1. Finding Money for College
Basics of Financial Aid and the FAFSA
Kathleen Clark, Director Graduate Financial Aid Chapman University

2. We will Discuss Tonight:
What is financial aid?
Categories, types, and sources of financial aid
Determining Eligibility
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Applications
Free Application for Federal Student Aid (FAFSA)
CSS Profile
Special circumstances
What is financial aid?
Who is eligible?
How do I apply?
Where can I get more information?

3. What is financial aid? Money to pay for college or career school
Grants
Work-study
Loans
Scholarships
Financial aid is money for education expenses for college or career school.
Grants do not have to be repaid (they are often called “gift aid”).
Work-study is money earned by the student at a job (often on campus) that helps the student pay his or her education expenses. This money does not have to be repaid and is not taken into account in assessing a student’s eligibility for financial aid the following year.
Loans have to be repaid with interest.
Scholarships are funds that do not have to be repaid. Scholarships are usually based on academic merit but can be based on a student’s interests, hobbies, religion, ethnicity, and/or financial need.

4. Categories of Financial Aid
Gift Aid (does not need to be paid back)
Scholarships
(Based on merit, skill, or unique characteristic)
Grants
Based on financial need
Self-Help
Loans (must be paid back)
Employment (student works to earn funds)

5. Sources of Financial Aid
Federal government
State
Colleges and Universities
Private
Civic organizations and churches
Employers

6. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA

7. Who can get federal student aid?
U.S. citizen or permanent resident
High school graduate/GED holder
Eligible degree/certificate program
Valid Social Security number
Males registered for Selective Service
Satisfactory academic progress in college/career school
**This is not a comprehensive list of eligibility criteria for federal student aid. For complete details, visit and go to the Student Eligibility chapter of the Federal Student Aid Handbook. (Students should visit StudentAid.gov/eligibility.)**
Basic eligibility criteria for federal student aid:
US citizen/permanent resident (there are some additional categories of eligible noncitizen, but they’re relatively rare)
High school graduate; GED (or other state certificate) holder; or homeschooler who has completed his/her home-school education as recognized by the state government
Student enrolled as a regular student in a degree or certificate program that is eligible to be paid for by federal student aid funds; student also must be attending a college or career school that participates in the federal student aid programs
SSN: the exception here is students from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau
Males must register for Selective Service within 30 days of their 18th birthday (within 30 days before or 30 days after, for a total window of 60 days).
If you are working with a male student who did not meet the 60-day timeframe, direct him to register immediately at Late registrations are accepted until the age of 26.
If you are working with a male student aged 26 or older who did not register, you should direct him to the financial aid office at the college he plans to attend. Before he can receive federal student aid, he will have to prove that he did not “knowingly and willfully” fail to register. The financial aid administrator will tell him what documentation he needs in order to do so.
In broad terms, a student making satisfactory academic progress (SAP) is moving toward receiving his or her degree or certificate at a pace that is acceptable to his or her school. Each school sets its own SAP policy.

8. Federal Aid Programs Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
PLUS Loans

9. How much federal student aid can I get?
For early estimate, use FAFSA4caster:
Go to fafsa.gov and find link in “Thinking About College?” section (lower right of home page)
Enter some financial information
Get an estimate
A student of any age can use FAFSA4caster.
Purpose of the tool is to provide early estimate of aid eligibility so the family can plan ahead.
FAFSA4caster asks for information such as earnings and taxes and then provides estimate of how much the student might get from the federal student aid programs.
Students and parents should remember that
FAFSA4caster is not the official federal aid application
FAFSA4caster provides information only about federal aid; students also should apply for state and institutional aid as well as private scholarships

10. How much federal student aid can I get?
Federal Pell Grant: $5,920
Federal Work-Study: depends on funds available at school
Direct Subsidized and Unsubsidized Loans: $5,500 total
Direct PLUS Loan (for parents): COA minus other aid received
Funds from other programs are available; see StudentAid.gov/needmoney for details.
The maximum awards listed on this slide are just that: maximum awards. There is no guarantee that any single student will receive the maximum award from any program.
Not all schools participate in all of these programs.
The student must have a significant level of financial need in order to receive maximum grant awards.
Students should be aware that Federal Work-Study funds may run out, so it is important to apply as early as possible.
(Note that the Direct PLUS Loan is also available to graduate and professional students, but this example is for an incoming freshman, so we’ve only mentioned that the parent can get a PLUS.)

11. How much state, school, and private scholarship money can I get?
Depends on the program; do your research!
Our state aid:
Ask college financial aid offices for info about aid available at their schools
Free scholarship search at StudentAid.gov/scholarships
It’s important to research early so you don’t miss out on any aid.

12. States Residency requirements usually apply
Award aid on the basis of both merit and need
Use information from the FAFSA and/or state aid applications
Deadlines vary by state
Check paper FAFSA or FAFSA on the Web site

13. Cal Grant Income and Asset
Cal Grant A
3.0 GPA requirement
Maximum Award
$12,630
Depends on School and enrollment
Cal Grant B
Has living allowance
2.0 GPA requirement
Low income
Cal Grant C
Technical Career

14. Colleges and Universities
Award aid on the basis of both merit and need
Aid may be gift aid or self-help aid
Use information from the FAFSA and/or institutional applications
Deadlines and application requirements vary by institution
Check with each college or university
I suggest students make a spreadsheet and list all of the colleges they are applying to. They should
List any deadlines
Ask about additional applications or programs
Get contact information
Find out when they should hear back

15. Private/Community/Churches
Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early
Since aid can come from many sources, students should not just rely on Federal or state aid.
There are quite a few organizations that offer scholarships. Since it is private funding, the eligibility criteria could differ significantly from the federal requirements.

16. What about other kinds of financial aid?
States, colleges, and private scholarships have their own eligibility criteria.
Be sure you know what you need to do to qualify.
Common criteria include being a resident of the state, for instance. You can find your state grant agency’s contact information (including website address, if any) at

17. How is my eligibility Determined?
In general, depends on your financial need.
Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)
Cost of Attendance - Expected Family Contribution = Financial Need
EFC is determined by a formula that takes into account information such as the student’s and parents’ income and (often) their assets, how many people are in the family household, and how many of those people are in college. For a full explanation of the EFC formula, go to StudentAid.gov/resources#efc.
Cost of attendance is determined by the school and may include:
Tuition and fees
Books, supplies, transportation, personal, miscellaneous
Room and board
Dependent care
Study-abroad expenses
Disability expenses
Employment expenses for co-op study
Loan fees
For more information about cost of attendance, see the “Calculating Awards and Packaging” volume of the “Federal Student Aid Handbook” at
Financial need is determined by subtracting the EFC from the COA. Because COA differs from school to school, a student’s financial need will also differ from school to school.

18. What is Cost of Attendance (COA)?
Direct Costs
Tuition/Fees
Indirect Costs
Living expenses/Transportation
Varies widely from college to college

19. What is Expected Family Contribution (EFC)?
Calculated using data from federal application
Amount family can reasonably be expected to contribute
Stays the same regardless of college
Two parts
Parent contribution
Student contribution

20. Cost of Attendance - Expected Family Contribution = Financial Need
Need-based
Non-need-based

21. How do I apply for aid?
Federal student aid: fill out Free Application for Federal Student Aid (FAFSA®) at fafsa.gov
State aid:
School may send the GPA confirmation
School aid: contact financial aid offices at schools you are considering
Scholarships: visit scholarship website or call contact number for information
Finaid.org
free application. If a student finds him or herself at a website that asks for payment, the student is not at the official U.S. Department of Education FAFSA site. There is no fee to file the FAFSA.
Note: the FAFSA is also available in paper form, but the online application is much quicker.
[Note to counselor: If you are working with students who need paper FAFSAs, you can download a PDF of the FAFSA at fafsa.gov (click on “FAFSA Filing Options”) and print as many copies as you need. Alternatively, a student may call FED-AID ( ) or visit to request up to five copies of the FAFSA.]
If there are specific state, school, or scholarship programs that most or all of your students apply for, you might insert their Web addresses here, or state where to get applications.

22. FAFSA Fill out your FAFSA at fafsa.gov.
Apply on or after October 1, 2017 but as early as possible to meet all deadlines.
CA State deadlines is March 2, 2018.
School deadlines are listed on schools’ websites.
Need help? Use the help functions within the FAFSA (including live chat) or call FED-AID.
Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out.
The FAFSA is available online (in English or Spanish) January 1 of each year. A high school student will (ideally) fill out the FAFSA in January of his/her senior year, assuming he/she plans to go on to college in the fall following graduation.
Many state education agencies and schools also use information from the FAFSA in order to determine eligibility for their programs. Their deadlines can be quite early, so the student should check the FAFSA site for the state deadline as well as finding out each school’s deadline.
If the student and/or parents have not yet filed their tax returns, it’s okay for them to carefully estimate the amounts that will be on their tax forms and report the estimated amounts on the FAFSA. They will need to correct those amounts once they have filed their taxes.
fafsa.gov provides help screens and live chat with a customer service representative (during business hours). Additionally, the FED-AID hotline can guide the student through the FAFSA. Operators speak English and Spanish.
Students need to understand that they have not finished with the FAFSA until they have submitted it and have a confirmation page on the screen.
Paper FAFSAs can take as much as 2.5 weeks longer to process than the online FAFSA.
[Note to counselors: For information for you, the counselor, about automatically retrieving tax data from the IRS for inclusion in the FAFSA, see Part 2 of the Counselors and Mentors Handbook at FinancialAidToolkit.ed.gov/handbook. Students should go to the StudentAid.gov/irsdrt URL mentioned on this slide.]

23. FAFSA on the Web fafsa.gov

24. You Should file online Faster Skip-logic
Edits – help to prevent errors
IRS Data Retrieval Tool
Detailed instructions and help
Check status online
Easier to reapply
You use the FAFSA on the Web Worksheet

25. What Information Is Needed?
Student Information
Parent Information
FSA ID (FAFSA ID)
If you worked in 2016:
Your 2016 W-2(s) and/or 1099(s)
Your 2016 Tax Returns, if you filed taxes
Cash savings amount
Investment net worth
Business value
Household information
FSA ID (FAFSA ID)
2016 Income Information
2016 W-2(s) and/or 1099(s)
2016 tax returns
Cash savings amount
Investment net worth
Business value
Should have an FSA ID already from last year’s FAFSA. “forgot your ID” option.
Some options may not apply to you, you can ignore them.
Household information means size and number in college

26. Frequent FAFSA Errors Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
U.S. income taxes paid
Untaxed income
Household size
Number of household members in college
Real estate and investment net worth

27. IRS Data Retrieval Tool
FAFSA will determine if you are eligible to use the IRS DRT
Transferred directly from the IRS so less work for you!
You need:
Your parents! They will need their FSA ID
Tax Filing Status
Exact address from 2016 taxes
You will see this if you are eligible
Make sure pop-ups are enabled!
EXACT address is crucial! Ave vs avenue

28. IRS Data Retrieval Tool Continued
Look at everything that is transferred for you!
Very important:
Click the checkbox “Transfer My Tax Information…”
Then click “Transfer Now”
Many people miss the “transfer” button and close the window.

29. Step 5: Financial Information
You will receive this message when returned to the FAFSA
Most information is transferred and cannot be changed
Some items will need to be completed manually

30. Step 3: School Selection
After confirming your high school, add Chapman to your list of colleges
Search for school code:
Make sure to click “ADD” to ensure we receive your FAFSA

31. FAFSA
Watch for response by or by mail, confirming that your FAFSA was processed.
Double-check that your info is correct by logging on at the FAFSA site and reviewing your data.
Correct any mistakes and submit the corrected info.
Estimated tax info on your FAFSA? Use the IRS Data Retrieval Tool to import info from your federal return into your FAFSA. More: StudentAid.gov/irsdrt
The paper or online Student Aid Report (SAR) will list the student’s EFC and will show the information the student reported on the FAFSA. The student can review the FAFSA information online by logging in at fafsa.gov.
If the student estimated any tax or income information on the FAFSA, he or she should remember to correct that information once the taxes are filed. Many college financial aid administrators ask that the student contact them before making the corrections.
Corrections can be made online at fafsa.gov or on the paper SAR. Online corrections can be processed immediately in some cases. The student will then receive a new SAR, and the school will receive updated information.
Note: The IRS Data Retrieval Tool can be used at this point as well!

32. School Response
Watch for s or letters from the schools you are considering.
Give the schools any additional paperwork they ask for.
Meet all deadlines or you could miss out on aid!
Any schools that are listed on the student’s FAFSA and that have accepted the student’s application for admission will contact the student to offer an aid “package” (a list of aid the student is eligible for at that school).
A school might ask for additional paperwork, either to verify information on the FAFSA, or to submit an application for financial aid from the school’s funds.

33. Other Applications College Board Profile
Student.collegeboard.org/profile
Can file Oct. 1, 2017
Cost: $25 one college + $16 for each additional college
School
May have additional applications for Institutional Aid

34. Award Letters
Each school will tell you how much aid you can get at that school.
Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
You might wish to point out to students that affordability is not the most important factor in choosing a school. Ideally, a student should find the school that will best suit his or her educational and training needs, as well as fitting his or her personality. If two or more schools are “tied,” then cost can be a determining factor.
Obviously this is a best-case scenario. We understand that many students simply have no choice but to attend the most affordable school. However, we try to remind students that many relatively expensive schools have enough funds available to help out students with great financial need. Therefore, a school with a tuition of $30,000 might end up being more affordable (due to the amount of financial aid it provides the student) than a school of $12,000. In other words, students should go ahead and apply to any schools that they truly believe are a good match for them—then figure out the financial aspects later.

35. Special Circumstances
Cannot be documented using FAFSA
Send written explanation and documentation to financial aid office at each college
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education

36. Special Circumstances
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information

37. Where can I get more info?
StudentAid.gov
Info about aid programs
Links to free scholarship and college searches
FED-AID
Help with FAFSA
Finaid.org

38. Questions?

39. Thanks for coming
Contact information:
Kathleen Clark
Director Graduate Financial Aid
Phone: (714)
UG Phone: (714) UG