed income
Assets
Students
• Adjusted gross income
• Untaxed income
• Assets
Other: list up to 10 colleges,
using each college’s unique
federal school code
Supplemental Financial Aid Applications
 The College Scholarship
Service Financial Aid
PROFILE
 A College’s own
application for financial aid
Special Circumstances Matter
 When the numbers don’t tell the whole story
 When the situation is expected to change (or has)
 Must be able to document
 Consideration will vary from school to school
Financial Need
How much aid can a student receive?
Cost of
Attendance
-
Family’s
Contribution
=
Financial
Need
Will contain a combination of

scholarship, grant, loan and workstudy funds
Why might “packages” be
different?



cost of attendance
scholarship criteria and availability
institutional philosophy and funding
Renewal for four years
Decoding the Award Letter
Compare
Ask questions
 COA
 Is aid renewable?
 Total amount of aid
 Terms for renewing?
 Types and sources
 Will aid change from year
to year?
 Will costs increase?
 Is more aid available if
EFC decreases?
Appeals
 Can request change in aid if there is a valid reason
 Will it make a difference?
 Is need already fully met?
 Is more aid available?
 Valid reasons
 Special circumstances
Deadlines are essential
 Know each College’s priority deadlines

Read and retain all communication you receive

Merit scholarship deadlines

Admission Decision deadlines

Deadlines for supplemental documents (tax returns, etc.)
Timeline
 Create an FSA ID now
 Complete FAFSA after January 1 (current seniors)
 Juniors will be able to access 2017-18 FAFSA October 1, 2016
 Check if additional application required or beneficial
 Ask questions
 Receive a Financial Aid Award Letter
 Attend “Admitted Student” visit days if necessary
 May 1 – National Candidate Reply Date!
Ask for

Right here at LZHS

A College’s Financial Aid Office

The Internet
 www.collegezone.com
 www.finaid.org
 www.studentaid.ed.gov
 College Web Sites
For more detailed cost information: Collegecost.ed.gov
• Interactive tool – new data
recently added
• Highlights key indicators
about institutions’ costs and
value
• May help students and
families decide where to
enroll for postsecondary
education
• Allows comparison of schools
based on simple criteria
Scorecard data include “outcome data” such as:
• Costs
• Graduation Rates
• Loan Default Rates
• Loan Repayment Rates
• Average Amount Borrowed
• Employment
• Earnings