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Financing Education Beyond
High School
High School
Secure your future. Live your dream.
![](3D"slide0001_image002.gif")
What
is Financial Aid?
=
=
<=
span
style=3D'mso-special-format:bullet;position:absolute;left:-4.84%'>•<=
/span>Employment
opportunities
![](3D"slide0002_image004.jpg")
![](3D"slide0002_image005.gif")
Goals of Financial Aid
•Primary goal is to ass=
ist
students in paying for college and is achieved by:
–Evaluating family̵=
7;s
ability to pay educational costs
–Distributing limited
resources in an equitable manner
–Providing balance of g=
ift
aid and self-help aid
![](3D"slide0003_image006.gif")
Definition of Need
•Cost of attenda=
nce
(COA)
•– Expected family contribution
(EFC)
•=3D Need
![](3D"slide0004_image007.gif")
Example # 1
•COA 10,500.00
•EFC - 2,500.00
•Need 8,000.00
•Pell (based on EFC=
) - 1860.00 (Full time 12hrs)&#=
13;
•Need
6,140.00
•FWS
-3000.00
•SEOG -1000.00
•Need 2,140.00
Example # 2
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•COA 10,500.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•EFC 0.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•Need 10,500.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•Pell (Based on EFC=
) -4,310.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•Need 6,190.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•FWS -3,000.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•SEOG -1,000.00
<=
span
class=3DBB style=3D'position:absolute;left:-4.43%'>•Need 2,190.00
Cost of Attendance
•<=
/span>Tuition and fees
•<=
/span>Room and board
•<=
/span>Books, supplies, transportation, and miscellaneous=
personal expenses, including documented costs for =
a =
personal computer
•<=
/span>Loan fees
•<=
/span>Study abroad costs
•<=
/span>Dependent care expenses
•<=
/span>Disability-related expenses
![](3D"slide0005_image008.gif")
Independent Student Definition
•<=
/span>At least 24 years old by December 31 of award year=
covered by the FAFSA;
•<=
/span>Graduate or professional student;
•<=
/span>Married;
•<=
/span>Has children or dependents (other than a spouse) f=
or whom the student provides more than half support;&#=
13;
•<=
/span>Orphan or ward/dependent of the court;
=
•<=
/span>Veteran of U.S. Armed Forces
![](3D"slide0006_image009.gif")
Federal Pell Grants
•<=
/span>Awarded to eligible undergraduates pursuing =
first baccalaureate degree and certain students =
enrolled in post-baccalaureate teacher certification or licensing programs
•Portable
•Actual award amount based on COA, EFC, and =
enrollment status
•<=
/span>Maximum award for 2007-08 =3D $4,310=
![](3D"slide0007_image010.gif")
Federal Supplemental Educational <=
/span>=
Opportunity Grants
(FSEOG)
•E=
ligible
students:
–U=
ndergraduates
pursuing first baccalaureate or professional
degree
–<=
/span>Awarded first to students with “exceptional
financial need” (i.e.,
students with lowest EFCs at that school)
–<=
/span>Priority to Federal Pell Grant recipients
•<=
/span>Annual award amounts:
–$100 minimum
–$4,000 maximum
![](3D"slide0008_image011.gif")
Federal Work-Study (FWS) =
Earnings
•<=
/span>Eligible students: Undergraduate, graduate, and professional students
•<=
/span>Employment may be on or off campus
•<=
/span>Eligible employers:
–<=
/span>Schools
–<=
/span>Federal, state, or local public agencies
–<=
/span>Certain private nonprofit and for-profit
organizations
•<=
/span>Schools must use portion of FWS funds for communit=
y service employment activities
![](3D"slide0009_image012.gif")
Federal Perkins Loans
•<=
/span>Eligible students:
–<=
/span>Undergraduate, graduate, and professional <=
/span>students
–<=
/span>Priority to students who show “exceptional
need,” as def=
ined
by school
•<=
/span>Loan amount varies - Interest rate: 5%
=
•<=
/span>Maximum annual loan amounts:
–<=
/span>$4,000—undergraduate students
–$6,000—graduate and professional students
![](3D"slide0010_image013.gif")
Stafford Loans
•<=
/span>School determines loan eligibility and delivers =
loan proceeds to students
•<=
/span>Base a=
nnual
loan limits (combined subsidized
and unsubsidized): <= /span>
and unsubsidized): <= /span>
–<=
/span>$3,500 for 1st year undergraduates
–<=
/span>$4,500 for 2nd year undergraduates
–<=
/span>$5,500 for each remaining undergraduate year
<=
/span>
–<=
/span>$8,500 for each year of graduate/professional stud=
y
![](3D"slide0011_image014.gif")
Stafford Loans
•<=
/span>Additional
unsubsidized loan eligibility for independent
undergraduate, graduate, and dependent
students whose parents are unable to
borrow PLUS
•<=
/span>Variable interest rate, capped at 8.25%
–<=
/span>Interest rate for 7/1/06 – 6/30/06 is:
<=
/span>
• 6.80% in-school, grace, and deferm=
ent
periods
• 6.62% repayment and forbearance
periods
![](3D"slide0012_image015.gif")
PLUS
•Parent loan program for
parents of dependent undergraduate students
•Annual loan limit: COA
minus other aid
•Variable interest
rate
–May not exceed 9%
=
–<=
/span>Interest rate for 7/1/05 – 6/30/06 is 8.02%=
![](3D"slide0013_image016.gif")
General Student Eligibility Criteria
•<=
/span>Must be enrolled or accepted for enrollment in eli=
gible program of study and pursing degree, certificate, =
or
other recognized
credential.
•<=
/span>Must be U.S. citizen or eligible noncitizen
•<=
/span>Must be registered with Selective Service
(if male and required)
(if male and required)
•<=
/span>May not have eligibility suspended or terminated d=
ue to drug-related conviction
•<=
/span>Must not owe an overpayment of federal grant or lo=
an funds
•<=
/span>Must be making satisfactory academic progress (as =
defined by school)
•
![](3D"slide0014_image017.gif")
Application Process
•S=
ubmit
FAFSA prior to school’s deadline
•<=
/span>Most aid awarded on “first-come,
first-served” basis
•<=
/span>To ensure maximum consideration for federal, state=
, and institutional aid, check information from each=
school to determine:
–<=
/span>Required application materials
=
–<=
/span>Application deadlines
![](3D"slide0015_image018.gif")