International School Manila

Junior University Kick-Off

Nov. 30, 2013

FINANCIAL AID FOR US CITIZENS

What Financial Aid Is Terms & Acronyms Types & Sources of Aid Application Process & Forms Creative Ways to Pay Timeline

GOALS

Money supplied by a source outside the family to help pay for the cost of education.

Basic premise of Financial Aid: Students and parents are the primary source of funds and are expected to contribute to the extent they are able.

How aid is distributed is influenced by the government’s view of how higher education should be funded. US vs. UK/Canada/Scandanavia

1. Student 2. Parent 3. Institution 4. Government

WHAT IS FINANCIAL AID?

An assistance device

Not designed to replace a family’s (primary) contribution

Not based on what the parent’s would LIKE to pay

FINANCIAL AID IS...

COST OF US INSTITUTIONS

NET PRICE CALCULATOR

Need-Based Aid

Merit-Based Aid

Need-Blind Admissions

Need-Aware Admissions (Most US Colleges & Universities)

Unmet Need

TERMS

COA – Cost of Attendance

EFC – Expected Family Contribution

FAFSA – Free Application for Federal Student Aid

SAR – Student Aid Report

CSS Profile – College Student Scholarship

PIN – Personal Identification Number

ACRONYMS

EXPECTED FAMILY CONTRIBUTION

Parent’s Contribution+ Student’s Contribution

Expected Family Contribution

Calculated ability to pay may not match family willingness to pay!

Federal Funding State AidInstitutional Private

Student/Family Community Organizations Civic Groups Religious Organizations Businesses Industry

SOURCES OF AID

Measure of QualityAcademicAthleticArtisticSpecial Characteristic

Family resources not a factor

Award levels based on sponsors’ goals and funding levels

MERIT-BASED

TYPES of AID

Always double check to see if merit aid is an “automatic” process or a separate application.

Family ability to pay

Eligibility may varyCost of collegeAvailability of fundingCollege calculates family contribution

College awards aid based on level of need and available funding

NEED -

BASED

TYPES of AID

FEDERAL AID RESOURCE

http://studentaid.ed.gov/

DEMYSTIFYING AID

NY Times:The Choice Blog

6 Part Series on Financial Aid

HOW TO APPLY

Free Application for Federal Student Aid

(FAFSA)

Apply for a PIN fi rstApply onlineAvailable January 1Parent tax information

neededAdd schools you are

applying to (in ABC order)Apply early and watch

deadlinesSAR approx. 4 weeks laterREQUIRED FOR ANY FORM

OF FEDERAL AIDWWW.FAFSA.ED.GOV

NOT FAFSA.COM

FEDERAL APPLICATION PROCESS

http://student.collegeboard.org/css-financial-aid-profi le

Verify if the university also requires CSS Profi le

Beyond the FAFSA: Medical expenses, elementary and secondary school tuition, home equity, variety of unusual circumstances

Tailored to an institution

CSS/FINANCIAL AID PROFILE

“When we began using the CSS, we were not trying to cut the amount of money we were distributing – we were just trying to do a

better job distributing it.”

Divorced or separated parent informationParent tax returnsStudent tax returnsOther information to verify

Income Assets Family Size Special circumstances

FORMS & DOCUMENTS

CREATIVE WAYS TO “PAY”

IB COURSE WORK

Credit Or Scholarships

Did you know that most Florida universities will

grant a full year of credit for an IB Diploma

score of 32?

Also Southern Methodist, Ohio Wesleyan, U of

Minnesota, Oregon State, and other public

universities

http://blogs.ibo.org/funding-opportunities/

OLIN COLLEGE OF ENGINEERING: HALF TUITION

SCHOLARSHIP

NON-RESIDENT TUITION SCHOLARSHIP

• Oklahoma State• Colorado State• Auburn• U of Texas• U of Washington• Idaho State University• Minnesota State University Campuses

COMMUNITY/JUNIOR COLLEGE

Pay lower tuition for two years

Guaranteed matriculation to a top university

COMMUNITY/JUNIOR COLLEGE

Pay lower tuition for two years

Guaranteed matriculation to a top university

Work, Make Money, Earn Credit at the SAME TIME!

CO-OP EDUCATION

• California Polytechnic State University, Sam Luis Obispo

• University of Cincinatti• Georgia Institute of

Technology• Johnson & Wales• Kettering• Long Island University, CW

Post• University of Louisville• UMass, Dartmouth• Merrimack College• Miami Dade College• University of Michigan,

Dearborn• Northeastern University• Pace University• Rochester Institute of

Technology• University of Toledo

WHAT TO DO NOW

Research colleges and financial aid websites thoroughly

Determine your actual level of needHave realistic conversations with students about

what you can aff ordTalk to representatives who visit ISM. They don’t

work for the Financial Aid offi ce, but can provide some insight.

Visit the Financial Aid offi ce when visiting campusesCheck state residency requirements (CollegeBoard)Get a social security numberDo well academically

JUNIOR YEAR

JUNIOR YEAR

Institutional Net Price Calculator

Get organized

Deadlines: Scholarship/Aid deadlines might be earlier

Complete college applications

Register for CSS Profi le if needed

Get PIN for FAFSA

Gather information needed for CSS and FAFSA

Check each university’s website

SENIOR YEAR: 1ST SEMESTER

January 1 – Apply For FAFSA Print copies for your file

2-4 Weeks After FAFSA Review SAR for accuracy Make corrections if necessary Notify additional schools that it is available

February – April Receive award letters Evaluate awards Contact University if necessary Make decisions

April – June Follow university’s procedures Send required forms Signatures Deposit

SENIOR YEAR: 2ND SEMESTER

POINTS TO REMEMBER

US Perspective: Paying for university may require some sacrifice (vacations, helpers, etc.)

Deadlines vary by institution

Write or call the institution if any information is unclear or if there are any unanswered questions (DO NOT ASSUME!)

Be prepared to provide documentation of family resources

POINTS TO REMEMBER

Must re-apply every year

Some aid may be contingent on grades/GPA to maintain aid

Keep copies of forms completed as well as supporting documentation Tax forms Employer’s statements Bank statements

POINTS TO REMEMBER

THANK YOU FOR COMING!

This presentation will be posted on the HS Guidance blog in the next week.

http://guidance.ism-online.org/