1. FINANCIAL AID FOR
US CITIZENS

2. GOALS
 What Financial Aid Is
 Terms & Acronyms
 Types & Sources of Aid
 Application Process & Forms
 Creative Ways to Pay
 Timeline

3. WHAT IS FINANCIAL AID?
 Money supplied by a source outside the family to help pay for
the cost of education.
 Basic premise of Financial Aid: Students and parents are the
primary source of funds and are expected to contribute to the
extent they are able.
 How aid is distributed is influenced by the government’s view
of how higher education should be funded.
 US vs. UK/Canada/Scandanavia
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Student
Parent
Institution
Government

4. FINANCIAL AID IS...
 An assistance device
 Not designed to replace a family’s (primary)
contribution
 Not based on what the parent’s would LIKE to pay

5. COST OF US INSTITUTIONS

6. NET PRICE CALCULATOR

7. TERMS
 Need-Based Aid
 Merit-Based Aid
 Need-Blind Admissions
 Need-Aware Admissions (Most US Colleges &
Universities)
 Unmet Need

8. ACRONYMS
 COA – Cost of Attendance
 EFC – Expected Family Contribution
 FAFSA – Free Application for Federal Student Aid
 SAR – Student Aid Report
 CSS Profile – College Student Scholarship
 PIN – Personal Identification Number

9. EXPECTED FAMILY CONTRIBUTION
Parent’s Contribution
+ Student’s Contribution
Expected Family Contribution
Calculated ability to pay may not match
family willingness to pay!

10. SOURCES OF AID
 Federal Funding
 State Aid
 Institutional
 Private
 Student/Family
 Community Organizations
 Civic Groups
 Religious Organizations
 Businesses
 Industry

11.  Measure of Quality
 Academic
 Athletic
 Artistic
 Special Characteristic
 Family resources not a factor
 Award levels based on sponsors’
goals and funding levels
Always double check to see if merit aid is an “automatic”
process or a separate application.

12.  Family ability to pay
 Eligibility may vary
 Cost of college
 Availability of funding
 College calculates family
contribution
 College awards aid based on level
of need and available funding

13. FEDERAL AID RESOURCE
http://studentaid.ed.gov/

14. DEMYSTIFYING AID
NY Times:
The Choice Blog
6 Part Series on
Financial Aid

15. HOW TO APPLY

16. FEDERAL APPLICATION
PROCESS
Free Application for Federal
Student Aid (FAFSA)
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Apply for a PIN first
Apply online
Available January 1
Parent tax information
needed
Add schools you are
applying to (in ABC order)
Apply early and watch
deadlines
SAR approx. 4 weeks later
REQUIRED FOR ANY
FORM OF FEDERAL AID
WWW.FAFSA.ED.GOV
NOT FAFSA.COM

17. CSS/FINANCIAL AID
PROFILE
http://student.collegeboard.org/css -financial-aid-profile
 Verify if the university also requires CSS Profile
 Beyond the FAFSA: Medical expenses, elementary and
secondary school tuition, home equity, variety of unusual
circumstances
 Tailored to an institution
“When we began using the CSS,
we were not trying to cut the
amount of money we were
distributing – we were just trying
to do a better job distributing it.”

18. FORMS & DOCUMENTS
 Divorced or separated parent information
 Parent tax returns
 Student tax returns
 Other information to verify
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Income
Assets
Family Size
Special circumstances

19. CREATIVE WAYS TO “PAY”

20. IB COURSE WORK
Credit Or
Scholarships
http://blogs.ibo.org/funding-opportunities/
Did you know that most
Florida universities will
grant a full year of credit for
an IB Diploma score of 32?
Also Southern Methodist,
Ohio Wesleyan, U of
Minnesota, Oregon State,
and other public
universities

21. OLIN COLLEGE OF ENGINEERING:
HALF TUITION SCHOLARSHIP

22. NON-RESIDENT TUITION
SCHOLARSHIP
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Oklahoma State
Colorado State
Auburn
U of Texas
U of Washington
Idaho State University
Minnesota State University Campuses

23. COMMUNITY/JUNIOR
COLLEGE
Pay lower
tuition for two
years
Guaranteed
matriculation
to a top
university

24. COMMUNITY/JUNIOR
COLLEGE
Pay lower
tuition for two
years
Guaranteed
matriculation
to a top
university

25. CO-OP EDUCATION
Wor k, Make Money, Ear n Credit at the
SAME TIME!
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California Polytechnic State
University, Sam Luis Obispo
University of Cincinatti
Georgia Institute of Technology
Johnson & Wales
Kettering
Long Island University, CW
Post
University of Louisville
UMass, Dartmouth
Merrimack College
Miami Dade College
University of Michigan,
Dearborn
Northeastern University
Pace University
Rochester Institute of
Technology
University of Toledo

26. WHAT TO DO NOW

27. JUNIOR YEAR
 Research colleges and financial aid websites
thoroughly
 Determine your actual level of need
 Have realistic conversations with students about
what you can afford
 Talk to representatives who visit ISM. They don’t
work for the Financial Aid office, but can provide
some insight.
 Visit the Financial Aid office when visiting campuses
 Check state residency requirements ( CollegeBoard)
 Get a social security number
 Do well academically

28. JUNIOR YEAR

29. SENIOR YEAR: 1 ST
SEMESTER
 Get organized
 Deadlines: Scholarship/Aid deadlines might be earlier
 Complete college applications
 Register for CSS Profile if needed
 Get PIN for FAFSA
 Gather information needed for CSS and FAFSA
 Check each university’s website

30. SENIOR YEAR: 2 ND
SEMESTER
 January 1 – Apply For FAFSA
 Print copies for your file
 2-4 Weeks After FAFSA
 Review SAR for accuracy
 Make corrections if necessary
 Notify additional schools that it is available
 February – April
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Receive award letters
Evaluate awards
Contact University if necessary
Make decisions
 April – June
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Follow university’s procedures
Send required forms
Signatures
Deposit

31. POINTS TO REMEMBER

32. POINTS TO REMEMBER
 US Perspective: Paying for university may require
some sacrifice (vacations, helpers, etc.)
 Deadlines vary by institution
 Write or call the institution if any information is
unclear or if there are any unanswered questions
(DO NOT ASSUME!)
 Be prepared to provide documentation of family
resources

33. POINTS TO REMEMBER
 Must re-apply every year
 Some aid may be contingent on grades/GPA to
maintain aid
 Keep copies of forms completed as well as
supporting documentation
 Tax forms
 Employer’s statements
 Bank statements

34. THANK YOU FOR
COMING!
This presentation will be posted on the HS
Guidance blog in the next week.
http://guidance.ism-online.org/