FAFSA and CSS
Can you fill out the Financial Aid form in your child's junior year of high school? Not the FAFSA, but we recommend FAFSA4caster, which is an early financial aid estimator. It’s available at www.4caster.ed.gov.
Is there a way to try out filling out the FAFSA in full form and get an EFC without formally submitting the information? Again, we recommend FAFSA4caster for an estimated EFC.
Is an outside scholarship ever used to reduce a family's Federal EFC or is there a federal regulation that disallows a reduction in the EFC?The EFC does not depend on scholarships; it is based on a federal formula that takes into account information such as income, savings, family size, and number of family members in college. The EFC is a result of information reported on the FAFSA; the FAFSA does not ask what scholarships a student will receive.
When a college requests financial info from 2 (divorced) parents -- but the wealthier non-custodial parent will not pay for the child's college -- what are the options for explaining to the college about increasing financial aid? The noncustodial parent’s information is not reported on the FAFSA, so it is irrelevant that that parent is wealthier. Please visit www.studentaid.ed.gov/pubs to read “Who Is My ‘Parent’ When I Fill Out the FAFSA?”
Is it still true that the FAFSA does not ask for financial aid information from the non-custodial parent? My daughters father lives out of the country and refuses to pay any money at all for college-we were never married. Yes, this is still true.
Do those families that choose to move their assets into other financial programs benefit from this practice? They do it in order to show less income and hopefully receive more aid.
I "was told" that students can record all "0's" in their social security boxes on the FAFSA. This is more for students who are not legal to the U.S. Obviously, most of these students have financial issues. Do we encourage them to fill out the FAFSA or how do we steer them to look at aid? This situation is indeed tricky. The “all-zeroes” option is for students whose parents do not have an SSN. A student must have and report an SSN in order for the FAFSA to be processed. If a student is an undocumented immigrant, they should speak to the financial aid director at the school they plan to attend to find out what aid might be available to them at that school.
A 20 year old student has declared himself independent. In the completion of his FASFA they require that he provide documentation of his parent’s income. Why do they have to provide this information? Do they use this information to determine financial aid for this student even though the parents do not claim the student on their income taxes? For the purposes of the FAFSA, a student cannot declare himself or herself independent. Also, for the purposes of the FAFSA, it does not matter whether the parents claim the student on their tax return. The law states that if a student is determined to be dependent based on the questions asked on the FAFSA, then his or her parents’ information is taken into account in that student’s EFC. Please visit www.studentaid.ed.gov/pubs and read “Am I Dependent or Independent?” to see the dependency status questions.
What is CSS? The CSS/Financial Aid Profile is a financial aid application that determines eligibility for institutional aid at some schools. Colleges and universities make families aware if they require the Profile, which provides additional information to the FAFSA. Details about the Profile, as well as a list of schools using the Profile can be found online at https://profileonline.collegeboard.com/prf/index.jsp.
Especially in view of current economic conditions, to what extent will colleges expect students to be able to earn summer job income as part of ongoing EFC component? The student aid office at the specific college or university can answer this question.
If you can pay for the first two years of college and don't initially qualify for aid, can a student apply for aid after their sophomore year? The FAFSA is completed annually by families using each the parents’ and students’ PIN, enabling consideration for student financial aid each year.
Aid Awards (loans, scholarships, work-study)
How do you find out about a school's financial aid policies in regards to scholarship money affecting other types of aid? Check the financial aid office’s page on the school’s web site. If they do not provide that type of information there, contact the financial aid director.
Is a private schools endowment a good indication that students will receive better packages there? While the size of the school’s endowment can be an indication of its financial strength, one should not assume that a school with a smaller endowment has not made a commitment to meeting some or all of students’ financial need.
How does one qualify for federal loans? What criteria are taken into consideration? Can you be denied these loans? Detailed answer to this question is available at Your Federal Student Loans at www.studentaid.ed.gov/repayingpub.
Are colleges required to have work study positions available to all students who receive work study funds in their financial aid packages? Colleges and universities provide work-study in a student’s award package if they have the funds to pay them. It is important that students begin looking for a position immediately upon arrival to campus, when positions are most available.
What is the average and maximum work study that colleges offer to their students? Work-study funds vary from school to school; it is best to ask a particular school directly.
I am a disabled grandparent who has been raising a grandchild for the past 5 years due to the death of my daughter, who was a single parent. I was not prepared to put a child through college, but have been put in a situation where my grandchild has been accepted to a college and has received some grants & aid from the school. However we are quite a bit away from meeting the tuition. I have been told that there is help for children in this situation, but have not located any. Can you be of any help in guiding me to these grants/aid. Thank you. Try the following:
1. Ask the financial aid director at the school what other funds are available
2. Search for scholarships at www.studentaid.ed.gov (there is a link from that home page to the scholarship search)
3. Visit www.studentaid.ed.gov/LSA for additional ideas of where to find money for college
How do you know if you are getting the best unsubsidized loan interest rate? There is only one interest rate for Unsubsidized Stafford Loans. It appears that this inquirer might be asking about private loans. Best advice for private loans is to read all the fine print very carefully before signing a contract. Read the following items at www.studentaid.ed.gov/pubs for information about federal loans vs. private loans:
- Your Federal Student Loans
- Federal Aid First
- Student Loans: Avoid Deceptive Practices (to be posted this week)
I hear more about high school students going into college. Are there any specialized resources for older students 50 and over? Federal student aid is available to students of any age – as are many scholarships. Visit www.studentaid.ed.gov for information about federal aid and to use a free scholarship search. It is possible to do a keyword search using the scholarship search tool; that might be one way of finding funds specifically for mature students.
How will a university's offer of assistance (scholarship) be effected by the current economy? It truly depends on the school.
Can a student request that an outside scholarship (paid to the institution) be applied the school bookstore for the purchase of textbooks? The student aid office at the specific college or university can answer this question.
Are there loans for international students? If so, what type? Federal student loans are available to noncitizens if they meet certain criteria. Visit www.studentaid.ed.gov/guide and www.studentaid.ed.gov/repayingpub for information.
Are private institutional grant totals reduced by outside scholarship/grants? Ask the individual school how it packages aid.
For students attending those schools that adjust aid due to scholarships, when does the student know if their aid will be affected? Before or after they have already received their award letter? Depends on whether the school knows about the outside scholarship before putting the award letter together. The student must keep in touch with the financial aid office early and often.
How are tuition discounts accounted in the award package? Is it taken off the top line prior to packaging or do colleges guarantee up to the cost of tuition and fees by combining various grants? The student aid office at the specific college or university can answer this question.
How does one begin to investigate lenders where the federal loan is indirect? Not clear what this means. Does “indirect” mean “not a Federal Direct Loan”? In other words, does it mean a loan from the FFEL program? We have a bit of information at http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp?tab=funding.
Are Pell Grants standard from college to college? Or will they vary, too? A Pell is standard from one school to another. Please visit http://ifap.ed.gov/dpcletters/attachments/P0901PaymentSchedules1D.pdf for the 2009-10 Pell payment schedules.
Could you please explain again the difference between subsidized and unsubsidized loans? Answers to this and other loan questions are available at Your Federal Student Loans at www.studentaid.ed.gov/repayingpub.
Why to so many colleges include Unsubsidized Stafford Loans in the area of their award letters to make it look like it's financial aid, and in reality, it's not need based financial aid. This presentation format is deceiving. Unsubsidized Stafford Loans are considered student aid because of various factors:
- the student does not need a credit record to receive the loan
- the student does not need a co-signer to receive the loan
- the student does not have to begin repaying until after graduation
- there are a variety of repayment plans
- the interest rate tends to be lower than most private loans
Appeals
Some colleges have provided nearly 1/2 of tuition for financial aid; others have provided nothing. Is it possible to negotiate with college financial aid offices? Some schools are open to financial aid appeals. Appeal processes and requirements can vary by college/university, so it is important to contact the school’s financial aid office to inquire.
How would you recommend approaching a financial aid office regarding an appeal? Are they more likely to consider such a request in these economic times? Each school will answer this question differently. It is best to call the student aid office to inquire about the appeal process and the likelihood of an award package being altered.
Regarding appeals, is it appropriate for a student to appeal if a similar college has offered more financial aid? Depending upon the comprehensiveness of the appeal process, some schools may disregard this information while others may pay close attention. Call the individual school to learn the process and required information.
We filed a Special Circumstances letter when we submitted our FAFSA. (Retirement in April 2008 will reduce income for 2009 by over 70%.) 25% of pension is used for health care insurance. We have no mortgage (~280K value) but have been told we don't meet the income requirements for a home equity loan. Was the special circumstances letter we already filed our appeal? The student aid office at the specific college or university can answer this question.
Regarding appeals, is a college more likely to offer more financial aid if the student is highly qualified academically for the college (and brings more to the college than the "average" student)? Depends on the school; the student aid office at the specific college or university can answer this question.
My daughter was offered a $20,000 merit-based scholarship by NYU, but she wants to go to Hopkins, which offered nothing. Can we appeal to Hopkins for scholarships on the strength of the NYU offer? Depending upon the comprehensiveness of the appeal process, some schools may disregard this information while others may pay close attention. Call Hopkins to learn the process and relevant information required.
Who should contact the fin aid office- student or parent? Students or parents are welcome to contact financial aid offices. However, student financial aid should involve each the parent and student, since funding an education is a partnership between the two, even if the parent is paying the way.
School allows you to submit an appeal by April 1 but we just got our offer info this week? What options do we have now? The student aid office at the specific college or university can answer this question.
How do financial aid office representative respond to parents trying to bargain for a better deal by reporting a better deal from another school? Depends on the school and the comprehensiveness of the appeal process, some schools may disregard this information while others may pay close attention. Call the individual school to learn the process and required information.
Technology
Are financial aid offices using social networking, such as MySpace, Facebook, or Twitter, to communicate with students and families?Generally, financial aid is confidential matter that does not use public methods for communication. If offices are using public space, it is likely for general reminders about the financial aid process.
Future of Student Aid
Can you direct us to a place to view the upcoming changes in the financial aid formula? All information regarding the Higher Education Opportunity Act is at www.ifap.ed.gov.
I am an educator I want to know is there any timeline for the Standardization of Financial Aid Award Letters per the Aug 2008 act that was referenced during today's presentation. All information regarding the Higher Education Opportunity Act is at www.ifap.ed.gov.
One of the speakers mentioned changes to federal methodology that will take effect in July 2009. What are those changes? All information regarding the Higher Education Opportunity Act is at www.ifap.ed.gov.