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 FAFSA (Free Application for Federal Student Aid) and the CSS Profile are 2 possible forms
to complete
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
They use the FAFSA profile to determine need-based financial aid.
3. What is the CSS Profile used for?
Colleges use the CSS to determine if the student is eligible for the college’s own institutional
aid dollars.
4. What colleges require the CSS Profile?
Any college or university that awards federal student aid require the CSS profile
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?
You must fill out all the forms provided when trying to get financial aid.
6. What is the EFC?
EFC stands for expected family contribution.
7. How is EFC calculated?
The EFC is calculated by you providing your financial information on the aids forms.
8. What factors determine a person’s EFC?
The following factors determine a person’s EFC, income of the parents and the student, family
size, and the number of dependent children enrolled in college.
9. Why might a person get 3 different EFC amounts?
One might get 3 different EFC amounts because each of the 3 different formulas provide
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?
In order to determine if financial aid is needed you must use the formula (cost of attendance)EFC=Financial need
Cost of Attendance
11.What elements add up to the ‘cost of attendance?’
Some elements that go into the cost of attending is the 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?- $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?
students would qualify for need-based financial aid when the amount of income in the family
is not enough to support the person 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 all depends on the
parent’s income and what the college is.
16.When would a student be denied need-based financial aid?
When your EFC is higher than the cost of your tuition
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, how many
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 might be eligible for aid at one college but not at another because it depends on
the cost of attendance at that certain college.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
The school will send a 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 is 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 place to explain special situations
22.What form does have a place to explain special situations?
The CSS has a place to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances?
You need to write a letter 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?
The factors are that they want the student for a certain 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.
Merit Aid
26.What is merit aid based on?
What you did to deserve aid
27.Why is merit aid so great?
Because you get it by doing things and it is not based on your family income.
28.What is important to know about merit aid at elite colleges?
It is important to know that almost all elite colleges do not offer merit 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 certain 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.
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 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 to which the student has been accepted for
admission, and have been given an official financial aid award letter.
33.What elements are included in the financial aid award letter?
You are provided with your eligibility for aid, scholarships, awards, state grants, student loans,
and work study.
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?
(cost of attendance of each college)- 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 might be because of student loans to fund a gain 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?
no
B. What is the plan to pay for college?
My dad had invested money for me to use and I have $100,000 to use 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.)
no