1. Financial Aid Navigating James Hammar
Assistant Director of Admissions and Financial Aid

2. Agenda What has changed? What hasn’t FAFSA Details
Special Circumstances
Your Questions

3. What has changed?
Starting this year, parents and students will use the prior-prior tax year data to file the FAFSA
Previously, parents and students used the most-recent tax year data to file the FAFSA
2015
FEDERAL
TAXES
2016
FEDERAL
TAXES
FAFSA

4. What has changed? This means… Everyone can file earlier.
FAFSA will be available Oct. 1, 2016
Everyone should be able to file with actual tax data. No more estimates!
And most everyone can and should use the IRS data retrieval to import tax data.

5. What hasn’t changed? The priority of your applications is the same
College applications
FAFSA
CSS Profile (if required)
College scholarship applications
External scholarship applications
Deadlines are still important and it best to apply early!

6. Reasons to apply early Less waiting for decisions
Additional scholarships. You could miss out.
Chances of admission may decrease
Aid offered by colleges may decrease
More time for the rest of process

7. Do your research Visit each campus Meet with a financial aid counselor
Think about what really concerns you and ask us
Use a net price calculator to get more out of your visit

8. Net Price Calculators Estimates your EFC based on a few questions
Estimates aid from the school and government sources
Compares cost and aid to provide “net price”
Useful planning tool but estimates are only as good as data provided

9. Other tips for … Seniors Juniors Finish applications and BRAG!
Visit each campus
Make college and scholarships part of every conversation you have with an adult
Sign up for ACT/SAT
Request recommendations early
Start your scholarship search now. Use seniors as a resource.

10. Outside Scholarships
Most scholarships for high school seniors have deadlines in Jan. – April
Start locally, think globally
Never pay for services that “guarantee” they will find you scholarships
Set realistic goals and stick to them

11. Other Scholarship Tips
If students choose to use online scholarship searches, they should:
Only use free searches
Answer optional questions – this will increase number of results
Set up a free account (i.e. Gmail, Hotmail, etc.) to use exclusively for scholarship searches
Never provide a social security number or credit card number

12. $0 25 Free Application for Federal Student Aid Universal application
99% of students file online
Students must re-apply each year
Determines Expected Family Contribution (EFC)
Regardless of EFC, all students are awarded financial aid $0 25

13. Other FAFSA Tips
Both the student and one parent need an FSA ID to sign the FAFSA electronically.
Parents: Do not create your student’s FSA ID using your
Students: Do not create your parent’s FSA ID using your
Use the IRS Data Retrieval Tool and do not make changes to the imported information

14. Look up federal school codes
fafsa.gov
Create your FSA ID
Fill Out Your FAFSA
Look up federal school codes
Print a Paper FAFSA

15. Why every student should file a FAFSA
Required to participate in federal loan programs
Colleges simply cannot provide a student with a complete picture of the aid available to help pay educational expenses without a FAFSA.
Colleges focus resources on students who file the FAFSA because these students are perceived to be actively seeking assistance.
Every school may use this information differently
With financial aid, the only thing that is guaranteed is that you will get nothing if you don’t apply!

16. Reporting Assets on FAFSA
Protected Assets
Your home
Retirement Accounts
Value of Life Insurance
Unprotected Assets
Investment real estate
Trust funds
Money market funds
Mutual funds
Certificates of deposit
Stocks and bonds
529 College savings plans
Business value (if you employ 100+ people)
Only “unprotected” assets must be reported on the FAFSA

17. How is financial need determined?
Cost of Attendance
(Variable)
EFC
(Constant)
Financial
Need
How is financial need determined?

18. CSS / Financial Aid Profile
Used to Award Institutional Aid Only
Required by some private colleges and scholarships.
The Profile collects and uses information about assets, liabilities, and income not reported on the FAFSA, such as non-custodial parent income.
The CSS Profile is available as of Oct. 1 each year.
Cost is $25 for first school report and $16 for additional reports.
Students still must complete FAFSA to be considered for federal/state need-based aid

19. Types of Financial Aid
Scholarships (merit-based)
Grants (need-based)
Work-study (must be earned)
Student loans (must be repaid)
Education Tax Credits
Talk to your tax professional or go to irs.gov and search “tax benefits for education”.

20. Special Circumstances
Do I have to file using 2015 tax data?
Yes. Initially, you must use prior-prior year, but schools may adjust FAFSA data in certain situations.
2015
FEDERAL
TAXES
2016
FEDERAL
TAXES
2017
INCOME
ESTIMATE
FAFSA

21. Special Circumstances
If you have a special circumstance, you should:
File the FAFSA using prior-prior year tax data
Contact each school to talk about their process
Provide necessary documentation to each Financial Aid Office.
Schools are allowed to adjust FAFSA results for:
Changes in household size (divorce, death, etc.)
Medical, dental or dependent care expenses not paid or reimbursed by insurance
Private education expenses (K-12)
Reductions in income or unemployment of a parent

22. Other Resources
bigfuture.collegeboard.org
Federal Student Aid
@FAFSA