Financial Aid

Last week I attended a financial aid conference that is presented to counselors each year by the Ohio Association of Student Financial Aid Administrators. It was a long meeting and, at times, financial aid can kind of make your head hurt, but it is so important and I learn more about it each year. I am going to try to give you some of the basic information that I think is most important for you to know about at this point. (If you make it all the way to the end you will also see that we have 2 opportunities coming up for you - 1 will give you a ton more information about financial aid and the other is a chance to actually get free help filling out your FAFSA form... so hang in there and try to read through the whole post - or at least make sure your parents see this one.) :-)

Most students will need to fill out the FAFSA form (FAFSA stands for Free Application for Federal Student Aid) and it is essential to meet the deadlines established by your colleges of choice to determine what amount of aid they can offer. (Many deadlines will be as early as February 15th.) So this is definitely something that you can not put off once we hit the first of the year. Completing the FAFSA form is different than the process for filling out the college applications in that you are literally completing this one form and then you list all of the colleges where you have applied on the form and when you hit submit the information is transmitted to the financial aid offices of all of the schools. So, when you are looking at the financial aid deadlines for your schools, please keep in mind that whatever the earliest deadline is for any of the colleges, this is really your deadline for your FAFSA to be completed for all of your schools.

There are some people who will automatically assume that they do not qualify for financial aid and it is important not to make assumptions and to read the fine print from the colleges carefully as there are some colleges that won't offer any financial packages (including merit scholarships) without having a FAFSA on file. Specific questions about each college's requirements and deadlines should be addressed to the financial aid offices at each respective college.

The way financial need is determined is taking the “Cost of Attendance” (which includes tuition, fees, room, board, books, and other miscellaneous expenses) and then subtracting from that the “Expected Family Contribution” and the remaining difference is what is known as your “Financial Need.”

The financial aid administrators reminded us that it is very common that people do not agree with their Estimated Family Contribution, but it is calculated based upon a specific formula that is the same for everyone, so it is fair across the board.

For what it is worth, it is also important to know that it depends upon each school as to whether they guarantee to meet your entire financial need with a financial aid offer. You can usually find this information on the college financial aid website.

When you are completing the FAFSA application, please remember that this is a FREE application – do not pay to have someone help you fill it out as there are plenty of opportunities to get free assistance to complete it if you need it. You will also want to make sure that you are using the correct website – http://www.fafsa.gov/ – (do not use .com as that is a site that has a fee.)

Although this often makes it more complex - there are also some colleges which will require students complete and submit a CSS Profile in addition to the FAFSA.  You will want to double check with your individual colleges or you can check on the CSS/ Financial Aid Profile website at https://student.collegeboard.org/css-financial-aid-profile.

You can request your PIN number now, but please make sure you save it and keep it in a safe place for future use as this will be your permanent PIN number. Parents, you will also need your own PIN number unless you have one that you have utilized with older students as it is the same PIN number for all of your children.

When you are filling out the FAFSA form please pay attention to who they are asking for information about – the beginning of the form is all about the student and later it is about the parents. This can be confusing if your parents are helping you fill out the form because it says “you and your” so sometimes parents will accidentally put their information in rather than putting in the student information.

If your parents are divorced, you will use the parent with whom you live with the majority of the time. You fill out the form based upon your “household” so anyone living in that household and under that roof are included in your FAFSA. So, for example, if your parents are divorced and you live with your mom who is remarried then your FAFSA application will include the information from your mom and your step-dad.

Please remember that you cannot fill out your FAFSA forms until after January 1st. You will need your tax information as well as the tax information from your parents. If you cannot get the tax information completed early enough to meet the deadlines from the colleges, then be sure to use estimated numbers because you must meet the deadlines established for each college and then go back and revise the information once you have the actual data.

To help you with the college financial aid process we will have a Financial Aid Meeting for students and parents at 7:00pm at WKHS on Tuesday, January 6th.

There is also an event known as “College Goal Sunday” which is Sunday, February 8th at 2:00pm where financial aid administrators will provide free expert help in completing the FAFSA forms. To find locations and to register you can visit http://www.ohiocollegegoalsunday.org/.