1. Financing a College Education
Steve Joyce
Bowdoin College
Director of Student Aid, Emeritus

2. TOPICS FOR DISCUSSION The College List Estimating Aid and Family Share
Filing for Financial Aid

3. COLLEGE ADMISSION APPLICATIONS…

4. COLLEGE LIST… If cost will be a factor: Do your homework…
Net Price Calculator
College websites.
Be sure the application list includes …
2 or more “admits”,
A college that offers merit scholarships, or
A lower cost, public or Canadian college/university.
Early Decision??

5. APPLYING FOR FINANCIAL AID…

6. WHAT IS FINANCIAL AID? Grants/Scholarships Loans Work Study
Money that does not have to be repaid
Loans
Money that must be repaid
Work Study
Money earned by the student

7. FAFSA on the Web Web site: www.fafsa.gov
FAFSA available on or after October 1, 2018
Apply annually

8. FAFSA Highlights… It’s FREE!!
The FAFAS can be filed beginning October 1 each year.
Filing deadlines are set by the college.
Deadline for ME state grants is May 1.
The FAFSA collects “prior-prior year data.”
2018 tax information will be used for school year.
IRS imports will improve accuracy and reduce verification issues, but data will not be visible on the FAFSA.
Reporting changes to family circumstances and declines in income directly to colleges will be important.

9. FAFSA Highlights…
Student and a parent each sign the FAFSA with a unique FAS ID
Family income below $26,000 will qualify for an automatic zero EFC.
Helpful Resources Handout
Complete instructions and definitions.
FAFSA worksheet
Practice FAFSA (demo)
Net Price Calculator

10. Click here to start a new FAFSA
FAFSA Tips
After beginning a FAFSA, you will click here for the remainder of the year
Click here to start a new FAFSA

11. CREATE AN ELECTRONIC SIGNATURE: “FSAID”
Go to: fsaid.ed.gov
As with the retired
PIN,
EVERY STUDENT
and
ONE PARENT of
a dependent student
will need an FSA ID
to sign the FAFSA
electronically.
Defaults to “Create
An FSA ID”
Click on “Manage

12. FSAID Web sites: www.fsaid.ed.gov or www.fafsa.gov
FEDERAL STUDENT AID I.D. (FSAID)
Web sites: or
Create an FSAID for student and one parent.
The FSAID is available immediately for FAFSA submission; in 1-3 days for edits or loan applications.
Requires: address, user name and password plus 5 security questions.
May be used throughout aid process.
Can get FSAID anytime before or at filing.

13. LOG IN After beginning a FAFSA, Click here you will to start a
for the
remainder
of the year
Click here
to start a
new
FAFSA

14. SELECT THE CORRECT FAFSA

15. Create a Save Key

16. Completing the FAFSA (Free Application for Federal Student Aid)
1. Deadlines
File early and adhere to the college filing deadlines.
At least one college must be listed to receive FAFSA data.
Use 2017 tax figures.
2. Correct Name, Social Security #, and Date of Birth are vital for federal matches.

17. Completing the FAFSA (Free Application for Federal Student Aid)
3. Content:
Student: Dependent or Independent
Parents Marital Status: as of filing date
Married. Living Together (Biological/Adoptive Parent).
Separated/Divorced: Student residence, $$
2017 Taxable Income: (Parents… adoptive/biological and Student): AGI, wages, interest, dividends.
Data Import from IRS
Untaxed Income:
Contributions to retirement accounts
Child support
Gifts (529 contributions, from grandparents)

18. Completing the FAFSA (Free Application for Federal Student Aid)
3. Content:
Assets: Cash, Investments, Property, Business, but…
- Primary Residence/Farm DOES NOT COUNT.
- Business Equity (<100 employees) DOES NOT COUNT.
- “Recognized” retirement assets DO NOT COUNT.
- You may have the option to omit all assets.

19. SELECT COLLEGES

20. IRS DATA RETRIEVAL 2017: Parent and Student

21. SIGN AND SUBMIT- STUDENT

22. SIGN WITH FSAID AND SUBMIT- PARENT

23. SUBMIT NOW

24. CONFIRMATION AND SPECIAL CIRCUMSTANCES

25. Completing the CSS PROFILE

26. COMPLETING THE CSS PROFILE (Used by some colleges for institutional aid)
1. Apply On-Line
Registration: Begins October 1
Log on to
Click on CSS/PROFILE “Paying for College”
Enter a user name and password
Select Colleges to receive your data
Pay the fee with a credit card. $9 plus $16/college
Complete the PROFILE Application (Fee waivers are available for low income families)
Submit the Application at least one week prior to the college’s published deadline.

27. Completing the CSS Profile
2. Unlike the FAFSA… Profile features
Net worth includes:
Primary Residence
Business Equity
Supplemental data required for:
Noncustodial parents
Business/Farm owners
Space for narrative provided
File once. Edits go through college aid offices.

28. THE FAMILY SHARE OR ESTIMATED FAMILY CONTRIBUTION (EFC)

29. Family Share: THE BIG 5 !! Parent Income: 2017Taxed and Untaxed
Parent Assets: Current
Cash, Savings, Investments, Real estate equity, Business equity, Trusts, 529s
Student Assets: current savings, investments, business
Family Size current.
Number in Undergraduate College in

30. PACKAGING FINANCIAL AID

31. The Award Barrel: Need-Based Aid
Remember: COA - EFC = Need
$25, $8,000 = $17,000
Cost of Attendance = $25,000
Unmet Need = $1,000
Gift Aid = $11,000 Grant
Work = $1,500 Work Study
Loan = $3,500 Stafford Loan
EFC = $8,000

32. A WORD OF CAUTION!!!
Beware of solicitations for programs that “guarantee” to find financial aid and scholarships for a FEE!
Beware of solicitations for FREE “financial aid interviews.”
The Finance Authority of Maine and the Maine Association of Student Financial Aid Administrators (MASFAA) provide free counseling and assistance to students and families completing financial aid forms.

33. REMEMBER…
1. If college cost will be an important factor in deciding where to attend, be sure the student includes some lower cost schools on the list.
2. Apply for aid if the student will need grants, scholarships, loans or work study and apply on time.
3. Use a financial aid on-line calculator early in the process to estimate the aid and family cost for college.
4. Do not hesitate to call aid officers at colleges to which the student has been admitted to discuss the aid offer and resources  available to help pay the bill.
5. Before enrolling, ask how aid may change over the years and how much debt students may carry at graduation.
Call or , if I can be helpful.