LEARNING OBJECTIVES
1. I will know what types and sources of financial aid are available
2. I will know how to file for
a financial aid
3. I will know where to look for scholarships

LEARNING OBJECTIVES
1. I will know what types and sources of financial aid are available
2. I will know how to file for
a financial aid
3. I will know where to look for scholarships

WHAT IS FINANCIAL AID?

What is Financial Aid?
Money given, paid or lent to help students pay for their education.

TYPES OF FINANCIAL AID

• Grants - no repayment
• Scholarships - no repayment
• College Work Study - pays student or college directly
• Loans - repay

Sources of Financial Aid

• The federal government
• State Government
• Colleges and Universities
• Private organizations

Financial Aid Acronyms

• FAFSA - Free App for Federal Student Aid
• CSS(college scholarship search) /PROFILE - Supplemental Doc
• EFC - Expected family contribution
• SAR - Student Aid Report
• COA - Cost of Attendance

Financial Aid Acronyms

• NET Price
• FAS ID - Confirms Identity for FAFSA

HOW DO I APPLY FOR FINANCIAL AID?

• Apply for a FSA account and PIN - parent and student
• Fill out the FAFSA - submit on-line (this must be filed every year you are in college)
• Fill out CSS/Profile if required by the college/univeristy
• Check email for SAR

Seems Simple

What happens after I Apply?

After you submit the FAFSA, your Student Aid Report (SAR) will be emailed to you.


The SAR contains a summary of your application information and the processing results or your Expected Family Contribution (EFC).


This information is also shared with your colleges.

THE FAFSA PROCESS

• Fill out the FAFSA
• Receive your SAR with your EFC
• This information is shared with your colleges
• Colleges send you a Financial Aid Award notice in the form of an email in April or may
• Compare award letters

Financial Aid Award Letter


E-mailed to you from your colleges after the college has received the FAFSA. This has letter will state the amount of financial aid you are eligible to receive at that college or university
Available between April - May varies by college

The financial aid award is usually a combination of grants, scholarships, work study and loans based upon your financial need.

EXAMPLE:
COA-EFC= Financial Need


$24,000 - $10,000 = $14,000
Financial need varies in relation to Cost of attendance

5 things about financial aid to consider

• Compare costs before applying
• Never rule out a college because of costs alone
• Remember to apply yearly - FAFSA
• Get Advice - contact the College Financial Aid Offices
• Compare Awards

Four College Cost Tools
1. College Board’s expected family contribution calculator

2. Net price calculators (Some provide scholarship calculators). Each school has it’s own calculator on its website.

3. College Board’s financial aid statistics for individual colleges. (You need to pull up each school’s profile to access these stats.)

4. College Completion (a microsite of The Chronicle of Higher Education)

Scholarship Sources

Sources of Scholarships

• National organizations/businesses
• COLLEGES/UNIVERSITIES
• State/local organizations/businesses
• West High School Scholarships (approx 62 available)
• Tuition Reciprocity with State Colleges and Universities in Minnesota

The MSEP (Midwest Student Exchange Program)
Tuition reduction program

Through the MSEP, public
institutions in 9 mid-west states agree to charge students no more than 150% of the in-state resident tuition rate for specific programs
(Indiana, Illinois, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota)

Private institutions offer a 10% reduction on their tuition rates

MIDWEST STUDENT EXCHANGE PROGRAM

EXAMPLE COLLEGE
Indiana State University,
a public four-year doctoral research university of more than 10,000 students,


Tuition: $8,056 Estimated In-state Undergraduate
MSEP tuition*: $10,070 This Institution offers an MSEP discount

Other questions?