1. Financial Aid: FAFSA and Beyond
Tony San Nicolas, Assistant Director
Saint Mary’s College of California

2. Financial Aid: FAFSA and Beyond
What is Financial Aid?
Types of Financial Aid
What is the FAFSA?
FAFSA
Beyond the FAFSA
‘early’ FAFSA

3. What is Financial Aid?
Financial Aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations.

4. Scholarships and Grants Need based Merit based
Types of Financial Aid
Scholarships and Grants
Need based
Merit based
Employment opportunities
Federal work study
Other

5. Federal Parent PLUS Loan (6.31%) Other
Types of Financial Aid
Loans
Student
Federal Subsidized (3.76%)
Federal Unsubsidized (3.76%)
Private, alternative (per credit)
Federal Parent PLUS Loan (6.31%)
Other
Personal bank/credit union (per credit)
Home equity (per credit/equity)

6. Financial Aid Dependent on FAFSA
Scholarships and Grants
Need based
Merit (some merit based scholarships do require FAFSA)
Employment opportunities
Federal work study
Loans
Student
Federal Subsidized (3.76%)
Federal Unsubsidized (3.76%)
Federal Parent PLUS Loan (6.31%)

7. So…What is the FAFSA?
FAFSA stands for Free Application for Federal Student Aid. This online application is used by postsecondary institutions to determine students’ eligibility for grants, scholarships, loans, and federal work study.

8. FAFSA

9. TIMING OF TAXES, CAN USE COMPLETED 2015 TAXES
Getting Started
Create FSA ID for student (on website)
Create FSA ID for parent (at least one, custodial, on website)
Tax documents and/or W-2s for student (if applicable)
Tax documents and/or W-2s for parent (both or custodial) OR
Use IRS data retrieval tool on the FAFSA online application
DISCUSS
TIMING OF TAXES, CAN USE COMPLETED 2015 TAXES
FAFSA CAN BE RE-DONE

10. Beyond the FAFSA: Verification
Department of Education (DOE) selects approximately 30% of FAFSAs for process of ‘verification’: Confirmation of figures, data, information submitted
Additional documents required
Failure to meet the verification requirements can result in delay or forfeiture of financial aid
DISCUSS
TAX FILING TIMING, CAN USE COMPLETED 2015 TAXES

11. Beyond the FAFSA: Special Circumstances
Adjustments based on ‘special circumstances’ may be made to information on a case-by-case basis
Special circumstances may include:
Dependency status
Income and assets
Child support
Number in household or college
Private elementary/secondary tuition
Medical or dental expenses (not covered by insurance)

12. Beyond the FAFSA: Special Circumstances
Contact individual Financial Aid Offices (FAO) for additional guidance and required forms
A detailed explanation should include:
Student’s name and other identifier (SSN, Student ID#)
Specific financial details
Time period involved
Supporting documentation
Adjustments may vary from college to college

13. Beyond the FAFSA: Resources
Studentaid.gov
Information on ‘all things’ federal financial aid
Fastweb
Registration website for scholarships
Majority for HS seniors
Cal Grant
For California HS students (GPA
GPA verification form and FAFSA required (deadline March 2nd)
College Scholarship Service (CSS) Profile
Required by some private institutions (Not Saint Mary’s)
Similar information required as FAFSA, more in depth

14. Beyond the FAFSA: Net Price Calculators
Available on all college websites
ESTIMATES financial aid
Based on current year ‘Cost of Attendance’
Can include need based and merit based scholarships or grants from each school
FAFSA Estimator

15. Financial Aid ‘Life Cycle’
Complete Net Price Calculators
At websites of colleges considering
Complete FAFSA (at fafsa.gov)
At website fafsa.gov
Review Student Aid Report (SAR)
Generated by FAFSA completion, Summary of FAFSA,
Make corrections to FAFSA if needed
Receive Award Letters
From colleges accepted to
Submit documents for appeals/verification
If applicable, to colleges accepted to, early the better
Receive Revised Award Letter
If applicable, from colleges accepted to
MAKE COLLEGE ATTENDANCE DECISION

16. ‘early’ FAFSA
Can do FAFSA by October 2016 since is based of 2015 tax information
Can know financial information sooner
Minimizes issues/delays because of taxes
Must use 2015 taxes, special circumstances via appeal

17. Assistant Director of Financial Aid Saint Mary’s College of California
Questions
Tony San Nicolas
Assistant Director of Financial Aid
Saint Mary’s College of California
(925)