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Financing the Road to Higher Education

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					               Financial Aid
Ranked in the “Top 3 Colleges in the South for Best Value”
       --U.S. News & World Report: Regional Universities, 2011


                                 Presented by:

                     Bob Stewart, Director of Financial Aid
                             Stetson University
Partnering to Make Stetson Affordable

  We are here to help you navigate the
  process, from start to finish.

  Financial aid is a collaboration between the
  family, the school, and the government.
     Our Investment in You

 Awarded over $30 Million in Scholarships in
 2010

 $15,000 – Average Merit Award for 2010


 95% of students receive financial aid at
 Stetson
 Role of the Financial Aid Office

 Monitors eligibility for financial aid
 Creates a financial aid package
 Sends an award notification which details:
     Programs and amount from each program for
      which the student is eligible
     How aid will be disbursed
     Terms and conditions of student’s award




              We’re the good guys!
                   I promise.
  Free Application for Federal Student Aid
                  (FAFSA)

 “Drives” the financial aid process
 Single application required to apply for
  federal student aid programs
 Usually sufficient for institutional & state aid
 Processed free of charge to the student
 Student files after January 1
 File via the internet at www.fafsa.gov


                FAFSA= $$$
Apply for a PIN!!
    Before beginning FAFSA, apply for a
       PIN at www.pin.ed.gov
      BOTH parent and student apply for a
       PIN
      PIN will serve as the electronic
       signature on the FAFSA
      This allows FAFSA process to be
       completely paperless
      Stays the same each year


       One of those moments when you actually ARE
                       just a number.
                     (But not with us.)
Tips on Completing the FAFSA
 Try to complete the FAFSA by February 15th
 Estimate tax information rather than delay the
  filing of the form
 Make sure the school of your choice is listed as
  recipient of the information
 Avoid common mistakes. Make sure Social
  Security Number is correct



    The early bird gets the worm! And by worm we
            mean potentially more money.
                       More Tips
 Be sure to include the parent(s) name, SSN, and date of
  birth—or FAFSA will be rejected.
 Report all required sources of untaxed income.
 Both student and parent must sign the application
 Do NOT mail tax returns or any other attachments with
  FAFSA


         Stetson University’s School Code - 1531


                     It’s a family affair!
          Watch your E-mail !
 Federal processor will notify you within 2-4
  weeks that your FAFSA has been processed
 Your processed FAFSA is your Student Aid
  Report (SAR)
 Once your FAFSA has been processed, you
  can view it on www.fafsa.gov
 If you need to make corrections, you can
  make them here
FAFSA RESULTS:
Expected Family Contribution (EFC)
 A measure of parents’ capacity over time to absorb
  educational costs

 Not a dollar amount expected from current income or
  assets

 Family contribution derived from:
   Income, assets, family size, number in college, etc.


 Expected Family contribution includes:
               Parents’ Contribution
             + Student’s Contribution
             = Total Family Contribution (EFC)
          Financial Need


 Cost of Attendance
- Expected Family Contribution (EFC)
 = Financial Need




       The main equation that determines
        your grant and loan eligibility.
         Full Cost of Attendance
                2010-2011 Costs

     Tuition                $31,374
     Fees                   $ 2,930
     Room                   $ 5,620
     Meals                  $ 4,200
DIRECT COST                  $44,124

     Books/Supplies         $ 1,200
     Miscellaneous           $ 1,950
COST OF ATTENDANCE           $ 47,274 (before Financial Aid)

                   Sticker shock?
           Thank goodness for financial aid!
                Principles of “Need”
According to the federal government:


 To the extent they are able, parents have primary responsibility to
  pay for their dependent children’s education
 Students also have a responsibility to contribute to their educational
  costs
 Families should be evaluated in their present financial condition




                  Nothing funny about this slide.
                     Geez this guy is tough.
     Types of Financial Aid
 “Free Money”- Not to be repaid
   Scholarships (Merit, Athletic, Music, etc.)
   Grants
 “Earned Money”
   Work-Study
   University Employment
 “Borrowed Money” –
   Government (Stafford) Loans
   Perkins
   Parent PLUS
   Private Loans


       Not all aid is created equal.
Florida Bright Futures Scholarships
   FL Academic Scholars
     100% - $125/credit
     $4000 for 2010-2011
     based on 16 hours/term

   FL Medallion Scholars/FL Vocational Gold
    Seal
     75% - $94/credit
     $3,008 for 2009-2010
     based on 16 hours/term

  *Contact your high school counselor for eligibility requirements*
                  State Awards

 Florida Resident Access Grant (FRAG)
   $2425 for 2010-2011


 Stetson “Hope” Scholarship (GA residents)
   $3500 for 2010-2011
 Need-Based Financial Aid

Need-Based Federal Programs
   Pell Grant
        Up to $5550
   Academic Competitiveness Grant (ACG)
       $750
   Subsidized Government (Stafford) Loans
       $3,500
         Need Based Financial Aid
Limited (first-come/first serve) need-based funds

   Federal Supplemental Educational Opportunity
    Grant (SEOG)
   Perkins Loans (limited)
   Federal Work-Study
   Florida Student Assistance Grant (FSAG)
      FL residents only
 Florida Prepaid College Plan

 Can be used at a private college
 Rates based on Florida public institutions for 2010-11
 4 year public tuition = $3,063 per year at private
 Dormitory program = $4,930 per year at private



Florida Prepaid 1-800-552-4723
http://www.florida529plans.com
      Other Financing Options
 Unsubsidized Government (Stafford) Loans


 Parent PLUS Government Loans


 Alternative/Private Loans


 Monthly Payment Plan
Watch Your Mail + Check Your E-mail!


                     Verification documents
                     College/school
                      communications
                     Financial Aid Award
Using the Internet
                  Education Beyond High
                   School - The Guide to
                   Federal Student Aid
                   www.ed.gov
                  Financial Aid Information
                   www.finaid.org

                  Financial Aid
                   Scholarship Search
                   www.fastweb.com


    Surfing for dollars!
                      Timeline Recap
 Apply for Admission
   ED – November 1st
   Regular Decision – March 15th


 Apply for Financial aid (Fill out the FAFSA!)
   Available January 1st of your Senior Year
   Priority Deadlines is February 15th (use estimates if necessary)


 Review Award!
   March financial aid awards
Questions and Answers
 Federal Student Aid Information
  1-800 4-FED-AID or 1-800-433-3243

 Stetson University
  PHONE: 386-822-7120
  E-MAIL: finaid@stetson.edu
  www.stetson.edu/financialaid/




            We won’t bite. Seriously.

				
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