2015 Guide to FAFSA, CSS Profile, College Financial Aid, & EFC

Use the article from Forbes to answer these questions in complete sentences. Please
change your responses to another color or bold.
http://www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-collegefinancial-aid-and-expected-family-contribution-efc/

Applying for College Financial Aid

1. What are the 2 possible forms to complete to apply for need-based financial aid? The two
possible forms to complete are FAFSA or the CSS profile.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid? The form that most colleges use to determine financial aid is FASFA.
3. What is the CSS Profile used for? The CSS profile is used for colleges to assess the students
eligibility for the colleges own institutional aid dollars.
4. What colleges require the CSS Profile? Private colleges including the Ivies require the CSS
profile.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid? The student is required to
complete and submit the forms.
6. What is the EFC? The EFC is the expected family contribution.
7. How is EFC calculated? EFC is calculated by the financial information you give them by filling
out the form the form is completed online and submitted to the aid calculations.
8. What factors determine a persons EFC? If your parents are contributing to the college
amount may determine the EFC.
9. Why might a person get 3 different EFC amounts? A person may get 3 different EFC amount
depending of the income of the person parents, family size, and the number of dependent
children enrolled in college in a given year to assess the familys ability to pay for college.
Using EFC to Determine the Need for Financial Aid
10.How is EFC used to determine if a student qualifies for need-based financial aid? EFC is used
to determine if a students qualifies for financial aid because it is a formula that subtracts the
students expected family contribution from a colleges total cost of attendance.
Cost of Attendance
11.What elements add up to the cost of attendance? The cost of enrollment, including tuition,
admission fees, books, room, travel, and board expenses.
12.What is the national average cost of attendance for:
a. 2-Year Public College? $20,000
b. 4-Year Public College? $28,000
c. 4-Year Private College? $55,000
d. 4-Year Elite College? $65,000
Putting EFC into Perspective
13.When would a student qualify for need-based financial aid? If your income is lower and you
have another child and one of them is going to college.
14.What are students eligible for when they qualify for need-based financial aid? The student is
eligible for grants, scholarships, and student loans.

15.Why is it incorrect to assume a student will get financial aid if s/he is eligible? Eligibility
doesnt mean certainty theres many other people and the students doesnt know which one
they will get or how much money that scholarship, grant, or loan is.
16.When would a student be denied need-based financial aid? A student would be denied if there
income is higher and they only have one dependent child.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on? The eligibility depends on
income.
18.Why might a student be eligible for aid at one college but not at another? A student may be
eligible at one college and not another depending on the count at that college maybe theres
more students that have lower income. It also depends on how much the college cost.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts? When the student receives a
financial aid letter they will find out their financial aid package amount.
20.What types of resources are included in a financial aid package? The financial aid package
includes federal aid, state aid, and private scholarships.
What to Do if Your Family Has Special Financial Circumstances
21.What form does not include a place to explain special situations? FAFSA doesnt include a
place to explain a special situation.
22.What form does have a place to explain special situations? The CSS profile does have a space
to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances? Parents can
contact the financial aid offices for each specific college and have a written explanation
stating your situation ready to send.
How College Selection Impacts Financial Aid
24.What factors make a student more likely to get an aid package that meets a higher
percentage of their need? If the college wants the student for a particular reason they are
most likely to get a higher amount of financial aid.
25.Why is aid more complex at elite private colleges? Aid is more complex at elite private
colleges because they cost a lot more and want to have every students exact information so
they get a fair amount.
Merit Aid
26.What is merit aid based on? Merit is based on the students academic, athletic, and music
ability.
27.Why is merit aid so great? A merit is so great because it awards grants and scholarships
which do not have to be paid back.
28.What is important to know about merit aid at elite colleges? It is important to know that most
elite colleges do not offer academic merit aid which means that your EFC has to be less than
the sticker price.
Student Gets Merit Aid But No Need-Based Aid
29.What will happen if a student qualifies for merit aid but not need-based aid? You will only
have to pay the sticker price minus your childs merit if the student qualifies.
Why Merit Aid Reduces Need-Based Aid Eligibility

30.True or False: If you qualify for need based aid and merit aid, you subtract both of them from
the college cost to determine how much you will pay. False because you have the merit aid so
the merit aid is subtracted from the sticker price.
31.True or False: If you qualify for need based aid and earn a scholarship, you will have a lower
cost to pay than if you did not have the scholarship. False because you still have to pay a
sticker price the scholarship is subtracted from financial aid.
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process? A list of colleges where the student has been accepted for admission.
33.What elements are included in the financial aid award letter? Outside scholarship awards,
state grants, student loans, work- study, and the eligibility for all the aid will be on the
financial aid award letter.
34.What factors contribute to the total cost of attendance? The attendance includes tuition, fees,
room, board, books, travel and personal expenses.
35.What is the formula for out-of-pocket cost? The formula for out-of-pocket cost attendance
minus the amount of aid package.
36.Why might the out-of-pocket cost be greater than what is calculated using that formula? The
out-of-packet cost may be greater because the loan is added to it.

Extra Credit: At home, speak with your parents and review the chart in the article 2015 EFC
Quick Reference Table for College Aid and answer these questions.
A. Is it likely you will qualify for need-based financial aid?
B. What is the plan to pay for college?
C. Are there any colleges your parents will not let you go to? Or, are there any limits they
have for where you can go to college? (Distance, cost, 2-year or 4-year, etc.)