1. How To Plan For College: Financial Aid
How To Plan For College: Financial Aid
Cambridge College
By: Andrea Navarro
ASA College Planning Center

2. Financial Aid Applications Financial Aid Award Letters
Federal Student Loans
Scholarships & Resources 03 13 16 22
Agenda
How to Plan for College

3. ASA College Planning Center
About Us
ASA College Planning Center

4. ASA College Planning Center
What we do
Free Services
Walk-in only, no appointment necessary!
One-on-one Advising
Assistance completing applications and forms
Resources on education, financial aid and loan counseling
Multilingual Advisors
English, Spanish, Chinese, French, and Haitian-Creole
@ASAPlan4College
ASA College Planning Center

5. ASA College Planning Center
Come visit us!
Main location: Boston Public Library, Copley Square
700 Boylston St. Boston, MA 02116
(617) or Toll-free: (877)
Mon-Thurs. 9AM-7:30PM Friday-Saturday 9AM-5PM
Satellite Location: Bunker Hill Community College – Chelsea
70 Everett Ave. Chelsea, MA 02150
Every Monday, 11AM-5PM
Satellite Location: Asian American Civic Association
87 Tyler St. Boston, MA 02111
Every Wednesday 9AM-12PM and 1PM-5PM
ASA College Planning Center

6. Many Pathways, One Road to Education
How to Plan for College

7. Vocational Certificate
Make College a Reality
Work
Tech/Trade or
Vocational Certificate
Pathways to College
2-Year College
High School
4-Year College
4-Year University
How to Plan for College

8. Financial Aid Applications
How to Plan for College

9. Financial Aid Private Scholarships Institutional Aid Federal Aid
Depending on the institution, “need” and “merit”-based grants/scholarships may be offered directly from the school.
“Need-based” Federal Grants
(Pell, SEOG)
Federal Student Loans
Federal Work Study
Students must apply to these separately.
Local and national scholarships available.
Requirements will vary with each scholarship
Private Lenders
Self-help
State Aid
How to Plan for College

10. Applying for Financial Aid
Complete the Free Application for Federal Student Aid (FAFSA) for ALL Colleges.
Determine if the CSS Profile or Institutional Financial Aid forms are required.
Provide any additional information required by the institution
How to Plan for College

11. The FAFSA – FSA ID (Replacement of the PIN)
Comprised of an user-created USERNAME and PASSWORD
“Right to access” your personal information on Federal sites
If “dependent” one of your parents need an FSA ID too!
Instantly access your FSA ID online
It’s best to have a personal account with which to apply for an
FSA ID
FSAid.ed.gov
Sign Federal documents, access records, and make binding legal obligations
How to Plan for College

12. The Free Application for Federal Student Aid
The FAFSA
The Free Application for Federal Student Aid
The FAFSA Available on October 1st
Required application for ALL Federal and State Aid
Must sign in with a FSA ID (create one on fsaid.ed.gov)
Apply before May 1st to be eligible for the Mass Grant.
The FAFSA will provide you with your Expected Family Contribution (EFC)
Prior-Prior Year (PPY) income data needed
How to Plan for College

13. FAFSA on the Web Worksheet can help too.
The FAFSA
What information will I need to complete the FAFSA?
FAFSA on the Web Worksheet can help too.
Student Information
Parent Information
Spousal information required if married.
Social Security number
Alien registration or permanent resident card (if not U.S. citizen)
Current asset statements
Driver’s license (if applicable)
Prior year’s W-2 forms(s) and federal tax returns
Prior year’s untaxed income records
For dependent students
Parent(s) Date of Birth
Parent(s) Date of marriage/divorce/separation/widowed
Current asset statements
Prior year’s w-2 form(s) and federal income tax return(s)
Prior year
How to Plan for College

14. The CSS Profile
You may file the CSS Profile as early as October, and no later than when your earliest deadline is.
An online form available through the College Board. Sign in using your CB identifiers.
The fee for the initial application and one college report is $25 and $16 for each additional report.
Fee Waivers are granted automatically at the end of the form based on the information provided.
You cannot modify the information on the Profile once submitted, but you may always add a college or program.
How to Plan for College
Presentation Title 14

15. The CSS Profile 1
The date and time you submit your application will be recorded based on Eastern Time. You pay online and will receive an online Acknowledgement as a record of your payment. Be sure to print a copy for your records! 2
Like the FAFSA, particular schools can then request any addition information. Stay alert for individual requests! 3
Once you log in, the student must register for the Profile before starting the actual application. Once you've registered, print out your “Customized Pre-Application Worksheet” and instructions.
Some Tips:
- The Date and time you submit your completed application will be recorded based on Eastern Time. You pay online and will receive an online Acknowledgement as a record of your payment. Be sure to print a copy for your records!
Like the FAFSA, Particular schools can then request any addition information. Stay alert for individual requests!
- Once you log in, the student must register for the Profile before starting the actual application. Once you've registered, Print out your “Customized Pre-Application Worksheet” and Instructions.
Presentation Title

16. Accepting the Financial Aid Award
Compare all award letters and look for:
Cost of attendance
Amount and types of aid awarded
Amount you are expected to pay toward the costs
The total to be paid by you
Follow the instructions to accept the financial aid package.
Be aware of the school’s deadline.
Be aware of additional steps that may be required depending on the types of aid you accept.
How to Plan for College

17. Federal Student Loans
How to Plan for College

18. Federal Student Loans for Undergraduates
Federal Government
The lender
Loan Servicer
Will be assigned to the student
Student
YOU!
This is the basic principle for a Direct Loan. Student is sole borrower. Usually known as the “Direct Stafford Loan”
Parents can apply separately for their own loan, if needed, called the Parent PLUS loan.
How to Plan for College

19. Federal Student Loans for Undergraduates
Student is the sole borrower
No credit check
Annual limits, $5,500 for a 1st year dependent student.
3.76 % fixed interest rate for
Repayment, Deferment and Forbearance Options after 6-month grace period.
Parents can also borrow Federal Loans, (Parent PLUS Loans) must apply separately. 6.31% interest.
How to Plan for College

20. Financial Aid Award Letters
How to Plan for College

21. How Financial Aid Works
The EFC is calculated by your FAFSA
Cost of Attendance (COA) -
Expected Family Contribution (EFC)
_____________________________
= Financial Aid Need
How to Plan for College

22. How Financial Aid Works
Congratulations on being accepted to SALT University! After a careful review of your financial aid application, we are pleased to offer you the following financial aid award:
Your EFC = $8,225
How to Plan for College

23. How Financial Aid Works
At SALT University…
$34,750 (COA) -
$8,225 (EFC)
_____________________________
= $26,525 (Financial Aid Need)
If SALT University has given you $26,500…
WHAT IS YOUR BALANCE?
How to Plan for College

24. How Financial Aid Works
The balance: is $8,250
$25 (Balance after award from SALT university’s financial aid award) +
$8, (EFC)
__________________________________
= $8,250
How to Plan for College

25. How Financial Aid Works
Compare the financial aid award letters from multiple schools based on:
Cost of attendance
Amount and types of aid awarded
Amount you are expected to pay toward the costs
The total to be paid by you
Follow the instructions on the financial aid award letter to accept the financial aid package.
Be aware of the school’s deadline.
Be aware of additional steps that may be required depending on the types of aid you accept.
How to Plan for College

26. Scholarships & Resources
How to Plan for College

27. Private Scholarships How to Plan for College Local v. National
Staying organized is key to a successful scholarship search
It’s never to early to start looking!
Create separate account for scholarships information
You should never pay to fill out an application
Be mindful of online “sweepstakes”
How to Plan for College

28. High School Guidance Counselor College Academic Advising Center
College Transfer Center
ASA College Planning Center
Saltmoney.org for videos, articles and a scholarship search tool! It’s FREE to register.
How to Plan for College

29. FAFSA Day Massachusetts
Free assistance with completing the FAFSA!
Over 25 locations across Massachusetts
Exact dates in late 2016 and early 2017 will be listed soon.
Additional dates and all locations listed at fafsaday.org
How to Plan for College

30. For Free Education Advising
Visit us at the
ASA College Planning Center
Located at the Boston Public Library
700 Boylston Street
Boston, MA 02116
(The lower level of the Johnson Building)
Phone:
How to Plan for College

31. Thank you