Web & Social Media Analytics Previous Year Question Paper.pdf
E38 Coaching Families Through Financial Aid
1. Meghan Cooley
Director of Recruitment Communication | Augustana College
Ryan Gebler
Assistant Director of Financial Aid | Lawrence University
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2. Why do this session?
Many families have unrealistic
expectations
Families need to be educated early
Ignorance takes away access
We have knowledge to share
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4. Paying for College
Introduce reality
Introduce it early
Define payment options
www1.salliemae.com/about/news_info/research/how_america_pays_2010/
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5. Vocabulary/Definitions
Studentaid.gov/glossary
English & Spanish
Discuss the definitions
Don’t just provide a list
Keep people engaged/learning
Meeting bingo
Prizes
Remember: ignorance = lack of access
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6. Timeline
Present a timeline as early as possible
Provide clear deadlines or milestones
Help families own the dates
Mark up family calendars
What motivates your families?
Include savings, scholarship and financial
aid deadlines
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8. What Families Need to Know
1. Types of aid & how to apply
2. Frame expectations
3. Plan of action
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9. 1. Types of Aid
Gift Aid
Merit-based
Talent-based
Need-based
Self-Help
Loans
Student Employment
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10. Merit & Talent Aid
Types
Academic
Talent
Service/Involvement
Athletic
How to apply
Application for admission
Separate application
Audition
Interview
Essay
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11. Need-based Aid
“Need” is defined by each school’s analysis of:
FAFSA
Institutional Application
Combination of both
“Need” is relative to Cost of Attendance
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13. Loan Options
Federal Loan Options
Stafford
Limit based on year in school ($5,500, $6,500, $7,500 )
Perkins
Not every college participates
Limited funding
PLUS
Parent Loan
Easy application (must not have adverse credit history)
Private Student Loans
Variable & fixed interest rates
85% of dependent undergraduates need a co-signer
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14. Student Employment
Different names… pretty much the same thing
Federal Work-Study
Student Employment
Campus Employment
Paid for hours worked ($ goes directly to the student)
Can be used for:
Tuition
Books
Pizza, etc.
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15. 2. Frame Expectations
Net Price Calculator
Federally mandated
Estimated Cost of Attendance for that individual at that
specific institution
Based on income information and, sometimes, academic
information
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16. 2. Frame Expectations
Dispel hope for “magical” full-tuition scholarship
Hope is not a plan
Are scholarships stackable?
Do scholarships help meet need?
Dismiss myths
Private schools provide grants to bring the cost down to that of a
public school. MYTH!
Disregard averages
“Half the population is below average.” –Ryan’s statistics professor
Ask questions
How is scholarship determined for first year?
How is it renewed for future years? (GPA, major, other
commitments?)
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17. 3. Plan of Action
Understand your EFC
Net Price Calculator (available on school’s website)
FAFSA 4Caster
FAFSA
What is the family’s budget?
What is most important for the student?
Get organized & apply!
Which board game are you playing?
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19. What is an EFC?
WHAT IT’S NOT…
A dollar amount expected from income and/or assets
An estimate of extra cash available
WHAT IT IS…
A financial index used to determine eligibility for federal
student aid (i.e. Pell Grant, Subsidized Stafford Loan)
A measure of a family’s capacity over time to absorb
educational costs
An important index for families to know
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20. How to Determine Your EFC
FAFSA 4caster
https://fafsa.ed.gov/FAFSA/app/f4cForm
Other “estimators”
The actual application… the FAFSA!
Complete the FAFSA as a junior, sophomore, or freshman
Gives you an idea of what to expect when you complete the
FAFSA after January 1 of your senior year.
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21. What’s Your Budget?
Annual & Monthly
Sources
Parent
Savings
Income
Student
Savings
Summer Earnings
Employment during the academic year
Other
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22. What’s Important to the Student?
Debt-Free vs. School-of-Choice
The Bottom Line vs. “Fit”
Earning Potential vs. Loan Debt
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23. Get Organized
What are the deadlines?
Deadline by type of application
Federal
Institutional
State?
Scholarships
Firm or soft deadline?
What are the documents?
How can you track documents?
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24. Applications:
Federal v. Institutional
Federal
FAFSA = eligibility for federal student aid
Most institutions use this in determining need-based aid
Institutional
Different questions, different rules, different game
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25. Timeline
What When
Preliminary Planning Freshman, Sophomore, Junior
Deadlines & Documents Summer before Senior Year
Application for Admission Fall of Senior Year
Institutional Application(s) Varies: November-March
FAFSA January/February of Senior Year
“Outside Scholarships” Varies: November-April
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27. What’s your pie look like?
Where is the money coming from?
Do parents know?
Does the student know?
Coach them through what questions to
ask themselves
Prepare them to discuss their financial
plan with a college
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28. Talking to Colleges
Families need to:
be comfortable talking finances
ask direct questions
be proactive
discuss scholarships, financial aid,
etc. EARLY in their college search
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29. References
Best Definitions: studentaid.gov/glossary
How Families Pay Graph:
www1.salliemae.com/about/news_info/research/how_america_pays_2010/
Public Service Pieces:
Online: collegequestions.org
Hardcopy: order from augustana.edu/publicservice
Preparing for College: The Parent Path
Preparing for College: the College Path Checklist
Preparing for College: 25 Questions to Ask a College
How Families Pay for College
The Liberal Arts and Your Education
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