1. Finding Money for College
Basics of Financial Aid and the FAFSA
September 20, 2016
Tyson Harlow, Assistant Director of Financial Aid
Whitman College

2. We will talk about: Federal student aid State student aid
Student aid from colleges
Scholarships from other sources
Here you can briefly state the main topics of the presentation.

3. We will answer: What is financial aid? Who can get it?
How much can I get?
How do I apply?
What happens next?
Where can I get more info?
Here you can briefly list the questions that will be answered during the presentation.

4. What is financial aid? Money to pay for college or career school
Scholarships
Grants
Work-study
Loans
Financial aid is money for education expenses for college or career school.
Grants do not have to be repaid (they are often called “gift aid”).
Work-study is money earned by the student at a job (often on campus) that helps the student pay his or her education expenses. This money does not have to be repaid and is not taken into account in assessing a student’s eligibility for financial aid the following year.
Loans have to be repaid with interest.
Scholarships are funds that do not have to be repaid. Scholarships are usually based on academic merit but can be based on a student’s interests, hobbies, religion, ethnicity, and/or financial need.

5. Who can get federal student aid?
U.S. citizen or permanent resident
High school graduate/GED holder
Eligible degree/certificate program
Valid Social Security number
Males registered for Selective Service
Satisfactory academic progress in college/career school
**This is not a comprehensive list of eligibility criteria for federal student aid. For complete details, visit and go to the Student Eligibility chapter of the Federal Student Aid Handbook. (Students should visit StudentAid.gov/eligibility.)**
Basic eligibility criteria for federal student aid:
US citizen/permanent resident (there are some additional categories of eligible noncitizen, but they’re relatively rare)
High school graduate; GED (or other state certificate) holder; or homeschooler who has completed his/her home-school education as recognized by the state government
Student enrolled as a regular student in a degree or certificate program that is eligible to be paid for by federal student aid funds; student also must be attending a college or career school that participates in the federal student aid programs
SSN: the exception here is students from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau
Males must register for Selective Service within 30 days of their 18th birthday (within 30 days before or 30 days after, for a total window of 60 days).
If you are working with a male student who did not meet the 60-day timeframe, direct him to register immediately at Late registrations are accepted until the age of 26.
If you are working with a male student aged 26 or older who did not register, you should direct him to the financial aid office at the college he plans to attend. Before he can receive federal student aid, he will have to prove that he did not “knowingly and willfully” fail to register. The financial aid administrator will tell him what documentation he needs in order to do so.
In broad terms, a student making satisfactory academic progress (SAP) is moving toward receiving his or her degree or certificate at a pace that is acceptable to his or her school. Each school sets its own SAP policy.

6. Who can get other kinds of financial aid?
States, colleges, and private scholarships have their own eligibility criteria.
Be sure you know what you need to do to qualify.
At this point, you might want to share the eligibility criteria for one or two financial aid programs offered by your state government. Common criteria include being a resident of the state, for instance. You can find your state grant agency’s contact information (including website address, if any) at

7. How much student aid can I get?
In general, depends on your financial need.
Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)
EFC comes from what you report on FAFSA® (Free Application for Federal Student Aid)
COA is tuition, fees, room and board, transportation, etc.
COA – EFC = financial need
EFC is determined by a formula that takes into account information such as the student’s and parents’ income and (often) their assets, how many people are in the family household, and how many of those people are in college. For a full explanation of the EFC formula, go to StudentAid.gov/resources#efc.
Cost of attendance is determined by the school and may include:
Tuition and fees
Books, supplies, transportation, personal, miscellaneous
Room and board
Dependent care
Study-abroad expenses
Disability expenses
Employment expenses for co-op study
Loan fees
For more information about cost of attendance, see the “Calculating Awards and Packaging” volume of the “Federal Student Aid Handbook” at
Financial need is determined by subtracting the EFC from the COA. Because COA differs from school to school, a student’s financial need will also differ from school to school.

8. How much federal student aid can I get?
Maximum amounts for the major programs for a dependent freshman in :
Federal Pell Grant: $5,815
Federal Work-Study: depends on funds available at school
Direct Subsidized and Unsubsidized Loans: $5,500 total currently 3.76%
Direct PLUS Loan (for parents): COA minus other aid received currently 6.31%
Funds from other programs are available; see StudentAid.gov/needmoney for details.
This slide lists the most commonly known federal student aid programs. Information about the others is available at the URL shown on the slide.
The maximum awards listed on this slide are just that: maximum awards. There is no guarantee that any single student will receive the maximum award from any program.
Not all schools participate in all of these programs.
The student must have a significant level of financial need in order to receive maximum grant awards.
Students should be aware that Federal Work-Study funds may run out, so it is important to apply as early as possible.
(Note that the Direct PLUS Loan is also available to graduate and professional students, but this example is for an incoming freshman, so we’ve only mentioned that the parent can get a PLUS.)
You may wish to hand out the document “Do You Need Money for College?” (available at the URL on the slide) to your attendees to provide them a high-level understanding of federal student aid.

9. How much state, school, and private scholarship money can I get?
Depends on the program; do your research!
WA State aid:
State Need Grant
College Bound Scholarship
Ask financial aid offices for info about aid available at their schools
Use the school’s “Net Price Calculator” for an estimate
It’s important to research early so you don’t miss out on any aid.

10. How do I apply for aid?
Federal student aid: fill out Free Application for Federal Student Aid (FAFSA®) at fafsa.gov
Do NOT use fafsa.com!!
WA State aid: fafsa.gov
or if the student is ineligible for federal financial aid due to immigration status, they can complete the “Washington Application for State Financial Aid (WASFA):
School aid: contact financial aid offices at schools you are considering
Does the school have their own aid application form?
Does the school use the CSS Profile (like Whitman)?
Re the FAFSA, stress that it is a free application. If a student finds him or herself at a website that asks for payment, the student is not at the official U.S. Department of Education FAFSA site. There is no fee to file the FAFSA.
Note: the FAFSA is also available in paper form, but the online application is much quicker.
[Note to counselor: If you are working with students who need paper FAFSAs, you can download a PDF of the FAFSA at fafsa.gov (click on “FAFSA Filing Options”) and print as many copies as you need. Alternatively, a student may call FED-AID ( ) or visit to request up to five copies of the FAFSA.]
If there are specific state, school, or scholarship programs that most or all of your students apply for, you might insert their Web addresses here, or state where to get applications.

11. Private/Outside Scholarships
Check locally!
TheWashBoard.org 
go.salliemae.com/scholarship/
bigfuture.collegeboard.org/

12. What’s Changing for 2017–18 Change #1: Earlier FAFSA® Launch
2017–18 FAFSA available Oct. 1, 2016, at fafsa.gov
Change to October 1 launch will be permanent
Change #2: Earlier Income Info Required
2015 tax/income information required
(Normally would have been 2016)

13. What’s Changing for 2017–18

14. Benefits to Students Benefit #1: Alignment
Many college admissions application deadlines occur in the fall
Financial aid application done at same time = less confusion
Benefit #2: Certainty
No need to estimate tax info
IRS Data Retrieval Tool available immediately
Expected Family Contribution known earlier (helps with assessing net costs)
Benefit #3: Less Pressure
More time before (most) state and school deadlines
More time to compare schools before College Signing Day (May 1)

15. How do I apply for federal student aid?
Create an FSA ID (a username and password) fsaid.ed.gov/ (Your parent will need an FSA ID, too!)
Gather the documents you need to apply.
Social Security Numbers, Birth dates
2015 Tax returns, W-2s
Child support received/paid amounts
Cash/savings/checking acct balances
Investments/Real Estate/Business values
Optional: Use the FAFSA on the Web Worksheet to prepare your answers. (Get worksheet at StudentAid.gov/resources#worksheet)
[Note to counselors: In late spring 2015, the PIN will be replaced by the FSA ID, a username and password. More information is at FinancialAidToolkit.ed.gov, in the Announcements section. More info for students will be added to StudentAid.gov in mid- to late April 2015.]

16. How do I apply for federal student aid?
Fill out your FAFSA at fafsa.gov.
Apply on or after October 1 but as early as possible to meet all deadlines.
State deadlines are at fafsa.gov.
School deadlines are listed on schools’ websites.
Need help? Use the help functions within the FAFSA (including live chat) or call FED-AID.
Don’t forget: watch for the confirmation page that says your FAFSA has been submitted. THEN log out.
Bonus tip: Find out how to automatically import tax info from the IRS into your FAFSA: StudentAid.gov/irsdrt.
The FAFSA is available online (in English or Spanish) January 1 of each year. A high school student will (ideally) fill out the FAFSA in January of his/her senior year, assuming he/she plans to go on to college in the fall following graduation.
Many state education agencies and schools also use information from the FAFSA in order to determine eligibility for their programs. Their deadlines can be quite early, so the student should check the FAFSA site for the state deadline as well as finding out each school’s deadline.
If the student and/or parents have not yet filed their tax returns, it’s okay for them to carefully estimate the amounts that will be on their tax forms and report the estimated amounts on the FAFSA. They will need to correct those amounts once they have filed their taxes.
fafsa.gov provides help screens and live chat with a customer service representative (during business hours). Additionally, the FED-AID hotline can guide the student through the FAFSA. Operators speak English and Spanish.
Students need to understand that they have not finished with the FAFSA until they have submitted it and have a confirmation page on the screen.
Paper FAFSAs can take as much as 2.5 weeks longer to process than the online FAFSA.
[Note to counselors: For information for you, the counselor, about automatically retrieving tax data from the IRS for inclusion in the FAFSA, see Part 2 of the Counselors and Mentors Handbook at FinancialAidToolkit.ed.gov/handbook. Students should go to the StudentAid.gov/irsdrt URL mentioned on this slide.]

17. How do I apply for federal student aid?
Watch for response by or by mail, confirming that your FAFSA was processed.
Double-check that your info is correct by logging on at the FAFSA site and reviewing your data.
Correct any mistakes and submit the corrected info.
Watch for s or letters from the schools you are considering.
Give the schools any additional paperwork they ask for.
Meet all deadlines or you could miss out on aid!
The paper or online Student Aid Report (SAR) will list the student’s EFC and will show the information the student reported on the FAFSA. The student can review the FAFSA information online by logging in at fafsa.gov.
If the student estimated any tax or income information on the FAFSA, he or she should remember to correct that information once the taxes are filed. Many college financial aid administrators ask that the student contact them before making the corrections.
Corrections can be made online at fafsa.gov or on the paper SAR. Online corrections can be processed immediately in some cases. The student will then receive a new SAR, and the school will receive updated information.
Note: The IRS Data Retrieval Tool can be used at this point as well!

18. What happens next?
Each school will tell you how much aid you can get at that school.
Once you decide which school to attend, keep in touch with the financial aid office to find out when and how you will get your aid.
You might wish to point out to students that affordability is not the most important factor in choosing a school. Ideally, a student should find the school that will best suit his or her educational and training needs, as well as fitting his or her personality. If two or more schools are “tied,” then cost can be a determining factor.
Obviously this is a best-case scenario. We understand that many students simply have no choice but to attend the most affordable school. However, we try to remind students that many relatively expensive schools have enough funds available to help out students with great financial need. Therefore, a school with a tuition of $30,000 might end up being more affordable (due to the amount of financial aid it provides the student) than a school of $12,000. In other words, students should go ahead and apply to any schools that they truly believe are a good match for them—then figure out the financial aspects later.
Whitman’s Timeline

19. Where can I get more info?
StudentAid.gov
Info about aid programs
Links to free scholarship and college searches
FED-AID
Help with FAFSA
Financial Aid Office

20. Questions?
[Note to counselors: You may wish to hand out the one-page fact sheet titled “Federal Student Aid: Find the Information You Need.” The fact sheet lists frequently-asked-about federal student aid topics and easy URLs to find the answers. If you want to have students download the fact sheet themselves, give them this URL: StudentAid.gov/resources#find-aid-info.]
[Note to counselors: Remember to check out FinancialAidToolkit.ed.gov/resources to browse and download documents, videos, sample tweets, infographics, and more that you can use to raise students’ awareness and understanding of federal student aid. Please remember that the Financial Aid Toolkit is for you, the counselor; send your students to StudentAid.gov for information relevant to them, and to StudentAid.gov/resources to browse the handouts, videos, etc.]

21. Thanks for coming
Contact information:
Tyson Harlow
Phone: