Paying For College

The first step in obtaining financial aid for college is to complete the Free Application for Federal Student Aid (FAFSA). You should be able to obtain this form from any school guidance counselor, public library, the Internet or the financial aid office of the college or school that you would like to attend.

When you complete this form your are supplying information to help determine your Expected Family Contribution (EFC). Your EFC is the amount of money you will be expected to contribute toward the financing of your education. This is based on number of dependents, family size, income, expenses and the number of family members who are currently enrolled in trade schools or college.

Completing The FASFA

Completing the FAFSA is the first step towards receiving the federal educational aid for which you are eligible. The FAFSA must be filed after January 1 of the year in which you are requesting financial aid.

Do not procrastinate! Mail in the FAFSA as close to January as possible for the year that you wish to attend. In order to complete the FAFSA you will need the following information:

  • Income tax return or as close an estimate as possible.
  • W-2 forms and other records of money earned.
  • Records of untaxed income.
  • Current bank statements.
  • Business and farm records.
  • Records of investments.
  • Driver’s license and social security card.

    • When completing the FAFSA be sure to answer all of the questions, even if you need to estimate. You will be given the chance to correct your answers later.

    You can list up to six colleges or universities that you are interested in attending. The information from the FAFSA will be sent to these schools automatically.

    Once sent, the Federal Student Aid Programs will process your information and mail a Student Aid Report to you and to the schools that you listed on the FAFSA.

    Student Aid Report

    Approximately four weeks after mailing out your FAFSA, you will receive a Student Aid Report (SAR). This will identify your Expected Family Contribution (EFC) and reiterate information that you supplied on the FAFSA. At this time, you will be able to make any necessary changes or corrections to the information that you previously supplied.

    Review the SAR very carefully. Sometimes you may need to supply additional information before your Expected Family Contribution and need can be calculated. Also, the school that you plan on attending may require additional information from you. If you do not supply all of the required information, you might miss out on the aid that you need. Check with the financial aid offices at the schools that you have applied to, to find out if there are any other forms that you need to complete in order to qualify for financial aid.

    Financial Need and Expected Family Contribution (EFC)

    The amount of financial aid that you will receive to pay for your education is determined by individual schools based on the information that you have supplied. For most schools, need is determined by subtracting your Expected Family Contribution (EFC) from the cost of attending school. Cost of attendance includes expenses such as:

  • Tuition and Fees.
  • Books and Supplies.
  • Room and Board.
  • Personal Expenses (clothing, laundry, and recreation).
  • Transportation.

    • The Financial Aid office at the schools that you have chosen will consider your financial need along with any other aid that you expect to receive. The office will then prepare a financial package for you in the form of an award letter.

    Receiving Your Award Letter

    After you have completed the FAFSA and received the SAR, you will receive an award letter from the schools that have accepted you. The award letter outlines the financial aid package that the school is offering to you. Most financial aid is awarded based on financial need or eligibility. Each school will determine need based on the information that you have supplied in the FAFSA.

    The financial aid package that is presented to you in the award letter will most likely be broken down according to the different types of financial aid offered. Typical types of financial aid are: grants, scholarships, work/study programs and loans. You are allowed to accept all or part of the financial aid package that is offered to you.

    If you have been accepted at several different schools, it may be to your advantage to wait and compare each financial aid package that you are offered. You may find that a school that seemed too expensive to attend has offered you a financial aid package that makes attending more affordable than attending a less expensive school. Once you accept a school’s offer, sign the letter, keep a copy for your own records and return the original to the school.
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