1. Affording Higher Education
Navigating the Financial Aid Process
Patrice McGregor
Assistant Director of Student Financial Aid
University of Hartford

2. Overview What is financial aid?
Free Application for Federal Student Aid (FAFSA)
Expected Family Contribution (EFC)
Types of financial aid
Cost of Attendance
Understanding your award letter
Questions? 2

3. What is Financial Aid?
Funding provided to students and families to help pay for educational expenses
Grants (Institutional, state, federal)
Scholarships
Loans ( Parent, Private, Federal)
Employment
Can be based on academics, talent, or need

4. CSS Profile Have all tax forms and documents ready.
Current tax year return
Previous tax year return
W2 forms and other records of income
Records of untaxed income and benefits
Bank statements
Not required for all schools; only submit a PROFILE if your college or scholarship program instructs you to do so.
Must pay for the form: $25 to complete; $16 for each additional school.
Fee waiver available
First year, first-time students who took the SAT should log into PROFILE using the same credentials used for the SAT.
You should only submit a PROFILE if your college or scholarship program instructs you to do so.
PROFILE application takes between 45 minutes and two hours to complete
Use the “?” mark button to answer questions 4

5. *be aware of imposter sites*
FAFSA
FAFSA stands for FREE application for Federal Student Aid
*be aware of imposter sites*
Collects demographic and financial information
Use actual tax information, from two years previous
2019/2020 FAFSA will use 2017 tax information
Complete electronically using the secure federal website; usually takes around a half hour or longer
Aid awarded primarily on the basis of financial need 5

6. FAFSA

7. FSA Username and Password
Allows an electronic signature when you submit the FAFSA
used to log into all federal sites
If your parents information is required, one parent must have as username and password as well
To create one visit:
To prepare for FAFSA completion, you can complete the FSA ID process now 7

8. Data Retrieval Tool
Ability to transfer tax data directly from IRS (often referred to as the DRT)
Tax information should be filed prior to October
Ensure all FAFSA tax data is accurate and saves time!
Will be prompted to use this option when you get to the financial information section

9. Special Circumstances
Many different family circumstances:
Married: include both parents
Divorced: include parent student lives with
Separated: include parent student lives with
Re-married/ Step Parent: include biological parent AND step parent
Adoptive Parents
Legal Guardian: Do not include
* If you’re not sure who to include, always ask!* 9

10. *Deadlines vary by institution*
FAFSA Timeline
For the 2019/2020 academic year, the FAFSA may be filed after :
October 1, 2018
*Deadlines vary by institution*
Be sure to check with each school to determine their deadline!
Late FAFSA’s can yield ineligibility for funds you may have otherwise been eligible for
Once submitted to the federal processor allow 5 to 7business days for processing.
College reviews, requests additional documentation, processes, etc.
You will receive a student aid report via (SAR)

11. Your Expected Family Contribution (EFC)
Calculated from a federal formula, this is result of your FAFSA application.
This is NOT what you will pay for college
Allows colleges and universities to evaluate all families for financial aid based on the same criteria
Same number, regardless of college
What changes? Fluctuating university costs…… 11

12. Types of Financial Aid Repayment not Required… Repayment Required…
Scholarships
Awarded for merit, community involvement, etc.
Grants
Usually awarded due to financial need.
Employment
Student earns a paycheck that can be used towards educational cost
Amount is not configured into university bill
Resident Hall Assistance Programs
Repayment Required…
Loans
Can be borrowed by students and/or their parents
Repayment may be deferred

13. Total COA - Total Financial aid= GAP
Cost of Attendance
Look at the “Big Picture”
Published costs may not always represent the true cost
What really matters?
Net Price= published costs- financial aid offered
Direct costs: paid directly to the college or university
Indirect costs: additional educational related expenses that may be incurred
Total COA - Total Financial aid= GAP 13

14. Cost of Attendance 2018-2019 On Campus At home Tuition $30,000 Fees
$2,686
$1,746
Room
$7,548
N/A
Board
$3,970
Books and Supplies
$1,118
Travel and Transportation
$1,252
$2,294
Personal and Miscellaneous
$1,446
Stafford Loan Fees
$134
Total
$48,154
$36,738

15. Award Letter Example Your Estimated Financial Aid Awards
Source: FALL SPRING TOTAL
Federal Pell Grant $3,000 $3,000 $6,000
Federal SEOG Grant $1,000 $1,000 $2,000
Merit Scholarship $10,000 $10,000 $20,000
Subsidized Loan $1,750 $1,750 $3,500
Unsubsidized Loan $1,000 $1,000 $2,000
Federal PLUS Loan $2,500 $2,500 $5,000
Total Awards: $19,250 $19,250 $38,500 15

16. Federal Shopping Sheet
Required for every CT school to send to every CT resident
Includes both Direct and Indirect Costs in Net cost amount
Displays your EFC
Remember this is not what you will pay for school 16

17. What’s next? Some FA offices may ask for additional documents
Only submit if required
Stay in touch with your FA office
Review your SAR report
Know what you are accepting
Renewable? For 4 years? 17

18. Applying for Additional Scholarships
Civic organizations
Churches
Non-profits
Deadlines are generally early in the process- don’t miss them!
Ask your guidance office for help! 18

19. Questions?
Contact information:
Patrice McGregor 19