1. Financing Education Beyond High School 2017-18

2. Applying for Financial Aid
ALL colleges will require the FAFSA (Free Application for Federal Student Aid)
Some schools may also require the “PROFILE” application from College Scholarship Service (CSS) or additional applications to award institutional aid/scholarships
Contact/view website for each school to find out about required application materials and deadlines

3. Free Application for Federal Student Aid
Apply online at fafsa.gov (not fafsa.com)
Required for federal grants, federal loans, work study and some need-based scholarships
Complete and submit annually-available October 1!
The FAFSA determines the Expected Family Contribution (EFC) which is used to determine “need”

4. FSA ID & Password fsaid.ed.gov Needed to sign the FAFSA electronically
Used for other FSA functions
Write down passwords/challenge questions and keep information safe and readily available
80% of FAFSA filing problems arise from FSA ID/password issues
for help

5. Parent Information Must Be Included, Unless…
At least 24 years old by December 31st of the award year covered by FAFSA (born before January 1, 1994)
Married (at the time of application)
Will be in a graduate program in
Active duty in the U.S. Armed Forces for purposes other than training
Veteran of the U.S. Armed Forces
Have children or legal dependents for whom the student will provide more than half of their support in

6. Or… Both parents are deceased
At age 13 or older, student was in foster care or was a dependent of the court (ward of the court)
Emancipated Minor (court approved)
Legal Guardianship (court approved)
“Unaccompanied Youth” (homeless)
Determined to be “independent” by a financial aid administrator based on other unusual circumstances

7. What Information Goes on the FAFSA?
Student and Parent Basics
Name, address/phone/ , social security number, etc.
Household information (# in household, # in college)
2015 income and assets (note! Taxes already filed)
Answer questions to determine dependency status
Schools to Receive FAFSA Results
May choose multiple schools with option to add/delete as necessary
Indicate housing plans (on/off campus or with parent(s))
Electronic Signature(s)
Student and Parent FSA ID (Federal Student Aid) required to submit
fsaid.ed.gov to obtain FSA ID (OR can obtain during FAFSA filing)

8. What Happens After I Submit the FAFSA?
The application is processed by the
U.S. Department of Education
The Expected Family Contribution
(EFC) is determined
Student Aid Report (SAR) is provided and ed to the student
Results are sent electronically to the student and all schools listed on the FAFSA

9. Role of the Financial Aid Office
Determines eligibility for federal, state and institutional financial aid
Compiles student financial aid award package
Sends an award notification* that will include:
Programs & amount from each program for which student is eligible
How and when aid will be disbursed
Terms and conditions of awards
* May be sent electronically or by mail, usually in March or April – maybe as early as December

10. Types of Aid
SCHOLARSHIPS AND GRANTS: Aid that does not need to be paid back, generally based on merit (scholarships) or financial need (grants)
WORK STUDY: A need-based award whereby a student gets a job on campus and works to earn a bi-weekly paycheck to help with costs. Many on-campus job in departments may require students qualify for work study.
DIRECT LOANS: Student loans that can be subsidized (need-based, interest-free while student is in school) or unsubsidized (not need-based, accumulates interest while in school). Neither type needs to be paid back until 6 months after student stops attending at least half time (or graduates).
PARENT/PLUS LOAN: Parents must apply and be credit-approved. The loan is in the parent’s name and can be deferred while student is enrolled at least half time. If approved, parents pay the loan back. If not approved, students can get additional unsubsidized loan funding.

11. Financial Need Cost of Attendance EFC (as determined by FAFSA)
Definition of “Need”
Cost of Attendance
EFC (as determined by FAFSA)
Financial Need

12. Cost of Attendance Tuition and Fees Room and Board Books and Supplies
Transportation
Personal Expenses
Direct Costs
Indirect Costs

13. How Much Does College Cost?
Tuition/Fees
Room/Board
Adrian College
32,810
10,220
MSU
13,612
9,524
CMU
11,850
9,088
Grand Valley
11,078
8,360
EMU
10,361
8,984
Schoolcraft College
2,880

14. Will Financial Aid Be Enough?
Review Direct Costs: Costs billed directly by school (tuition and fees, room and board, books in some cases, etc.)
Review Award Letter(s): Subtract all gift aid (scholarships/grants) and any loans you plan to accept. Compare to costs on school website. Remember work study will be paid out in a paycheck and don’t factor in loans you don’t plan to accept.
Financial Aid EXCEEDS Direct Costs? Potential REFUND to use for other costs
Direct Costs EXCEED Financial Aid? Must make PAYMENT to school (and cover other costs)

15. Websites Worth Your Time
fastweb.com
collegeboard.com
EducationPlanningResources.com
studentaid.ed.gov
gocollege.com
scholarships.com
finaid.org

16. Closing Thoughts… File FAFSA early!! Keep a “financial aid file”
Parents, be sure your student is involved
Fully understand the life impact of student loans
Live within your means; be fiscally responsible
Be aware of school deadlines and your responsibilities
Work if you can!
Remember, college is an investment