Finding Money for College
July 18, 2008
We will discuss:
• What is financial aid?
• Who can get it?
• How much is available?
• How do you apply?
• What happens after you apply?
• Where can you get more info?
What is financial aid?
• Money to pay for college or career
Who can get federal and state
• Must complete the Free Application
for Federal Student Aid (―FAFSA‖)
• U.S. citizen or permanent resident
• High school graduate/GED holder
• Valid Social Security number
Who can get other kinds of
• States, colleges, and private
scholarships have their own
• Be sure you know what you need to
do to apply (FAFSA, Profile,
Deadlines are important !
When Is Financial Aid Awarded?
• The General Process is :
– Students are Accepted for Admissions
– Students are Awarded Institutional
Merit Scholarships (if available)
– Students are then considered for
How does the school award aid?
• Financial Aid Packages normally
combine federal grants, loans, and
work-study with any available
state programs (like TOPS) and
any institutional aid awarded.
Automatically generate a Federal Student
Aid PIN for use when signing the FAFSA
Instantly calculate eligibility for federal
Generate a FAFSA—a FAFSA populated
with student FAFSA4caster data will be
available when the student is ready to file
the official FAFSA
Who Complete the FAFSA ?
• For students under 24 years old,
parental information is required on
• The student’s custodial parent and
that parent’s current spouse must
complete the form.
How much aid can I get?
In general, depends on your financial need.
• Financial need determined by Expected Family
Contribution (EFC) and cost of attendance
• EFC comes from what you report on FAFSA
• COA is tuition, fees, room and board,
COA – EFC = financial need
Need Varies Based on Cost
Cost of Expected Family Need
Attendance Contribution (Variable)
Calculating Your “Expected
• ―Federal‖ Methodology used by all
schools for federal and state aid
• ―Institutional Methodology‖ can
be used for institutional funds
federal student aid
can I get?
Example: first-year student in 2008-09
Maximum amounts allowed:
• Federal Pell Grant: approx. $4,731
• Academic Competitiveness Grant: $750
• Federal Subsidized Stafford Loan: $3,500
• Federal Perkins Loan: $4,000
• Federal Supplemental Educational Opportunity
• Federal Work-Study: depends on funds available
• Federal PLUS Loan (for parents): COA minus
other aid received 15
How much state,
can I get?
Louisiana Office of Student
Depends on the program: do your
research! Total aid cannot exceed Cost
La. “TOPS” scholarships:
pay tuition at state schools or AVERAGE state
tuition at private schools. ($2,686 for 2008-2009)
La. “Go” Grants:
New Program for 2007-2008. $2,000 annual
award for full-time study. Must be eligible for Pell
How do I apply for aid?
• Federal student aid: fill out Free Application for
Federal Student Aid (FAFSA) at
• State aid: Louisiana Office of Student Financial
Assistance web site at http://www.osfa.state.la.us/
• School aid: contact financial aid office at schools
you are considering
• Scholarships: visit scholarship Web site or call
contact number for information
Beware of Direct Marketing
Offers of Assistance
• Don’t get hooked by misleading offers
• The scholarship is guaranteed or your
(No one can guarantee your scholarship before it
• ―You can’t get this information anywhere
(Everyone has access to the same information.)
Beware of anyone who says….
• ―We need your credit card information
to hold your scholarship.‖
(You should never have to give this
information to legitimate providers.)
• ―The scholarship requires a small fee.‖
(Never pay a fee to get a scholarship.)
Other Misleading Offers
• ―You are a finalist‖ for an award you never
(If you did not apply, it is not a legitimate offer.)
• ―Come to our seminar and we’ll show you
how to get more financial aid. You only
have to pay a small fee.‖
(This is a sales pitch. Don’t pay for information
that you can get elsewhere for free.)
You should never have to pay:
• For information about college financial
• To apply for federal financial aid
• To receive financial aid for college
Office of Scholarships and