1. Understanding College Financial Aid
Educational Talent Search
Understanding College Financial Aid

2. Types of Financial Aid Scholarships Grants Loans Work Study
There are 4 types of Financial Aid. There’s free money: scholarships (merit-based) and grants (income-based). There’s also self-help money, such as loans and work study.

3. Scholarships
Academic
Athletic
Special skills and talents

4. Grants Pell Grant SEOG – Supplemental Educational Opportunity Grant
CSAP-College Scholarship Assistance Program
VGAP- VA Guaranteed Assistance Program
VTAG-Virginia Tuition Assistance Grant (VA private colleges)

5. Loans Student Loans Federal Direct Loan Unsubsidized Parent Loans
PLUS Loan
Alternative Loans
Refer to pg. 18 of Opportunities book
Subsidized: government pays the interest while in college
Unsubsidized: government does not pay the interest

6. College Work Study Based on financial need
Coordinated by individual college
Average 10 – 15 hours per week
Minimum wage or higher
You can request where you want to work
They will work around your class schedule
Great way to make spending money

7. Required Financial Aid Forms
Free Application For Federal Student Aid (FAFSA)
VTAG Application (Private institutions only)
Individual College’s Financial Aid Form
College Scholarship
Service (CSS) Profile
(W&M, UVA, UR, and W&L)
FAFSA

8. How Colleges Determine Aid
Parent Income
Parent Assets
Student Income
Student Assets
Age of older parent
Number in household
Number of children in college

9. How Does It Work?
Using your FAFSA, the federal processor determines your
Expected Family Contribution (EFC).
Your EFC is the amount of money your family will be expected
to contribute each year to meet college costs.

10. Complete The FAFSA
Obtain a FSA ID (both student and one parent)
Gather necessary documents
Meet priority deadlines
Complete the FAFSA On-line
Refer to handout for FSA ID
Financial aid is first come, first served, so you must meet deadlines. Refer to pg. 39 in Opportunities book.

11. IRS Data Retrieval Tool
After you have filed your taxes, you may be able to directly import this information from the IRS using the Data Retrieval Tool. It is imbedded in the FAFSA and if you put in the EXACT address, etc. as on your tax forms, it will bring your tax info directly into the FAFSA. This may eliminate the need for any further verification.

12. What Happens Next? Submit the FAFSA
Receive and review the Student Aid Report (SAR)
Review carefully all
college financial aid
award letters.
Complete all verification
documents as requested
Before submitting, look over your FAFSA very well to make sure everything is correct.
When you submit the FAFSA, you will receive a confirmation page. This confirmation page will have your EFC, which is your expected family contribution or the amount of money you are expected to pay.
SAR = summary of all the info you included in the FAFSA

13. What If You Are Chosen for Verification???
1 of every 3 students is chosen for verification
If you have used the IRS Data Retrieval tool, you will probably not be chosen.
If you did not use it, you can go in later and try again…OR you may order an IRS Tax Transcript ( or Make copies!
Send EVERYTHING the schools asks for; even if you think they already have it!

14. Tips For Hassle-Free Financial Aid
Start early
Meet priority deadlines
Keep photocopies of everything
If the college asks for additional information …send it ASAP!
Re-apply every year
Document any communication with financial aid officers
Start early – gather documents
Financial aid folder

15. Talent Search to the Rescue
Call for FAFSA
individual appointments
Holly Hall
Cell: (540)
Christie Hardbarger
DSLCC
High School Counselors

16. Super Thursday FAFSA Days
Talent Search, Student Support Services, and Student Services at DSLCC will team up to offer two opportunities for parents and students to get help with the FAFSA:
Feb. 4th from 4:00 -7:30 pm at the Rockbridge Regional Center
Feb. 11th from 4:00 – 7:30 pm on the DSLCC Campus in Moomaw Center