MERIT SCHOLARSHIPS AND FINANCIAL AID FOR STRESSED OUT PARENTS. J. Carey Thompson Vice President for Enrollment and Communications Rhodes College

MERIT SCHOLARSHIPS AND FINANCIAL AID FOR STRESSED OUT PARENTS J. Carey Thompson Vice President for Enrollment and Communications Rhodes College 2 W...
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MERIT SCHOLARSHIPS AND FINANCIAL AID FOR STRESSED OUT PARENTS J. Carey Thompson Vice President for Enrollment and Communications Rhodes College

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What this is about

Find and make possible the best college match for the student so that she reaches her fullest potential to become a productive member of society.

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What it isn’t about

Finding the cheapest deal

Cost of attendance Tuition and fees

Direct costs typically charged by the college: Cost of meal plans on +

Cost of living in dorms

campus

+

Indirect costs that may not be charged by the college: Allowance for Books and supplies

Allowance for Personal expenses + and a few meals out

+

Allowance for Transportatio n

FAFSA Overview

FAFSA Overview Free Application for Federal Student Aid is • an online application • collects demographic and

financial information about the student and family. • normally filed electronically • New timeline – October 1st,

2016

https://fafsa.gov

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Key Points • Additional Forms may be required • Institutional scholarship application • CSS/Financial Aid PROFILE® • Documents required to verify specific information or

evaluate special circumstances • Net Price Calculator – NPC • EXPECTED FAMILY CONTRIBUTION - EFC

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Determining Need Cost of Attendance – Expected Family Contribution = Demonstrated Financial Need ________________________________________ 3 examples – High, Medium and Low

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Ivy League option

$65,250 (Cost of Education) -

$40,000 (Expected Family Contribution) $23,000 (Demonstrated Financial Need)

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Great Liberal Arts College in Memphis

$55,000 (Cost of Education) -

$40,000 (Expected Family Contribution) $15,000 (Demonstrated Financial Need)

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Florida Four Year Public

$21,500 (Cost of Education) -

$40,000 (Expected Family Contribution) $0 (Demonstrated Financial Need)

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Three Ways to Pay BEFORE

DURING

AFTER

Parents' Savings

Need based aid

Educational Loans

Student's Savings

Merit based aid

Finance Programs

529 Programs

Federal/State Grants Third Party Grants College Work Study Parents' Earnings Student's Earnings

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Two Types of Assistance • Need based aid – also called financial aid • Merit based aid – also called merit scholarship • A student can have both forms, one form, or neither

form depending on • demonstrated financial need • ability and talent (depending on college) • enrollment and revenue goals of the institution.

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Need Based Aid • Institutional Grants • State and Federal Grants • Student Loans • Federal College Work Study

• Parents Loans - PLUS

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Merit Based Aid • Institution specific • Wide range of values and reasons to offer • Merit aid typically will fill financial need first if there is

need. • May or may not require a separate application. • 3rd party scholarships

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Truths “Your fact sheet states that your average need-based package is roughly $30,000. We seem to come in well below this number.” (FC of $45,668) “Rhodes was my first choice, so when I received the financial aid award package, I was extremely disappointed. The amount that my family would have to contribute for my education is simply too much to ask.” (FC of $250,000 – academic scholarship of $13K/yr) • Families with more resources should expect to pay more

for college.

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Truths “It should also be mentioned that $75,000 in one fund does not belong to us – it is inherited money my sister-in-law has asked to remain in our possession as she may be going through a divorce soon.” • Colleges can’t provide for what might happen in the

future.

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Truths “I have a twin brother planning to attend Stanford University…he received no financial aid from them, so ideally, my father wishes that Rhodes would fully cover my tuition.” (FC $999,999). • If you have an asset, you are expected to make it

available as a resource for college expenses.

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Truths “Among our detailed expenses, you will see $540 a month for a housekeeper. We routinely work 50 and 60 hr weeks, and the expense is necessary for a person to come twice per week.” • Discretionary family expenses are discretionary and

not a case for more aid.

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Truths “Now, how often have you had the chance to have an Irish dancing football player on campus? Miles’ inseam is 36” giving him excellent leg extension on his kicks….” • Colleges distribute of scarce resources based on their

mission, values and limitations. • Individual colleges do things the way they do because they can or because they have to.

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Miles’ inseam

• Never, under any circumstances, reveal your child’s

inseam

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Value and Values Focus on your well informed evaluation of the value of the institution Focus on you child’s interests and abilities and your family values – do your homework.

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