A-A A-B A-C C-A C-B C-C PS-A PS-B PS-C X X X

1

Core www.cfnc.org Area: Financial Planning

Total Time:

20 minutes in class, 30 minutes homework, 10 minute in class follow up. Target Grades:

Appropriate for 9-12, Recommended for grade 11 Suggested Timeline:

Grade 11: Fall Semester ASCA Correlation

(Which of the ASCA Standards does this lesson address?)

A-A A-B A-C C-A C-B C-C PS-A PS-B PS-C

X X X

Lesson Objectives

(What will students know and be able to do when the lesson is complete?)

By the end of the lesson, students will know how to define Estimated Family Contribution and will have an estimate of what their own families estimated contribution will be.

Materials Needed

(What materials are needed to deliver this lesson?) Reserve computer lab or computer cart

Estimated Family Contribution worksheet Advance Preparation

(What does the instructor need to do in advance in order to be prepared to deliver this lesson? How much time is required for advance prep?)

Print Estimated Family Contribution Worksheet – 10 min Activator (Typically 5-10 minutes)

(How will you tap into the learners’ background knowledge and help them view the lesson as relevant?)

Demonstrate the importance of financial aid planning by discussing the following points:

 Your Estimated Family Contribution (EFC) is what you and your parents are expected to contribute to your education

 Your financial aid packages are based on what you need to pay for your education and what your family can afford

 By using the EFC Calculator, you can estimate what your family will be expected to contribute and begin to plan now

 Today you’ll learn what EFC is and you’ll work with your parents at home to calculate that contribution

www.cfnc.org will:

 Assist students in learning their EFC with the EFC Calculator

 Introduce students to EFC with the article, ‘How is eligibility for need-based aid determined?’

2

(How will you facilitate the learning of knowledge/skills using adult learning strategies? How will you provide for skill practice? How will you differentiate learning, as appropriate, for different roles, skill levels, and experience?)

Session # Step # Responsibility Action Steps

1 1 School

counselor

 Focus on today’s work:

1. Distributes Estimated Family Contribution Worksheet

2. Asks Students to sign into www.cfnc.org and click on the Financial Aid Planning Tab, then on Financial Aid 101

2 School

counselor

 Directs the students to the Financial Aid 101 section of www.cfnc.org and points out the Article ‘How is eligibility for need-based aid determined’

 Asks students to read the article

3 Student  Reads the article ‘How is eligibility for

need-based aid determined’

 Answers the related questions on the worksheet

Homework 4 Student  Works with parents to fill out the EFC

Calculator

 Writes down the Family Contribution information on the worksheet

2 5 Counselor  Answers any questions about the financial aid

calculator

6 Counselor  Asks students to write a journal entry

reflecting on the questions: How will my EFC affect my choice of post-secondary education options? How much will I need to save in order to provide my contribution?

7 Student  Completes reflection questions in Your

Journal section of Your Portfolio section of www.cfnc.org

8 Student  Saves worksheet to a paper portfolio or

attaches an electronic copy to their www.cfnc.org Portfolio

(chart from RI School Counselor Association’s Toolkits, found at www.rischoolcounselor.org)

3

 Complete reflection in Portfolio of www.cfnc.org

 Attach worksheet to portfolio or save in a paper portfolio. Follow-Up

(What additional learning could occur during the year? When?)

 Student and counselor will review information during financial aid planning

 Student, parent, and counselor can refer to this worksheet when discussing options for paying for college.

4

Answer the following questions and use the College Savings Calculator in www.cfnc.org to learn how much you should be saving in order to pay for college.

Part 1: Learning what college costs: 1. Click on Financial Aid Planning 101

2. Read the article titled ‘How is Eligibility for Need-Based Aid Determined?’ in the section titled The Basics

3. Based on the information in the article, define: a. Expected Family Contribution

b. Demonstrated Need

Part II (Homework to be completed with your parents) 1. Sign in to your www.cfnc.org Account

2. Click on the Financial Aid Planning Tab

3. Now click on Calculators and then click on Expected Family Contribution (EFC) Calculator a. Note – To get the most accurate results, you and your parents will need to refer to

last year’s tax returns

4. The first and second page of the EFC Calculator is about the student. Fill out this

information. Remember – don’t use any commas or periods when entering dollar amounts 5. The third page requires information from the parents. Remember- don’t use any commas

or periods when entering dollar amounts.

6. The fourth page will give you your Financial Aid Eligibility Estimates.

a. What is your Expected family contribution (EFC)? ______________ b. What is your Parents’ contribution? _________________________ c. What is your contribution? ________________________________

To learn about options available if you need assistance with paying your EFC, turn to the Financial Aid 101 section of www.cfnc.org . Under the section titled Determine Your Eligibility read the article ‘What if I need assistance in addition to my eligible need- and merit-based financial aid?’.

5

Answer the following questions and use the College Savings Calculator in www.cfnc.org to learn how much you should be saving in order to pay for college.

Part 1: Learning what college costs: 4. Click on Financial Aid Planning 101

5. Read the article titled ‘How is Eligibility for Need-Based Aid Determined?’ in the section titled The Basics

6. Based on the information in the article, define:

a. Expected Family Contribution Parents' wages/income plus Student's wages/income b. Demonstrated Need Cost of Attendance minus EFC. Data on the FAFSA

determines the EFC.

Part II (Homework to be completed with your parents) 7. Sign in to your www.cfnc.org Account

8. Click on the Financial Aid Planning Tab

9. Now click on Calculators (listed in the gray bar at the top of the page) and then click on Expected Family Contribution (EFC) Calculator

a. Note – To get the most accurate results, you and your parents will need to refer to last years tax returns

10. The first and second page of the EFC Calculator is about the student. Fill out this

information. Remember – don’t use any commas or periods when entering dollar amounts 11. The third page requires information from the parents. Remember- don’t use any commas

or periods when entering dollar amounts.

12. The fourth page will give you your Financial Aid Eligibility Estimates. a. What is your Expected family contribution (EFC): ______________ b. What is your Parents’ contribution? _________________________ c. What is your contribution? ________________________________

To learn about options available if you need assistance with paying your EFC, turn to the Financial Aid 101 section of www.cfnc.org . Under the section titled Determine Your Eligibility read the article ‘What if I need assistance in addition to my eligible need- and merit-based financial aid?’.