My Counselee has filed the FAFSAand maybe the Profile

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My Counselee has filed the FAFSA(and maybe the
Profile)

• Whats Next????

Financial Aid 201
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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.

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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

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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.

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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.

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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

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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.

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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.

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Post FAFSA Stress

• Institutional Application.
• Tax Returnsfrom whom
• April 15th versus FA deadline -- you cant make
  me file!
• Special Circumstances

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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????

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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
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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
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The Offer (complete package)

• Estimations.based on assumptions
• State Budget??????!!!
• Terms and Conditions of Scholarship Offers
• Satisfactory Academic Progress

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Adjustments.

• Database Match.selective service, INS, social
  security,.IRS?
• Additional resources (outside scholarships,
  internal scholarships/grants, etc.)
• Corrections (income adjustments, enrollment
  status, residency)
• Negotiations?

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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

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Open Forum