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 possible forms to complete are the FAFSA and the CSS Profile.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
Most colleges and universities use the FAFSA.
3. What is the CSS Profile used for?
It is used to assess the students eligibility for the colleges own institutional aid dollars.
4. What colleges require the CSS Profile?
Typically private, very selective colleges require the CSS Profile.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
To apply and obtain financial aid, a student has to complete and submit the aid form with all
financial information. It is then sent to processing centers, where information goes into the
aid calculations.
6. What is the EFC?
The EFC is the Expected Family Contribution.
7. How is EFC calculated?
It is calculated by how much money parents make, the family size, and dependent children in
college.
8. What factors determine a persons EFC?
The factors that determine it are the students family income, family size, and number of
dependent children in college.
9. Why might a person get 3 different EFC amounts?
A person might get 3 different EFC amounts because there is 3 different formulas that
calculate EFC differently.
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?
It is used to determine if a student qualifies for need-based financial aid by using the formula
cost of attendance-EFC. If the EFC is less than the cost of attendance, the student qualifies.
Cost of Attendance
11.What elements add up to the cost of attendance?
The elements that make up the cost of attendance are tuition, fees, room and board, books,
travel, and personal expenses.
12.What is the national average cost of attendance for:
a. 2-Year Public College? The average cost for a 2-year public college is $20,000.
b. 4-Year Public College? The average cost for a 4-year public college is $28,000.
c. 4-Year Private College? The average cost for a 4-year private college is $55,000.
d. 4-Year Elite College? The average cost for a 4-year elite college is $65,000 per year.
Putting EFC into Perspective

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

A student would qualify for need-based financial aid if their parent does not make enough
money to support them along with any other children going to college.
14.What are students eligible for when they qualify for need-based financial aid?
They 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?
It is incorrect to assume a student will get it because the school might not give as much as
the student is eligible for.
16.When would a student be denied need-based financial aid?
A student would be denied need-based financial aid if their parent makes more than the cost
of attendance at a college.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on?
The eligibility for financial aid is dependent on the cost of attendance at each college the
student is considering.
18.Why might a student be eligible for aid at one college but not at another?
A student might be eligible at one college but not the other because some colleges cost more
than others.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
Students will know their amounts when they get a letter in the mail containing the financial
aid package.
20.What types of resources are included in a financial aid package?
The resources that are included 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 FAFSA does not have a spot to explain special situations.
22.What form does have a place to explain special situations?
The CSS profile does have a spot to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances?
Parents can write a letter explaining and sent it to the school.
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?
Higher grades make a student more likely to get more aid.
25.Why is aid more complex at elite private colleges?
Aid is more complex at elite private colleges because they require both the FAFSA and the
CSS Profile, which calculate EFC differently.
Merit Aid
26.What is merit aid based on?
Merit aid is based on the students academic, athletic, music and other merits, not family
finances.
27.Why is merit aid so great?
It is so great because it is money you dont have to pay back.
28.What is important to know about merit aid at elite colleges?
Its important to know that most elite colleges dont 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?
If the student qualifies for merit aid but not need-based aid, they pay the cost of the college
minus the merit 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
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?
You will be given a list of colleges you have been accepted to and an official financial aid
letter from each explaining your eligibility.
33.What elements are included in the financial aid award letter?
The financial aid award letter includes information on all of the aid that they are eligible for
and have been awarded, including outside scholarships, state grants, student loans, and
work-study, along with the total cost of attendance.
34.What factors contribute to the total cost of attendance?
Tuition, fees, room, board, books, travel and personal expenses contribute to the total cost of
attendance.
35.What is the formula for out-of-pocket cost?
The formula is 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?
It might be greater if a student has a loan that they have to pay back with interest.

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 it is likely I will qualify for aid.
B. What is the plan to pay for college?
The plan is to get scholarships if possible, along any other financial aid, and pay out-ofpocket what is left over.
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 will allow me to go anywhere I want, but they would like it better if I stayed
close.