Coventry High School

1
Coventry High School

• Presents
• College Financial Aid Seminar
• December 5, 2007
• Bill OBrien
• Assistant Director,
• Student Financial Assistance
• University of Hartford

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Basic Premise of Financial Aid

• Students and parents are the primary source of
  funds for post-secondary education and are
  expected to contribute to the extent they are
  able to help pay toward the students education.

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Types of Financial Aid

• Gift Scholarships Grants
  
  Not Paid Back
• Loan Borrowed Money Paid Back with Interest
• Work Money Earned as Payment for a Job

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Primary Sources of Financial Aid

• Federal Government
• State Government
• Private Organizations/Corporations
• Colleges and Universities

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Merit-Based Aid

• Some colleges and universities offer scholarships
  that are not based on a students demonstrated
  financial need but rather on a special skill,
  talent, ability or characteristic
• Achievement Academic
• Talent Athletic

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Connecticut Capitol Scholarship www.ctdhe.org

• Need-based scholarship must file FAFSA
• Top 20 of the high school class rank OR SAT
  scores of at least 1800
• CT resident, US citizen
• 2000 - 3000 a year at a CT college OR 500 at
  colleges located in states that have reciprocity
  agreements w/ CT.
• File application thru the Guidance Office by
  February 15, 2008

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Need Based Aid

• Institutional scholarships and grants based on
  financial need
• Aid based on the results of the FAFSA and total
  cost of attendance
• Some Colleges and Universities offer both need
  based and merit aid

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Basic Cost of Attendance

• Tuition and Fees
• Room and Board
• Books and Supplies Allowance
• Transportation Allowance
• Miscellaneous Expense Allowance

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Need Varies Based on Cost
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Definition of Need

• Cost of attendance (COA)
• Expected family contribution (EFC)
• Need

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2008-09 FAFSA

• Free Application for Federal Student Aid
• Used to determine federal aid eligibility.
  Majority of colleges universities use it to
  determine institutional financial aid eligibility
• Apply via Internet www.fafsa.ed.gov
• List up to 6 colleges universities
• Submit after 1/1/2008 but before 2/1/2008
• Resubmit annually (FAFSA Renewal)

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Materials needed to complete the FAFSA

• Parents Federal tax return
• Parents year to date paystub or W2
• Students social security card
• Students Federal tax return
• Students year to date paystub or W2

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General Student Eligibility Criteria

• Must be enrolled or accepted for enrollment in
  eligible program of study
• Must be pursuing degree, certificate, or other
  recognized credential
• Must be U.S. citizen or eligible noncitizen
• Must be registered with Selective Service (if
  male and required)
• May not have eligibility suspended or terminated
  due to being convicted of a drug-related offense

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General Student Eligibility Criteria

• Must have valid Social Security Number (SSN)
• May not be in default on a federal student loan
• Must not owe an overpayment of federal grant or
  loan funds
• Must be making satisfactory academic progress (as
  defined by school)

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FAFSA Quick Tips

• When all else fails, read the instructions!
• Complete a draft of your 2007 tax return
• Respond to all questions on the FAFSA
• Review information against the Student Aid Report
  (SAR)

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FAFSA Quick Tips

• If you provide email - you will receive the SAR
  electronically
• Use name as it appears on your SS card
• At least one parent must provide a SS number
• Additional Info
• 1-800-4FED-AID(433.3243)

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The PIN......

• What is a PIN?
• Personal Identification Number
• How do I get one?
• By going to www.pin.ed.gov
• Why do I want one?
• To electronically sign FAFSA on the web
• To make corrections to the FAFSA
• To view the status or results on-line

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To Register for a PIN www.pin.ed.gov

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Independent Student
To be considered an independent, the student
must meet one of the following criteria

• born before January 1, 1984
• be enrolled in a graduate program
• be married
• have a legal dependent the student supports
• be an orphan or ward of the court
• be a veteran of the U.S. Armed Forces

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FAFSA Parental Information

• Two-Parent Family (Both
  Natural Parents)
• Single Parent Family (Custodial Parent)
• Blended Family (Natural Parent
  and Step-Parent)

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Expected Family Contribution
The Expected Family Contribution (EFC) is a
measure of the familys overall capacity to
absorb some portion of the educational expenses.
It is not a prediction of how much extra cash you
have on hand or an assumption of how much you
ought to be able to pull from current income.
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What makes up the EFC

• The state you live in
• Adjusted gross income untaxed income
• Income earned from work
• Taxes paid
• Parent and student assets
• Number of people in the household
• Number in college (not including parents)

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Frequent FAFSA Errors

• Parent and student Social Security Numbers
• Divorced/remarried parental information
• Income earned by parents/stepparents
• Untaxed income
• U.S. income taxes paid
• Household size
• Number of household members in college
• Real estate and investment net worth

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CSS PROFILE Servicehttp//profileonline.collegebo
ard.com/index.jsp

• Used by some colleges and universities to award
  their own institutional funds
• Registration fee 5 and 18 per college
• Uses Institutional Methodology (IM)
• For example, IM may include
• parents home equity
• require a minimum student contribution
• detailed info. on personal property or assets

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Monthly Payment Plans

• Nominal application fee (50-60)
• Not a loan and is interest free
• Allows parents to spread out annual payments over
  10 months or less
• Avoids lump-sum payments due each semester
• Allows parents to pay as they earn

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Supplemental Loan Programs

• Federal PLUS Loan
• Current Interest Rate 8.5
• Immediate repayment of principle and interest
• CT FELP (Family Educational Loan Program)
• Current Interest Rate 6.99
• Fixed rate for the life of loan
• Interest payments only during enrollment periods

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Payment Plan Loan Options

• For example, you need 10,000 for your child
• You can sign up for a 10-month payment plan at
  1,000/month OR
• You can borrow 10,000 thru a supplemental loan
  program

• To minimize your monthly payments and reduce your
  indebtedness, you can
• Sign up for a payment plan at 600/month AND
• Borrow 4,000 thru a supplemental loan program

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Remember

• File your FAFSA accurately and on time
• Your FAFSA should be received by the Federal
  Processor by February 1, 2008
• Do scholarship searches early watch for
  deadlines
• Review admission and financial aid materials
• Respond promptly to any request
• Tuition deposit deadline of May 1, 2008
• Make and keep copies of everything!

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Avoid Being Scammed

• To check legitimacy of scholarship search
  services or individuals, for information about
  financial aid scams, and tips to avoid being
  scammed visit these Web sites
• U.S. Department of Education www.studentaid.ed.go
  v/students/publications/lsa/index.html
• Federal Trade Commission www.ftc.gov/bcp/conline/
  publs/alerts/ouchart.htm
• Better Business Bureau www.bbb.com

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World Wide Web Addresses

• Financial Aid Information Page
• www.finaid.com or www.studentaid.ed.gov
• College Board On Line www.collegeboard.com
• CT FELP Loan www.chesla.org
• FastWEB Financial Aid Search www.fastweb.com

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Good LuckandBest Wishes!!!Bill
OBrienAssistant Director Admission Student
Financial AssistanceUniversity of
Hartfordobrien_at_hartford.edu860.768.4296