Paul Calme
Xavier University
513 745-3142
www.xavier.edu/financial-aid
Philosophy of Financial Assistance
COLLEGEA B C
COST OF COLLEGE$40,000$20,000$10,000
EFC$10,000$10,000$10,000
FINANCIAL ELIGIBILITY$30,000$10,000$0
Philosophy of Financial Assistance
Parents have primary responsibility to invest in theirdependent children’s education
Students have a responsibility to contribute to theireducational costs
A student’s ability to pay for educational costs must beevaluated in an equitable and consistent manner
Families should be evaluated in their present financialcondition
Special circumstances may be considered
The Cost of Attendance
Tuition & Fees
Room & Board
Books & Supplies
Transportation
Personal Expenses
![C:\Documents and Settings\calme\Local Settings\Temporary Internet Files\Content.IE5\J44JGWJS\MP910216562[1].jpg](data/images/img8.jpg)
The Cost of College
Total Billable Price
-Financial Assistance
Net Price (amount you pay)
Sources of Financial Aid
Scholarships – academic based non-repayable
Grants – need or talent based non-repayable
Loans – borrower must repay
Work Opportunities – wages must be earned
Scholarship Considerations
Value of the scholarship
Restrictions
Renewability
Appeals
On-going value
Sources
www.fastweb.com
www.collegeboard.com
www.gocollege.com
Grants
Need based
Not based on academics
Talent based
![C:\Documents and Settings\calme\Local Settings\Temporary Internet Files\Content.IE5\YK5A1C9T\MP910216667[1].jpg](data/images/img9.jpg)
Student Loan Programs
Federal Perkins Loan – 5% fixed interest; no interestwhile enrolled at least half time in college; up to 10years to repay once out of college
Federal Stafford Loan – subsidized and unsubsidized
Subsidized (need-based)- 4.5% interest; no interest whileenrolled at least half time in college; up to 10 years to repayonce out of college
Unsubsidized (not need-based)– option to pay the 6.8%interest while student in college, or allow interest to accrueand make both interest and principal payments once studentout of college – up to 10 years to repay
Federal Stafford Loan Annual Limits
Federal Stafford Loan (subsidized or unsubsidized)
Freshman $3500
Sophomore $4500
Junior $5500
Senior $5500
Student may also borrow additional $2000 unsubsidized eachyear
Stafford may be all subsidized, all unsubsidized or acombination, not to exceed the annual loan limit
Parent Loan - Plus
Parent may borrow up to full cost of attendance minusaid offered
Interest rate 7.9%
Option to pay interest while student in college, orallow interest to accrue and make both principal andinterest payments once student out of college
Repayment – up to 10 years
Private Education Loans
Students may also secure loans from private lenders
Usually at a higher/variable interest rate and less favorablerepayment provisions
Likely to need a co-signer
Repayment usually deferred until after graduation
Sometimes interest only payments are required
Approval based on student and/or co-signer’s credit history
Amount cannot exceed COA minus all other aid
Work Opportunities
Federal Work-Study (need-based)
Awarded work-study
Secure job usually on campus
Work the hours
Receive payment
Use earnings for billable costs or personal use
University Employment (not need-based)
Secure job on campus through office responsible for non workstudy employment
How to Qualify
Admission acceptance
University financial aid forms
Free Application for Federal Student Aid (FAFSA)
fafsa.ed.gov
![C:\Documents and Settings\calme\Desktop\fsa_logo[2].gif](data/images/img10.jpg)
Application Process
Register for a PIN: www.pin.ed.gov
- dependent student and parent must file for a PIN
File the FAFSA as soon as possible after January 1 of theyear of enrollment at www.fafsa.ed.gov
Determine if colleges require an institution financialaid form and/or the College Scholarship Service Profileform
(the Profile is required by some private colleges inaddition to the FAFSA)
Timeline
Apply and be accepted for enrollment at colleges
File FAFSA after January 1
Results returned to filer and colleges listed on FAFSAusually within two weeks
Colleges prepare financial aid award notification forstudent beginning late February or early March
All award notifications should be received by studentby May 1
Student reviews aid offers and makes college choice
A Few Tips
Complete your income tax form before completing theFAFSA, if possible
Up to ten colleges can be listed on the FAFSA
Know the Federal School Code(s) for each collegelisted on the FAFSA
Save a copy of the completed FAFSA
Save a copy of the completed income tax form(s)
Present special circumstances to college(s)
FAFSA must be filed each year
Get an estimate: www.fafsa4caster.ed.gov
For More Help
High School Guidance Office
College Financial Aid Office
Public and College Libraries and Bookstores
The Internet
-www.finaid.org
-www.fastweb.com
-www.collegeboard.com
More Help (continued)
Federal Department of Education
-(8oo) 4 FED AID
- http://www2.ed.gov/finaid/landing.jhtml
Ohio Board of Regents
-(888) 833-1133
- http://regents.ohio.gov
Cincinnati Scholarship Foundation
- www.cincinnatischolarshipfoundation.org
Ohio Association of Student Financial AidAdministrators www.oasfaa.org
College Goal Sunday
February 13, 2011
Sunday
2:00 – 4:00
To be held at several locations in our area
Details at http://www.ohiocollegegoalsunday.org
Questions?
Xavier UniversityXavier University
Office of Financial AidOffice of Financial Aid
xufinaid@xavier.eduxufinaid@xavier.edu
www.xavier.edu/financial-aidwww.xavier.edu/financial-aid
513 745-3142513 745-3142