1. Financial Aid Navigating Neil Leibundguth
Assistant Director of Financial Aid

2. Agenda Application Tips Scholarship Search FAFSA Details
Special Circumstances
Your Questions

3. Types of Financial Aid
Scholarships (merit-based)
Grants (need-based)
Work-study (must be earned)
Student loans (must be repaid)
Education Tax Credits
Talk to your tax professional or go to irs.gov and search “tax benefits for education”.

4. Application Tips Prioritize your applications College applications
FAFSA
CSS Profile (if required)
College scholarship applications
External scholarship applications
Deadlines are important and it is always best to apply early!

5. Reasons to apply early Less waiting for decisions
Additional scholarships. You could miss out.
Chances of admission may decrease
Aid offered by colleges may decrease
More time for the rest of process

6. Do your research Visit each campus Meet with a financial aid counselor
Think about what really concerns you and ask us – we’re on your side!!
Use a net price calculator to get more out of your visit

7. Net Price Calculators Estimates your EFC based on a few questions
Estimates aid from the school and government sources
Compares cost and aid to provide “net price”
Useful planning tool but estimates are only as good as data provided

8. Outside Scholarships
Most scholarships for high school seniors have deadlines in Jan. – April
Start locally, think globally
Never pay for services that “guarantee” they will find you scholarships
Set realistic goals and stick to them

9. Online Scholarship Searches
Only use free searches
Answer optional questions – this will increase number/quality of results
Set up a free account (i.e. Gmail, Yahoo, etc.) to use exclusively for scholarship searches
Never provide a social security number or credit card number

10. Available Starting October 1st Completed via Desktop or Phone App
FAFSA
Available Starting October 1st
Completed via Desktop or Phone App
Free to complete!

11. fafsa.gov

13. $0 25 Free Application for Federal Student Aid Universal application
99% of students file online
Students must re-apply each year
Determines Expected Family Contribution (EFC)
Regardless of EFC, all students are awarded financial aid $0 25

14. FAFSA Required Tax Data
Parents and students must use the prior-prior tax year (2018) data to file the FAFSA
The FAFSA should be filed using your 2018 tax data
Even if you are filing the FAFSA after 2019 tax information is available
2018
FEDERAL
TAXES
2019
FEDERAL
TAXES
FAFSA

15. Why every student should file a FAFSA
Required to participate in federal loan programs
Colleges simply cannot provide a student with a complete picture of the aid available to help pay educational expenses without a FAFSA.
Colleges focus resources on students who file the FAFSA because these students are perceived to be actively seeking assistance.
Every school may use this information differently
With financial aid, the only thing that is guaranteed is that you will get nothing if you don’t apply!

16. Other FAFSA Tips
Both the student and one parent need an FSA ID to sign the FAFSA electronically.
Create your own FSA ID using your
Use the IRS Data Retrieval Tool and do not make changes to the imported information
Make it a family affair

18. Reporting Assets on FAFSA
Protected Assets
Your home
Retirement Accounts
Value of Life Insurance
Unprotected Assets
Investment real estate
Trust funds
Money market funds
Mutual funds
Certificates of deposit
Stocks and bonds
529 College savings plans
Business value (if you employ 100+ people)
Only “unprotected” assets must be reported on the FAFSA

19. CSS / Financial Aid Profile
Used to Award Institutional Aid Only
Required by some private colleges and scholarships.
The Profile collects and uses information about assets, liabilities, and income not reported on the FAFSA, such as non-custodial parent income.
The CSS Profile is available as of Oct. 1 each year.
Cost is $25 for first school report and $16 for additional reports.
Students still must complete FAFSA to be considered for federal/state need-based aid

20. How is financial need determined?
Cost of Attendance
(Variable)
EFC
(Constant)
Financial
Need
How is financial need determined?

21. Reading Award Letters

22. Special Circumstances
Yes. Initially, you must use prior-prior year, but schools may adjust FAFSA data in certain situations.
Do I have to file using 2018 tax data?
2018
FEDERAL
TAXES
2019
FEDERAL
TAXES
2020
INCOME
ESTIMATE
FAFSA

23. Special Circumstances
File the FAFSA using prior-prior year tax data
Contact each school to talk about their process
Provide documentation to each Financial Aid Office.
Schools are allowed to adjust FAFSA results for:
Changes in household size (divorce, death, etc.)
Medical, dental or dependent care expenses not paid or reimbursed by insurance
Private education expenses (K-12)
Reductions in income or unemployment of a parent

24. Other Resources www.studentaid.ed.gov www.ohe.state.mn.us
bigfuture.collegeboard.org
Federal Student Aid
@FAFSA