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My money and my child go to MIT!
FINANCIAL AIDNeed-Based
Merit-Based
Financial Aid FACTS $52 Billion +
95% from the Colleges
Comprehensive FeeTuition and Fees
Room
Board (Food)
Books and Supplies
Personal Expenses
Travel
Total CoverageParents
+
Student
+
College
_______________
Total College Costs
Expected Family Contribution (EFC)
(PC) Parent’s Contribution
+
(SC) Student’s Contribution
_____________________________
(EFC) Expected Family Contribution
Computing Need
Comprehensive Fee
(College Cost of Attendance)
- Expected Family Contribution (EFC)
____________________
Student’s Financial Need
Financial Aid
FormsPROFILE
October 1
https://profileonline.collegeboard.com
FAFSA
January 1
http://www.fafsa.ed.gov
Institution’s Form or Supplement
Varies
Financial Aid PackageScholarships
Merit/Performance/Character
GrantsFederal/State/Institutional
Work-Study
Jobs
Loans
Federal/State/Institutional
PROFILEOctober 1
35 % Student Savings
50% Student Salary $2,500+
Parent’s Home Equity
FAFSA Online FAFSA
http://www.Fafsa.ed.gov
School and College Codes
http://www.Fafsa.ed.gov
Student Pin Number
http://www.pin.ED.gov
WorksheetSocial Security card and drivers license
Last year’s income tax return
W-2 forms
Record of any untaxed income
Current asset information
User’s name on social security card
Never leave anything blank/use 0’s instead
DeadlinesSecond week in January
February 15?
SARWeb-Based Application
2-3 Weeks
Hardcopy
4-6 Weeks
CFARReport
Income Tax Returns
State ResidencyPermanent and mailing addresses
Your social security number
Student’s High School
Most recent employers
Parents' place of employment
ScholarshipsColleges
Private Sources
Search Engineshttp://scholaraid.com
http://www.wiredScholar.com
http://www.wcholarships.com
http://www.fastWeb.com
http://www.finAid.org
www.collegescholarships.com
http://www.needalift.org
Specific Scholarshipswww.boettcherfoundation.org
www.coca-colascholars.org
www.danielsfund.org
www.collegeincolorado.org
College Admission Office
Department of Interest
Other Sources of Aid
Cooperative Education (and some Internships)
Three Year Degree Programs
Military Commitment
Junior or Community College
Non-Need Work Study
Western Undergraduate Exchange
Reciprocal Agreements
College Opportunity Fund
529 PlansCollege Savings Plan
Prepaid Tuition Plan
Financial Aid Tips
• Apply to more than one college.
• Establish a contact in the financial aid office by phoning and/or visiting. This will give you a single, direct resource for answering questions and solving problems.
• Appeal your financial aid package when it arrives if it is not satisfactory. Be gracious, be positive and have your reasons for requesting more funding be reasonable and justifiable.
• Consider appealing your award AFTER the response deadline for offers of admission.
