FINANCIAL AID 101
Quince Orchard High School
December 9, 2014
Research Tools
• Campus Visits
• Net Price Calculators
• College Navigator
www.nces.ed.gov/collegenavigator
College Navigator – Key Items
• % of Students Receiving Aid
• Average Net Price by Income
• 1st to 2nd Year Retention Rate
• 4-Year Graduation Rate
• Average Net Price
Financial Aid
How and When to Apply
• Complete the FAFSA
• Forms are available at:
www.fafsa.gov
Recommended filing
date: February 15th
Other Applications
• CSS Profile Form
 Various deadlines
 More information
 Fees
• School applications
Completing the FAFSA
• “You” Means the Student
• Parent Questions for Dependent Students
– If married/remarried, answer questions on both parents
– If divorced or separated, answer questions about the
parent the student lived with more during the past 12
months
• Sign Electronically with 2 PIN Numbers
• IRS Data Retrieval
The Big Question:
How is financial aid eligibility determined?
Estimated
Cost of
Attendance
Expected
Family
Contribution
(FAFSA)
Financial
“Need”
Sources and Types of Aid
• Colleges
 Merit Scholarships
 Need Based Grants
• Federal Government
 Grants
 Loans
 Work
• State Programs
Federal Loan Programs
Federal Stafford Loans
(Student is borrower)
•
•
•
Freshman
Sophomore
Junior & Senior
$ 5,500
$ 6,500
$ 7,500
Federal Parent Loans (PLUS)
(Parent is borrower)
•
•
Cannot have an adverse credit history
Can borrow up to cost of attendance less
all other financial aid
Award Letters
• Focus on net cost
• Review package
Grants
Scholarships
Loans
Work-study
• Terms & Conditions
Financing Options
• Monthly Payment Plans
• Private Education Loans
• 529 Savings Plans
• Home Equity
Making the Final Decision
• Visit – again!
• Meet with Financial Aid Office
• Communicate any changes
• Stay engaged
Questions?
Siena College
515 Loudon Road
Loudonville, New York 12211
(888) AT-SIENA (toll-free)
(518) 783-2410 (fax)
[email protected] (e-mail)
www.siena.edu/financialaid