How much will College cost YOU?
As you embark on your educational journey and how you will fund it there are a few things that you must know.
Financial Aid is not about how much money college costs, it's about how much college will cost YOU. Everyone is going to have a unique student financial profile based on different factors. Your job is to understand your profile and what aid is offered to you based on that.
Better FAFSA...
Better Future
On Dec. 27, 2020, Congress passed the Consolidated Appropriations Act. The law contains provisions that amend the FUTURE Act and includes the FAFSA Simplification Act—a sweeping redesign of the processes and systems used to award federal student aid. The law updates the Free Application for Federal Student Aid (FAFSA®) process to expand access to federal student aid and provide a new FAFSA experience for students and families.
Source: FAFSA.gov
Your FAFSA Checklist
Completing the Free Application for Federal Student Aid is a FANTASTIC way to fund your journey to and THROUGH college. You can use the FAFSA to apply for grants, scholarships, work-study, and loans for both the pursuit of your undergraduate (Bachelor's Degree) and/or graduate school degrees (Master's Degree a, etc.).
Let's start with the basics.
TYPES OF FEDERAL STUDENT AID
GRANTS
A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). A variety of federal grants are available, including:
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Pell Grants,
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Federal Supplemental Educational Opportunity Grants (FSEOG),
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Teacher Education Assistance for College and Higher Education (TEACH) Grants, and
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Iraq and Afghanistan Service Grants.
SCHOLARSHIPS
Many nonprofit and private organizations offer scholarships to help students pay for college or career school. This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses.
WORK-STUDY JOBS
The Federal Work-Study Program allows you to earn money to pay for school by working part-time. You’ll earn at least the current federal minimum wage. However, you may earn more depending on the type of work you do and the skills required for the position. Your total work-study award depends on
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when you apply,
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your level of financial need, and
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your school’s funding level.
LOANS
A loan is money you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as the interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.
Get Started...
FIRST
Pull together all of the necessary documents you will need to complete the FAFSA
1. Get your FSA ID.
To access the FAFSA form, all students and contributors are required to have an FSA ID (account username and password). If the student doesn't have an FSA ID, they can select "Create an Account" when visiting the StudentAid.gov website to begin.
Get your documents in order.
Pull together all of the necessary documents you will need to complete the FAFSA
2. Contributor's contact email.
A new feature to FAFSA is adding a contributor. A contributor is any individual required to provide consent and approval for federal tax information (FTI) along with their signature on the FAFSA® form, including the student; the student’s spouse; a biological or adoptive parent; or the parent’s spouse (stepparent). FAFSA requires a dependent student to invite a contributor to provide consent to be eligible for federal aid.
Without consent, you will NOT be eligible to receive aid if required.
Other Documents Needed:
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Tax Returns
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Social Security Number/Card
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Records of Child Support
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Current balances of cash, savings, and checking accounts
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Net worth of investments, businesses, and farms
You're Ready!
Get Started!
Visit StudentAid.gov and let's get your application started.
3. Let's get started. Visit StudentAid.gov
"Start a New Form" or "Edit Existing Form." After logging in, select the applicable role to fill out the FAFSA® form.
Sections on the FAFSA
Personal Information
Financial Information
Legal Parents Information (for Dependant Students)
So, I completed my FAFSA Form...
Now What?
ANOTHER KIND OF AID
What is the CSS Profile?
The CSS Profile is an online application used by colleges and scholarship programs to award non-federal institutional aid.
COMMON FINANCIAL AID DEFINITIONS TO KNOW
FSA ID - Your account username and password for completing the FAFSA
CONTRIBUTOR - The parent or legal guardian of a dependent student who is applying for federal financial aid through the FAFSA who is to provide personal and financial information that will determine the student's eligibility for federal student aid
STUDENT AID INDEX - An index number calculated using your FAFSA information to determine your eligibility for need-based aid. Formerly known as the Expected Family Contribution or EFC.
GRANTS - Sources of aid that DO NOT have to be paid back. Grants from the federal government are generally awarded to students who are identified with the greatest amount of need. If awarded a grant, there may be requirements you will have to meet to be able to keep your grant.
COST OF ATTENDANCE (COA) - A college's total estimated expenses for one year including tuition, room and board, books, supplies, transportation, loan fees, and miscellaneous expenses.
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