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? FAFSA and
CSS Profile
2. What form do most colleges and universities nationwide use to determine need-based
financial aid? FAFSA
3. What is the CSS Profile used for? To assess the students eligibility for the colleges
own institutional aid dollars.
4. What colleges require the CSS Profile? Selective colleges, like Ivy League schools too.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid? Completing the necessary
forms whether they are FAFSA, CSS profile, or other forms.
6. What is the EFC? Expected Family Contribution
7. How is EFC calculated? It is calculated once you turn in the forms and it comes out as
an output.
8. What factors determine a persons EFC? Income of parents and student, family size,
and number of children a family has going to college that year.
9. Why might a person get 3 different EFC amounts? There are 3 different calculations for
EFC, so it is possible that a person can get 3 drastically 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? Cost of
attendance- EFC= financial need
Cost of Attendance
11.What elements add up to the cost of attendance? total cost of enrolling at college,
including tuition, fees, room, board, books, travel, and personal expenses.
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
Putting EFC into Perspective
13.When would a student qualify for need-based financial aid? If their EFC is Blue
14.What are students eligible for when they qualify for need-based financial aid?. Special
student loans, and grants, and scholarships.
15.Why is it incorrect to assume a student will get financial aid if s/he is eligible? It can vary
depending on assets the student has or other untaxed income.
16.When would a student be denied need-based financial aid? If the student has a red EFC
Eligible for Aid at One College.

17.What is eligibility for need-based financial aid dependent on? Number of dependent
children and the familys adjusted gross income.
18.Why might a student be eligible for aid at one college but not at another? It is because the
aid depends on whether the school is public, private, 2 year, 4-year, or elite
schools. It also depends on the price of the school.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts? When the student receives
their financial aid letter.
20.What types of resources are included in a financial aid package? Needed aid, merit aid,
state aid, federal 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? FAFSA
22.What form does have a place to explain special situations? The CSS Profile
23.What can parents do if using the FAFSA to explain their financial circumstances? They can
contact the financial aid offices of the college.
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 students place in the admissions pool.
25.Why is aid more complex at elite private colleges? The FAFSA and CSS profile are both
required.
Merit Aid
26.What is merit aid based on? The students academic, athletic, musical, and other
achievements.
27.Why is merit aid so great? They are grants that do not need to be paid back, and
students can be awarded these regardless of their familys income.
28.What is important to know about merit aid at elite colleges? It is typically based on GPA
and standardized test scores.
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? Then the
sticker price on the school will be the base tuition minus the merit aid received.
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? The financial aid award letter that is sent out by each college the student
has been accepted to.
33.What elements are included in the financial aid award letter? The students eligibility for
financial aid, and the total cost of attendance.

34.What factors contribute to the total cost of attendance? Tuition, fees, room, board, books,
travel, and personal expenses.
35.What is the formula for out-of-pocket cost? Out of pocket cost minus the aid package at
each college.
36.Why might the out-of-pocket cost be greater than what is calculated using that formula? The
loans the student takes out could have interest which would mean that that would
have to be considered because the money is borrowed.

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? Yes
B. What is the plan to pay for college? Our plan is to take out student loans for what is
not covered in the financial aid package or what my parents are paying for.
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.) My parents
want me to go to where I want to go, so will let me go to where I want to. I have
no limits on where I can go, but I will consider distance, and cost of the school.