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 to apply for need-based financial aid is FAFSA and CSS profile.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
Most colleges and universities nationwide use to determine need-based financial aid is the
FASFA.
3. What is the CSS Profile used for?
The CSS Profile is used to assess a students entitlement for the colleges own institutional aid.
4. What colleges require the CSS Profile?
The colleges that require the CSS Profile are the very selective private colleges.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
The process for applying for and obtaining financial aid is the student has to complete and
submit an aid form online. Also the student must provide their financial information on the
forms under the EFC which stands for expected family contribution. Then this information
goes into the aid calculations.
6. What is the EFC? EFC stands for expected family contribution.
7. How is EFC calculated? EFC is calculated by the when the form is sent and the information
goes into aid calculations, Institutional Methodology and Consensus.
8. What factors determine a persons EFC? The factors to determine a persons EFC is by the
income of the student and their parents, students family size and the number of dependent
children enrolled in college measures their ability to pay ability to pay for college.
9. Why might a person get 3 different EFC amounts? A person might get three different EFC
amounts because there are three different formulas that calculate EFC differently for any
student.
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? EFC is used
to determine if any student qualifies for a need-based financial aid by using a formula that
subtracts a students EFC from a colleges total cost of attendance. Therefore, if their EFC is
less than the cost of colleges attendance, he/she does qualify.
Cost of Attendance
11.What elements add up to the cost of attendance? The elements that add up the cost of
attendance is the total cost of enrolment, including 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 national average cost of attendance $20,000.
b. 4-Year Public College? The national average cost of attendance $28,000.
c. 4-Year Private College? The national average cost of attendance $55,000.
d. 4-Year Elite College? The national average cost of attendance $65,000.

Putting EFC into Perspective

13.When would a student qualify for need-based financial aid? A student would qualify for a
need-based financial aid depending on the students and parents income is less and has more
dependent children. It usually depends on those factors but each situation is different.
14.What are students eligible for when they qualify for need-based financial aid? Students are
eligible for grants, scholarships, work-study and student loans when they qualify for a needbased financial aid.
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 he/she is eligible because you need to wait and see
the form of aid the student receives and how much it is worth.
16.When would a student be denied need-based financial aid? A student would be denied needbased financial aid when the parents income is high and has less dependent children.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on? The eligibility for need-based
financial aid is dependent on the cost of attendance of each college the student considers on
applying.
18.Why might a student be eligible for aid at one college but not at another? A students
eligibility for aid at one college but not at another because a students EFC can be higher than
the total cost of attendance at one university than the other.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts? Students will now their
financial aid package amounts when they receive their financial aid award letter.
20.What types of resources are included in a financial aid package? The types of resources that
are included in a financial aid package are the percentage of need met that the majority of
colleges release yearly, and show the average percentage that the college met for students.
This reflects on all aid packages by colleges such as feral and 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 does have 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 offices of each college the student applied to and have a written
explanation ready to send.
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 that make a student more likely to get an aid package
that meets a higher percentage is if the student from and an admissions perspective is a
good applicant for admission, or if the college wants the student for any meticulous reasons.
25.Why is aid more complex at elite private colleges? Aid is more complex at elite private
colleges because by federal law is required to fill out a FASFA form and complete a CSS
profile. These two formulas are calculated differently and have different provisions for certain
circumstances, and the CSS Profile may also require financial information from non-custodial

parents as well as the parent with whom the child lives with, the students aid eligibility could
be much lower at one college than other colleges.
Merit Aid
26.What is merit aid based on? Merit aid is based on a students academic, athletic, music, and
other merits.
27.Why is merit aid so great? Merit aid is so great because any student can receive it. They are
typically grants, scholarships or tuition discounts, students can be awarded aid regardless of
familys total income or how much is saved for college, and is based on a students GPA , SAT
or ACT scores.
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 of elite colleges do not offer academic merit aid.
A student receives aid at those institutions only if you demonstrate a need for it.
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 a student
qualifies for a merit aid but not need-based aid than your out of pocket cost will be subtracted
by the merit aid amount.
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 information given at the end of the college admissions and aid application
process you will arrive to a list of colleges has been accepted into and received an official
financial aid award letter by each of them.
33.What elements are included in the financial aid award letter? The elements that are included
in the financial aid award letter explain the students eligibility for aid that he/she has been
award to. It also includes scholarships, loans, work-study, and state grants. It explains the aid
package for each student.
34.What factors contribute to the total cost of attendance? The factors that contribute the total
cost of attendance include the 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 subtracted by the amount of 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 may be greater than what is calculated using the formula because parents
or students may take student loans.

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.)