Financial Aid: Tips and Information for High School Seniors and Families

Myra Baas Smith Executive Director, Financial Aid Services The College Board

Questions during todays session

Please feel free to submit questions, though we will not be able to address everyone today.
We will: Answer some questions today Create and publish answers to the most frequently asked questions Share a list of resources

BigFuture bigfuture.org
A free comprehensive college planning website supporting students and their families on their personal journey to college. Dedicated pay for college section covering: Financial Aid 101 College Costs Scholarships & Grants Loans Paying Your Share Financial Aid Awards Tools and Calculators

Featured speaker: Myra Smith

Executive Director, Financial Aid Services at the College Board
Oversees all College Board financial aid programs and services, including the CSS/Financial Aid PROFILE

Before the College Board, Myra served as:

University Director of Financial Aid at Yale University Director of Student Financial Services at Smith College Started her 30+ year career in financial aid as Director of Financial Aid at William Woods College in Fulton, Missouri Myra holds a MA from Texas Womans University and a BA from Hope College

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms Off to College

HS Senior Year Begins

July -Sept

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms Off to College Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

HS Senior Year Begins

July -Sept

Oct-Nov

CSS/PROFILE Available Oct 1

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms

July -Sept

Dec - Jan

Submit applications for admission Apply for outside scholarships Get to know the FAFSA Gather year end documents for FAFSA and PROFILE

FAFSA Available Jan 1st

Off to College

HS Senior Year Begins Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

Oct-Nov

CSS/PROFILE Available Oct 1

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms

July -Sept

Dec - Jan

Submit applications for admission Apply for outside scholarships Get to know the FAFSA Gather year end documents for FAFSA and PROFILE

FAFSA Available Jan 1st

Off to College

HS Senior Year Begins Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

Oct-Nov

February
File taxes as close to Feb 1st as possible Submit FAFSA and PROFILE Correct early FAFSA with actual tax information Add schools to PROFILE as needed Submit any other institution applications for aid

CSS/PROFILE Available Oct 1

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms

July -Sept

Dec - Jan

FAFSA Available Jan 1st

HS Senior Year Begins Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

Mar-Apr

Submit applications for admission Apply for outside scholarships Get to know the FAFSA Gather year end documents for FAFSA and PROFILE

Compare your financial aid awards Communicate any special circumstances to financial aid offices Research loans offered and other financing options Off to College

Oct-Nov

February
File taxes as close to Feb 1st as possible Submit FAFSA and PROFILE Correct early FAFSA with actual tax information Add schools to PROFILE as needed Submit any other institution applications for aid

CSS/PROFILE Available Oct 1

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms

July -Sept

Dec - Jan

FAFSA Available Jan 1st

HS Senior Year Begins Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

Mar-Apr

Submit applications for admission Apply for outside scholarships Get to know the FAFSA Gather year end documents for FAFSA and PROFILE

Compare your financial aid awards Communicate any special circumstances to financial aid offices Research loans offered and other financing options Off to College

Make your decision May 1st

Oct-Nov

February

CSS/PROFILE Available Oct 1

File taxes as close to Feb 1st as possible Submit FAFSA and PROFILE Correct early FAFSA with actual tax information Add schools to PROFILE as needed Submit any other institution applications for aid

May

Its not too late!

Everyone should apply!

Where does financial aid come from?

4% 5%
Federal government grants, loans and other aid

17% 74%

College grants and scholarships

State grants and scholarships

Private and employer grants and scholarships

What are the types of aid?

Scholarships Grants

Work-study programs Student Loans

What are the categories of aid?

Merit
Often from the institution but can be from foundations, scholarship organizations, etc. Have specific eligibility criteria such as academic achievement

Need-based
Calculated from FAFSA and/or PROFILE data Sources can be federal, state, or the college themselves

How to make it happen

Get informed

Be prepared

Take action

Get informed: Use BigFuture

Everything you need can be found on a colleges profile. From bigfuture.org, type in the school you are interested in

Get informed: Use BigFuture

Within the paying tab, you will find:

Average net price by income level Cost of Attendance information Financial deadlines and application forms required Financial aid policies Direct access to schools Net Price Calculator

College profiles: Most colleges/universities have profiles Data is updated every year Data is provided by the college themselves Wealth of information, though today we are focusing only on the pay information

Get informed: Use BigFuture

Get informed: Use BigFuture

Get informed: Use BigFuture

Get informed: Net price

Net price is an estimate of the amount you need to pay or finance for one year

Cost of attendance includes direct and indirect fees Borrowing/saving/working/outside scholarships can lower the familys net price

Be prepared: Calculate your net price

Calculate net price for every college you are considering Provides a point in time estimate of your eligibility for financial aid at a particular school Requires minimal information and estimates are expected Copies of tax returns make it easier to complete the calculators Some calculators will let you save and re-use the data Allows you to compare or to do what if scenarios Remember: This is a point in time/one year estimate

Sample family: Meet the Parks

Income Total AGI: $69,061 Fathers earning: $39,606 Mothers earnings: $30,057

Cash & Investments

Home Family Make-up Student Academics

$12,500
House Value: $362,000 House Debt: $177,000 Family of 4 One student in college SAT 1372 (total) / 915 (math& reading) GPA 3.6 Rank Top 25%

Net price calculator results

School
Private College #1 Private College #2

Sticker Price
$56,070 $46,733

Net Price
$14,870 $26,506

Private College #3 with merit aid

with 3.9 GPA and 1540 SAT In State Public College In State University Out of State University

$30,020

$21,520
$10,870

$24,085 $25,354 $39,804

$19,385 $13,535 $39,804

Be prepared: Deadlines are important

Priority deadlines
Merit scholarship deadlines Early action/early decision deadlines Regular decision deadline

Supplemental deadlines
Tax returns, W-2s Tip:
Read each schools website or contact each colleges Office of Financial Aid

Be prepared: With BigFuture

Be prepared: With BigFuture

Take action: Apply, Apply, Apply

1. 2. 3. 4. 5. Free Application for Federal Student Aid (FAFSA) CSS/Financial Aid PROFILE State applications Scholarship Organizations Specific school applications

Plan to apply every year!

Take action: Complete the FAFSA

Free, federal online application Completed by US citizens and eligible non-citizens Available January 1 Apply for your FAFSA PIN now if you do not already have it Should file by the earliest deadline of the schools you are applying to
- IRS data retrieval tool - taxes should be done ASAP - Estimating taxes/correcting FAFSA

http://www.fafsa.ed.gov

Take action: Complete the PROFILE

Awards institutional funds at close to 300 schools Collects more detailed info than the FAFSA Questions customized to your situation May be completed by international students Fee based form: Fee waivers offered to eligible students at submission Available now (starting October 1st)
- Easy to add colleges throughout the process

https://profileonline.collegeboard.org

Take action: Special circumstances matter

When it comes to financial aid, there is no one size fits all If suddenly faced with financial hardship, contact the schools office of financial aid

Changes in your family or financial status can impact aid in future years

College financial aid timeline for HS seniors

Research local scholarships Get an estimate of what colleges on your list will cost using Net Price Calculator Look up priority deadlines and required forms

July -Sept

Dec - Jan

FAFSA Available Jan 1st

HS Senior Year Begins Continue scholarship research Find out if you need to file the CSS/Financial Aid PROFILE Complete the PROFILE

Mar-Apr

Submit applications for admission Apply for outside scholarships Get to know the FAFSA Gather year end documents for FAFSA and PROFILE

Compare your financial aid awards Communicate any special circumstances to financial aid offices Research loans offered and other financing options Off to College

Make your decision May 1st

Oct-Nov

February

CSS/PROFILE Available Oct 1

File taxes as close to Feb 1st as possible Submit FAFSA and PROFILE Correct early FAFSA with actual tax information Add schools to PROFILE as needed Submit any other institution applications for aid

May

BigFuture resources
bigfuture.org
Pay for college section College profiles Make a plan For Parents bigfuture@collegeboard.org www.facebook.com/mybigfuture

Printable resources available Dec 6th

Financial aid checklist Financial aid timeline Required forms and deadlines template Net price calculator tip sheet

Upcoming BigFuture webinars

Completing CSS/Financial Aid PROFILE: What you need to know
December 12, 7:00-8:00 PM EST

Completing FAFSA: What you need to know

Date: January 8, 7:00-8:30 PM EST

Register at: http://bigfuture.org/get-started/for-parents

Other free resources

FAFSA resources
http://www.fafsa.ed.gov FAFSA, 800-4-FED-AID (433-3243) FAFSA Live Chat

PROFILE resources
https://profileonline.collegeboard.org Help line: 305-829-9793 Email: help@cssprofile.org

Your High School Counselor/College Advisor Financial Aid office of the school(s) you are interested in

Wrap Up
Questions?