Financial Aid 101
Roderick Shea
12/2/2015
The Prudential Insurance Company of America,
751 Broad Street, Newark, NJ 07102
0268194-00001-00
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The Basics of Financial Aid
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What does financial aid mean?
What types of financial aid are available?
How do you get financial aid?
What is the difference between the FAFSA
form and CSS Financial Aid Profile form?
Filing the FAFSA
• File on or as close to
January 1 of your
student’s senior year in
high school.
• You do not need to wait
until your taxes are done
to file the FAFSA.
• Don’t forget to list the
colleges you want your
FAFSA information sent to.
The Financial Aid Process
• Financial aid is based on the following
calculation
Cost of Attendance
- Expected Family Contribution
= Financial Need
Source: 2014-2015 EFC Formula –
http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf
Student Aid Report
• After the FAFSA is filed, the applicant will
receive a Student Aid Report known as SAR.
• The SAR includes the estimated family
contribution (EFC).
• EFC usually appears right under the date of the SAR form.
• The SAR is sent to the colleges listed on the
FAFSA as well as federal and state agencies.
• Check the SAR thoroughly to ensure it is
accurate.
Sources of Financial Aid
• Federal Government
• Pell Grants
• Subsidized and Unsubsidized Stafford Loans
• Parent PLUS loans
• State Government
• Campus-based programs
• Private scholarships
Source: http://www.finaid.org
Financial Aid Package
• Colleges combine various awards to make
up the financial aid package.
• Examples could include:
• Grants
• Loans
• Scholarships
• Work-study jobs
• Appeals
How to Get the Best Financial Aid Package
• Apply to schools where you meet or exceed
the entrance requirements.
• Apply to a mix of schools (private and state).
Financial Aid Myths
1. My parents make too much money to qualify
for financial aid.
2. Only students with good grades get
financial aid.
3. The form is too difficult to fill out.
Scholarships for College-Bound Students
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Companies
Organizations
Groups
Sports
Local government
Scholarship Resources for Minority Students
• Internet Sites
• American Indian College Fund
• http://collegefund.org
 Asian American Studies
• www.apiasf.org
 Black Excel
• www.blackexcel.org
 Hispanic College Fund
• www.hispanicfund.org
 Hispanic Scholarship Fund
• www.hsf.net
Scholarship Resources for Minority Students
• Internet Sites Continued
• Horatio Alger Association
• www.horatioalger.com
 NAACP
• www.naacp.org
 National Urban League
Scholarship
• www.nul.org
 United Negro College Fund
• www.uncf.org
Scholarship Resources for Minority Students
• Directories
• The Hispanic Scholarship Directory
• Directory of Financial Aid for Minorities
• Black Excel African American Student’s College Guide
• Review other directories in the reference section of the library
Resources for Additional Information
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Federal Student Information Center
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Funding Education Beyond High School
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www2.ed.gov/students
U.S. Department of Education
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www.nces.ed.gov/collegenavigator
U.S. Government Website for College Students/Parents
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www.fafsa.ed.gov
College Navigator
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http://studentaid.ed.gov/pubs
FAFSA on the Web
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1-800-4-FED-AID (1-800-433-3243)
www.ed.gov
The Smart Student Guide to FINAID
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http://www.finaid.org
Questions
Disclosures
© 2014 Prudential Financial, Inc. and its related entities. Prudential, the Prudential
logo, the Rock symbol, Bring Your Challenges are service marks of Prudential
Financial, Inc., and its related entities, registered in many jurisdictions worldwide.
Neither Prudential nor its sales professionals provide tax or legal advice. Please
consult with an accountant or attorney concerning your personal situation.
[ If a DBA: [DBA Firm Name] is an independent organization and is not an affiliate
of Prudential Financial. [DBA Name] sells and services insurance products of
Prudential Financial's affiliated insurance companies in addition to products of
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This seminar is not intended to market or sell any specific products or services.