Applying for financial aid is often a confusing and cumbersome process. It is designed to help prospective students and their families pay for the cost of college tuition. Financial aid is available through federal and state government, colleges, state and national scholarship programs, local scholarship programs and in the form of loans, from banks.
In most cases financial aid is awarded based on need. In other cases it may be awarded for merit based (academic excellence,) athletic, special talent (musical, artistic etc.,) or other specialized skill (majoring in communications, engineering.)
The calculation of need is based on applying a formula (congressional methodology) to a parent and student’s asset (salary, savings, trust funds, investments, etc.) Once a FAFSA (Federal Application for Student Aid) is completed and submitted an EFC (Expected Family Contribution) is calculated. This EFC and the subsequent “need” that it establishes will vary from college to college according to the cost of attending that school. Need is not a set dollar amount, it is calculated in proportion to the cost.
The FAFSA form may not be the only required financial information requested of the prospective student. Depending on the college, a CSS (College Scholarship Service) Profilemay be required. This provides additional financial information to the individual colleges that required it in order to dispense their own aid. Still other colleges may require their own institutional financial aid forms be filed with an application.
It is recommended that the FAFSA be completed online. If necessary, paper forms can be requested by calling 1-800-4FEDAID. In early October, the Office of Student Services hosts an evening informational program, which focuses on the financial aid process. We encourage all college bound students and their parents to attend that program.
The CSS profile is available in September in the office of student services. Students should check college requirements or ask their school counselor early in the school year whether or not it is required to submit a CSS profile. There is an added registration and processing cost to the student for those institutions.
Institutional financial aid forms are sent automatically with a request for an admissions application from the colleges that utilize this format.
It is important to submit an FAFSA form even if you don’t feel you may be eligible for need based money. By having the FAFSA process you will be considered for loan eligibility.
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