FAS 101 Essay

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Paying for College
Presented by:

Wayne Kruger, M.Ed.
FASFAA President
Executive Director of Financial Operations
St. Petersburg College

Agenda:
What is Financial Aid?
Categories of Aid
Sources of Aid
Common Financial Aid Terms
Financial Aid Applications and Tools
Calculating Financial Aid Package

2

What Is Financial Aid?

3

What is Financial Aid?
Students and parents of dependent students are the primary source of funds for postsecondary education and are expected to contribute to the extent they are able.
Any funding used to help students and/or their parents pay for educational expenses that is not
“out of the family’s pocket” is considered financial assistance.

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Two Categories:
Gift Aid
Self-Help Funds

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Gift Aid:
Aid given to students to pay for college that does not need to be earned or repaid if the student completes the term in which it was given. Grants
Scholarships

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Self-Help Funds:
Aid that a student or parent uses to pay for college that needs to be earned or repaid.

Work Study
Loans

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Sources of Financial Aid
Federal Programs
Pell Grant, Federal Workstudy, Direct Student Loans

State Programs
Bright Futures Scholarships, Florida Student Assistance Grant

Institutional Programs
Johnnie Ruth Clarke, Presidential Scholarships

Civic & Community Organizations
American Legion, Church, Fraternities and Sororities, etc.

Foundations
St. Petersburg College Foundation, Pinellas Education Foundation, Bill Gates
Foundation

Private Donors
Company Programs
Employer, Parents’ Employers
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Common Financial Aid Terms:
FAFSA - Free Application for Federal Student Aid
AKA: Pell Grant Application

EFC - Expected Family Contribution
Results of the FAFSA

COA - Cost of Attendance
Average cost of full-time enrollment

ISIR - Institutional Student Information Record
Electronic results of FAFSA received by the school

SAR - Student Aid Report
Electronic results of FAFSA received by student
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Calculating a Financial Aid Package:
Formula:
COA $ 15,500
- EFC - $ 2,500
= Need $ 13,000

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Calculating a Financial Aid Package: continued Formula:
Need =

$ 13,000

Pell
- $ 3,100
SEOG
- $ 1,000
FSAG
- $ 1,000
FWS
- $ 3,000
Loan
- $ 3,500 (Total Award
$11,600)
Unmet Need
$ 1,400
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Sample financial Aid Award Comparison:
A B

C

Cost of Attendance $15,727 $18,185
$42,737
“EFC” $ 2,500 $ 2,500
$ 2,500
Need $13,227 $15,685
$40,237
Financial Aid awards:
Pell Grant $3,100
$3,100
$3,100
SEOG $
FSAG
$1,000 $1,500
$2,000
Bright Futures $2,310 $3,750
$3,750
Lion’s Club $ 500
$ 500
$ 500
Institutional Music Award $
0 $
0
$4,500
Institutional Academic Grant$ 600
$3,000
$8,000
Federal Work Study
$ 917
$3,000
Stafford Loan $4,800
$3,500
$5,500
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3 ‘PLY’ Principle:
Everyone should apply: Even Bill Gates
Apply on Time/Early and repeat every year
Apply for Everything, you never know what you going to get.

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APPLY for Federal Student Aid:
Complete the Free Application for Federal
Student Aid (FAFSA) at www.fafsa.gov

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FAFSA:
Also known as the Pell Grant Application
Can be completed as early as January 1st of the student’s senior year in high school. Buy you could always fill it out in the junior year as a test run.
Deadline to submit initial application is June 30,
2014 (2013-2014 Academic Year)
Only need to complete one time for the award year.
Has to be completed every year.
Used for more than just the Pell Grant.
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Information needed to complete the FAFSA:
Social Security Number (SSN)

Eligible non-citizens need to have their “A” number which is also referred to as their Alien Registration Number.

Federal tax returns

If you have not yet filed, still submit your FAFSA but you must provide estimated income and tax information

Documentation of earned income
W2s, pay stubs, etc.

Documentation of untaxed income
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