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2015 Guide to FAFSA, CSS Profile, College Financial Aid, & EFC

Use the article from Forbes to answer these questions in complete sentences. Please
change your responses to another color or bold.
http://www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-collegefinancial-aid-and-expected-family-contribution-efc/

Applying for College Financial Aid


1. What are the 2 possible forms to complete to apply for need-based financial aid?
The FASFA, CSS Profile are possible forms to complete to apply for need-based financial aid.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
Most colleges and universities nationwide use the FASFA form.
3. What is the CSS Profile used for?
The CSS profile is used to assess the students eligibility for the colleges own institutional aid
dollars.
4. What colleges require the CSS Profile?
Selective private colleges, Ivy League colleges and the 568 Presidents Group schools require
the CSS Profile.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
After completing the FASFA and the CSS profile the EFC must be completed and all three
letters are submitted online.
6. What is the EFC?
The EFC is your expected family contribution.
7. How is EFC calculated?
It is the output of your other two aid forms including the minimum amount the student is
expecting to pay.
8. What factors determine a persons EFC?
The income of the student and parents, family size and number of dependent children in
college in a given year are factors that determine a persons EFC.
9. Why might a person get 3 different EFC amounts?
The three formulas (the Federal Methodology, Institutional Methodology and Consensus
Methodology) each result in a different amount.
Using EFC to Determine the Need for Financial Aid
10.How is EFC used to determine if a student qualifies for need-based financial aid?
By using the formula of the students expected family contribution from the college total cost
of attendance, if the EFC is less than the cost of attendance the student qualifies for need
based financial aid.
Cost of Attendance
11.What elements add up to the cost of attendance?
The elements of enrolling at a college, including tuition, fees, room & board, books travel
expenses and personal expenses all add up to the cost of attendance.
12.What is the national average cost of attendance for:
a. 2-Year Public College? $20,000
b. 4-Year Public College? $28,000

c. 4-Year Private College? $55,000


d. 4-Year Elite College? $65,000

13.When would a student qualify for need-based financial aid?


Subtract the students EFC from the cost of that specific college.
14.What are students eligible for when they qualify for need-based financial aid?
Students are eligible for need-based grants, scholarships, work-study and student loans.
15.Why is it incorrect to assume a student will get financial aid if s/he is eligible?
When are of your assets are added into the overall aid your EFC make become higher making
your eligibility change.
16.When would a student be denied need-based financial aid?
If you have one dependent child and your EFC falls into the red category, the student will not
qualify for need-based financial aid.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on?
The eligibility is dependent on the coast of each college the student is considering attending.
18.Why might a student be eligible for aid at one college but not at another?
Depending whether it is a private college or a state university, if the EFC is higher than the
cost of the attendance the student wont quality for need-based financial aid at that school.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
The student will know their amount when they receive their financial aid award letter.
20.What types of resources are included in a financial aid package?
The percentage of need met, federal aid, state aid, merit aid and private scholarships are all
included in the financial aid package.
What to Do If Your Family Has Special Financial Circumstances
21.What form does not include a place to explain special situations?
The FASFA does not include a place to explain special situations.
22.What form does have a place to explain special situations?
The CSS profile includes a place to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances?
The parents can contact the financial aid offices of each college and have a written
explanation ready to send to the college about their financial circumstances.
How College Selection Impacts Financial Aid
24.What factors make a student more likely to get an aid package that meets a higher
percentage of their need?
If the college wants the student for a particular reason they are more likely to get an aid
package that meets a higher percentage of their need.
25.Why is aid more complex at elite private colleges?
Aid is more complex at elite private colleges because they need to determine the students
eligibility for its own institutional dollars.
Merit Aid
26.What is merit aid based on?

Merit aid is based on the students academic, athletic music or other merits.
27.Why is merit aid so great?
Merit aid is so great because any student can receive merit aid, the scholarships and
discounts dont need to be paid back and students can be awarded merit regardless of
familys income.
28.What is important to know about merit aid at elite colleges?
Most elite colleges do not offer merit aid.
Student Gets Merit Aid But No Need-Based Aid
29.What will happen if a student qualifies for merit aid but not need-based aid?
The out of pocket price will be the higher price minus the merit aid award.
Why Merit Aid Reduces Need-Based Aid Eligibility
30.True or False: If you qualify for need based aid and merit aid, you subtract both of them from
the college cost to determine how much you will pay. False.
31.True or False: If you qualify for need based aid and earn a scholarship, you will have a lower
cost to pay than if you did not have the scholarship. False.
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
33.What elements are included in the financial aid award letter?
34.What factors contribute to the total cost of attendance?
35.What is the formula for out-of-pocket cost?
36.Why might the out-of-pocket cost be greater than what is calculated using that formula?

Extra Credit: At home, speak with your parents and review the chart in the article 2015 EFC
Quick Reference Table for College Aid and answer these questions.
A. Is it likely you will qualify for need-based financial aid?
B. What is the plan to pay for college?
C. Are there any colleges your parents will not let you go to? Or, are there any limits they
have for where you can go to college? (Distance, cost, 2-year or 4-year, etc.)

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