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?
Two forms possible for need-based financial aid are the FASFA and CSS Profile.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
The form that most colleges and universities nationwide use is FASFA.
3. What is the CSS Profile used for?
The CSS Profile is used for the students eligibility for the colleges own
instit8ionasl aid dollars.
4. What colleges require the CSS Profile?
The colleges that require CSS Profile are private colleges.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
The process is to complete and submit a form for applying for financial aid.
6. What is the EFC?
The EFC is the excepted family contribution.
7. How is EFC calculated?
The EFC is calculated by the forms that are submit into for financial aid to show
how much money the student should be given.
8. What factors determine a persons EFC?
The factors are the income of the home and the family size.
9. Why might a person get 3 different EFC amounts?
The person might get 3 different amounts because they are all calculated
differently.
10.How is EFC used to determine if a student qualifies for need-based financial aid?
It is determined by using the formula =that subtracts the students expected family
contribution from the college total cost of attendance.
11.What elements add up to the cost of attendance?
The total cost of enrolling into the college, that includes room and board, tuition,
fees, books, and travel expenses.
12.What
a.
b.
c.
d.

is the national average cost of attendance for:

2-Year Public College? $20,000
4-Year Public College? $28,000
4-Year Private College?$55,000
4-Year Elite College?$65,000

Putting EFC into Perspective

13.When would a student qualify for need-based financial aid?
Students qualify when the amount of income in the family is not enough to support
the child in college.
14.What are students eligible for when they qualify for need-based financial aid?
Students are eligible for loans, grants, scholarships, and work-study.
15.Why is it incorrect to assume a student will get financial aid if s/he is eligible?

It is incorrect to assume a student will get financial aid if eligible because it

depends on the parents income and the college.
16.When would a student be denied need-based financial aid?
A student will be denied need-based financial aid if your income is $250,000 and
you have one-dependent child.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on?
Eligibility for need-based financial aid is dependent on the amount of money made,
the amount of children, and the cost of the college.
18.Why might a student be eligible for aid at one college but not at another?
A student may be eligible for aid at one college but not the other depending on the
cost of the attendance of the college.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
Students will know their financial aid package amount until they get the financial
aid award package.
20.What types of resources are included in a financial aid package?
The resources are federal aid, state aid, and private scholarships
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 has a place to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances?
Parents can contact the financial aid office to have approval to write an
explanation why
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?
The factors are that the student for a particular reason or they have a good candidate
for admission.
25.Why is aid more complex at elite private colleges?
Aid is more complex because they need the CSS Profile to fill out too allowing two
forms to make the choice.
Merit Aid
26.What is merit aid based on?
It is based on the students academic, athletic, music and other merits, not family
finances.
27.Why is merit aid so great?
Merit aid is so great because any student can receive it.
28.What is important to know about merit aid at elite colleges?
It is important to know about merit aid at elite colleges because almost all do not
offer academic 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 student will get an out of pocket cost that will be a sticker 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 the government pays less for you
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 scholarship comes out of the need based aid
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
The information given will be a list of colleges that the student has been accepted
to.
33.What elements are included in the financial aid award letter?
The elements are the students eligibility for aid, scholarships, awards, state
grants, student loans, and work-study.
34.What factors contribute to the total cost of attendance?
The factors that contribute to the total cost are tuition, fees, room, board, books,
travel and personal expenses/
35.What is the formula for out-of-pocket cost?
The formula for out of pocket cost is the cost of attendance of each college minus
the amount of the aid package at each college.
36.Why might the out-of-pocket cost be greater than what is calculated using that formula?
The out of pocket cost might be greater because of student loans to fund a given
college.

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.)