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

2. Types of Financial Aid
Scholarships
Grants
Loans
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 Federal Perkins Loan
Subsidized
Unsubsidized
Federal Perkins Loan
Parent Loans
Federal PLUS Loan
Alternative Loans

6. College Work Study Based on financial need
Coordinated by individual college
Average 10 – 15 hours per week
Minimum wage or higher

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, U. of Richmond, 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. Let’s get started: Get a FAFSA ID
Obtain a FAFSA ID number (both student and one parent)
Create Username and password and enter
Enter required information
Review and ACCEPT
Confirm the address
Keep this somewhere safe!

11. Fill out the FAFSA Go to www.fafsa.gov Log in with your FAFSA ID
Fill out completely and accurately
List ALL the schools you are applying to on the FAFSA

12. IRS Data Retrieval Tool
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.

13. 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

14. Do You Have Special Circumstances?
Call the Financial Aid officer at EACH school to which you have applied.
Gather all documentation related to the issue.
Ask them to consider using their “professional judgment” to consider your situation.
Different schools may react differently

15. 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!

16. 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

17. Talent Search to the Rescue
Call for FAFSA
individual appointments
Your Talent Search Counselor
High School Guidance Counselors

18. 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:
November 10th 4 to 7:30 pm Rockbridge Regional Center in Buena Vista
November 3rd from 4 – 7:30 pm on the DSLCC Campus in McCarthy Hall/Moomaw Center