The November 20, 2019, Give Back Better webinar presented a holistic Kids' Chance scholarship application to discover how small changes can make for a more effective timeline, along with covering the financial aid cycle and terminology. Kim Stezala, Kids’ Chance of America scholarship consultant and the Senior Partner at Design Group International, led the discussion along with Kids’ Chance State Representatives, Varo Duffins (Kids’ Chance of Pennsylvania) and Angie Kohl (Kids’ Chance of South Carolina).

Key Take-Aways

• Some important terms relative to the financial aid cycle were reviewed:Per StudentAid.gov, Cost of Attendance (COA) is the estimate of tuition and fees; the cost of room and board (or living expenses for students who do not contract with the school for room and board); the cost of books, supplies, transportation, loan fees, and miscellaneous expenses including a reasonable amount for the documented cost of a personal computer; and costs related to a disability.
• The Expected Family Contribution (EFC) is the amount of income and/or assets that the federal government’s methodology has determined that a family is able to put towards a student’s educational expenses for the academic year.
• The EFC is calculated by the government based on the financial and situational information students provide in the Free Application for Federal Student Aid (FAFSA).

Refer to the Kids’ Chance Best Practices Scholarship Guide for even more information and these and other terms!While these terms give some insight into what is involved in the student application timeline, one important note to remember is that college financial aid is a dynamic, not static, process. Additionally, there are several federal, state, and institutional guidelines and timelines that affect how outside scholarships are handled.Relative to collecting students’ information for Kids’ Chance scholarship applications, tax return forms aren’t necessarily the best way to go. Try to get the Student Aid Report (SAR) from the student. The SAR includes the EFC and, as of October 1, 2019, the FAFSA can electronically retrieve and import key IRS income data from a family’s filed income tax returns – enhancing accuracy and easing the process for students and colleges and universities.Insight into Kids’ Chance of Pennsylvania timeline and process:

• Application deadline of April 15 (aligns with the easy-to-remember tax deadline and most traditional colleges issue their notifications of acceptance in mid-March).
• Scholarship decisions are made in August or September, as over the summer, students are still subject to federal verification of income causing financial aid to change.
• Offer a $500 no-need scholarship to cover other expenses that may arise.

Insight into Kids’ Chance of South Carolina timeline and process:

• Two application deadlines reflecting the different needs of students during the spring and fall semesters.
• Going online with the application process made the whole endeavor easier (took about 6 months to make the change).
• Send checks directly to the schools.

Overall, be very cognizant of what you are really trying to accomplish. Align your scholarship timeline to maximize family decisions, affordability, access, retention, and debt reduction. Get to know the family situation by seeking a holistic view of their finances and working with students to help them complete the application. Perhaps be open to using your professional discretion to extend deadlines or modify other timing. Consider putting the process online and bringing someone onto your board who works in a financial aid office.

Next Month

We will kick-off the new year with KCOA Executive Director, Vicki Burkhart, and her January 29 presentation on Strong Boards: What Every Board Member Needs to Know.

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Learn more about Kids’ Chance of America and the upcoming Give Back Better webinars, our dynamic forum for state-to-state exchanges that build on the best experiences, skills, and tools we all have to offer.