Financial Aid

Overview of the College Financial Aid Process

Financial Aid Process Timeline:

Fall (October – December) of student’s senior year:

• Contact colleges financial aid offices or check their websites for deadlines and required forms, e.g. the CSS Profile or institutional forms.

Creating an FSA ID

·         Students, parents, and borrowers are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites. Your FSA ID is used to confirm your identity when accessing your financial aid information (FAFSA)and electronically signing your federal student aid documents (FAFSA). An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your own personal information on ED websites such as the Free Application for Federal Student Aid (FAFSA®) at fafsa.gov.

·         You, and your parent if you're a dependent student, can apply for an FSA ID at any time. If you don't have one by the time you fill out your FAFSA, you will be prompted to apply for one. However, if you think the Social Security Administration (SSA) might have the wrong name or date of birth for you in its records, go to www.ssa.gov now to find out how to correct any errors. Your information must be correct with the SSA before your FAFSA or FSA ID can be processed.

·         You can create an FSA ID when logging into certain ED websites, including this one. Create an FSA ID now https://fsaid.ed.gov/npas/index.htm

After October 1 of student’s senior year:

·         Before you begin your FAFSA, please take some time to view the following Utube video.

·         7 Easy Steps to the FAFSA - Financial Aid Office (ctrl + click to follow link)

• Immediately begin on your FAFSA by going to www.fafsa.gov.  NEW for this year is that you will be able to use your 2015 income tax form. This new process will allow you to submit your FAFSA earlier than usual as well as use completed 2015 income tax information which is already on file with the IRS. Using the IRS Data Transfer Tool will speed up the processing of FAFSA’s and reduce the usual errors that can delay your financial aid.
• The annual version of the FAFSA required is based on the school year in which you will be a first-year college student. If you are starting in the summer, then you will need to do the 2016-2017 FAFSA, which is available right now. If you are then continuing on in the fall, then you will also do the 2017-2018 FAFSA, which becomes available Saturday, October 1st. File the online FAFSA as soon as possible, using the FSA ID you already acquired. Be very mindful of your college’s financial aid priority deadline date. With all said, it is still to your benefit to complete your FAFSA as soon as possible. Along with a college acceptance, you will receive your financial aid award letter much earlier – which will allow you to make your final decision earlier.

After you complete the FAFSA:

• You will receive a copy of your Student Aid Report (SAR) usually by email about 3 days after you submit your FAFSA. You MUST read the written comments found at the beginning of the SAR. Take note of any errors mentioned in this section and take IMMEDIATE action if mistakes have been found. If you have questions about these SAR errors please contact the financial aid office at your college for instructions. Any delays in correcting SAR errors will delay you receiving your financial aid award letter.  This may seriously impact on the amount of financial aid that you will receive.

Sometime between December and late April:

• You will receive financial aid award letters from each college you have been accepted to and also listed on your FAFSA. 
• Don’t compare the total awards from each institution. Compare the remaining costs.
• Furthermore, scrutinize how much and what types of loans you have been given. Some aid packages may meet all demonstrated need with loan only, while others will include grants, which you do not need to repay.

After you receive your award letter, you will have the option to accept all or part of the financial aid offered. Carefully evaluate your final cost to attend your college by knowing:

·         The college total cost of attendance. (tuition + room / board + books & supplies +personal expenses + transportation expenses)

·         (minus) your EFC (Expected Family Contribution)

·         (minus) All financial aid and scholarships received

·         This will equal your unmet need. This is additional monies that you will need to attend your college. 

Sign and return the letter to the college. This is often considered (along with your admission deposit) your commitment to attend that college. However please inform them ASAP if you decide not to attend so that they are able to distribute those funds to someone else.  

Key Financial Aid Terms: 

• Aid package - A combination of scholarship, grant, loan and/or work-study determined by a college financial aid office.
• Grants - Awards based on financial need that do not require repayment. Grants are available through the federal government, state agencies and educational institutions.
• Scholarships - Awards to students based on merit or merit plus need that do not have to be repaid.
• Expected Family Contribution (EFC) - An amount you and your family are expected to contribute toward your education. It is used in determining eligibility for federal student aid.
• Free Application for Federal Student Aid (FAFSA) - The application required for students to be considered for federal student financial aid. The FAFSA is processed free of charge and is used by most state agencies and colleges.
• Student Aid Report (SAR) - The report you will receive after your FAFSA has been processed that will list your EFC.

  FAFSA4caster

The FAFSA4caster, made available by the U.S. Department of Education's Office of Federal Student Aid, uses self-reported tax information to arrive at an estimate of the student's federal financial aid. Estimates are provided for Federal Pell Grant, Federal Work-Study and maximum Direct Loan (subsidized and unsubsidized) eligibility. The FAFSA4caster can also estimate the student's expected family contribution (EFC).