Navigating Financial Aid Brian Weber Associate Director of Admission Hamline University
Overview Why go to college? Timelines for Juniors and Seniors Financial Aid Philosophy and Types of Aid Sticker Prices vs. Net Prices FAFSA, EFC, etc
Why go to college? Unemployment Rates and Earnings ANALYSIS: Bureau of Labor Statistics, Current Population Survey
Why go to college? Annual Earnings (even after taxes)
Why go to college? Lifetime Earnings By Degree Sources: U.S. Census Bureau, 2012, Table PINC-03; Education Pays 2013 , Baum and Ma, 2012
Why go to college? From a financial perspective… Higher annual and lifetime earnings More likely to have a job (and keep it) More likely to have employer provided health insurance and retirement plans Public budgets appreciate it too — college graduates help produce more tax revenue and are less reliant on public services Sources: U.S. Census Bureau, 2012; Education Pays 2013
Timeline for Junior Year Create a list Ask about Sign up for the Keep your of your local outside ACT grades up! activities scholarships
Traditional Timeline for Senior Year Application deadlines: Early Decision: November 1 Early Action: December 1 Regular: January 15 Nov-Jan 15 March May 1 HU Merit Oct-Feb Apply/Admission HU Talent Aid Packages National Reply Scholarships File the FAFSA Scholarships Finalized Date Outside scholarship deadlines will be intermixed throughout the year.
Early Decision Timeline for Senior Year Application deadlines: Early Decision: November 1 Early Action: December 1 Regular: January 15 ED students may apply for November Dec 15 March Hamline talent scholarships and Oct-Feb Apply, Admission, HU Merit Scholarships ED Reply Date Finalize official Aid Worksheet File the FAFSA should plan to file the official aid package + full aid estimate FAFSA later in senior year. Outside scholarship deadlines will be intermixed throughout the year.
Philosophy of Financial Aid 1. Primary responsibility for paying for college is on the family (student and parent) 2. Financial aid exists to help with the remaining gap between cost and the family contribution
Types of Financial Aid • Scholarships Merit • Grants • Loans Need • Work-Study or Student Employment
How America Pays for College Average percent of total costs paid from each source in 2013 • Net price (combining public/private data): 70%. • Many families also qualify for up to $2,500 in annual tax credits for education.
Sticker Price vs. Net Price At the highest limit, a student ’ s financial aid can cover both direct and indirect costs! (But it is pretty rare for that to happen.) Sticker Price Net Price Tu ition Remaining costs for Fees the family, after Housing financial aid “ Direct ” or Net Price Calculators Meals “ Billable ” (estimators) on each Books/Supplies institution ’ s website Transportation Important: a family ’ s net Personal “ Indirect ” at price or true cost will not Expenses many schools always be the same as Loan Fees their Expected Family Contribution
University of University of Gustavus Sticker Prices for 2014-2015 2014-2015 Hamline Winona State Minnesota- Wisconsin- Adolphus Sticker Prices University University Twin Cities Madison College Tuition $13,197 (MN $35,710 $12,060 $6,860 $39,930 (~32 credits) resident rate) (included) + $200 $960 + $930 Fees $556 $1,566* $657 freshman fee* laptop fee Avg Room $4,794 $8,554 $8,600 $5,698 $5,820 (included in (included in Avg Board $4,598 $2,192 $3,290 room estimate) room estimate) Estimated $45,658 $22,180 $21,997 $16,640 $49,697 Direct Costs Loan Fees $0 $0 $0 $120 $0 (included in Books/Supplies $390 (rental) $1,000 $1,200 $1,200 personal below) $1,388 (MN Transportation $0 $194 $640 $0 residents) Personal $1,000 $2,000 $3,214 $2,300 $2,180 Estimated Cost of $47,048 $25,374 $27,799 $20,900 $51,877 Attendance
Net Price Calculators Try to estimate all aid options (merit and need-based) Guesses how the FAFSA will calculate your Expected Family Contribution (EFC) Then, uses that EFC to estimate aid from the school and government sources Useful planning tool but the estimate is only as good as the data provided
Average Net Prices At Hamline, over 90% of students receive gift aid directly from the university 41% of 2012-2013 students received federal Pell grants 44% of 2012-2013 students received Minnesota state grants 74% of 2012-2013 students used student loans at some point to help pay for school Sticker Price for Direct Costs in 2014-2015: $45,658 Average Financial Aid (after free funding only): $21,996 Average Net Price for 2014-2015: $23,662 Average Net Price after loans/work study: $15,662 http://nces.ed.gov/collegenavigator AVERAGE NET PRICE BY 2010-2011 2011-2012 2012-2013 INCOME $0 – $30,000 $16,801 $15,936 $17,186 $30,001 – $48,000 $17,271 $15,889 $18,322 $48,001 – $75,000 $18,339 $18,660 $19,844 $75,001 – $110,000 $22,741 $21,549 $22,586 $110,001 and more $26,987 $26,913 $25,868
Costs for 2015-16 Sticker Price vs. Collegescorecard.ed.gov Net Price Data • Tuition $36,888 • Fees 998 • Room/meals 9,736 • Book Rental 480 Total: $48,102
Financial aid packages may be made up of both merit-based and need-based aid sources Total packages are typically not available until March or April.
Traditional Timeline for Senior Year Application deadlines: Early Decision: November 1 Early Action: December 1 Regular: January 15 Nov-Jan 15 March May 1 HU Merit Oct-Feb Apply/Admission HU Talent Aid Packages National Reply Scholarships File the FAFSA Scholarships Finalized Date Outside scholarship deadlines will be intermixed throughout the year.
Merit-Based Aid – Institutional Hamline Academic $10,000 - $23,000 Scholarships (admission applications) Bishop Hamline Award $3,000 (college readiness programs) Hamline Heritage Award $2,000 (children, grandchildren, & siblings of Hamline graduates) Hamline Firsts $1,000+
Merit-Based Aid – Institutional Talent Scholarships Apply by January 15 at Art (up to $3,000) hamline.edu/talentscholarships Art History ($3,000) Business ($3,000) Digital Media Arts ($3,000) Music ($5,000) Science ($3,000) Theatre Arts ($3,000) Writing ($3,000) Fulford-Karp Physics Scholarship Full Tuition! Robbins Leadership Award Eagle Scout/Girl Scout Gold Award ($3,000)
Other Ways to Save If you want to double-major, complete a minor, or graduate early Bring in credits from PSEO, CIS, AP, IB coursework Take advantage of flat-rate tuition Tuition-free J-Terms National Merit Scholarships – Finalist, Commended, etc. ROTC Scholarships United Methodist Dollars for Scholars Match Become a Resident Advisor Utilize tuition remission opportunities (Hamline, ACTC, Council of Independent Colleges, National Tuition Exchange)
Merit-Based Aid - Outside Most scholarships for high school seniors will have deadlines January through April Hamline does not reduce scholarship or grant dollars when a student receives an outside scholarship Start locally, think globally Never pay money to get money Set realistic goals and stick to them
How do we determine eligibility for need-based financial aid? File the FAFSA!
Free Application for Federal Student Aid Free and Federal 98% of students file online Students must re-apply each year Determines Expected Family Contribution (EFC) 2016-2017 FAFSA will be available online at www.fafsa.gov after January 1, 2016.
FAFSA Continued… Prepare taxes early and file File the FAFSA before each electronically if possible school ’ s priority filing date. Hamline – March 15 The student and one parent need a UMN-Twin Cities – March 1 PIN to sign FAFSA electronically UW-Madison – none listed (eventually, the feds may do away Winona State – May 15 with the PIN system, but for this group of high school seniors, they ’ ll Gustavus – April 15 still need to use it) St. Olaf – March 1 St. Thomas – April 1 Be sure to enter your school codes Macalester – February 8 (example: Hamline is 002354)
Do I need to file taxes first? Not necessarily. With FAFSA priority deadlines often occurring in February, March, and April, it is helpful to file taxes first, but you can choose to plug in estimated earnings and tax information on the FAFSA in order to get it filed initially It will be easier to file the FAFSA if you have already filed your 2015 taxes electronically (or at all) Remember to double-check the exact spelling of your name, address, and SSN on all federal documents. They should match! (While you ’ re at it, you might want to check your state ID too.)
Expected Family Contribution (EFC) is determined by: 1. the Free Application for Federal Student Aid (FAFSA)… 2. And perhaps special circumstances (changes in the family size, loss of a job, medical expenses, having students in private K-12 schools, etc.) Note: Schools that use the CSS Profile must still use the EFC for federal and state awarding. The CSS Profile is only used for awarding institutional funds.
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