College Financial Aid Night
MORGAN A. KELLY
ASSOCIATE DIRECTOR
STUDENT FINANCIAL ASSISTANCE
SACRED HEART UNIVERSITY
Tonight’s Agenda
 Sources and Types of Financial Aid
 Application Process
 Determining Eligibility
 Student Loans
 Questions to Ask
Types of Financial Aid
 Grants
 Scholarships
 Work-Study Programs
Read your award
package carefully!
Understand what is
free, what is earned,
and what is
borrowed.
 Loans
 Subsidized vs. Unsubsidized Stafford
Begin at the Beginning
 Check with College and Universities to see what
Financial Aid Applications are required.
 Check financial aid deadline dates with Colleges and
Universities.

Submit required information at least two weeks before earliest
deadline. For example:
February 15th Deadline -- Submit Information by February 1st.
Application Process
 Free Application for Federal Student Aid (FAFSA)
 Required for Federal & State Aid
 www.fafsa.ed.gov
 Profile Application (CSS Profile)
 Used primarily by private colleges.
 www.collegeboard.com
 Institutional Applications
 Check school publications and websites
Federal Student Aid PIN
 Apply for PIN
 Change PIN
 Change PIN Information
 For students and parents
 Used for FAFSA
application
 Used for student and
parent loans
www.pin.ed.gov
Federal Application Process
 Required by all schools
administering Federal
Student Aid
 It is ok to use 2013 tax
information as an
estimate!
 Cannot be submitted
until after January 1, but
get organized as soon as
possible
www.fafsa.ed.gov
Federal Application Process
After submitting the FAFSA:
 Review the Student Aid Report


Make corrections, if necessary
 All filers may access SAR and make changes online
If selected for review, a message will be present. You may have to
submit tax transcripts and/or other forms for verification purposes to
the school.
 Schools receive the applicant data electronically
 Schools may offer tentative award based on current information
 Schools –now or later- may verify or adjust information
CSS Profile Application Process
 The College Board CSS Profile
collects more comprehensive
family and financial
information
 It is ok to use 2013 tax
information as an estimate!
 Allows schools to receive
information earlier in the
cycle
 Remember to check for other
institution specific forms!
https://profileonline.collegeboard.com
What’s Next
Determining Eligibility
Cost of Attendance
EFC
____________
Financial Need
The Cost of Education
 Direct Costs
 Tuition and required fees
 Room and board for resident students
 Indirect Costs
 Books and supplies
 Transportation to and from campus
 Miscellaneous personal expenses
Direct
Costs
Indirect
Costs
Total Cost
of
Education
What is the Expected Family Contribution – EFC?
 The EFC is a measure of capacity over time to absorb
educational costs


Not a dollar amount expected from current income or assets
Not an estimate of extra cash available
 It is a number used by your school to calculate the
amount of federal student aid you are eligible to
receive.
 The EFC is subject to school verification and
adjustments.
Elements of Need Analysis
FAFSA
# in
family
FAFSA
CSS Profile
Income
Medical
Home
Equity
# in
college
FM EFC
Profile
Allowances
IM EFC
Eligibility for Financial Aid
4 Year Private 4 Year Public
Total Cost
$34,000
$14,000
- FM EFC
$10,000
$10,000
= Eligibility
$24,000
$4,000
Need-Based vs. Merit Based
• Need-based aid is dependent on a family’s EFC. Merit-
based aid is award considering achievement, talent,
participation, not a family’s EFC.
NeedBased Aid
MeritBased Aid
Pell Grant
Academic
Achievement
Work Study
Athletic
Achievement
The Financial Aid Package
Total Cost = $34,000
College Grant:
Work:
Loan:
EFC:
$17,000
Total Cost = $34,000
Unmet Need:
$4,000
College Grant:
$13,000
$1,500
Work:
$1,500
Loan:
$5,500
$5,500
$10,000
EFC:
$10,000
The Financial Aid Package
Total Cost = $34,000
College Grant:
$17,000
Work:
$1,500
Loan:
EFC:
Total Cost = $34,000
Actual Cost after Merit:
$7,000
Academic:
$12,000
Athletic:
$15,000
$5,500
$10,000
Net Price Calculator
What is it?
 Allows for an estimate of
your expenses and
financial aid possibilities
Necessary Information
 Student & Parent 2013
Income Tax Returns
 Earnings statements (W2
 Not a guaranteed award
 Intended to help families
understand out-ofpocket expenses earlier
in the application
process
forms, recent paycheck
stubs)
 Bank statements
 Student academic
information
Student Loans
Options
What to Consider
 Stafford Loans
 Solely in the student’s name
 Subsidized vs. Unsubsidized
Stafford
 No credit check, student cannot be
in default on a previous loan
Loan Repayment Calculator
 Private Loans
 Student will need a co-signer
 Requires credit check
 Parent Plus Loan
 Solely in the parent’s name
 Requires credit check
http://www.finaid.org/calculators/loanpayments.phtml
Questions to ask and not assume!
 How do outside awards affect the aid package?
 What is the school’s policy on non-custodial parents?
 What is the average student debt level?
 Are the scholarships/grants renewable each year?
 How might awards change in future years?
 What happens if financial circumstances change?
Where There’s “The Web”, There’s a Way
• www.nasfaa.org Consumer tips for parents and students as well as
financial aid tools for completing required applications.
•
www.finaid.org Financial Aid Information Page. Lists a variety of
financial aid information, including family contribution calculators.
•
www.fastweb.com FASTWEB, Free scholarship search.
• www.studentaid.ed.gov A site designed by the U.S. Department of
Education in collaboration with students to help students make the
dream of college a reality.
• www.ctdhe.org The Connecticut State Higher Education website for
state financial aid programs and links to Connecticut colleges and
universities.