Paying for College Spring 2010
Be smart and save Don t spend all of your graduation money Put aside money for planned and unplanned expenses $20 per week x 52 weeks = $1,040 Work over the summer and save your earnings
Don t throw money down the drain 1. Coffee 5 coffees x $5 each x 52 weeks = $1,300 per year 2. Weekday lunches out $6 lunch x 260 work days per year = $1560 per year 3. Bottled water 1 bottle per day x $1.50 each x 365 days = $547.50 per year 4. Vending machine snacks 1 candy bar x $1 each x 5 days a week x 52 weeks = $260 per year
What is Financial Aid? Funds provided to students and families to help pay for higher education expenses Financial aid is more than just free money.
Types of Financial Aid Gift Aid Grants Scholarships Self-Help Aid Student Employment Loans
Gift Aid: Grants Typically need-based Federal Grants Pell Federal SEOG Grant (exceptional need) State Grants PHEAA in Pennsylvania Reciprocal States Delaware, Washington DC, Massachusetts, Ohio, Vermont, West Virginia
Gift Aid: Scholarships Typically merit-based University of Pittsburgh (Admissions) Automatic consideration (apply by December 15 th ) Departmental Scholarships Outside Scholarships
Self-Help Aid Student Employment Federal Work-Study (financial aid) Regular Student Job (not financial aid) Education Loans Federal Direct Student Loan (Subsidized/Unsubsidized) Federal Direct Parent PLUS Loan Private Education Loans
Additional Resources 529 Savings Plans Gifts from family Home equity line of credit Savings plans - Upromise Payment plans offered by the schools
Federal Student Aid ID (FSA ID) Apply for an FSA ID at fsaid.ed.gov May be used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID
Completing the FAFSA FAFSA = FREE Application for Federal Student Aid Complete online at fafsa.gov School Code: 008815 NEW! Begin filing October 1 Use 2016 tax data Pitt s Priority Filing Date: March 1
Completing the FAFSA Using the IRS Data Retrieval Tool (DRT) While completing the FAFSA, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer s identity If match found, IRS sends real-time results to applicant in new browser window Reduces documents requested by Financial Aid
Expected Family Contribution (EFC) Generated as part of completing the Free Application for Federal Student Aid (FAFSA) A calculated estimate that a family can contribute to the student s education in a given year. Formula created by the U.S. Department of Education Used to determine financial aid eligibility Types of information used to calculate EFC: income, assets, # in college, # in household, etc. *EFC the same regardless of college attended*
Financial Aid Cost of Attendance (COA) Direct Costs Tuition and Fees Room and Board (dorm, off-campus, commuter) Indirect Costs Books and Supplies Transportation Allowance Living Allowance (if staying off campus) *Varies widely from college to college*
Financial Need (Federal Formula) Cost of Attendance (COA) Expected Family Contribution (EFC) = Financial Need
Financial Need (Federal Formula) State School (PA Resident) University of Pittsburgh (PA Resident) Private College Cost of Attendance $24,500 $33,000 $48,000 EFC $4,000 $4,000 $4,000 Financial Need $20,500 $29,000 $44,000 Aid Offered $10,395 $18,295 $25,295 Remaining Costs $14,105 $14,705 $22,705 *estimates used for example
Other Important Terms Verification Satisfactory Academic Progress (SAP) Federal, state, institutional, & award specific Special Circumstances Life happens FERPA Student needs to sign release for parent to speak with school about their information (often department specific)
Things to Think About Budget borrow only what you need! Pay the interest on Unsubsidized Loans while in college Never give out your SSN Memorize your Student ID Get your parents involved tag team effort Don t apply for credit cards for the free gift Due dates and deadlines
Financial Aid Websites FAFSA FSA ID PHEAA IRS LOANS fafsa.gov fsaid.ed.gov pheaa.org irs.gov studentloans.gov
Academic Scholarships Apply for admission by December 15 Criteria include SAT/ACT and academic performance in the classroom Don t forget the Short Answer Questions $2,00 per year to full tuition and renewable for four years Academic profile? How many? When will I hear?
Types of Academic Scholarships Chancellor s Scholarship Diversity Scholarships Stamps Scholarships and Nordenberg Scholars Program Outside Scholarship Information: Fastweb College Board American Education Services
Where to Find the Presentation oafa.pitt.edu Click: Financial Aid Click: Apply for Aid Scroll down and look for Your Keys to Success for the full presentation
Questions? finaid@pitt.edu oafa@pitt.edu 412-624-7488