0 Scholarships 0 Grants 0 Loans 0 Subsidized and Unsubsidized 0 Work-Study 0 Eligibility is determined by financial aid applications (FAFSA). These ask for student and family demographic information 0 Schools evaluate and verify application info & create financial aid awards with resources students can use towards college expenses. What is Institutional Aid? 0 Institutional Aid 0 Any aid from the college or university the student has applied to 0 What determines how much aid I can receive 0 Selectivity of the Institution 0 Size of endowment, or income given to someone or something 0 Schools with large endowments can afford to help students with displayed financial need 0 Schools with lower endowments struggle to provide financial assistance to their students 0 Although schools with lower sticker prices seem cheaper to students with displayed financial need, schools with larger endowment earnings often have greater ability to cover a larger amount of their college expenses
Institutional Aid Contd 0 Institutional Aid 0 Types 0 Merit Based- Based on academic achievement, college admission test scores (i.e., GPA, ACT/SAT test scores, class rank*), and/or talent 0 Ex. Presidents Scholarship Program (full tuition, room and board) 0 GPA + Test Scores
0 Need Based Grants- Income dependent 0 Ex: Pell Grant
Non-Institutional Aid 0 What is it? 0 Sources of money that are not associated with the school the student has applied to
0 Where can I find it?
0 College Financial Aid Web page
0 Internet
0 Fraternities/sororities
0 Churches
0 High School
0 Students or parents place of business
0 Clubs
0 Books at the library Resource Page: 0 Financial Aid Jargon (Glossary) 0 Scholarships: 0 Where to Find Scholarships 0 Scholarships for Military Families 0 Federal Grant Programs 0 Loans: Debt Management
Application Process 0 Applications calculate EFC 0 COA-EFC=students demonstrated financial need 0 Tuition, fees, room, board, books & supplies, personal expenses, travel allowance; plus special budget items 0 Schools will create an award that addresses the students demonstrated financial need 0 Whether a students need is entirely met, and with what resources, is determined by the EFC and the school 0 Financial aid award CANNOT exceed the students cost of attendance 0 Any combination of 4 types of financial aid resources
Federal Aid 0 Pell Grant ($5,730) 0 Supplemental Educational Opportunity (SEOG) ($100-$4,000) 0 Iraq & Afghanistan Service Grant (depends) 0 Teacher Education Assistance for College and Higher Education Grant (TEACH) (Can become loan) 0 Federal Work-Study Program 0 Direct Loans-subsidized & unsubsidized (undergrad (NB)- determined by school/undergrad+grad) (Not NB) 0 Perkins Loan (Institutional Loans) (NB/opportunity for cancellation) 0 Graduate & Parent PLUS Loans (fixed interest rate/interest accrues after loan is taken out)
State Aid 0 Georgia HOPE Program 0 Helping Outstanding Pupils Educationally 0 HOPE Scholarship 0 HOPE Grant 0 Zell Miller Scholarship 0 Georgia Tuition Equalization Grant Program (GTEG)/ Non NB 0 Other GA Scholarships & Grants 0 Public Safety Memorial Grant 0 University of North Georgia ROTC Grant 0 GA HOPE GED Grant 0 Strategic Industries Workforce Development Grant (SIWDG) Institutional Aid 0 Most schools will award federal and state aid 1 st
0 Schools with their own resources (endowment fund or scholarship program) will most like have an additional application process to determine eligibility for those resources 0 This is sometimes done automatically through the admissions process 0 The school has the power to determine their own financial aid eligibility requirements, not the same sense of entitlement with something like Pell grant 0 Does school meet 100% of student need? Have programs for diverse student populations? Examples ;-) Davidson College The University of Georgia 0 Endowment: ~$509,000,000 (1/2 a billion) 0 Most students displaying financial need can attend school w/o having to take out loans
0 Endowment: ~$66,000,000 0 Most students receiving full financial aid still have to take out loans 0 http://osfa.uga.edu/ parent.html
Vs. Institutional Aid 0 Research the schools application process, in addition to the FAFSA, such as the CSS Profile and/or additional forms 0 Policies and resources differ from one institution to the next-awards from same student can be vastly different at 0 Awards for low-income students, special student populations, and students with excellent academic achievement 0 Look at loan indebtedness at graduation, average financial aid award, retention and graduation rates, loan caps CSS Profile 0 Additional financial aid application that many schools use to capture student and family demographic information and determine familys ability to assist with the COA 0 Same type of questions as FASFA, just many more and more detailed 0 Through College Board 0 Students will use same username and password they use to access College Board site and and SAT information 0 Available Oct. 1, fall of students senior year 0 Early action/ decision deadlines, consideration for scholarships/ special programs Activity Time! 0 Please pull out the worksheet with Colleges A-E listed. 0 Work with a partner and get to know someone new 0 You all have 15 minutes...
0 Which college is the best choice for Ms. Selina? Response Time My Pick is... 0 College B 0 Program, Fit, Affordability
0 Some costs associated with that choice: 0 Was it the right match (GPA+ college admissions test scores)? 0 Will she be motivated here? She has been accepted, but what are some of there are some drawbacks... 0 Pros 0 Offers program of study and is her dream school.