Financial Aid
Many families’ plans to pay for college have been impacted by COVID-19. Here is simple guide for families who need advice on how to qualify for more financial aid, especially if their Free Application for Federal Student Aid (FAFSA®) doesn’t reflect their new level of need.
FEDERAL STUDENT AID (FAFSA/CSS Profile):
The FAFSA (Free Application for Federal Student Aid):
This form is used by the federal government to determine whether you are eligible for Federal Student Aid.
You can complete the FAFSA on the web at www.fafsa.gov.
File as soon as you can after December 1st. You can estimate your information based on last year's tax information.
Complete the FAFSA even if you think you will NOT qualify for any Federal AID.
All schools require the FAFSA, some schools also require the CSS PROFILE.
The CSS Profile:
The PROFILE form is administered by the College Scholarship Service (CSS), the financial aid division of the College Board. The CSS PROFILE is required by many private colleges and universities to determine your eligibility for non-government financial aid, such as the institution's own grants, loans and scholarships.
The biggest differences between the CSS PROFILE and the FAFSA are:
Specific questions: The CSS PROFILE contains questions specific to the school or program you're applying to; FAFSA contains the same questions for everyone.
Different methodology: The CSS PROFILE determines your financial need differently than the FAFSA, taking into account such factors as whether your family owns a home. In general, the CSS PROFILE asks for more detailed information than FAFSA.
Minimum student contribution: The CSS PROFILE requires this; the FAFSA doesn't.
Greater reliance on professional judgment: The CSS PROFILE gives financial aid counselors greater freedom to grant aid based on a student's particular circumstances.
Cost: CSS PROFILE costs $5 plus $18 for each school or scholarship program selected; the FAFSA, as the name implies, is free.
Colleges and Universities that Require the CSS Profile
Other Info/Tips:
KNOW ALL DEADLINES, AND DO NOT MISS THEM. Financial aid is first come first serve, don't miss out on aid because you missed a deadline.
You may be awarded grants, loans, and work study. You may accept all, none, or a portion of loans
Federal student loans come in two forms- Subsidized and Unsubsidized. Learn the difference by clicking here.
WHEN YOUR FINANCIAL AID PACKAGE JUST DOESN'T CUT IT:
Private student loans- Guide
Call the Financial Aid Office at the college to inquire about other options.
MERIT-BASED AID:
Colleges often award scholarship money to students based solely on academic achievement, merit, or any other non-need-based reason.
Pay attention to application deadlines! Some colleges set an earlier deadline by which the application must be submitted in order to qualify for any merit aid.
SCHOLARSHIPS:
FINANCIAL AID TERMINOLOGY:
EFC: Expected Family Contribution. Your EFC represents what a college will expect you to pay at a minimum for one year of a child's college. The EFC, which is expressed as a dollar figure, is calculated based on such factors as family income, certain investment assets, number of people in the household and, in some cases, home equity
To find out your EFC there are several calculators available on the internet.
SAR: Student Aid Report: Report that summarizes the information included in the FAFSA and must be provided to your school's FAO. The SAR will also indicate the amount of Pell Grant eligibility, if any, and the Expected Family Contribution (EFC). You should receive a copy of your SAR four to six weeks after you file your FAFSA. Review your SAR and correct any errors on part 2 of the SAR. Keep a photocopy of the SAR for your records.
COA: Cost of Attendance: The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses.
Merit-Based: Financial aid that is merit-based depends on your academic, artistic or athletic merit or some other criteria, and does not depend on the existence of financial need.
Need Based: The difference between the COA and the EFC is the student's financial need -- the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. Financial aid that is need-based depends on your financial situation. Most government sources of financial aid are need-based.
Gift Aid: Financial aid, such as grants and scholarships, which does not need to be repaid.
Self Aid: Financial aid in the form of loans and student employment. If every financial aid package is required to include a minimum amount of self-help aid before any gift aid is granted, that level is known as the self-help level.
Gap: In an ideal world, the FAO would be able to provide each student with the full difference between their ability to pay and the cost of education. Due to budget constraints the FAO may provide the student with less than the student's need (as determined by the FAO). This gap is known as the unmet need.
Financial Aid Office (FAO): The college or university office that is responsible for the determination of financial need and the awarding of financial aid.