1. Director of Financial Aid
What You
Need to Know
About Financial Aid
Presented By:
Kara Moore
Director of Financial Aid
Pitzer College

2. Topics We Will Discuss What is financial aid? Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
Special Circumstances

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

4. What is Cost of Attendance (COA)?
Direct Costs
- charges that are directly billed to the student
Indirect Costs
- Expenses associated with attending school that can vary and are not charged directly
Tuition and fees
Transportation
Room and board
Miscellaneous
personal expenses
Books and supplies

5. What is Expected Family Contribution (EFC)?
Measurement of student’s and family’s ability (not willingness) to pay postsecondary educational expenses
Student contribution
Parent contribution
(for dependent students)

6. What is Financial Need? – Expected Family Contribution (EFC)
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need

7. Factors Considered in Determining Need and FAFSA EFC
Income of custodial parent(s) and student
Assets of custodial parent(s) and student
Number of family members in the household
Number of dependent children in college
Age of older parent
*Home, retirement, and business assets do not have to be reported on the FAFSA.

8. Categories of Financial Aid
Sources of Financial Aid
Categories of Financial Aid
Federal Government
State Government
Post-Secondary Institutions
Private Agencies
Need-based aid
Non-need-based aid

9. Work-Study Employment
Types of Financial Aid
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

10. Scholarships & Grants - Funds that you do not need to repay
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

11. Scholarships and Grants
Federal Grants/Scholarships
Federal Pell Grant
Must complete the FAFSA and meet eligibility requirements
Based on financial need
Federal Supplemental Educational Opportunity Grant (SEOG)

12. Scholarships and Grants
State: Cal Grant A – B & C Eligibility
U.S. citizen or eligible non-citizen
California Resident
Awarded based on financial need and academic achievement
Meet income and asset requirements
Meet GPA requirements
Attend a California college
Eligible students must submit the FAFSA and Cal Grant GAP Verification form by March 2, 2019

13. Scholarships and Grants
College Grants/Scholarships
Awarded on basis of merit and/or need
Use information from FAFSA and/or institutional applications, such as the CSS Profile
Deadlines vary by school, CHECK WEBSITE
Outside Grants/Scholarships
Available from companies, religious organizations, community organizations, etc.
Can be based on need, merit or both
Usually require a separate application and possibly an essay, transcript or interview

14. Scholarships and Grants
Outside Grants/Scholarships
Find through FREE search engines:
Fastweb.com
Unigo.com/scholarships
Cappex.com/scholarships
Research and apply EARLY
Employee Benefits
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees

15. Work-Study Employment
Work-Study Employment - Funds you earn by working during the school year
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

16. Loans - Funds that you borrow and must repay
Scholarships
Grants
Work-Study Employment
Loans
Self-Help Aid
Gift Aid

17. Types of Loans Federal Loans Direct Subsidized Loan
Need-based
Interest does not accrue while student is in school
Direct Unsubsidized Loan
Not need-based
Interest accrues while student is in school
Parent PLUS Loan
Able to borrow up to the cost of attendance, minus any financial aid
Repayment begins 60 days after final disbursement of the year
Private/Alternative Loans
Colleges may refer families to certain lenders. However, most will recommend families conduct their own research.

18. How to Apply FAFSA CSS PROFILE Cost FREE!
$25 for 1st school plus $16 for each additional school
How to Complete
Online
Online profileonline.collegeboard.com
Who Needs It?
Every school!
Only certain schools, mainly private colleges*
Who Completes It?
Student and custodial parent(s) only
Student, custodial parents and non-custodial parent(s)
Why is it required?
To assess and award federal and state aid
To assess and award institutional aid
When is it available?
October 1, 2018
*If a school requires the CSS PROFILE, they also require the FAFSA. The CSS PROFILE does not replace the FAFSA, it is in addition to the FAFSA.

19. FAFSA: Free Application for Federal Student Aid
Required by all schools
Used to calculate EFC and federal aid eligibility
May be filed beginning October 1, 2018
Most colleges set their own FAFSA filing deadlines
Uses 2017 tax information

20. FSA ID
Username and password combination created by student and parent(s)
Used for FAFSA completion and signature
May be used by students and parents in subsequent school years

21. Filling out the FAFSA
FAFSA on the Web (FOTW)
myStudentAid mobile app

22. FAFSA on the Web (FOTW)

23. Benefits of Using FOTW or myStudentAid
Built-in edits to prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data

24. myStudentAid Mobile App
Mobile ability to begin, complete, save and submit the FAFSA
Prompts applicant to create a save key, which allows them to complete it at a later time

25. myStudentAid Mobile App
FAFSA completion tracked
Successful completion of each section indicated
Digital signature
Confirmation of submission
Estimated EFC calculation

26. IRS Data Retrieval Tool
Allows for certain tax return information to be transferred from the IRS database
Participation is voluntary and student chooses whether or not to transfer data to FOTW
IRS will authenticate taxpayer’s identity
If tax record is found, IRS transfers information to populate the FAFSA
Reduces documents requested by financial aid office

27. FAFSA Signatures Required for: Format for submitting signatures
Student
One parent (dependent students)
Format for submitting signatures
Electronic using FSA ID
Signature page

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

29. Making FAFSA Corrections
If necessary, corrections to FAFSA data may be made by:
Using FAFSA on the Web
Submitting documentation to college’s financial aid office
FAFSA corrections through FOTW can also be used to send the student’s FAFSA to more than 10 schools.
*If you are required to also complete the CSS Profile, please keep in mind that it cannot be edited after submission.

30. Basic Tips
Different schools have different requirements and deadlines, so make sure you check each school’s website.
Example: some schools require the CSS Profile and/or tax documents in addition to the FAFSA
Availability of funds and institutional policy will influence amount and type of aid offered
Divorced? Include custodial parent information ONLY on the FAFSA.
You may be asked to provide information about the noncustodial parent on the CSS Profile
Remarried? Include step-parent’s information on the FAFSA and CSS Profile.
File early!

31. Special Circumstances
Conditions exist that cannot be documented with the FAFSA
Send written explanation and documentation to your college’s financial aid office
College will review and request additional information if necessary
Decisions are final and cannot be appealed to U.S. Department of Education

32. Special Circumstances
Secondary school tuition
Unusual uncovered medical/dental expenses
Parent or spouse death
Extraordinary dependent care
Loss of employment
Divorce
Student cannot obtain parental information

33. Questions?
Contact Information
Kara Moore, Director of Financial Aid at Pitzer College
Phone: