National Association of Student
Financial Aid Administrators Presents …
What You
Need to Know
About Financial Aid
Topics We Will Discuss Tonight
• What is financial aid?
• Cost of attendance (COA)
• Expected family contribution (EFC) • Financial need
What is Financial Aid?
Financial aid consists of funds provided to students and
families to help pay for
What is Cost of Attendance (COA)?
• College is expensive, but worth the cost
– A sound investment in your child’s future
• More than just tuition
Understanding College Costs
• Vary by type of college
– Community colleges are less expensive than four-year schools
Resident Tuition Rates at Public
College and Universities
(WSAC)University of Washington $11,161/year Washington State University $10,916/year
Central Washington University $7,593/year Eastern Washington University $7,052/year The Evergreen State College $7,512/year
2015-16 Resident Tuition Rates at Public Colleges and Universities
Research Universities
Private Non-Profit College and
University Tuition Rates
(WSAC)Antioch University $22,035/year Bastyr University $24,273/year Cornish College of the Arts $37,240/year Gonzaga University $37,990/year Heritage University $19,032/year Northwest University $28,086/year Pacific Lutheran University $37,950/year St. Martin's University $33,194/year Seattle Pacific University $37,086/year Seattle University $39,390/year
What is Expected Family Contribution
(EFC)?
• Amount family can reasonably be expected to contribute, but not what family will pay to the college
Expected Family Contribution (EFC)
• Two Components
Parent Contribution Student Contribution
What is Financial Need?
• Financial need is the difference between the cost of attendance (COA) and expected family
contribution (EFC)
• COA includes tuition and fees, room and board, transportation, personal expenses
What is Financial Need?
$10,000 (COA)
–
$
2,000
(EFC)
Types of Financial Aid
• Scholarships
• Grants
• Loans
Scholarships
• Money that does not have to be paid back
Grants
• Money that does not have to be paid back
Loans
• Money students and parents borrow to help pay college expenses
• Repayment usually begins after education is finished
Work-Study Employment
• Federal Work Study and State Work Study • Allows student to earn money to help pay
educational costs
Sources of Financial Aid
• Federal government • States
• Colleges and universities
Federal Government
• Largest source of financial aid
• Aid awarded primarily on the basis of financial need
Federal Grant Programs
• Federal Pell Grant
$5775 maximum annual award
• Teacher Education Assistance for College and Higher Education (TEACH) Grant
$4000 maximum annual award
Federal Loan Program
• Federal Direct Loans
– Borrowed by students
• PLUS Loans
Maximum loan amounts and interest
rates for first year student
• Federal Direct Loan: $5500 (no more than $3500 subsidized)
• Interest rate fixed 4.29% subsidized, 4.29% unsubsidized
States
• Residency requirements usually apply
• Award aid on the basis of both merit and need • Use information from the FAFSA and/or state aid
Washington State Need Programs
• Washington State Need Grant
Maximum amounts for Washington
State Need Grant
• Washington State Need Grant
– UW/WSU $10,344/10,351 – Other 4 year public $ 6,871 - $7,522 – Private 4 year $ 8,517
DREAMers
• February 26th, 2014 Governor Inslee signed the Dream Act, known as Real Hope Act
• Allows undocumented non-citizens to apply for State Financial Aid (WSNG, College
Bound Scholarship and SWS)
Tips for filing the WASFA
• Use a Social Security Number or Tax Identification Number if you have one, otherwise use your
college Student ID number
• List class year appropriately – “1st year undergraduate”
Colleges and Universities
• Award aid on the basis of both merit and need • Aid may be gift aid or self-help aid
• Use information from the FAFSA and/or institutional applications
Centralia College Scholarships
• Application available online December 1, at https://www.scholarselect.com/scholarships • Deadline is March 1, 2016
Available at your High School
• Foundations, businesses, charitable organizations
• Deadlines and application procedures vary widely
How to Apply for Financial Aid
• Get a FSA ID
• Complete a standard federal form every year • Free Application for Federal Student Aid, or
FAFSA at www.fafsa.gov
Federal Student Aid (FSA) ID
• Website: http://fsaid.ed.gov
• Serves as FAFSA signature • Recommend creating FSA ID
before you file your FAFSA • FSA ID used for student and
FSA ID Application Process
• Create unique username and password
• Provide name, date of birth, Social Security
number, contact information and personal email address
FAFSA on the Web
(FOTW)
• Website: www.fafsa.gov
• 2016–17 FAFSA on the Web available on January 1, 2016
Information About Parents of
Dependent Students
• Tax, income, and other financial information • Dislocated worker status
• Assets
Frequent FAFSA Errors
• Social Security Numbers
• Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income
• U.S. income taxes paid • Household size
FAFSA Processing Results
• Federal processor notifies student of FAFSA processing results by:
– Email notification containing a direct link to student’s online SAR if student’s email was provided on FAFSA
Student Aid Report
• Review data for accuracy and correct any errors • Update estimated tax information when actual
figures become available
What You Should Be Doing Now
• Begin early – Get your FSA ID NOW
• Find scholarships that match your student’s academic interests, hobbies, and unique
characteristics (www.washboard.org)
Be Aware of Deadlines
• Check with the colleges/universities to determine their priority deadline so that you are sure to have your FAFSA and any other additional
forms/requirements submitted by that deadline. • Financial aid is usually awarded on a first-come,
FAFSA on the Web Workshop
Questions?
Centralia College Financial Aid Office
