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2	FINANCIAL AID An Overview
3	What is an Independent Student? Be 24 years old Married Have a dependent other that a spouse Be a graduate or professional student Be a ward of the court or an orphan Be a veteran of the U.S. Armed Forces
4	STUDENTS
5	"STUDENT" STUDENT PARENT APPLICATION FAFSA CSS COLLEGE GOVERNMENT ADMISSIONS COLLEGE FINANCIAL AID STUDENT
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7	Financial Aid: Assistance is given to make up the difference between college costs and the family’s ability to contribute.
8	Different Kinds of Aid: 1. Grants , Scholarships Don’t need repayment!
9	2.WORKSTUDY: Students get paid for working on or about the campus. Don’t need to be repaid!
10	3. LOANS: FEDERAL PERKINS STAFFORD SUBSIDIZED UNSUBSIDIZED PLUS-Parent loan for undergraduate students Need to repay!
11	3. LOANS: STATE Mass Educational Financing Authority Need to repay!
12	3. LOANS: PRIVATE BANKS PRIVATE LENDING INSTITUTIONS NEED TO REPAY!
13	Some Aid is: Need Based Based on FAFSA Merit Based Academic Athletic Talent
14	How is Aid Determined? Parents have the primary responsibility to pay for their children’s education Students also have a responsibility to pay for their education
15	FAFSA Free Application for Federal Student Aid When done on line, you get your FAFSA aid report immediately When mailed, Aid information sent to home on a Student Aid Report (Four weeks after FAFSA is filed)
16	The FAFSA Form Provides a means for the government to use a standardized formula for applicants Filed soon after January 1st of student’s senior year Sends results to schools student is applying to
17	The Profile Form - CSS Costs money to apply Provided by College Scholarship Service Used by some, not all private schools Filed in fall of senior year Collects additional data colleges need www.collegeboard.org for electronic application 800-778-6888 for phone registration
18	The Formula Total cost of college Minus Federal Estimated Family Contribution or Private School’s Determination of Need Equals Aid Family is Eligible For
19	EFC: the Expected Family Contribution Student Contribution Plus Parent Contribution
20	CALCULATING YOUR E.F.C. Go to www.finaid.org/calculators/ Click on Expected Family Contribution and Financial Aid Calculator Fill in requested data to receive an estimated E.F.C.
21	HOW EFC FORMULA WORKS
22	How do I Pay My EFC? Past Income Savings College Savings Plans Present Income Salary Payment Plans Future Income Loan Programs
23	Sources of Financial Aid Federal Government State Government College Private Agencies (Kiwanis, Elks, church or synagogue) Professional associations Employer
24	A SAMPLE FINANCIAL AID PACKAGE
25	THE PACKAGE UNIVERSITY GRANT $6,600 COLLEGE SCHOLARSHIP $2,000 STUDENT LOANS $5,100 -------- FINANCIAL AID $13,700 BILL TO PARENTS $ 8,900
26	Tips Find out deadlines and comply Keep copies of what you sent Don’t rule out a school because of its cost Look at all financing options Apply to one or two financially safe schools Think about how you (parent and student) will pay for your share of four years of college
27	On line www.nausetschools.org (Click on Nauset Regional High School; Click on “Enter Site”; Click on Guidance) www.fafsa.ed.gov www.collegeboard.org www.finaid.org
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