Many students and families associate financial aid with the FAFSA (Free Application for Student Financial Assistance) as the only form needed for financial aid. Though they may be relieved once the FAFSA is initially completed, they should realize that this is only the beginning and not the end of a more lengthyfinancial aid process. Like a 1040 income tax return, the FAFSA is free. The challenge is not filling in the blanks but knowing it is accurate and timely so you can benefit from financial aid opportunities. Beyond the FAFSA there may be other forms requiring the same level of accuracy. Here are some of them:
is the primary form for federal state and some college’s financial aid. The result of the FAFSA is the EFC (Expected Family Contribution), the calculated amount a family should be able to contribute to the student’s education. The FAFSA for the 2008-9 academic year requires 2007 student and parental earnings and certain current assets. Since employer W-2 forms are not usually available on January 1st, the earnings can be based on final payroll check stubs, prior year’s tax returns and best estimates that can be adjusted later.
is produced each time the FAFSA has been processed. It is the edited output of the FAFSA information that was submitted. It is an informational worksheet that reports FAFSA details, errors and financial eligibility for governmental loans and grants. In turn, corrections can be made on the form or on line.
available through the College Board is used by many private colleges and scholarship programs for institutional private aid. This from unlike the FAFSA is available usually on October 1st before the FAFSA. It asks more detailed questions such as past, present and projected incomes, home value, educational costs, institution specific questions and leaves space for explanations. It calculates the Expected Family Contribution using an institutional methodology to determine a family’s financial need for the institution’s scholarship and grant programs.
is an on line form offered by the College Board. It is used by some colleges when the birth/adoptive parents do not live in the same household. This form may be required if the student indicates on their CSS/Financial Aid Profile that their biological or adoptive parents are separated or divorced. If so, an e-mail will be sent to the non custodial parent with secure log in and submission procedures. The completed form is then used to factor in what the non custodial parent can contribute to their child’s education. Conversely, this information can justify why they are unable to provide any additional financial support. .
A form used by some colleges for students with separated, never married or divorced parents for awarding financial aid. This may be similar to the NCP Profile.
The CSS/Financial Aid Profile may also require parents with small businesses or farms or those are self employed to provide profit and loss and balance sheet information. This is because of differences in how income, expenses profit and loss are reported. This gives the institution a more accurate picture of a family’s ability to pay.
-Many colleges develop their own financial aid forms asking specific questions similar to the CSS / Financial Aid Profile. Each form may be required in addition to the FAFSA and CSS Profile
is the financial aid package a college offers. Most award letters consist of scholarships, loans, grants and work study They should report the Cost of Attendance (COA) less financial aid, family contribution and unmet need (amount left), if any. The financial aid award should be clearly scrutinized and compared to other awards for determining the best financial deal. All, some or none of the financial aid award needs to be accepted. An appeal letter can be written to justify the need for more financial aid.
is a required promissory note that is used for all direct Student and Parent Loans for up to 10 academic years. First-time borrowers must also pass the online entrance counseling quiz that explains types of loans, responsibilities and repayment options, rights and resources.
Many colleges select or are required to verify actual and other financial documents on which the FAFSA was based. This verifies the accuracy of the information and its impact on the actual financial aid award.
is a service of the College Board used by some institutions to process and make an electronic image of required tax and other forms for verification purposes. The institutions require parents to submit their documents to IDOC rather than directly to them.
is a form that may be used in lieu of an appeal letter for more financial aid. Changes in financial status can result from job loss, changes in marital status, unexpected expenses, etc.
Financial aid awards can be appealed. Many colleges require a letter of explanation or may use their own forms. It is critical to provide sufficient back up data to justify your need. Always be sure that the FAFSA is up to date and the college is aware of any special circumstances (job loss, reduction in hours, etc.) that may impact the financial aid award.
Appeal Letter
Statement of Special Circumstances or Status Changes
IDOC
Verification Worksheet:
MPN Master Promissory Note
Award Letter
Institutional Forms
Business Farm Supplement
Non Custodial Parent’s Statement
NCP Profile (Non Custodial Parent)
CSS/Financial Aid Profile
SAR (Student Aid Report)
The FAFSA (Free Application for Federal Student Aid)