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FINANCIAL AID
101…Ann Marie GruberAssociate Director of Financial Aid
Lakeland Community College
Financial Aid Myths
“The college with the lowest price tag is the cheapest to attend”
“We make too much money to qualify for financial aid”
“We are receiving less (no) financial aid because we have saved”
Calculating Your Financial Aid Eligibility...
Cost of Attendance
-Expected Family Contribution (EFC)
=Financial Need
Cost of Attendance
Tuition and FeesRoom & BoardBooks & SuppliesTransportationMiscellaneous Expenses
EFC FactorsParental IncomeParental Assets (excluding primary
residence, retirement accounts)Age of Older ParentFamily SizeNumber in CollegeStudent IncomeStudent AssetsFederal Means Tested Benefits
When is the EFC Calculated? EFC calculated when Free
Application for Federal Student Aid (FAFSA) is submitted
EFC estimator available at www.fafsa4caster.ed.govwww.finaid.org
www.fafsa.gov
www.pin.ed.gov
Both the student and
one parent of a dependent
student need a pin.
After April 25, 2015…
• PIN will be replaced by FSA User ID and password
• will be asked for PIN (if have one) during user ID account creation
• link of PIN and new user ID if information matches
• will be able to link to prior FAFSA submissions when user ID account is created
Financial Need Varies depending on the cost
of the school Compare how and how much
of your financial need has been met at each school
Determining Need
0
5
10
15
20
25
30
35
Cost ofAttendance
EFC FinancialNeed
CommunityCollege
State 4Year
Private 4Year
Sources of Aid
Federal
State
Institutional
Private
Types of Financial Aid
Gift Aid - aid which does not need to be repaid (usually)
Grants - usually need based
Scholarships-merit based
Examples of Gift Aid
Federal Pell Grant
FSEOG
TEACH Grant
Examples of Gift Aid
Ohio College Opportunity Grant (OCOG)
Endowed Scholarships
Institutional Scholarships
Outside Scholarships
Types of Financial Aid
Self Help - aid which must be repaid or earned
Loans
Work Study
Examples of Self Help
Federal Perkins LoanDirect LoansDirect PLUSAlternative Student LoansFederal College Work StudyGeneral Student Employment
ABC College
Cost of Attendance 19,500EFC - 2000Financial Need 17,500
Federal Pell Grant 3780SEOG 1000Ohio College Opportunity Grant 920Federal College Work Study 1800Direct Subsidized Loan 3500Direct Unsubsidized Loan 2000
Total 13,000
XYZ CollegeCost of Attendance 42610EFC -2000Financial Need 40610
Federal Pell Grant 3780SEOG 1000Ohio College Opportunity Grant 2568President’s Scholarship 20000XYZ College Grant 1000Federal Perkins Loan 2000Federal College Work Study 1800Direct Subsidized Loan 3500Direct Unsubsidized Loan 2000
Total 37648
123 CollegeCost of Attendance 21,598EFC -15,000Financial Need 6,598
XYZ President’s Scholarship 2,000Direct Subsidized Loan 3,500Direct Unsubsidized Loan 2,000
Total 7,500
Special Circumstances
– Job loss
– Loss of other income (example: child support received)
– Medical expenses
– Other unusual expenses
– Parent in college paying for their own tuition
The Process...
1) Complete the Free Application
for Federal Student Aid (FAFSA) on-line
2) Complete an institutional application and/or the PROFILE if applicable
3) Provide any additional documentation requested by the college in a timely manner
4) Receive award letters from schools
5) Compare and make a decision
Tips to ApplyingApply earlyBe aware of deadlinesUse accurate informationKeep copies of everything you submitSearch for outside scholarshipsThink before you spend money on financial
aid consultants, scholarship search companies, etc. Ask questions…get the student involved!
Questions?
