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1.) Everyone Should Apply for Aid• Many sources of aid are available. If you apply, you may be
eligible for:• Scholarships• Grants• Work-Study Programs• Loans
• Questions to ask:• Does financial need have an impact on admissions
decision?• Does applying early decision affect financial aid eligibility?• How can I access your Net Price Calculator?
DEADLINES
2.) Meeting Deadlines is Essential• Know each college’s priority deadlines:
• Read and retain all the communications you receive from the college or university
• Read each school’s website or contact each school’s Financial Aid Office
• Merit scholarship deadlines• Early action/ early decision deadline• Regular decision deadline• Deadlines for supplemental documents-
tax returns, W-2s, etc
Applications
3.) All aid applications are not the same• Federal Aid- Free Application for Federal Student Aid (FAFSA):
• Required by all schools awarding federal aid; available online at www.fafsa.ed.gov
• Institutional Aid- PROFILE (or institutional application)• Required by some schools; available online at
www.collegeboard.com• State Aid- varies by state• Scholarships- specific to organization
• Be alert for scholarship scams!
What’s an Expected Family Contribution (EFC)
4.) The “Expected Family Contribution” is…• The amount a family can contribute based
on analysis of the FAFSA and/or the PROFILE data:
• Not necessarily the amount the family will pay for college
• The family contribution may be the same regardless of which college the student attends—although….
• The aid award can differ to college to college
Cost of Attendance
5.) Cost of Attendance should not be a mystery• Direct Costs = Billed through the institution
• Tuition, fees, housing, meal plan• Indirect Costs = Related educational
expenses• Books, supplies, transportation,
personal expenses, insurance• The Cost of Attendance reflects both direct
and indirect costs• Net Price Calculator- new tool that schools
are required to post on website to breakdown costs.
6.) Definitions are important!• Eligibility:
• A defined criteria is met• Need (aka demonstrated need, financial need):
• The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC)
$35,000 COA
-$17,000 EFC
$18,000 demonstrated need
7.) Categories of Financial Aid• Merit:
• Often from the institution, but can also come from foundations, scholarship organizations, etc.
• Need-Based• Calculated from FAFSA/PROFILE data• Sources can be federal, state,
institutional
8.) Types of Financial Aid• Federal grants- Pell, SEOG, SMART,TEACH• Federal Direct Loans• Federal Work Study• State grants• Institutional grants• External scholarships• Private loans
9.) Decoding the Aid Award Letter
Compare:
• Costs of Attendance (COA)
• Total amount of aid• Types of aid offered• Amount of gift aid
(grants/scholarships)• Amount of loan
(interest rate, repayment terms, etc)
Ask Questions:
• Is the grant renewable?• What are the terms for
renewing? (GPA, hours enrolled, course reqs)
• Is amount of work-study realistic
• Will aid change from year to year
• Will aid increase if COA increases?
Financial Aid Appeal
10.) Special Circumstances Matter• When the numbers don’t tell the whole story
• Unique family situation not evident on the FAFSA• Prior debt
• When the situation is expected to change (or has)• Change in employment• Medical expenses• Divorce
• Must be able to provide documentation• Copies of bills, canceled checks, termination
letters, etc
Prior Prior Year starts in 2017-2018
• Starting in the 2017-2018 academic year, the FAFSA will start using prior prior year tax data
• Using two-years prior tax info is intended to increase the form’s accuracy and provide an earlier and more accurate idea of anticipated aid and college costs
• The IRS Data Retrieval Tool (DRT) will be readily available and allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation