1. Financial Aid Information Session

2. The Free Application for Federal Student Aid (FAFSA)
Financing your Education
How am I going to pay for this?
The Free Application for Federal Student Aid (FAFSA)
If applying for Financial Aid, this form is required to determine eligibility for many Federal, State and Institutional aid programs which can include scholarships, grants, work study and student loans.

3. Financing Your Education
Where is the money coming from?
Recent studies have found that the average family pays for college from these sources-
30% Federal Grants and Scholarships
30% Student Savings and or Loans
30% Parents Savings and or Loans

4. May file FAFSA in one of two ways:
Collects family’s personal and financial information used to calculate an EFC (Expected Family Contribution)
May file FAFSA in one of two ways:
Electronically via FAFSA on the Web
Paper
FAFSA available in English and Spanish 8

5. Web site: www.fafsa.ed.gov
FAFSA on the Web
Web site:
FAFSA on the Web available on October 1, 2017
FAFSA on the Web Worksheet:
Questions follow order of FAFSA on the Web

7. Federal Student Aid (FSA) ID
Web site:
Replaces “FAFSA PIN”
Will be used by students and parents throughout aid process, including subsequent school years

8. Filing electronically:
FAFSA on the Web
Filing electronically:
Built-in edits to help prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
More detailed instructions and “help” for common questions
More timely submission of original application and any necessary corrections
Ability to check application status on-line
More simplified verification (IRS data retrieval tool) & renewal application process
Cover Guardianship

9. What happens next
You’ll receive a Student Aid Report (SAR) electronically or through the mail
Check carefully and make any corrections necessary
Schools will receive the same information and corrections you make
School determines aid eligibility and will contact you if they need additional information

10. Expected Family Contribution (EFC)
What is it?
The FAFSA takes information like Adjusted Gross Income (AGI), Wages and Earnings, Household size and other things to determine how much a family can contribute financially for the given school year.
Why is it important?
The EFC generated will help calculate if you qualify for Pell Grant as well as other grants and aid. It also helps calculate the amount of need a student has and qualifies for.

11. Submit FAFSA prior to school’s deadline
Application Process
Submit FAFSA prior to school’s deadline
Most aid awarded on “first-come, first-served” basis
To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine:
Required application materials
Application deadlines (priority deadline)
March 1 – New Students
April 1 – Continuing Students

12. Cost of Attendance (COA)
Tuition and fees
Room and board
Books and supplies
Loan fees
Transportation Expenses
Personal/Miscellaneous Expenses
COA is not a bill or list of your direct expenses, COA is only used for awarding purposes 6

13. Direct vs. Indirect Costs
Total of $19,115 per year
Tuition and Fees/Sem: $4,785
Room and Board/Sem: $4,773
Colorado Resident
Indirect Costs:
Total of $4,324 per year and $2,162 per semester.
Books could be charged directly depending on the school.

14. – Expected family contribution (EFC)
Definition of Need
Cost of attendance (COA)
– Expected family contribution (EFC)
= Need 4

15. Need Varies Based on Cost5

16. 3 Types of Aid There is more than $150 billion available
in federal aid to help students pay for college 2

17. Types of Grants/Scholarships
Federal and State Grants
Federal PELL Grant
Supplement Educational Opportunity Grant (SEOG)
Colorado Student Grant
Institutional Grants/Merit Scholarships
Provided by institution
Private Scholarships
Outside source – donors
 maximum Federal Pell Grant award is $5,920
If you have an EFC of 0-$5,328, you qualify for a federal pell grant on a sliding scale up to $5,920
You must have NEED to be awarded grants.

18. Types of Workstudy Federal Work-study (need-based)
State Work-study (need based)
Institutional Work-study (typically non-need based)
Work hours per week while attending school
May be related to degree program
Valuable experience–looks great on your resume
Paid by hours worked, at variable wage rate, around class schedule

19. Student Loans Subsidized (need-based) Unsubsidized Parent Loans
Interest paid by the Government while enrolled at least half-time
Unsubsidized
Interest accrues continually
Parent Loans
Federal PLUS Loan
Credit-based

20. College Opportunity Fund
$77 stipend per credit hour
Available to Colorado residents ONLY
ONLY at Colorado schools
Must apply at
Check with school to see if there are additional requirements

21. Western State Colorado University
Questions??
Western State Colorado University
Thank you!