Funding Higher Education and College Financial Aid Issues

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Funding Higher Education and College Financial Aid Issues John Gudvangen Assistant Vice Chancellor for Funding Higher Education and College Financial Aid Issues John Gudvangen Assistant Vice Chancellor for Enrollment Director of Financial Aid University of Denver Some information provided by the National Association of Student Financial Aid Administrators and College Board

Agenda n n n Aid Is Available to Make College Affordable! College Planning and Agenda n n n Aid Is Available to Make College Affordable! College Planning and Costs -It’s About Price, Not Cost. Basic Financial Aid Issues Earlier Timelines = Earlier Knowledge about Aid Awards Financial Aid Application Process –FAFSA and more Awards, special circumstances, outside scholarships, tax benefits

What Does Public College Cost? n 2016 -17: $11, 532 tuition and n n What Does Public College Cost? n 2016 -17: $11, 532 tuition and n n Sources: College Board and bursar. colorado. edu website fees at CU Boulder. $26, 922 w/ R&B and books. $50, 470 out-of-state costs. Nationally 52% of students attend any 4 yr school with tuition and fees less than $12 k/yr Most families do not pay full amount. (Financial Aid)

What Does Private College Cost? n Average 4 yr private school n n n What Does Private College Cost? n Average 4 yr private school n n n tuition in 2015 -16 is $32, 405; total charges = $43, 921 Only 21% of all students attend any 4 -yr school where tuition and fees exceed $27 k College is an investment. Sacrifices for college in the short term are usually easily regained in the long term. Most families do not pay this amount. (Financial Aid) Source: College Board

Goal of Financial Aid Is Available to Make College Affordable! n Primary goal is Goal of Financial Aid Is Available to Make College Affordable! n Primary goal is to assist students in paying for their education and to provide access and choice. Achieve these goals by: ¨ Evaluating family’s ability to pay for educational costs ¨ Distributing limited resources in an equitable manner ¨ Providing a balance of gift aid and self-help aid

What is Financial Aid? n Scholarships n Grants n Loans n Employment opportunities What is Financial Aid? n Scholarships n Grants n Loans n Employment opportunities

It’s Not About Cost, It’s About Net Price… n n Never eliminate a school It’s Not About Cost, It’s About Net Price… n n Never eliminate a school in the college search process based on its sticker price. Know What to Expect. It’s not about Cost. It’s about Net Price. Understand some parts of the financial aid calculation now. Colleges will provide different financial aid awards. Use the Net Price Calculators now at several schools to get estimates of how affordable college can be. New Process = Earlier Actual Awards!

2017 -18 FAFSA n n You can submit your FAFSA earlier. You already have 2017 -18 FAFSA n n You can submit your FAFSA earlier. You already have all the information about your taxes and income to fill out your forms. You have more time to explore your financial aid options. You may be able to use the IRS Data Retrieval Tool to help you fill out the FAFSA.

Cost of Attendance n Tuition and fees n Room and board Books and supplies, Cost of Attendance n Tuition and fees n Room and board Books and supplies, equipment, transportation, and miscellaneous personal expenses Loan fees Study abroad costs Dependent care expenses Expenses related to a disability Expenses for cooperative education program n n n

Federal and Institutional Methodology Federal Methodology is the formula created by Congress to determine Federal and Institutional Methodology Federal Methodology is the formula created by Congress to determine the Expected Family Contribution (EFC). Calculated on the Free Application for Federal Institutional Methodology is Student Aid (FAFSA). developed by financial aid professionals in consultation with economists. PROFILE form usually required.

Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need Does anybody use this definition anymore?

Need Varies Based on Cost (If everybody used the same formula to determine need) Need Varies Based on Cost (If everybody used the same formula to determine need)

What to Ask Colleges About Financial Aid Policies n n n Are your admission What to Ask Colleges About Financial Aid Policies n n n Are your admission decisions need blind? Do you meet full demonstrated need? What categories of aid are available (merit and need-based)? How much self-help aid should I expect over 4 years (loans and workstudy)? Will my grants and scholarships go down? Under what conditions will you reconsider my aid?

Application Process Basics n n FAFSA - www. fafsa. gov –All Schools Require The Application Process Basics n n FAFSA - www. fafsa. gov –All Schools Require The Free Application for Federal Student Aid Other documents the school might require include the PROFILE form, Tax Returns, W-2 Forms Financial Aid Process Occurs at the Same Time as the Admission Process Don’t Miss Deadlines

FAFSA on the Web site: http: //www. fafsa. gov/ n FAFSA on the Web FAFSA on the Web site: http: //www. fafsa. gov/ n FAFSA on the Web (available starting October 1 st of the year prior to n Web entering college) n Pre-Application ¨ Worksheet: Questions follow order of FAFSA on the Web

FAFSA on the Web n n n Federal Student Aid ID - Sign FAFSA FAFSA on the Web n n n Federal Student Aid ID - Sign FAFSA electronically. Only way to access or correct FAFSA info online. IRS Data Retrieval Tool -use actual IRS data to transfer into FAFSA on the Web (FOTW) What information goes on the FAFSA? –parent, student (which parent if divorced or separated? )

Aid Is Available To Make College Affordable! FINANCIAL AID AWARDS Aid Is Available To Make College Affordable! FINANCIAL AID AWARDS

Gift Aid Grants n Scholarships ¨ Federal ¨ ¨ Federal Pell Grant FSEOG State Gift Aid Grants n Scholarships ¨ Federal ¨ ¨ Federal Pell Grant FSEOG State n Institutional n Private n ¨ State ¨ Institutional ¨ Private What’s the difference? When is this Merit Aid?

Self-Help Aid Employment Loans ¨ Federal Work-Study n Federal Direct Stafford ¨ Institutional Work. Self-Help Aid Employment Loans ¨ Federal Work-Study n Federal Direct Stafford ¨ Institutional Work. Study Programs n Institutional and Private Loans

Role of the Financial Aid Office n n n Determines eligibility for financial aid Role of the Financial Aid Office n n n Determines eligibility for financial aid Packages aid Sends an award notification which details: ¨ ¨ ¨ Student’s cost of attendance Student’s EFC Amount of student’s financial need Programs and amount from each program for which the student is eligible How and when aid will be disbursed Terms and conditions of student’s award

Special Circumstances n Cannot report on FAFSA; can report on PROFILE n Send explanation Special Circumstances n Cannot report on FAFSA; can report on PROFILE n Send explanation to financial aid office at each college n College will review special circumstances and may request additional documentation; Federal Methodology Professional Judgment or school’s discretion. n Provide the Story and the Numbers n Examples: Job Loss, Medical, Marital Status, Unusual Dependent Care Expenses, etc.

IMPORTANT n APPLY ON TIME BEFORE APPLICATION DEADLINES! IMPORTANT n APPLY ON TIME BEFORE APPLICATION DEADLINES!

College Savings: Issues and Choices n n n n Families with greater savings have College Savings: Issues and Choices n n n n Families with greater savings have greater flexibility and choice. Why It Makes Good Sense to Save for College Now. Implications on need analysis 529 savings plans 529 prepaid tuition plans UGMA/UTMA (trust accounts) Coverdell savings accounts –education IRAs –Roth and traditional Student versus parent assets

Financing Options n n n n Student Loans (Federal Direct Stafford, private alternative loans) Financing Options n n n n Student Loans (Federal Direct Stafford, private alternative loans) PLUS Loans (parent loans) Mortgages: refinance, lines of credit Alternative Loans Other Borrowing Options (life ins, retirement, more) Project college savings versus retirement Smart Borrowing.

Tax Issues n n n Savings Vehicles and Tax Consequences American Opportunity and Lifetime Tax Issues n n n Savings Vehicles and Tax Consequences American Opportunity and Lifetime Learning Tax Credits Education Loan Interest Deduction Above the Line Tuition and Fees Deduction –still available? IRS Publication 970 –Tax Benefits for Education New Laws –stay tuned!

Web Resources for Financial Aid Planning n n n n www. fafsa. gov www. Web Resources for Financial Aid Planning n n n n www. fafsa. gov www. bigfuture. org (College Board) www. studentaid. ed. gov www. collegeincolorado. org College Net Price Calculators –Use Them! Watch out for scams –Don’t pay for a college scholarship search. Free Scholarship Search Sites

Where Do I Go From Here? n n Obtain and review admission and financial Where Do I Go From Here? n n Obtain and review admission and financial aid materials from each school to which you are applying Meet all application deadlines ¨ n Complete FAFSA, PROFILE and any other application materials required by the school or state agency or outside scholarship provider Investigate other sources of aid

Other Sources of Funds n n Free Scholarship Search Sites (watch for scams) Private Other Sources of Funds n n Free Scholarship Search Sites (watch for scams) Private business and civic organization scholarships State grants, scholarships, and work programs –limited in recent years -school decides how to use in aid award School need-based and non-need based programs ¨ academic, athletic, talent-based, departmental scholarships and grants

Private Scholarship Search Free Internet scholarship search engines: n College Board: www. collegeboard. com Private Scholarship Search Free Internet scholarship search engines: n College Board: www. collegeboard. com or go to bigfuture. org n Fast. Web: www. fastweb. com and see related site www. collegegold. com. n Fin. Aid on the Web: www. finaid. org n Watch out for scams!

Thank you for attending n n Questions? Snowed under? Contact the financial aid office Thank you for attending n n Questions? Snowed under? Contact the financial aid office at any school in which you’re interested. They can help. John Gudvangen Assistant Vice Chancellor for Enrollment/Director of Financial Aid University of Denver john. [email protected] edu 303 -871 -4020




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