The Harker School College Counseling Office

Financial AidFinancial AidFundamentals Fundamentals

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Goals of Financial AidGoals of Financial Aid

Primary goal is to assist students in paying for college and is achieved by:

• Evaluating family’s ability to pay educational costs

• Distributing limited resources in an equitable manner

• Providing balance of gift aid and self-help aid

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Gift AidGift Aid

Need based or merit-based

Scholarship Scams

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Self-Help AidSelf-Help Aid

• Earned or repaid

• Loans and work-study

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How Need is DeterminedHow Need is Determined

Cost of Attendance

Estimated Family Contribution (EFC)

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Cost of College AttendanceCost of College Attendance

Tuition and Fees Room and Board

INDIRECT COSTS Books and supplies Transportation Misc. Expenses

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Expected Family Contribution Expected Family Contribution [EFC][EFC]

Federal Methodology

Institutional Methodology

Parent Contribution from Income and Assets

Student Contribution from Income and Assets

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The Basic Financial Aid EquationThe Basic Financial Aid Equation

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

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ExampleExample

MIT Cost of Attendance: $48,000

– EFC: $20,000

= Demonstrated Financial Need: $28,000

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www.fafsa4caster.ed.govwww.collegeboard.com

www.finaid.org

Expected Family Contribution Calculator

Financial Aid EstimatorsFinancial Aid Estimators

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Applying for Financial AidApplying for Financial Aid

1. Which Colleges?

2. Which Forms?

3. When are the deadlines?

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Application FormsApplication Forms

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) – all

CSS PROFILE—mainly private colleges

COLLEGE’S OWN FORM – some

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Federal Student Aid Federal Student Aid PIN RegistrationPIN Registration

Web site: www.pin.ed.gov

Can obtain PIN before January 1, 2008

Parent AND student

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Free Application for Federal Free Application for Federal Student Aid (FAFSA)Student Aid (FAFSA)

ALL colleges

FAFSA on the Web at www.fafsa.ed.gov

2008-09 FAFSA on the Web available on or after January 1, 2008

FAFSA on the Web Worksheet:• Used as “pre-application” worksheet• Questions follow order of FAFSA on the Web

Student Aid Report (SAR)

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CSS PROFILECSS PROFILE

Private colleges

Colleges set own deadlines

Register online

www.collegeboard.com

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Cal GrantCal Grant

California colleges

FAFSA required

academic achievement and financial need

GPA Verification Form due March 1, 2008

For more information visit: California Student Aid Commission at www.csac.ca.gov

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Additional Forms Possibly NeededAdditional Forms Possibly Needed

OTHER DOCUMENTS POSSIBLY NEEDED

• CSS Business/Farm supplement

• Tax returns (parents and student)

• W-2 forms

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Financial Aid Award OfferFinancial Aid Award Offer

Sent with or after the Admission Decision Letter

Compare Packages

Payment Plans

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Where to go from hereWhere to go from here

Find out required forms Know Financial Aid

deadlines Apply for Federal PIN Register for CSS Profile (if

needed) Visit helpful Websites

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For More InformationFor More Information

Contact the college Financial Aid Offices directly and visit their web pages

Visit FAFSA Online at www.fafsa.ed.gov •Apply for Federal PIN at www.pin.ed.gov

Visit CSS Profile at www.collegeboard.com

Visit FinAid at www.finaid.org

Visit FastWeb at www.fastweb.com

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Thank you for coming!Thank you for coming!

Questions?