Financial Aid Information
Session
Minnesota Association of Financial Aid
Administrators (MAFAA)
Objectives of this
Session
• General Overview
• Application Process
• Types of Aid
• Answer Questions
Where to start
• Check with the college:
Does college have an institutional
aid application?
Does college do estimates of financial aid?
Does college have a priority deadline date?
What is the college’s Federal Code?
• Go on-line to www.FAFSA.ed.gov
Free Application for Federal
Student Aid (FAFSA) facts
Universal tool for data collection
 Federal central processor computes data
 Apply every year
 Takes 1-2 weeks to process--apply early
 Generates Student Aid Report (SAR)
 Determines your Expected Family
Contribution (EFC)

Ways to complete the FAFSA
FAFSA on the WEB
http://www.fafsa.ed.gov
Paper FAFSA
Why FAFSA on the Web?
• Faster
• Built in Edits and
skip-logic
• Fewer Errors
Expected Family Contribution
(EFC)
Student and parent
contributions are
determined by the federal
formula
Colleges use your EFC to
determine your financial
aid eligibility at their
school
Remember…
• The cost of higher education
is primarily the responsibility
of the family
• Financial aid supplements the
Expected Family Contribution
• Ability-to-pay vs. willingness-to-pay
Cost of Attendance
Tuition and Fees
Room and Board
Books and Supplies
Misc. Personal Expenses
Transportation
Child Care
Personal Expenses
Determining
Financial Aid Eligibility
Cost of Attendance (COA)
minus
Expected Family Contribution (EFC)
equals
Eligibility for need based aid
Financial Aid Examples
COA
EFC
NEED
School A
School B
School C
$30,500
- 5,000
$25,500
$15,500
- 5,000
$ 10,500
$4,500
-5,000
$0
Your Expected Family Contribution (EFC) remains the same!
Types of Financial Aid
Gift Aid
Grants
Scholarships
Self-Help
Student Employment
Student Loans
Grants
Federal
 Pell Grant
 Supplemental Educational
Opportunity Grant
 ACG/SMART Grant
State
 Minnesota State Grant
Private
 Institutional Grants
Scholarships
Contact Colleges
Check with High School
Guidance Counselor
Check parent & student clubs,
unions, employers
Search the internet
www.fastweb.com
www.collegeboard.org
www.finaid.org
Student Employment
 Campus-based employment
 Credited to student’s account or paid
directly to student depending on college
 Federal and state student work study
employment will not be used in
determining the student’s contribution
on next year’s FAFSA
Student Loans
Federal Stafford/Direct Loan
subsidized and unsubsidized
Federal Perkins Loan
Federal Parent (PLUS) Loan
State of Minnesota SELF Loan
Private Loan Options
Other important
WEB resources...
• Financial Aid Information Page
www.finaid.org
• The Internet System for Education and
Employment Knowledge (ISEEK)
www.iseek.org
• Minnesota Office of Higher Education
www.ohe.state.mn.us
• Minnesota Association of Financial Aid
Administrators
www.mafaa.org
Staff Assistance
• Contact the college
financial aid office for
assistance.
• Most offer both
telephone & walk in
counseling.
We’re ready to
help you!