1. The Financial Aid Process
Paying for College
Marla Sweningson
Financial Aid Counselor
George Fox University

2. What is the FAFSA? Free Application for Federal Student Aid (FAFSA)
Available October 1 – earlier this year!
Available in English or Spanish on
Must be filed every year student attends college
Calculates Expected Family Contribution (EFC)
Amount a family can reasonably be expected to contribute
EFC will be the same at every school
Not what you actually pay

3. FSA ID – FSAID.ed.gov Sign FAFSA electronically
Separate ID for student and parents
Used to file FAFSA each year

4. FAFSA – Recent Changes
Filed on or after Jan 1, 2016 using 2015 tax data
File on or after Oct 1, 2016 using 2015 tax data
File on or after Oct 1, 2017 using 2016 tax data

5. What You Will Need Social Security Number
Alien Registration Number (if not a U.S. citizen)
Income Records, such as federal income tax returns (1040, 1040A, 1040EZ), W-2’s, and other records of money earned
Asset Information, such as savings, certificates of deposit, stock options, bonds, 529 plans and other college savings programs, and investment real estate, business, and farm.
Driver’s license number, if the student has one.

6. Avoid Common Errors Legal name – MUST match Social Security card
Social Security Numbers
Legal name – MUST match Social Security card
Divorced/remarried parental information
Income earned by parents/stepparents
U.S. income taxes paid
Household size
Number of household members in college

7. Providing Tax Information
IRS Data Retrieval Tool
Transfers tax data directly from the IRS to the FAFSA
Not available for amended tax returns
Tax Return Transcripts
Order online from
Order “Tax Return”, not “Tax Account” transcript.

8. Types of Financial Aid 1 Merit Based Aid 2 Need Based Aid 3
Self Help Aid

9. Merit Based Aid (Scholarships)
Does not have to be paid back
Merit Scholarships
Often given out by school
Based on performance (GPA, Test Scores, Class Rank, etc.)
External Scholarships
Office of Student Access and Completion (OSAC) - Oregonstudentaid.gov
Local community organizations, businesses, & churches
Employers
Internet Search

10. Tuition & Fees, Room & Board, Books, Personal Expenses,
Need Based Aid
Tuition & Fees, Room & Board, Books, Personal Expenses,
Transportation
Cost of Attendance -
Expected Family Contribution (EFC)
Calculated by FAFSA
________________
Financial Need

11. (Expected Family Contribution)
Three Examples
EFC
(Expected Family Contribution)
COA
(Cost of Attendance)
Financial Need
College A
$5,000
$3,000
$2,000 - =
College B
$25,000
$3,000
$22,000 - =
College C
$50,000
$3,000
$47,000 - =

12. Need Based Aid (Grants)
Does not have to be paid back
Federal Grants (Pell Grant)
Funded through federal national programs
State Grants (Oregon Opportunity Grant)
Funded through state programs
Funding is limited
Institutional Grants
Funded by the university

13. Self-help Aid: Work-Study
Allows students to earn money to help pay for educational costs
Funds are limited and available only at participating colleges/universities
Amounts vary by school
A student must work to earn these funds
Compensation is usually minimum wage

14. Self-help Aid: Loans Federal Stafford Loans Federal Parent Plus Loans
Awarded based on FAFSA
Subsidized (no interest while in school)
Unsubsidized
No payments until 6 months after graduation
Federal Parent Plus Loans
Credit based loan for parents
Can delay payments until graduation
Alternative Loans
Credit based loan for students
Available from private lenders

15. Lifetime Limits Pell Grant
No more than 12 semesters or the equivalent (about 6 years)
Subsidized Loans
May not receive Subsidized loans for more than 150% of the published length of your program
Example:
Program = 4 years
Subsidized Loan eligibility = 6 years

16. The Financial Aid Process
Complete FAFSA
(Oct. 1 or after)
Receive and review the Student Aid Report
Receive and review
Award Offer
Complete verification process (if selected)
Respond
to college
Complete all pending processes
Renew FAFSA
every year

17. Evaluating Financial Aid Packages
Biggest is not always best – compare to cost of attendance for each school
Renewable vs. non-renewable scholarships
Free money vs. money you pay back
Terms and conditions of loans
Balance work with academic responsibility
What is the out-of-pocket cost?

18. Helpful Hints Apply early Pay attention to deadlines
Avoid scholarship scams
Involve student in the process
Grants / Scholarships =
FREE Money
Workstudy =
Work to earn
Loans =
Must PAY BACK

19. Trusted Web Sites fafsa.gov studentaid.ed.gov oregonstudentaid.gov
studentloans.gov
onlinecolleges.net

20. Questions?