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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
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