Understanding the College Financial Aid Process

Where Do I Begin?

 Research the necessary forms and deadlines for each college you apply to by visiting

the college’s website

 Although you may believe you do not qualify for aid, please fill out the paperwork  Colleges utilize various forms to make determinations on financial aid eligibility  Make sure you know which forms pertain to which college: i.e., CSS, FAFSA  If you miss a deadline, you may forfeit aid eligibility

 Be organized - every college has a different deadline

 If deadline is March 15th, commit to completing applications two weeks prior  Do not wait to be accepted to complete financial aid forms

Where Do I Access Financial Aid Forms?

 Check individual college websites for their own forms  FAFSA - Free Application for Federal Student Aid

 www.fafsa.ed.gov

 All colleges administering federal aid must require students to complete

the FAFSA

 Used to calculate an Expected Family Contribution (EFC)

 CSS Profile - online application that collects information used by almost 400

colleges and scholarship programs to award financial aid from sources outside of the federal government

 www.collegeboard.org

 NCP Profile - Non-custodial Parent Profile

 www.collegeboard.org

Free Application for Federal Student Aid www.fafsa.ed.gov

 Federal Money

 This is a free application - Do NOT go to www.fafsa.com  Application is on-line only and available January 1

 Apply for a federal PIN number

 www.pin.ed.gov

 Parent and student must have a PIN number

 Only custodial parents file FAFSA  You will need:

 Student and parent(s) previous tax year 1040 and W2s (you may estimate until

tax forms are completed)

 Asset information

 Examples of federal aid include: Supplemental Grant, Pell Grant, Federal Direct

Stafford Loan, Work Study, State Grant

 Once your tax return is filed, you may go back into www.fafsa.ed.gov to update your

estimated data

The FAFSA - How to Apply

 Paper application:

sent via US mail

 FAFSA on the web:

Filed online using

Completing FAFSA on the Web

 More than 95% of FAFSAs are filed online

 Parents with more than 1 college student

can transfer data from original application to others

 Faster turnaround; more accurate

FAFSA Worksheet

 Families can save time by completing a

worksheet before accessing FAFSA on the web

 Available on website - www.fafsa.ed.gov

Reasons to File Electronically

 Built-in edits to prevent errors

 Skip-logic allows students and/or parents

to skip unnecessary questions

 More timely submission of original

application and corrections

 More detailed instructions and “help” for

common questions

Completing Paper FAFSA

 Only 5% file paper FAFSA

 Paper FAFSA only available through

download at federal web site or by calling 1-800-4-FED-AID

 Completed and mailed to the federal

processor

 Not the preferred way to file

Avoid Errors!

 Errors on the FAFSA or supplemental

forms may delay application processing and result in the loss of financial aid funds

 Students and parents/guardians are

encouraged to read the instructions and complete the forms carefully

Important Tips

 Submitting the FAFSA after high school

graduation is considered late by most schools

 Students may not have funds available when

classes start if they apply late

 Respond promptly to requests for information

 Delays can mean losing funds for which the

Special Circumstances

 Changes in employment status after filing

FAFSA

 Medical expenses not covered by

insurance

 Change in parent’s marital status after

filing FAFSA

Special Circumstances

 Cannot report on FAFSA

 Send explanation to financial aid office at

each college

 College will review special circumstances

 College may request additional

FAFSA Processing Results

 Central Processing System notifies student of

processing results by:

 E-mail notification containing a direct link to student’s

online Student Aid Report (SAR) if student’s e-mail

was provided on paper or electronic FAFSA (allow the following address to your e-mail account to prevent landing in junk mail):

[email protected]

 Students with PIN may view applications/status online

Types of Financial Assistance

Warning to Parents/Students

 Don’t get hooked by misleading

scholarship offers

 College aid offers are everywhere

 Internet

 Mail

 Newspapers

 Magazines

Warning Signs of Scam

 High application fees

 Guaranteed winnings

 Everybody is eligible

 Masquerading as federal agency

 Claims of government approval

 Time pressure

 Unusual requests for personal information