1. FINANCIAL AID Tips and some practical advice
Presented by: Bonnie Lee Behm Director of Financial Assistance Villanova University

2. What is Financial Aid? Any funds provided
to students and families
to help pay for
Postsecondary Educational expenses

3. Goal of Financial Assistance
To provide the student with an award notice listing a source or sources of aid to allow the student to enroll in the institution of their choice.

4. Types of Financial Aid
Grants/scholarships = free money, does not need to be repaid
Loans = needs to be repaid
Student Employment = on or off-campus employment

5. Categories of Financial Aid
Merit based aid
Grant assistance awarded on the basis of merit. Merit is defined by the institution or organization providing the funds.
Need-based aid
Grant aid awarded to students on the basis of financial need.

6. Merit-Based Aid
Award usually remains the same over the course of the student’s academic career vs. need-based aid that can change based on families financial situation
Merit may be defined in a variety of ways
Academic record SAT, ACT, GPA, HS RANK
Special characteristics Leadership, Creativity
Skills or talents Musical, Athletic, Writing
Involvement Community service, Work

7. Merit-Based Aid
Amounts can vary significantly from school to school
Rule of thumb: more competitive the institution – less merit based aid
May require an application, interview, audition, references, submission of additional materials
May require an earlier date to apply for admission
May be administered by an office other than FA
May or may not be offered to transfer students

8. Need-Based Aid
Need-Based Aid = aid awarded to students on the basis of financial need. Re-evaluated each year as financial situations may change.
Need will vary based on cost of attendance of the school
Determination of need will be based on submission of an application showing family income, assets, family size, number of family members in college, etc.

9. How do you apply for need based aid?
Complete the Free Application for Federal Student Aid (FAFSA)
State Grant Form (SGF) for PA residents
Required for First Year Students and may be requested for subsequent years
This form is completed while filing the FAFSA or after at
Check with each school regarding their application process
Some schools have their own application
May require a copy of tax returns, and/or W-2 forms
The CSS Financial Aid PROFILE may also be required at some institutions

10. What Is the FAFSA? Free Application For Federal Student Aid (FAFSA)
Used to apply for federal & state aid
May be application for college aid, depending upon the school:
File one FAFSA per student (not one per college)
List all the schools your child is considering attending so the results of the FAFSA go to each school
If PA resident and applying to a PA school it is good to list a PA school first – otherwise you can list schools in any order
Need to file a FAFSA every year !

11. So I hear some things are changing this year…….
What’s going on???

12. What’s Changing for 2017–18 Change #1: Earlier FAFSA® Launch
2017–18 FAFSA available OCTOBER 1, 2016 at fafsa.gov
Change to October 1 launch will be permanent
Change #2: Earlier Income Info Required
[Change 1]
The 2017–18 FAFSA season will begin earlier than previous FAFSA application cycles. Beginning on Oct. 1, 2016, you’ll be able to fill out the FAFSA for the 2017–18 school year, instead of January 1 as you did for past school years.
The earlier submission date will be a permanent change, enabling you to complete and submit a FAFSA as early as October 1 every year.
[Change 2]
Beginning with the 2017–18 FAFSA, you’ll report income information from an earlier tax year. For 2017–18, the FAFSA will require 2015 income information, rather than 2016 income information.
We’ll talk about some benefits of this change in a minute. But first, let’s get a visual of the FAFSA changes…
2015 tax/income information required
Normally would have been 2016

13. What’s Changing for 2017–18
This table compares launch dates for several FAFSA years, showing the change from January to October starting with the FAFSA.
It also shows that the required income and tax information will be from an earlier year starting with This results in two FAFSAs in a row asking for 2015 income information—this is a one-time thing. As you can see, the FAFSA will ask for 2016 income info. And going forward: the FAFSA will ask for 2017 income info, and so on.

14. Benefits to Students Benefit #1: Alignment Benefit #2: Certainty
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 deposits are due
So what’s in it for you?
[Benefit #1]
The earlier launch date will benefit students who are looking at and applying to colleges.
For some students, the traditional FAFSA application cycle is not aligned with college admissions application deadlines, which typically occur in the fall prior to the FAFSA launch. The new financial aid application process will be more aligned with the college admission process for those students.
[Benefit #2]
The FAFSA asking for earlier income information will benefit all students and parents filling out the application. Here’s why:
Many deadlines for state aid are as early as March. If the FAFSA asks for information about tax forms that aren’t due until April 15, applicants have to estimate income or taxes paid in order to meet those state deadlines.
Many students and parents have mistakenly thought they weren’t able to file a FAFSA until they filed their tax return. This caused some students to miss certain financial aid deadlines set by their states or schools.
By October 1, 2016, most families will have filed their 2015 taxes.
As a result of the change to requiring earlier tax information, more students and families will be able to complete FAFSAs using data imported electronically from the IRS, rather than submitting applications with estimates that may need correcting later.
Students who are applying to college also will have information about their Expected Family Contributions earlier, helping them as they’re going through the college application and selection process.
[Benefit #3]
And finally, the early launch and earlier tax info are designed to take some pressure off students and parents in a variety of ways.
Students and parents will have more time to explore and understand financial aid options and apply for aid before state and school deadlines.
Note: some state deadlines for first come, first served aid will change from “as soon as possible after January 1” to “as soon as possible after October 1.” We’ll talk about that in a minute.
If a student who’s applying to colleges fills out the FAFSA earlier and gets aid offers from schools earlier, he or she will have more time to compare schools before committing to one.
(And of course there’s less pressure on an applicant when he or she can use the IRS Data Retrieval Tool because taxes were filed long before the FAFSA was launched. The applicant will not have to take the time to estimate tax info and then go back to the FAFSA later to correct entries once taxes are filed. Fewer steps; less pressure!)

15. FAQs About Timing & Reporting Info
Can a student choose to report 2016 information?
No; you do not have a choice of which year to report
Must report info re the year the FAFSA asks for
Talk to college if big change in financial circumstances
Remember: Certain items on FAFSA are “as of today,” so you must read each question and fill out accordingly
Can a student choose to report 2016 information if the family’s financial situation has changed since 2015 taxes were filed?
No. You cannot choose which year’s information to report.
You must report the information the FAFSA asks for. If your family’s income has changed since the 2015 tax year, talk to the college financial aid office about the family’s situation.
Note: For certain items on the FAFSA, you must report “as of today.” For most of these items, that’s quite simple. (Example: The balance of your savings and checking accounts “as of today” is easy to look up and report.)
However, it could get tricky when it comes to the student’s or parent’s marital status. The FAFSA asks for marital status “as of today” (the day it’s filled out). So if the student or parent is married now but wasn’t in 2015 (and therefore didn’t file taxes as married), the spouse’s income will need to be added to the FAFSA. Similarly, if the student or parent filed 2015 taxes as married but is no longer married when filling out the FAFSA, the spouse’s income will need to be subtracted.

16. FAQs About Timing & Reporting Info
Will students receive aid offers earlier if they apply earlier?
Not necessarily; some schools will make offers earlier; others won’t
Remember: early aid offers will likely be estimates
Will students receive aid offers earlier if they apply earlier?
Not necessarily; some schools will make offers earlier while others won’t.
Students who are applying to colleges and want to figure out which gives the best bang for the buck might want to look at the College Scorecard at collegescorecard.ed.gov to compare costs at different schools while they wait for aid offers to arrive.
Note: The maximum Federal Pell Grant for 2017–18 won’t be known until early 2017, so keep in mind that even if you do receive an aid offer early, the offer could change due to various factors.

17. Completing the FAFSA Tool to assist in the completion of the FAFSA
IRS DATA Retrieval Tool (DRT)
Allows family to download tax information directly from the tax return onto the FAFSA
IRS Data is available:
After 2 weeks of electronically filing federal tax return
After 8 weeks of filing a paper federal tax return
Some families may not be able to use this tool – if not they may be requested to submit an IRS Tax Return Transcript

18. Filing The FAFSA
Students need to be encouraged to apply even if they are not sure of their attendance at a particular school
Do not wait to be accepted to college to file for financial assistance
Student and parent must create an FSA ID

19. Whose Information Goes on the FAFSA?
Dependent Student and Parent(s) - yes
- Independent student – only their info (& Spouse)
Divorced or separated parents (provide information about the parent you lived with most in the last 12 months or the parent that provides the most financial support if you lived with each parent equally)
Stepparents - yes
Adoptive parents - yes
Foster parents - no
Legal guardians - no
Anyone else the student is living with - no

20. Deadlines Check each institution for their specific deadline date
State or federal deadline dates may differ so make sure you are meeting all timelines: several states will change from “as soon as possible after Jan 1 to “as soon as possible after Oct 1”
Schools may be accelerating their deadlines
CSS PROFILE deadline now may be the same as FAFSA deadlines

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

22. Cost of Attendance (COA)
Typically includes:
Tuition & fees
Room & board
Books & supplies allowance
Personal expenses allowance
Transportation allowance
_______________________________________________________________________________________________

23. What Is The Expected Family Contribution?
EFC is determined by a formula that considers a student & parents’ financial situation
Amount a family can reasonably be expected to contribute to the student’s education during the school year
EFC & Financial Need are guidelines used by schools to determine aid package
FAFSA=Federal Methodology (FM) to determine EFC for federal aid
CSS PROFILE = Institutional Methodology (IM) to determine EFC for institutional aid

24. How Is The EFC Calculated?
Primary Factors Considered:
Taxable Income: AGI (wages earned + interest dividends + other taxable income)
Untaxed income & benefits
Number in family
Number of dependent children in college
Assets (Primary residence and Retirement accounts are not considered on FAFSA)

25. How Is The EFC Calculated?
For more detailed information on how the EFC is calculated visit:

26. Institutional Methodology
Some schools require the CSS Financial Aid PROFILE
Additional form primarily used by private schools to collect supplemental data (home equity, n0n-custodial data, business worth, etc.)
Allows the school to get a better picture of the family’s total picture and not just AGI and allows for a free form statement
Basis for awarding institutional aid only

27. Institutional Methodology
More about the CSS PROFILE
Register to complete form at
There is a fee to file the PROFILE – automatic fee waivers for low income students
Some PROFILE Schools require documents such as tax returns to go to a service called IDOC to eliminate sending multiple copies of tax return

29. Sources of Aid Federal State Institutional - School/College/University
Private/Outside Organizations
Civic organizations (ex.-local Rotary Club, parent’s employer, churches)

30. Federal Grant Aid Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Teacher Education Assistance for College & Higher Education Grant (TEACH)

31. Federal Work and Loan Aid
Federal Work Study
Federal Nursing Student Loan
Federal Direct Loan – subsidized and unsubsidized
Federal Direct PLUS Loan (parent’s loan)

32. State Aid Awards may be merit or need based
May require some type of residency requirement
Deadlines for applying for state aid may vary from state to state
Contact your state higher education assistance agency for specific details on their programs of aid

33. PA State Grant Program
PA State Grant* – 16/17 academic year
Full-time, in PA….....up to $4,378
Part time, in PA………up to $2,189
Out of state….. Up to $559 (or $745 if veteran) in DE, MA, OH, VT, WV, and DC (subject to change)
Amount determined in part by the cost of the school
Must be at least half-time to be eligible
For details and some additional programs visit or refer to the PA Student Guide

34. College/University
Many schools offer their own sources of aid. Understand that funding varies from school to school therefore aid packages may vary significantly
Funds may be merit or need based aid or both
Check with each school you are interested in about their policies, application forms, process & deadlines

35. Outside Sources Private sources of scholarship funds include:
Service/Fraternal Organizations
Employers/Business
Churches/Religious Groups
The web is an excellent resource for parents, students and counselors to seek free scholarship assistance:

36. Comparing Aid Offers School A School B COST OF ATTENDANCE $19,000
$52,000
- EXPECTED FAMILY CONTRIBUTION $0
= FINANCIAL NEED
PELL Grant
$5,815
SEOG Grant
$2,000
$3,000
PA State Grant
$4,378
Work Study
Direct Loan - Subsidized
$3,500
Institutional Grant – need &/or merit
$28,000
Unmet Need
Could meet Unmet need with Direct Unsub or PLUS loan or private scholarship
$1,307
$4,307

37. Comparing Aid Offers School A School B COST OF ATTENDANCE $19,000
$52,000
- EXPECTED FAMILY CONTRIBUTION
$12,000
= FINANCIAL NEED
$7,000
$40,000
PELL Grant $0
SEOG Grant
PA State Grant
$1,100
$1,400
Work Study
$1,000
$3,000
Direct Loan - Subsidized
$3,500
Institutional Grant – need &/or merit
$28,000
Unmet Need
Could meet Unmet need with Direct Unsub or PLUS loan or private scholarship
$4,100

38. The Financial Aid Gap
The Financial Aid Gap is the difference between demonstrated financial need and the amount of financial aid actually awarded.
Possible Ways to Close the Financial Aid Gap:
Private scholarships/loans
Summer employment
Part-time employment on campus
Campus tuition payment plans
Other family leveraging options
Many students will have a financial aid gap if they do not receive any outside scholarships or grants/scholarships from the institution. Remind students/parents/mentors of importance of applying for scholarships.

39. Comparing Aid Offers
Will the aid package change if outside scholarships are received?
What factors can cause changes to my eligibility in the future? (i.e.- how will my package change if there is a change in the number in college, what if my income increases)
Can I appeal the award?

40. Comparing Aid Offers
Look at the Bottom line for each school carefully comparing grants, loans and work opportunities as well as merit versus need based programs
Consider possible changes in your family situation over the next four years & consider how that can affect your ability to pay not only in the next four years but over the years all your children are in college

41. Additional things to consider
If you have unusual circumstances let the school about your situation
Follow up with all requests for additional information from your school or federal or state agency
You need to reapply for need based aid every year so if your family financial situation changes your need based aid package may also change each year
Contact the Financial Aid Office with your questions

42. Timeline for Aid Application
September – start to apply for private aid and admission to the college
October – you may start to file FAFSA and/or CSS PROFILE and any other forms school requests (Early Decision may change timelines)
November to April– schools will send financial aid award letter to you
review financial aid awards and determine which package is best for you and your family
May 1 – Deposit deadline for admission

43. Questions ?
Thank you for your attention & GOOD LUCK