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FAFSA Application

FAFSA Application. What you need to know before you apply. In the News. FAFSA. FAFSA stands for Free Application for Federal Student Aid (the “for” is silent in the acronym) Most people mispronounce the acronym. They usually say “FA S FA” It’s “FA F SA”.

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FAFSA Application

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  1. FAFSA Application What you need to know before you apply

  2. In the News

  3. FAFSA FAFSA stands for Free Application for Federal Student Aid (the “for” is silent in the acronym) Most people mispronounce the acronym. They usually say “FASFA” It’s “FAFSA”

  4. Undergraduate Student Aid by Source (in Billions), 2010-11 SOURCE: The College Board, Trends in Student Aid 2010, Figure 2A.

  5. Everyone should apply for aid • Many types and sources of aid are available • On the fence? • 67% of all students receive aid [88% at private colleges • Sometimes being rejected for federal aid is a prerequisite for receiving private awards

  6. How is Financial Aid determined? Cost of Attendance Family’s Contribution Financial Need - =

  7. Current COA 2011-2012 Average Tuition, Fees, Room, Board 4 Year Public: $17,000 4 Year Private: $35,000 Average personal expenses [clothing, laundry, toiletries, recreation, entertainment] = $2,000 Books = $700 - $1,000 per year

  8. Direct costs vs. Indirect Costs Direct costs = on tuition invoice Tuition, fees, housing, meal plan Indirect costs = related educational expenses Books, supplies, transportation, laundry, … COA should reflect direct and indirect expenses

  9. Financial Aid is “A Partnership” • To the extent they are able, parents have primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • Families should be evaluated in their appropriate financial condition • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect its ability to pay

  10. So . . . how does the process begin?

  11. The FAFSA collects basic financial data is used to determine the student’s eligibility by calculating an “index” # To apply for all federal and state aid, families must complete the...

  12. Overview of the FAFSA process FAFSA.GOV 4 Sections Signed and submitted electronically

  13. FAFSA on the Web (FOTW) English or Spanish Skip logic and online editing Electronic signature E-mail notification 19 million (99%) FOTWs processed 11/12 so far

  14. FAFSA on the Web Worksheet 4-page booklet containing: Instructions 24 questions in 4 sections

  15. Financial Information Reported on the FAFSA Form Estimate 2011 income on FAFSA; adjust later Divorced, separated, single parents Assets included Savings, stocks, other real estate 529 Plans Assets not included Home equity Retirement accounts Insurance policies, annuities One FAFSA per student Renewal of Aid

  16. Timeline Complete FAFSA after January 1 Receive a Student Aid Report (SAR) 48-72 hours later Review SAR for correctness Check if other additional application required or beneficial Receive Financial Aid Award Letter before May 1

  17. The Financial Aid Award Letter (or “package” ) Will contain a combination of • scholarship, grant, loan and work-study funds Why might “packages” be different? • cost of attendance • scholarship criteria and availability • institutional philosophy and funding • federal funding levels

  18. Compare COA Total amount of aid Types and sources Ask questions Is aid renewable? Terms for renewing? Will aid change from year to year? Will costs increase? Is more aid available if EFC decreases? Decoding the Award Letter

  19. Appeals • Can request change in aid if there is a valid reason • Will it make a difference? • Is need already fully met? • Is more aid available? • Valid reasons • Special circumstances

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