Financial Aid Information Session

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Financial Aid Information Session

• Minnesota Association of Financial Aid
  Administrators (MAFAA)

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• Objectives of this Session

• General Overview
• Application Process
• Types of Aid
• Answer Questions

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Where to start

• Check with the college
• Does college have an institutional
  aid application?
• Does college do estimates of financial aid?
• Does college have a priority deadline date?
• What is the colleges Federal Code?
• Go on-line to www.FAFSA.ed.gov

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Free Application for Federal Student Aid (FAFSA)
facts

• Universal tool for data collection
• Federal central processor computes data
• Apply every year
• Takes 1-2 weeks to process--apply early
• Generates Student Aid Report (SAR)
• Determines your Expected Family Contribution (EFC)

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Ways to complete the FAFSA

• FAFSA on the WEB
• http//www.fafsa.ed.gov

Paper FAFSA
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Why FAFSA on the Web?

• Faster
• Built in Edits and skip-logic
• Fewer Errors

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Expected Family Contribution (EFC)

• Student and parent contributions are determined
  by the federal formula
• Colleges use your EFC to determine your financial
  aid eligibility at their school

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Remember

• The cost of higher education is
  primarily the responsibility of
  the family
• Financial aid supplements the Expected Family
  Contribution
• Ability-to-pay vs. willingness-to-pay

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Cost of Attendance

• Tuition and Fees
• Room and Board
• Books and Supplies
• Misc. Personal Expenses
• Transportation
• Child Care
• Personal Expenses

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Determining Financial Aid Eligibility

• Cost of Attendance (COA)
• minus
• Expected Family Contribution (EFC)
• equals
• Eligibility for need based aid

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Financial Aid Examples

• School A
• COA 30,500
• EFC - 5,000
• NEED 25,500

• School B School C
• 15,500 4,500
• - 5,000 -5,000
• 10,500 0

Your Expected Family Contribution (EFC) remains
the same!
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Types of Financial Aid

• Gift Aid
• Grants
• Scholarships
• Self-Help
• Student Employment
• Student Loans

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Grants

• Federal
• Pell Grant
• Supplemental Educational Opportunity Grant
• ACG/SMART Grant
• State
• Minnesota State Grant
• Private
• Institutional Grants

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Scholarships

• Contact Colleges
• Check with High School Guidance Counselor
• Check parent student clubs, unions, employers
• Search the internet
• www.fastweb.com
• www.collegeboard.org
• www.finaid.org

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Student Employment

• Campus-based employment
• Credited to students account or paid directly to
  student depending on college
• Federal and state student work study employment
  will not be used in determining the students
  contribution on next years FAFSA

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Student Loans

• Federal Stafford/Direct Loan
• subsidized and unsubsidized
• Federal Perkins Loan
• Federal Parent (PLUS) Loan
• State of Minnesota SELF Loan
• Private Loan Options

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Other important WEB resources...

• Financial Aid Information Page
• www.finaid.org
• The Internet System for Education and Employment
  Knowledge (ISEEK)
• www.iseek.org
• Minnesota Office of Higher Education
• www.ohe.state.mn.us
• Minnesota Association of Financial Aid
  Administrators
• www.mafaa.org

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Staff Assistance

• Contact the college financial aid office for
  assistance.
• Most offer both telephone walk in counseling.

Were ready to help you!