1. Chris George
Assistant Vice Chancellor for Enrollment
& Director of Financial Aid

2.  Financial fit & the value of obtaining a degree
 Be prepared
◦ Terms & Definitions
◦ Applications
◦ Types of Aid
 Next Steps

3.  Financial Aid Award Letter (Aid Package)
 Multi-year commitment
 Rising Costs
 Family Discussions
 Net Price Calculators

4. Adam Looney and
Michael Greenstone,
the Hamilton Project

5.  No, but excessive borrowing is!
 How much will your payment be?
◦ Loan Balance of $10,000
◦ 6.8% interest rate
◦ Standard 10 year Repayment Plan
A. $105
B. $115
C. $125
D. $135
 For every $10,000 in loan balance, you will pay $115 per
month for 10 years. $3,810 in interest

6.  Don’t borrow more than your first year salary
 What do teenagers think their salary will be? (Charles
Schwab - Teens & Money Survey 2011)
◦ $ 73,000 average expected starting salary
◦ $150,000 average expected salary once established in a
career
◦ $ 50,000 median household income in 2009 (US Census
Bureau)

7.  Welcome to the Financial Aid, I need the
following information:
◦ Salary
◦ Investments
◦ Cash, Savings, Checking balance
◦ Home Value
◦ Taxes Paid
◦ Tax Transcript from the IRS

8.  Colleges have varying deadlines
◦ Priority deadlines
◦ Ask what it means?
 Financial Aid Applications
 Scholarship Applications
 Terms
◦ Start developing a glossary
◦ www.collegeincolorado.org (Financial Aid Planning)

9.  Determines eligibility for
merit based aid
◦ Evaluate GPA
◦ ACT and/or SAT Scores
◦ Extracurricular Activities
◦ Leadership
◦ Community Service
◦ Teacher Recommendations

10.  Establishes the cost of attendance (Sticker Price)
 Evaluates family’s ability to pay by determining an expected
family contribution (EFC)
 Offers financial aid based on the cost of attendance and the
expected family contribution
 Distributes resources in an equitable manner
 Counsels families on financial issues

11.  Cost of Attendance
◦ Direct Costs
 Tuition and Fees
 Room & Board
◦ Indirect Costs
 Books & Supplies
 Transportation
 Personal Expenses

12.  Financial Need
Cost of Attendance
- Expected Family Contribution
Financial Need
◦ Need varies based on cost
◦ Most colleges are unable to meet 100% of
financial need with scholarship and grant aid

13.  FAFSA – Free Application for
Federal Student Aid
◦ Required to determine
eligibility for many federal,
state and institutional aid
programs which can include
scholarships, grants, work
study and student loans
◦ www.fafsa.ed.gov

14.  CSS PROFILE – College Board
◦ Many private universities and scholarship
providers require the CSS PROFILE application to
determine financial eligibility for institutional
aid programs
◦ Daniels Fund, Colorado College, University of
Denver
◦ profileonline.collegeboard.com
◦ $25 Application Fee

15.  Documentation needed to complete
applications (Parent and Student)
◦ Federal Income Tax Returns
◦ W-2 Forms
◦ Driver’s License
◦ Social Security Numbers
◦ Savings and Checking Account
Information

16.  Additional Documentation
needed to complete CSS PROFILE
application (Parent and Student)
◦ Records of untaxed income &
benefits
◦ Current Mortgage Information
◦ Records of stocks, bonds, trusts,
and other investments

17.  Tips for Completing Applications
◦ Meet Deadlines
◦ You can estimate information on both the FAFSA
and CSS PROFILE applications
◦ Reapply every year
◦ Ensure Social Security Number is correct
◦ Send applications to the correct institutions
◦ Attend completion events
◦ Ask questions if you are unsure

18.  Financial Aid Office & Website
◦ Webinars / Chats / Videos / FAQs
 Application Completion Events
◦ High School
◦ College Goal Sunday
◦ Financial Aid Office
 Department of Education
◦ @FAFSA
◦ http://studentaid.ed.gov

19.  Scholarships & Grants
◦ Need-based, merit-based, or a combination
 Federal & State Grants
◦ For lower income students & families
 Student Employment
◦ Students work on campus 10-20 hours a week
◦ Paid hourly wages
◦ Great way to gain valuable work experience
 Loans
◦ Direct Stafford, Parent PLUS, and private

20.  Colorado Residents/Schools Only
 Apply at any time
 Not financial aid
 Eligibility varies based on school you will be
attending
 https://cof.college-assist.org/

21.  Civic Groups/Organizations (Rotary, Lions, etc…)
 Religious Organizations
 Corporations (Target, Coca Cola, Ford, etc….)
 www.collegeincolorado.org
 www.fastweb.com or www.scholarships.com
 Facebook App: My College Dollars
 High School Counselor
 College or University Financial Aid Office Website

22.  Comparing Financial Aid Offers
◦ Grants and Scholarships
◦ Self-help Aid
 Work Study
 Direct Stafford Loans
◦ Additional Loan Resources
 Parent PLUS or Private Loans
◦ Multi-year investment and costs
◦ Tuition increases

23.  Make financial aid part of your college visits
 Do a bit of detective work!
◦ Do the colleges use financial need in determining their
admission decisions?
◦ How does the college treat private scholarships?
◦ On average how much need does a college meet?
 Utilize Net Price Calculators
 Inform colleges about special circumstances
 Investigate and apply for private scholarships
 Secure a summer job to help pay for expenses

24. Chris George
Asst. Vice Chancellor &
Director of Financial Aid
303-871-4020
finaid@du.edu
A copy of the presentation is
available at:
http://duadmission.typepad.com/blog/