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a TERI Education
Advisor for assistance.
- What is the FAFSA and what form(s) do I need to complete?
- How do colleges determine my need for financial aid?
- Is the FAFSA difficult to complete?
- When are financial aid forms due?
- What if my earliest deadline is before my tax return is complete?
- Is it possible to apply for financial aid online?
- What happens after I file my FAFSA and other required financial aid forms?
- What is a financial aid package?
- When will I know how much money I will get in financial aid?
- What if I need more financial aid?
1. What is the FAFSA and what form(s) do I need to
complete?
The FAFSA is the Free Application for Federal Student Aid, a form used to collect information about family income and assets, and determine how much federal and state financial support an individual is eligible to receive. All schools require the FAFSA or the Renewal FAFSA in order to consider you for federal and state aid.
The FAFSA is the Free Application for Federal Student Aid, a form used to collect information about family income and assets, and determine how much federal and state financial support an individual is eligible to receive. All schools require the FAFSA or the Renewal FAFSA in order to consider you for federal and state aid.
Some colleges and scholarships may require a completed CSS PROFILE, which is also a form used to collect
information about family income and asset, and used by institutions to determine how much nonfederal student aid (usually scholarships) an individual is eligible to receive. The CSS PROFILE
is separate from the FAFSA and includes questions specific to your school or program of
study, follows a different methodology for determining eligibility for financial aid,
and requires a fee.
Note that the in order to complete the FAFSA, you will need your previous year's income tax forms. For the CSS PROFILE, you will need this information from the previous two years.
Finally, check with your school to see if you are required to fill out an institutional
financial aid form.
2. How do colleges determine my need for
financial aid?
Financial aid is determined based on two primary factors: what the program costs and what you or your family can be expected to contribute to meet the program costs. Each school or college establishes a "cost of education." This cost includes tuition, fees, books, living expenses, and other costs. To determine the amount you and your family are able to contribute, you must file the FAFSA which collects information on your family's income and expenses. The information submitted on the FAFSA is put through a standard calculation called "Federal Methodology" to determine your "expected family contribution" (EFC), which is how much the federal government expects your family to contribute toward the "cost of education." The " EFC" is subtracted from the "cost of education" to determine your financial aid eligibility.
Financial aid is determined based on two primary factors: what the program costs and what you or your family can be expected to contribute to meet the program costs. Each school or college establishes a "cost of education." This cost includes tuition, fees, books, living expenses, and other costs. To determine the amount you and your family are able to contribute, you must file the FAFSA which collects information on your family's income and expenses. The information submitted on the FAFSA is put through a standard calculation called "Federal Methodology" to determine your "expected family contribution" (EFC), which is how much the federal government expects your family to contribute toward the "cost of education." The " EFC" is subtracted from the "cost of education" to determine your financial aid eligibility.
For example:
$10,000 (cost of education)
$ 4,000 (expected family contribution)
-----------------------
$ 6,000 (financial aid need)
$10,000 (cost of education)
$ 4,000 (expected family contribution)
-----------------------
$ 6,000 (financial aid need)
With the above example, the student is eligible for $6,000 in financial aid. The school
will use federal, state, and campus resources, including grants, loans, and work-study
to cover some or all of this eligibility.
3. Is the FAFSA difficult to complete?
If you have certain documents, the FAFSA can be completed without difficulty. You should first read through the entire form and then gather the documents you will need:
If you have certain documents, the FAFSA can be completed without difficulty. You should first read through the entire form and then gather the documents you will need:
- Most recent federal tax forms (IRS Form 1040, 1040A, or 1040EZ)
- W-2 form and records of the prior year's earnings
- Records of nontaxed income such as AFDC, Social Security, and Veterans' benefits
- Current bank statements
- Records of business, farm, stocks, bonds, and other investments
Read instructions for each question before you answer. If you don't
understand a question, call the TERI College Planning Centers at (617) 536-0200, or the
financial aid office at the school to which you are applying.
4. When are financial aid forms due?
Although there is no one deadline for all forms and all schools, there are some guidelines to follow. The state government, federal government, and each school, has its own deadlines for filing financial aid forms. Make sure you know the financial aid deadline for each school to which you are applying. Most schools want the forms completed sometime between January and March. You should file your financial aid forms before the earliest school deadline. It is extremely important to file by this date. You will have access to the most financial assistance by meeting your deadlines.
Although there is no one deadline for all forms and all schools, there are some guidelines to follow. The state government, federal government, and each school, has its own deadlines for filing financial aid forms. Make sure you know the financial aid deadline for each school to which you are applying. Most schools want the forms completed sometime between January and March. You should file your financial aid forms before the earliest school deadline. It is extremely important to file by this date. You will have access to the most financial assistance by meeting your deadlines.
5. What if my earliest deadline is before my tax
return is complete?
To fill out the FAFSA and other financial aid forms, it is best to wait until you have your federal tax return for the previous year completed because most forms ask for information from the tax return. If a school you are applying to has a deadline that must be met before your taxes are done, you can estimate your earnings and taxes. One way to do this is to use your tax return from the year before unless your financial situation has changed substantially. Another way is to use your last pay stub to unofficially fill out a tax return. If you estimate your earnings and taxes, the school will likely require the actual figures once your taxes are complete.
To fill out the FAFSA and other financial aid forms, it is best to wait until you have your federal tax return for the previous year completed because most forms ask for information from the tax return. If a school you are applying to has a deadline that must be met before your taxes are done, you can estimate your earnings and taxes. One way to do this is to use your tax return from the year before unless your financial situation has changed substantially. Another way is to use your last pay stub to unofficially fill out a tax return. If you estimate your earnings and taxes, the school will likely require the actual figures once your taxes are complete.
6. Is it possible to apply for financial aid online?
The Free Application for Federal
Student Aid (FAFSA) and Financial
Aid PROFILE can be completed online. The TERI College Planning Centers have computers with online access
to the FAFSA that you can use. You should have the following available for reference before
you start: a completed paper FAFSA or PROFILE; documentation of your income for the previous
year, such as a copy of your federal 1040 form; the previous year's 1040 statements;
statements from the Social Security Administration and/or Department of Transitional
Assistance; and/or letters from clergy, guidance counselors, homeless shelters, etc.,
documenting your family financial situation. Note that even though you are able to file
your application "electronically," you still have to submit an original signature to fully
complete the application process. If you can, it is better to complete applications online.
You are less likely to submit an application with errors, and your application is processed
more quickly.
The Student Aid Report (SAR) will be sent to you three (3) weeks or less after you
submit your FAFSA online. (The paper form can take 4-6 weeks.) Review it carefully. If there are any errors, make the corrections and
send it back to the processing center. It is important to make a photocopy of the SAR for
your records before sending it along to the processor. If you do not need to make any
corrections, then just file the form with your other paperwork. All of the schools you
listed in the FAFSA will receive the information electronically from the processor.
If you file the FAFSA electronically and/or if you provide an email address when you
submit the FAFSA on paper, you will receive your SAR electronically to the email address
you indicated.
A Financial Aid Award (also called Financial Aid Letter, Financial Aid Package, or Award
Letter) is sent to you from all schools that accept you. This letter will tell you what federal, state, and school money
is available to you in the form of grants, scholarships, loans and work-study, and what your expected financial contribution will be. You will
need to sign and return a copy of the award letter to tell the school that you are accepting
their Financial Aid Award.
8. What is a financial aid package?
There are three different types of financial aid: grants and scholarships; loans; and federal work-study. A financial aid "package" consists of a combination of these types of financial aid. Each school from which you are seeking financial aid will notify you of your financial aid package.
There are three different types of financial aid: grants and scholarships; loans; and federal work-study. A financial aid "package" consists of a combination of these types of financial aid. Each school from which you are seeking financial aid will notify you of your financial aid package.
9. When will I know how much money I will get in financial aid?
Each school from which you are seeking financial aid will notify you of your financial aid package. The financial aid award letter will include information about your eligibility for federal and state financial aid. The government does not notify students directly. Therefore, the student must have been accepted to a school before the school will send them a financial aid package. If a student is not admitted to a school OR does not apply for aid at that school, s/he will not receive a financial aid award letter from a school.
Each school from which you are seeking financial aid will notify you of your financial aid package. The financial aid award letter will include information about your eligibility for federal and state financial aid. The government does not notify students directly. Therefore, the student must have been accepted to a school before the school will send them a financial aid package. If a student is not admitted to a school OR does not apply for aid at that school, s/he will not receive a financial aid award letter from a school.
10. What if I need more financial aid?
By completing the financial aid forms required by your school, you will have applied for the major sources of financial aid. If you believe there are special circumstances, such as changes in your financial circumstances, you should contact the school's financial aid office and ask for reconsideration.
By completing the financial aid forms required by your school, you will have applied for the major sources of financial aid. If you believe there are special circumstances, such as changes in your financial circumstances, you should contact the school's financial aid office and ask for reconsideration.
You also can investigate private scholarships
and loans. In addition, TERI College Planning Centers
have scholarship and loan information on site. The sooner you do this research, the more
opportunities you will have to acquire money for your education.