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Elizabethtown CollegeFinancial Aid Office
Andrea M. DeLuca, Assistant Director
Familiarize with terminology
Outline application process
Describe aid sources
List resources available
Reduce your anxiety
Campus visits Personal interviews with
admissions and financial aid
Create college spreadsheet Complete admissions
application by December of senior year
Note financial aid deadlines Complete federal taxes
early
When beginning your college search, DO
NOT rule out any school based solely on
the cost. Only eliminate schools once
financial aid is known and affordability is
determined!
Resource for family Responsible to federal
government Administer state
funding Steward of college
funds Student advocate
To be considered for financial aid, you must:
APPLY FOR IT!
Free Application for Federal Student Aid (FAFSA)
Institutional application CSS PROFILE Form Civic, religious, service scholarship
applications
The earliest that you may submit the FAFSA is January 1st of the senior year.
May 1st is the deadline to apply for a PHEAA State Grant (PA Residents Only).
Check with each institution to determine their own financial aid deadline.
Review private sources for their deadlines.
Student
ParentsNatural/adoptiveSingle: divorced,
separated, widowed
Remarried: Natural and step (who you live with)
AND
Schedule time to do it together.
Be aware of application deadlines.
Complete federal tax return &
schedules as early as possible.
Complete all items – don’t leave any
blank spaces
Under the Family Educational Rights and Privacy Act (FERPA), all information submitted on applications is protected. The data is treated as strictly confidential, maintained in a secure area, and only released to a third party upon obtaining student’s signature.
www.fafsa.govBe sure to use the
“.gov” and not “.com”
www.pin.ed.govObtain a PIN to sign
the FAFSA
Improves speed of application process Used as “signature” on current and future
FAFSA and loan applications Used to make corrections to the FAFSA Student/parent(s) should apply for their
individual PIN – only one parent will need a PIN.
www.pin.ed.gov
FAFSAWeb or paper
Federal Government(data entry, analysis, matches)
Student Colleges State(grant award)
$ $ $ $ $
SAR
$ $ $
Where does your
information go?
FAFSA data checked against source of data for accuracy
Common documents requested include:○ 2013 Federal Tax Data○ W-2 Forms○ Verification Worksheets
Review performed by the Financial Aid Office
Students and parents are the primary source of funds for postsecondary education and are expected to contribute to the extent they are able.
Students and parents are the primary source of funds for postsecondary education and are expected to contribute to the extent they are able.
Federal government State government Postsecondary
institutions Private agencies
Dependent upon:o Funds available to meet applicants’ needo Specific goals of enrollmento Amount of federal campus-based fundso Special circumstances
Direct CostsTuitionFeesRoomBoard
Indirect CostsBooks & SuppliesTransportationPersonal
Expenses
Cost of Education
- Expected Family Contribution
Student’s Financial Need
Parent Contribution+ Student ContributionExpected Family Contribution
Parental Income (Taxed and Untaxed) Parental Assets (Excluding Primary
Home & Tax-Sheltered Retirement Plans)
Student Income (amounts over $6,000) Student Assets Family Size/Number in College Age of the Older Parent
Consumer Debt Prior Educational Debt Auto Expenses
Permitted With Professional Judgment Parent in College Expenses Elementary/Secondary Tuition for Siblings Medical & Dental Expenses
Gift AidScholarshipsGrants
Self-HelpEmploymentLoans
Academics SAT’s Class Rank H.S. Attended AP Courses Predicted G.P.A. Academic Track in High
School
Diversity- Gender/Ethnicity
Athletic Ability Talent- Theater, Art Activities- Yearbook,
Government Geographic Diversity Legacies
Merit-based aid (Scholarships)Academic abilitySpecial talent/achievementProgram of study
Need-based aid (Grants)Financial needLargest source of gift aid funds
“Floor” of Financial Aid Package Maximum Award: $5,645 EFC determines eligibility ($5,081 or less) Limited to 6 years of full-time eligibility
PELL
SEOG “Priority to Pell Grant recipients Award Range $100 to $4000 based on school’s funding Determined by Financial Aid Office
Initial application = FAFSA PHEAA online application notice sent Must be a PA resident Award value up to $4,362
Correlates to cost of college
Spending money Time management Focused academics Support group Job references
(Recommended schedule: 6-10 hours a week)
Federal Work Study (FWS)Part-time employment on or off campusPartially subsidized by federal government
Institutional EmploymentPart-time employment on campusFully subsidized by college
Borrowed money to be paid back with interest.
An investment of students in themselves.
Available to all undergraduate students
For 2013-2014, loans have a fixed interest rate of 3.86 %
(set annually with an 8.25% cap)
Annual eligibility based on student’s grade level
Loan fees of 1.072% (increased from 1.051%) are charged.
Principal deferred while enrolled at least half-time (minimum of 6 credits).
Six-month grace period after last date of attendance.
Standard 10-year repayment term (other options available).
Students with exceptional need Loan amount determined by Financial Aid
Office Interest rate: 5% Loan maximums: $5,500 per year 9-month grace period Deferment/cancellation provisions
Always FREE Never provide personal information such as
your SSN Seek help finding scholarships through:
High School Guidance OfficeFinancial Aid OfficeWorld Wide Web Sites
http://www.finaid.comhttp://
www.fastweb.comhttp://
www.collegeboard.org
Must be reported
Individual institutions will handle scholarships differently
Check policy of each institution
10-month interest-free payment plans
Assortment of bank plans Institutional plans Federal PLUS loans
(6.41%, with a 10.50% cap)
Home equity loans
(Pursue these options after college choice is made.)
The law provides the Financial Aid Office the flexibility to deal with special circumstances and conditions which are applied on a case-by-case basis after the original application has been filed.
Separation or divorce Death of one parent Loss of employment income Loss of non-taxable income Unusual medical expenses Other unusual circumstances
Yes! AnnuallyEvery year a new financial “snapshot”Family circumstances may change
○ Income○ Assets○ Number in college○ Number in household○ Special circumstances
2013 Federal
Tax Return 2014 Federal
Tax Return 2015 Federal
Tax Return 2016 Federal
Tax Return
2014-2015 Academic Year
2015-2016 Academic Year
2016-2017 Academic Year
2017-2018 Academic Year
College financial aid office PHEAA regional office Local lenders Local civic, religious, service
organizations High school guidance
counselor
Elizabethtown CollegeFinancial Aid Office
717-361-1404