My Counselee has filed the FAFSAand maybe the Profile - PowerPoint PPT Presentation
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My Counselee has filed the FAFSAand maybe the Profile
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To understand the role of admission process in relation to financial aid. ... Audition where required. Talent as a critical element in the decision process. ... – PowerPoint PPT presentation
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Title: My Counselee has filed the FAFSAand maybe the Profile
1
My Counselee has filed the FAFSA(and maybe the
Profile)
- Whats Next????
Financial Aid 201
2
Todays Objectives
- To understand the role of admission process in
relation to financial aid. - Gain a working knowledge of the
awarding/packaging process and identify barriers
to a smooth transition. - Identify options versus requirements along
the way.
3
Financial Aid 201 Simplified
Awarding Timeline AGENDA
- Admission as a Financial Aid element
- Scholarship Offer concurrent with admit
- Pre and Post FAFSA Stress
- Assumptionsassumptionsassumptions.
- Behind The Curtain
- A Working Model
- The Offer
- Adjustments..
- Open Forum
4
Admission as a Financial Aid Element
- Formal packaging and awarding begins mid to late
winter. - Early Decision and/or Early Admitlikelihood of
aid increasing/decreasing as a result. - Need Blind Admission.
5
Admission as a Financial Aid Element
- Admission on the basis of credentials available
and sufficient for initial decision-making is
essential. - Final and complete admission (final transcripts)
necessary for posting of aid to student accounts. - Admission also enable (some) schools to add
institutional scholarships to the initial aid
package.
6
Scholarship Offer Concurrent with Admit
- ACT/SAT scores on file.
- Transcripts (through 6th or 7th semester).
- HS GPA through 6th or 7th semester.
- Complete admission application
7
Scholarship Offer Concurrent with Admit
- Essay where required.
- Letters of recommendation where required.
- Audition where required. Talent as a critical
element in the decision process.
8
Pre FAFSA Stress
- To Estimate or Not to Estimate!
- Estimation means Verification.
- Turn around timepaper or on-line
- Blanks produce Blanks
- Correction files go to the back of the bus.
9
Post FAFSA Stress
- Institutional Application.
- Tax Returnsfrom whom
- April 15th versus FA deadline -- you cant make
me file! - Special Circumstances
10
Assumptionsassumptions and more assumptions
- Full-time, Part-time, on-campus or off.
- Prior College Attendance.
- Default or owe Repayment.
- Do you want a loan? Work study?
- Schools policy on Outside Resources????
11
Behind The Curtain
- FA Cost of Attendance (tuition/fees, RB,
transportation, personal) - Minus
- Expected Family Contribution (results of FAFSA)
NEED
Outside Resources Pell/MAP, etc. Loans, Work
study Scholarships/Grants
Institutions Outside Scholarship Policy
12
A Working Model
- Cost of Attendance 20,000
- EFC - 3,000
- Need 17,000
- Pell -
4,050 - MAP - 4,471
- Remaining Need 8,479
- Scholarship - 4,000
- Loan - 2,625
- FWS - 1,854
- Unmet Need 0
Not a Bill
Not always out of pocket
13
The Offer (complete package)
- Estimations.based on assumptions
- State Budget??????!!!
- Terms and Conditions of Scholarship Offers
- Satisfactory Academic Progress
14
Adjustments.
- Database Match.selective service, INS, social
security,.IRS? - Additional resources (outside scholarships,
internal scholarships/grants, etc.) - Corrections (income adjustments, enrollment
status, residency) - Negotiations?
15
A Word On FERPA
- FERPA gives parents certain rights with
respect to their childrens education records
maintained by the school. These rights transfer
to the student when he or she reaches the age of
18 or attends a school beyond the high school
level. - U.S. Department of Education, Family Policy
Compliance Office
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Recommended Sites (just a few)
- www.finaid.org
- www.collegezone.com
- www.studentaid.org
- www.roosevelt.edu
17
Open Forum
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