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 two forms you must complete are the FAFSA and CSS profile.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
Most colleges use the FAFSA to determine financial aid.
3. What is the CSS Profile used for?
Very selective private colleges that use their own funding for aid use the CSS profile.
4. What colleges require the CSS Profile?
Ivy League schools and other noteworthy state universities use it.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
You provide for familys financial information for an efc and then this is used to see how much
you need.
6. What is the EFC?
The EFC is your expected family contribution to your college costs.
7. How is EFC calculated?
It is a formula that takes into account family size, income and others to see how
8. What factors determine a persons EFC?
Family size, family income, amount of other children, financial need and the college you are
going to.
9. Why might a person get 3 different EFC amounts?
There are three different formulas used to calculate EFC, so there could be three different
amounts.
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?
If the EFC is smaller than the cost of college the leftover requires financial aid.
Cost of Attendance
11.What elements add up to the cost of attendance?
Cost of attendance is room and board, living costs and tuition.
12.What is the national average cost of attendance for:
a. 2-Year Public College? 20000
b. 4-Year Public College? 28000
c. 4-Year Private College? 55000
d. 4-Year Elite College? 65000
Putting EFC into Perspective
13.When would a student qualify for need-based financial aid?
If they are eligible based on the category of income for their family, as seen on the chart,
they can get financial aid.
14.What are students eligible for when they qualify for need-based financial aid?

Students are eligible for scholarships and federal money to help pay for college if the EFC is
much lower than the costs of the college.
15.Why is it incorrect to assume a student will get financial aid if s/he is eligible?
Even if the students are eligible, it is not certain how much aid they will get.
16.When would a student be denied need-based financial aid?
A student will be denied aid if they go to a school where the cost is less than the EFC for that
type of college.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on?
Eligibility is based on the amount of money family might be able to provide vs. the average
cost of which type of college they are going to.
18.Why might a student be eligible for aid at one college but not at another?
One college might be more expensive than another, making it so that if one college costs
below the EFC of the family and the other is higher only one college will apply for aid.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
They will know the amount of financial aid they receive when they get their financial aid
award letter.
20.What types of resources are included in a financial aid package?
The financial aid package includes the certain amount of need the college provides as well as
federal money and scholarships.
What to Do if Your Family Has Special Financial Circumstances
21.What form does not include a place to explain special situations?
FAFSA does not include this place.
22.What form does have a place to explain special situations?
CSS Profile allows you to include this.
23.What can parents do if using the FAFSA to explain their financial circumstances?
They can write a letter to the school to explain the situation.
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 you are a better candidate for admission you are more likely to get in.
25.Why is aid more complex at elite private colleges?
The FAFSA must be completed for federal aid and the CSS profile needs to be completed for
aid from the college.
Merit Aid
26.What is merit aid based on?
Aid, similar to a scholarship, where aid is given based on achievements.
27.Why is merit aid so great?
You dont ever have to pay it back.
28.What is important to know about merit aid at elite colleges?
Elite colleges usually no merit-based financial 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?

They will still get merit-based aid but no need based aid.
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: Merit aid doesnt affect
tuition, only federal payment.
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.
The govt pays less with
scholarships, but not you.
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
You will be given the total you have to pay, and how much aid of each type you are getting.
33.What elements are included in the financial aid award letter?
It will tell you what financial aid and scholarships you have received and how much you get for
each.
34.What factors contribute to the total cost of attendance?
Tuition, room and board, books and living.
35.What is the formula for out-of-pocket cost?
Attendance - Financial aid
36.Why might the out-of-pocket cost be greater than what is calculated using that formula?
Loans need interest paid because all money to colleges.

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.)