Financial Aid BasicsJSerra Senior Parent Night

August 31, 2017

What is Financial Aid?

O Financial aid is any type of funding provided to students and their families to help pay for postsecondary educational expenses.

O Grants and Scholarships

O Employment

O Loans

Applying for Financial AidO For students to be considered for financial aid,

they have to apply! O Applying for financial aid is like applying for

admission to college but they’re not the same thingO The FA application process has its own forms,

deadlines and requirementsO Apply as early as October of Senior yearO You must reapply every year you are

enrolled

Why apply for Financial Aid?O Required for documentation of eligibility for

many grants and scholarships O Access to federal student loans and work-studyO Access to more college choicesO Streamlines appeal process if the family’s

financial situation changes during the academic year

Applying for Financial Aid

O FAFSAO CSS profileO Additional school-specific forms (if reqested)O Outside scholarships

Applying for Financial Aid: FAFSA

O Submit the 2018-2019 Free Application for Federal Student Aid (FAFSA)

O As early as October 2017O Check individual college financial aid websites for their deadlines and submit by

the earliest date O Website: http://www.FAFSA.govO Personal information, family size, number in college, income and tax informationO Free to apply

O FAFSA on the Web Worksheet (FOTW):O Used as “pre-application” worksheetO Questions follow order of FAFSA on the Web

O Complete FAFSA by March 2nd to be considered for a Cal GrantO Cal Grant GPA verification is usually sent by your High School- make sure your

SSN is accurate!

FSA IDO https://fsaid.ed.gov/npa

s/indexhtmO Sign FAFSA electronicallyO Not required, but speeds

processingO May be used by students

and parents throughout aid process, including subsequent school year

O Only the owner should create a FSA ID (student and at least one parent)

Applying for Financial Aid: CSS

O Submit CSS profile if required: http://css.collegeboard.org/O For certain private schoolsO Fees to apply ($25 for first school; $16 for

subsequent schools)O Determines eligibility for institutional aidO Apply as early as October 1stO Check with each college regarding priority

deadlines

Schools that require the CSS profile

O Boston CollegeO Boston UniversityO Carnegie MellonO Claremont collegesO ColumbiaO CornellO DartmouthO DrexelO Emory

O GeorgetownO HarvardO MaristO NYUO NortheasternO NorthwesternO Santa ClaraO StanfordO Texas Christian Univ.

O Complete list available online through Collegeboard

Outside Scholarships• High School Counseling office

• Naviance: colleges tab• Online Scholarship search engines

• www.fastweb.com• www.myscholly.com

• University Financial Aid web sites • Community organizations

• OC community foundation: www.oc-cf.org• Micro Scholarship programs

• Raise.me

How is FA eligibility determined? O Expected Family Contribution (EFC)

O When FAFSA is submitted, an EFC is calculated based

on a federal formula using the info provided

O Assesses a family’s ability to contribute toward their

student’s education and is based on income, assets,

family size and number of children in college

O All colleges listed on FAFSA receive the same EFC

O Student gets EFC on the SAR

Cost of Attendance (COA)Direct costs typically charged by the college:

Tuition & Fees + Cost of living on campus + cost of meal plan

Indirect costs that may not be charged by the college:Allowance for books/supplies + allowance for personal

expenses +allowance for transportation

How is FA eligibility determined?

Cost of Attend. EFC Financial

Need

Net Price Calculator

O Web-based tool to help determine affordabilityO Available on every college & university websiteO Customized estimates based on:

O Family incomeO Student Test scoresO GPA

O Results are not a final or guaranteed financial aid award

Special CircumstancesO Any special circumstances that affect a family’s

ability to pay for college should be communicated in writing to the financial aid office at each of the colleges to which the student has applied. O Loss of employmentO Change in parents’ marital statusO Reduction in incomeO Death or disabilityO High medical or unusual dependent care expensesO Students who are unable to provide parental

information on the FAFSA

Financial Aid AwardsO Typically consists of a combination of grants, loans

and work-studyO No standard award formatO Notifications are sent based on college admissions

cycle, but usually follow offer of admissionO Compare your awards!

Award comparison

Final thoughtsO Only borrow what you need! O Develop good money

management skillsO Take advantage of on

campus employmentO Check out the Federal

Student Aid YouTube channel for helpful videos on different topics (https://www.youtube.com/user/FederalStudentAid )

O Never rule out a college because of cost alone

O Apply by the college’s deadline

O Get advice!O FA offices- ask for

suggestions about additional resources they might have and how to apply for them