Welcome to College Funding

Presented by EducationQuest
Foundation

Your Journey to College

We will
cover…

The Cost of Education
The types of financial aid

available
How to apply for financial aid

!The

Cost of Education

Cost of Education
Tuition & Fees
Room & Board*
Books & Supplies

Direc
t
Costs



Indir
ect
Costs

• Personal
• Transportation

*Depends on student housing plan

16

FAFSA results
 EFC = Expected Family Contribution

Lower
EFC

=

Greater
Financial
Need

 College uses EFC to determine the

type and amount of aid to award the
student

Financial aid formula
Cost of
Education

EFC

Financial
Need

Tuition & Fees
Room & Board
Books
Personal
Transportation

Parent
Income/Assets
Student
Income/Assets
Parent’s Age
# in Household
# in College

The amount of
money the
college will try
to give you in
financial aid
9

Types of Financial Aid

Types of financial aid
$

Scholarshi
ps

$

WorkStudy*

$

Grants*

$

Loans*

*Based on FAFSA Results
(Free Application for Federal

7

$

Scholarship
s
GPA

Field of
study
Employ
er

Militar
y
service

Financi
Ethnici
Common
al
ty
criteria
Need
FirstFirstgenerati
on
student

Leadersh
ip

Disabilit
y

Talents
Colleg
e
choice

State of
residen
ce

ACT/SA
T score
Commun
ity
Service

Activitie
s

Gende
r

$

Scholarship
s

 BeginSearch
researchtips

early
 Colleges
 School counselor
 ScholarshipQuest
at
EducationQues
t.org
 Private
organizations

8

!

Scholarship
s

WARNING!
en
e
b
e
v

“You

.
d
e
t
c
e
l
se

“You’r
ea
finalis
t.”
“May

“The
i
h
s
r
a
l
s ch o
p is
e
e
t
n
a
r
gua
r
u
o
y
r
do
money

I hav
e
your
credi
t card
numb
er?”

“The
p
i
h
s
r
a
l
o
h
sc
e
m
o
s
t
s
o
c
ill

8

$

Scholarship
s

 NOT following
directions
Common
 NOT meeting the deadline

mistakes

 NOT typing – or turning in a sloppy

application
 NOT proofreading
 NOT including all necessary components
 NOT answering the essay question as
asked
 NOT meeting the criteria

Susan
Thompson
Buffett
!
!Scholarship
www.buffettscholarships.org
Eligibili
ty

Financial need
2.5 GPA on a 4.0 scale
Attend a Nebraska public college (two- or
four-year)

Amount

Up to $4,250 per semester

Dates
to
remem
ber

Online application opens: November 1,
2014
Deadline: February 1, 2015
Student Aid Report due: March 15, 2015

!

!Financial

Aid Program
Scholarship

 Students who attend an

EducationQuest Financial Aid
Program can register for a
$500 scholarship!
 Will conduct a drawing to select
three student winners in February
 See your packet for an information
card

$

Grants

 Money you don’t repay
 Based on financial need

Federal
Pell Grant (range $602$5,730)
State
College-based

7

!

Tuition Assistance
Programs

 Collegebound Nebraska
– UNO, UNL, UNK, or UNMC
– NE resident, full-time
student, Pell eligible
– Must complete FAFSA by
April 1
 Advantage
– Wayne, Peru, Chadron
– NE resident, full-time
student, Pell eligible
– Must complete FAFSA by
June 1

If you
$
meet
the
criteria
,
tuition
is
COVER
ED!

7

$

Work-Study

 Must show

financial need
 Part-time job,
typically on
campus
 Flexible schedule
 Money not
available up-front
7

$

Federal student
loans
Type

Need-based

Non-needbased

Interest
accruing
while in
school?
No

Yes

Name
Perkins loan
Direct
Subsidized
loan
Direct
Unsubsidized
loan
Parent PLUS
loan

11

$

Annual loan limits
Freshman:
$5,500
Sophomore:
$6,500
Junior:
$7,500
Senior:
$7,500

2014-15
student
loan
interest
rate fixed
at 4.66%.
11

About your award letter

Applying for Financial
Aid

Applying for financial aid
Scholars
hips

Grants, WorkStudy, Loans

Deadlines

Priority
dates

About the FAFSA
 Free Application for Federal Student Aid
 Apply at fafsa.gov
 Complete after January 1 of senior year

before college’s priority filing date
 Use parent and student tax information
 Renew yearly

9

Financial aid process
This
is
finan how the
ci
proce al aid
ss wo
rks:

FAFSA & PIN
Processor
SAR

College

Student
Verification?
Award Letter
9

Applying for a
Department of Education PIN
 A PIN serves as your signature on the

electronic FAFSA
 The Department of Ed PIN process is
changing
 EducationQuest will provide updates
on Facebook and Twitter
(@FreeCollegeHelp) – so follow us!

Are you considered a
dependent student?
Born before Jan. 1,
1992?
Married?

On active duty or a
veteran of the US
Armed Forces?
Have children or
dependents you are
providing more than
half the support for?

An orphan, ward of the
court, or in foster care at
any time since age 13?
Have a legal guardian
or emancipated by the
court?
An unaccompanied
youth who is homeless
or in danger of
becoming homeless?

#
#

#
#

Working on a master’s
or professional
program?

?

If you cannot
answer YES to at
least ONE
question, you will
be considered
dependent

? What assets must you

include?

NOT
*Qualified Retirement
Accounts
*Primary Residence

? What assets must you

include?

Checkin
g

Savings

Stocks

Bonds

CDs

Mutual
Funds

Rental
Property

2nd
Residenc
e

College
Savings
Plans

? What if you have a

business?

Exclude value IF…
you own and control
the majority interest in
your business and you
employ fewer than 100
people

? What if you have a

farm?

Exclude value if:

• You live on the farm and operate it
and this is your main source of
income.

Include value if:

• Receive rent from farm ground or
pasture from someone else
• Member of family farm partnership
or corporation and you do not
participate in running the farm

Asset impact on EFC – family
?
size
- 4increase, income remains
Assets
level
Family A

Family B

Family C

$50,000

$50,000

$50,000

(excluding
retirementspecific
accounts)

$0

$75,000

$100,000

EFC

$1,836

$2,966

$3,652

Income
Assets

Income impact on EFC –
?
family
- 4 assets remain
Incomesize
increases,
level

Income

Family A

Family B

Family C

$50,000

$100,000 $150,000

Assets
(excluding
retirementspecific
accounts)

$50,000

$50,000

$50,000

EFC

$2,306

$17,056

$35,468

fafsa.gov

The Password is a
saving mechanism
only. It is good only
until you submit the
FAFSA. Each year you
make a new Password.

Use the Data
Retrieval Tool
whenever
possible! It
prefills in your
tax information
and is used for
verification!

Even if a student does not file taxes, he or she is still
required to list the amount earned from work in 2012.

Samuel
!

Your Journey to
College Begins with
Us

Kearney Lincoln
Omaha
EducationQuest.org
308.234.6310
800.666.3721

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