An Introduction to Financial Aid
The cost of a 4-year college education can be daunting for many families, ranging from $35,000 to $45,000 per year at some private institutions. Each institution has different policies for assessing and meeting student financial need, so you will eventually need to contact the financial aid department of each college to which you are applying. It is often recommended that all families apply for financial aid because even if the family does not qualify for need-based aid, the student may still qualify for scholarships or work-study on campus, or the family’s financial situation could change unexpectedly.
Some private schools agree to meet the “demonstrated financial need” of all admitted students. In fact, because of generous financial aid policies at some private colleges, it can be less expensive in some cases for a family to have a student attend a private institution than an in-state public one.
For a rough determination of whether your family will qualify for need-based aid, you can use online calculators such as www.finaid.org, www.collegeboard.com, or www.aiccumentor.org. These will help you estimate your EFC (Expected Family Contribution) Often, the best way to see if you qualify is simply to apply.
Your Counselors are also available for help with financial aid questions, and there are many useful materials in the College and Career Center.
COA (Cost of Attendance for one year, different at each college)
minus your EFC (Expected Family Contribution)
= Demonstrated Financial Need.
- COA (Cost Of Attendance) includes tuition and other fees, room and board, health insurance, books and supplies, transportation between home and school, and miscellaneous personal expenses. This amount will usually be stated in the school’s catalog or on website. EFC (Expected Family Contribution) will be calculated from your FAFSA Form (Free Application for Federal Student Aid), and additionally at private institutions, from your CSS Profile or from the school’s own financial aid application. All schools will use one or both of these forms to calculate your “expected family contribution” and your individual financial aid “package” offered upon admission to their particular school. The EFC is what the college expects you to spend from family income/assets toward college education; the financial aid package offered by the school, to make up the difference, may include a combination of grants, scholarships, loans and work/study status.
- FAFSA—This form must be filed to apply for federal and state student grants, loans and work-study, at public and private institutions. Most private schools also use it in calculating your EFC.
- CSS Profile—This form must usually be filed to apply for non-federal or-state student aid (i.e. for private financial aid from the institution itself). Most private institutions will therefore require both the FAFSA and the CSS Profile. The Profile is a service of the College Board; register in the Fall of senior year.
- SAR (Student Aid Report)—This is what you (and the schools you designated) will receive when your FAFSA form is processed, showing your calculated EFC. Check it carefully for errors and send back the corrected information, if any. The SAR is what schools will use in deciding what kind and how much financial aid to offer admitted students.
- Try an online calculator to estimate your need-based financial aid See www.finaid.org, www.collegeboard.com, or www.aiccumentor.org for CA schools.
- Get a FAFSA PIN# now at www.pin.ed.gov, for both the student and the parents. You both need the PIN to sign the forms electronically and to make subsequent changes online, if necessary later.
- Check with each institution where you’re applying, to understand its financial aid policies and its priority deadlines for applying for financial aid. These may be as early as Feb. 1; in case of early decision or early action applicants, deadlines for the CSS Profile may be in November/December.
- File the FAFSA form online at www.fafsa.ed.gov as early as possible between January 1 and March 2 of the year your student will be entering college (e.g. January 1, 2008 for students entering college in Fall 2008). It cannot be filed before January 1 and must be filed by March 2, 2008. Your financial information will be based on your estimates for 2007 tax year, and can be amended when you file your actual 2007 tax return. Processing is much quicker if you file using the online form than the paper form.
After you’ve received your SAR, your financial information will be submitted to only the maximum of 6 schools listed on your FAFSA form. If you’re applying for financial aid at more than 6 schools, apply to meet the first 6 deadlines, then when you get your SAR, go back in to revise the schools list to add more schools (limit of 6 per time). If you’re applying to any California schools, keep a California school on your list at all times so your eligibility evaluation for Cal Grants (state financial aid) is not interrupted.
Note: If you’re applying for aid at California schools, list the most expensive California school first on your FAFSA form. - Register for your CSS Profile as early as Oct. 1, and submit your Profile applications when you know what private schools you’ll be applying to. This site lists priority filing dates for participating institutions Cost is $5 to register, and $18 per school.
- File your CAL Grant GPA Verification Form by March 2 if you’re applying for California state grants at California public or private schools The two forms needed for a CAL Grant are the FAFSA and the GPA Verification Form GPA Verification Forms are available in the Counseling Office.
Some private institutions may have their own additional forms and deadlines, so it’s important to contact the financial aid department at each school you’re applying to It’s also wise to apply early, since some schools award aid on a “first to apply” basis until they run out of aid funds.
