1. Chandler Unified School District Presents…..
What You Need to Know About
Financial Aid
Nanci Regehr
Associate Dean Financial Aid, Rio Salado College

2. Agenda What is financial aid? Cost of Attendance (COA)
Expected Family Contribution (EFC)
Financial Need
Types of Financial Assistance
Free Application for Federal Student Aid(FAFSA)
Special Circumstances

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
Scholarships
Grants
Federal Work Study
Student Loans
Parent Loans
Veterans Educational Benefits

4. What is Cost of Attendance (COA)?
Direct costs- Tuition/Fees
Indirect costs- Room/Board, Books, Transportation, Personal
Direct and indirect costs combined into cost of attendance
Varies widely from college to college

5. What is Expected Family Contribution (EFC)?
Amount family can reasonably be expected to contribute
Stays the same regardless of college
Two components
Parent contribution
Student contribution
Calculated using data from a federal application form and a federal formula

6. Financial Need Cost of Attendance (COA)
- Expected Family Contribution (EFC)
Financial Need

7. How is Financial Aid Determined?
Cost of Attendance (COA) - EFC = Financial Need
Example:
COA $19,000
EFC $6,000
Financial Need* $13,000
*Schools will try to meet your financial need with a combination of scholarship, grants, loans, and federal work study.

8. Types of Financial Assistance

9. Scholarships – Gift Aid
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic
Where do I look?
Financial Aid/Scholarship Website
Career Center Website
World Wide Web
Parents employment
Community

10. Grants- Gift Aid Criteria is predominantly need based Various Types
-Pell Grant (Max Pell Grant $5,920/year for )
-Institutional and Other Federal Grants

11. Loans- Self Help
Money students and parents borrow to help pay college expenses
Repayment usually begins 6 months after education is finished
Federal Direct Subsidized, Unsubsidized, and PLUS
Private

12. Loans- Self Help
Only Borrow what is really needed (half of the amount that you request will be given each semester)
Look at loans as an investment in your future
There are subsidized loan limits for new borrowers.
Keep in mind there are aggregate limits

13. Federal Work Study- Self Help
Job on Campus
Payment is a Paycheck for Work Performed
America Reads/America Counts
Not Reported on the FAFSA

14. Where Does it Begin?
Completing the application process! University Community College Vocational Trade School

15. What is the FAFSA? Free Application for Federal Student Aid
A standard form that collects demographic and financial information about the student and family
Required application for Federal Student Aid and many Scholarships.
Online application at
For the academic year, the FAFSA may be filled out beginning October 1, 2017.
You should apply, even if you think you may not qualify.

16. FAFSA on the Web (FOTW) Website: www.fafsa.gov
Built in edits to prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data.
More timely submission
Ability to check application status online
Simplified application process in the future.

17. FAFSA on the Web (FOTW)

18. What Goes on the FAFSA? General Student Information
Student Dependency Status
Information about Parents of a Dependent Student
Information about Student (and Spouse)
Additional Information
Signatures: Electronic using FSA ID

19. FSA ID Sign FAFSA electronically Not required, but speeds processing
May be used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID

20. IRS Data Retrieval Tool (DRT)
While completing FOTW, applicant may submit real-time request to IRS for tax data.
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to applicant in new browser window
Applicant then chooses whether or not to transfer data to FOTW

21. IRS Data Retrieval Tool (DRT)
Some will be unable to use IRS DRT
Examples:
-No Social Security Number was entered
-Tax payer is married but filed separately

22. Frequent FAFSA Errors Social Security Numbers
Entering the wrong federal income tax paid
Listing Adjusted Gross Income as equal to total
Listing marital status incorrectly– Student and/or Parents
(divorced/windowed/remarried)
Income earned by parents/stepparents
Selecting the correct Aid Year
Number of household members in college
Household size
Real estate and investment net worth
Selecting the wrong website to submit FAFSA-
Forgetting to check your on line student account at the college

23. Special Circumstances
Cannot be documented using the FAFSA
Send written explanation and documentation to financial aid office at the college
College will review and request additional information if necessary
Decisions are final and cannot be appealed to the U.S. Department of Education

24. Financial Aid-Finish Strong
Central Processing System (CPS) notifies student of FAFSA processing results by:
- notification containing a direct link to student’s online SAR, if student’s was provided on paper or electronic FAFSA in 1-3 days.
-Student with FSA ID may view SAR online at
-Paper SAR Acknowledgement if paper FAFSA file and no address provided or if FOTW completed and left blank.
Follow up with school and respond timely to school requests (not to the Federal Government)
School will determine your award package
Continue to monitor school account for any updates
Maintain Satisfactory Academic Progress

25. Ordering a Tax Transcript
Online Request at
- Under Tools, select “Get a Tax Transcript”
- To match and provide the transcript, the tax filers SSN, DOB, filing
status, and mailing address from latest return may be needed
depending on method selected.
- If successfully linked, tax filers can expect immediate results if
choosing the online option. If choosing the “by mail” option, it will
take 5-10 calendar days. OR
Submission of Form 4506-T
- Form is available at
- Takes 10 business days

26. What else do I need to know?
You must re-apply every year
Make the number of corrections minimal!
Start the FAFSA early- October 1st
Need help: Contact the financial aid office or visit
Maintain Satisfactory Academic Progress

27. Questions?