Financial Aid Fast-Start The System Produced by The College Resource Center

FINANCIAL AID – WHAT IS IT?  An allocation of money for the sole purpose for paying college related expenses.  How is it distributed?  Scholarships – based on academic, artistic, athletic, need and non-need free money  Grants – based on financial need (and sometimes academic merit (grades and standardized test scores))  Loans – money that you borrow and must pay back. Payback is often times 6 to 9 months after graduation or falling below part-time student status.  Work-Study – a job that you must acquire that is sanction through the financial aid off to allocate school or government funds to pay your salary Produced by The College Resource Center

Forms  “Early FAFSA” – The Free Application for Federal Student Aid – opens October 1 st for the school year (Prior-Prior Year)  CSS Profile – College Scholarship Service by College Board (required by most private schools and some public colleges. Also opens October 1 st for the school year.  IDOC – Document upload system that CSS Profile colleges use for submission of tax documents and verification forms  Institutional Form – Some colleges have their own financial aid form; please check each of your school’s website for requirements.  Verification Worksheet – If you are selected for financial aid verification, this form will need to be completed. Produced by The College Resource Center

Federal Form vs Private Form FAFSA  The Free Application Federal Student Aid is in fact free. It’s url address is  It is used to determine Pell Grant eligibility and allows students (and parents) to apply for Federal Work- Study and federal student loans.  Myth: This form does not determine your financial aid package; it determines Pell eligibility.  Required by almost all colleges. CSS Profile  The CSS profile is a private financial aid form.  It calculates more detail family financial information.  This calculation determines institutional financial aid – money that the university will consider you eligible to receive.  Required by most private colleges and some public colleges. Produced by The College Resource Center

Documents to gather for applications: FAFSA Your Social Security Number. Be sure it is correct! Your driver's license (if any) Dates of birth for student applicant and parents 2015 W-2 Forms and other records of money earned Parent and student (if filed) 2015 Federal Income Tax Return: IRS Tax Form 1040, 1040A, or 1040EZ Untaxed income records: Child support received, Section 8 Housing supplement, SNAP/Food Stamps/TANF/SSI/WIC, Worker’s Compensation income, Veteran benefits Current bank statements Your current business and investment mortgage information, business and farm records, stock, bond and other investment records (assess net value) Your alien registration or permanent resident card (if you are not a U.S. citizen) Produced by The College Resource Center

Con’t CSS Profile  All from the previous page, plus…  Current homestead mortgage balance, year home was purchased, current market value of homestead property, purchase price of home, monthly mortgage (same information is needed for investment properties)  Year, make, model of all vehicles in your (filing parents’ names) – purchase amount, current debt, year purchased  All Schedule of your 1040 tax return – Schedule A, B, C, E; K-1s; 1065, 1120(S)  Non-Custodial Parent information (if biological parents are divorce or separated) – same as above; if accessible Produced by The College Resource Center

THE TOTAL COST OF COLLEGE  Tuition  Fees  Room & Board (food)  Books & Supplies  Transportation Expenses  Personal Expenses  Computer Expense Produced by The College Resource Center

PUBLIC vs. PRIVATE COLLEGES  Total Cost$25,650  Estimated 1 EFC- 3,500  Financial Need$22,150  Average need met is 80%  Amount of aid awarded $17,720  Unmet need is $4,430  Actual EFC is $7,930  Total Cost$64,500  Estimated 1 EFC- 3,500*  Financial Need$61,000  Average need met is 100%  Amount of aid awarded $61,000  Unmet need is $0  Actual EFC is $0 Produced by The College Resource Center University of Texas at Austin Stanford University 2

Disclaimers:  1 EFC is defined as ones Expect Family Contribution towards college costs. Example is based on a family of 4 with an income annual of $50,000 with no assets and one student in college.  Stanford has a No-Loan Policy and aid is met with free money and work- study.  Stanford has a “Zero Parent Contribution for Parents with Income Below $65,000”   Produced by The College Resource Center

TYPES OF FINANCIAL AID GIFT AID  Federal Programs  Pell Grant  SEOG  College-Based Programs  Scholarships  Need-Based Grants  Tuition Discounts  Endowment Aid  State Programs  Need-Based Grants  Scholarships Produced by The College Resource Center

Aid Programs GIFT AID  Federal Programs  Pell Grant  SEOG College-Based Programs  Scholarships  Need-Based Grants  Tuition Discounts  Endowment Aid State Programs  Need-Based Grants  Scholarships LOAN AID Federal Programs  Federal Direct (Un)Subsidized Student Loans  Perkins Loans  PLUS Loans College Programs  Loans State Programs  Loans – CAL Loan WORK AID Federal Programs  Federal Work-Study College-Based Programs  College Work-Study Produced by The College Resource Center

Important Definitions  Academic Year - This is the amount of the academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school. For example, your school’s academic year may be made up of a fall and spring semester, during which a full-time undergraduate student is expected to complete at least 24 semester hours, usually called credits or credit hours, over the course of 30 weeks of instructional time. Academic years change from school to school and even from educational program to educational program at the same school.  Adjusted Gross Income (AGI) - Your or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return. Commonly referred to as AGI.  Award Amount - Amount of aid a school expects to pay a student based on the student’s current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the school's cost of attendance.  Award Letter -An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school. Produced by The College Resource Center

Important Definitions – con’t  Cost of Attendance (COA) - The total amount it will cost you to go to school—usually stated as a yearly figure. COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees and an allowance for books, supplies, transportation, and dependent care expenses, and can also include room and board for up to three semesters or the equivalent at the institution. But no more than two of those semesters, or the equivalent, may be consecutive. Contact the financial aid administrator at the school you’re planning to attend if you have any unusual expenses that might affect your COA.  Expected Family Contribution (EFC) - This is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA ®, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).  Financial Need - The difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.  Verification - The process your school uses to confirm that the data reported on your FAFSA is accurate. Your school has the authority to contact you for documentation that supports income and other information that you reported. Produced by The College Resource Center

Net Price Calculator  By law, all colleges have a Net Price Calculator on their Financial Aid link on their website. This will give you a good indication of what to expect from the college. Some college Net Price Calculator are better than others. It is not exact, but a good guide Produced by The College Resource Center

Final Note  Please note that you will have to complete a financial aid file for each college.  You cannot use the money given by one school for another school.  Only “Outside” Scholarships will follow you to your college destination!  Communicate with the Financial Aid Counselor and stay on top of deadlines and take down names and notes every time you call.  Still file your 2016 Federal Tax Return as soon as you can.  KEEP ALL YOUR CORRESPONDENCE AND DATA CONFIRMATION SENT TO THE COLLEGES!!!! Produced by The College Resource Center