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What is Financial Aid?

0 Types of Financial Aid


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.