Simple Questions about the FAFSA

Paying for College
1

<p>Hi, I am currently a senor in High school and I'm going to college next year. I am going to need financial aid in order to go to college. I already got accepted into 2 schools and the other 2 I will know in March. I want to know my financial aid package ASAP so I can make a decision before the deadlines. I got accepted in to UIUC and University of Michigan. I am an Illinois resident. </p>

<p>I applied to Stanford and Carnegie Mellon but didn't receive a decision yet. Carnegie mellon is the only school that asked for the financial aid info though. So I don't know what to do with the other schools.</p>

<p>Here is some information about my taxes 2007:
income was 36k
7 people</p>

<p>I am a dependent and have no income.</p>

<p>My question is when I should fill out the FAFSA and the profile or should I even try?
When should I complete the FAFSA by?</p>

2

<p>First of all, from the info given, I would definitely suggest filing the FAFSA. </p>

<p>Please visit the financial aid website for each school. They each have their own priority date for financial aid - file by this date for the best possible package. I think UM requires the Profile, as well. </p>

<p>Being out of state at UM will be a tricky situation, since you are OOS. If you get scholarships, it won’t be so bad. However, if you do not, please understand that you may have to borrow a lot in order to afford it. They most likely will not offer you enough in just grants and loans to bridge the gap between the cost of attendance and your expected family contribution. </p>

<p>You will use 2008 taxes when filing the FAFSA. Profile will ask for 2008 and possibly 2007 (I can’t remember).</p>

3

<p>Basically the schools will not guide you through the financial aid process. You should visit each school’s financial aid pages on their website to see the requirements of each school and to make sure you meet the deadlines for each school.</p>

<p>As kelsmom said, your first step is to definately fill out the FASFA</p>

<p>Carnegie Mellon requires the FASFA, their own financial aid form and you must send copy of 2008 taxes when complete. </p>

<p>[Applying</a> for Aid](<a href=“Home - Computing Services - Office of the CIO - Carnegie Mellon University”>Home - Computing Services - Office of the CIO - Carnegie Mellon University)</p>

<p>Stanford requires the FASFA and the CSS Profile. THey also require that you send tax info through IDOC (link on their site- I’ve never had to do this) Their priority date is Feb15th</p>

<p>[Applying</a> for Aid : Stanford University](<a href=“http://www.stanford.edu/dept/finaid/undergrad/apply/index.html]Applying”>http://www.stanford.edu/dept/finaid/undergrad/apply/index.html)</p>

<p>UIUC only requires the FASFA</p>

<p>[University</a> of Illinois Financial Aid: The Process](<a href=“http://www.osfa.uiuc.edu/process/index.html]University”>http://www.osfa.uiuc.edu/process/index.html)</p>

<p>University of Michigan requires both the FASFA and the CSS Profile as Kelsmom stated</p>

<p>[University</a> of Michigan Office of Financial Aid: Prospective Undergraduates](<a href=“http://www.finaid.umich.edu/Apply_and_Receive_Aid/Applying_for_Aid/prospectiveug.asp#Fall/Winter%202009-2010]University”>http://www.finaid.umich.edu/Apply_and_Receive_Aid/Applying_for_Aid/prospectiveug.asp#Fall/Winter%202009-2010)</p>

<p>As Kelsmom stated, it may be very costly to attend the University of Michigan as an out of state student. </p>

<p>Carnegie Mellon meets 82% of need, so you may end up with a big gap of unmet need. Stanford meets 100% of need, but I’m sure there must be some type of student summer work contribution. However, if accepted you may find that Stanford is more affordable than UIUC. Good luck.</p>

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<p>That is not accurate. ALL of the schools on your list require completion of the FAFSA and at least one (Stanford) requires the Profile. It was nice that another poster gave you the links. You need to check these websites, find out the deadlines, and get the financial aid forms completed. Otherwise the schools will not consider you for financial aid.</p>

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<p>When you say “a lot”, how much do you mean by a lot? Does it mean that I still have to pay like 10k a year assuming UM cost 50k a year. </p>

<p>And do you mean by “Carnegie Mellon meets 82% of need”. Does that mean I only have to pay 18 percent of the cost? </p>

<p>I am also wondering if the FAFSA covers room and board as well. </p>

<p>Thanks for the fast replies, I will start on the financial aid things today.</p>

6

<p>Remember that the %ages of need met that you read on the website are AVERAGES. Your need based financial aid will be based on YOUR need…not on the averages at the school. If you have significant income and assets for your family, your family’s expected contribution to your college education will be higher each year. And for schools that do NOT meet full need (I believe only Stanford does on your list), you could also face a gap between aid plus family contribution…and the cost of attendance. BUT you never know until you apply…so apply!!!</p>

<p>The only way to even have a GUESS about what the schools might expect your family to contribute is to run your families numbers through one of the financial aid calculators. Do both the federal methodology and the institutional. Since you are applying to two schools (at least) that require the PROFILE, you probably should look at the institutional methodology. Even the maximum federal awards would be a drop in the bucket for most private schools or as an OOS student at most public universities.</p>

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<p>If this is accurate, you probably would qualify for need based aid. Stanford is the only school on your list that meets full need (I believe) and it is also the hardest in terms of admission.</p>

<p>Good luck to you.</p>

7

<p>“I am also wondering if the FAFSA covers room and board as well”</p>

<p>The FASFA doesn’t “cover” anything. It is a form that calculates your eligibiity for Federal AId.</p>

<p>As Thumper said, with the info you provided you will probably qualify for Federal aid, but you should run your numbers through the EFC calculator which calculates your estimated family contribution. So, a low EFC is good. </p>

<p>Let’s assume your parents have no assets and your other info is correct. You could possibly have a zero EFC and qualify for: </p>

<p>Pell Grant ( something like 4300 - I think a little more)
SEOG (between 100-4000 depending on when you apply for aid, and the funding at the school)
Academic Competetive Grant (750 - I’m assuming you qualify academically)
Subsidized Stafford Loan ( 3500 -interest doesn’t accrue while you are in school)
Perkins Loan (same deal with interest, lowest income families qualify)
Workstudy - just federal funds that you will be paid out of if you get a job. </p>

<p>So, as you can see, even with a zero EFC, federal aid would only cover from 8-10K approx. and some of that are loans This is where institutional aid comes into play, and the importance of going to a school that meets a high percentage of need. But many of these schools calculate your EFC different that federal methodology. </p>

<p>Some schools use the CSS Profile while others use their own forms and some just use the FASFA. THe profile will take other things into account such as the value of your home. Based on what they determine your family contribution to be, and how well they meet need
they may give grants. </p>

<p>Need = Cost of Attendance (including room and board) minus EFC </p>

<p>So, in answer to your question about room and board, yes, financial aid may cover it, but everything depends on your EFC and how much institutional and federal aid you get.</p>

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<p>Quick financial aid lesson: The government funds Title IV financial aid programs. All schools that participate must follow the rules set forth by the government to determine financial need. The way financial need is determined for federal funding is by filling out the FAFSA. The FAFSA is processed by a central processor, where the info you enter is checked against federal databases (homeland security, social security, selective service). If the info passes the database checks, you will get an Expected Family Contribution, or EFC. The very important thing to know about the EFC is that it is NOT what you will actually pay for school. It is simply a number that is used by schools to award aid. The EFC will automatically qualify you for a Pell grant if it is low enough; this is the only entitlement in the financial aid world - you will get it no matter how much your school costs or how much other aid you get (including scholarships). </p>

<p>Each college has a particular Cost of Attendance, or budget, that it sets using averages - it includes average tuition, living expenses (room & board), fees, and miscellaneous personal expenses. The COA can be found on the college’s financial aid website. This is not necessarily what a school will actually cost you … you might spend less for room & board than the budget allows, or your personal expenses might be less … but the COA budget is an average & that’s what is used.</p>

<p>The COA minus your EFC is your Need. Aid is awarded to try to meet your Need. Pell is awarded first. Then your non-need-based scholarships are subtracted. If there is still Need, ACG is awarded (if you qualify). If there is still need, schools can award you their campus based Title IV funds - these funds, such as SEOG, work study, and Perkins loans - are limited & they are awarded by the college to the neediest students who apply by their priority date (and after, if there is remaining funding). No one can tell you whether or not you will get these funds at a particular school. It depends on the school, its student body’s needs, and your own situation. After all of this is awarded, schools will award loans (some award loans first, then work study - again, it’s the school’s choice). Subsidized loans are not due until 6 months after a student stops attending college, are interest free while a student is in school. The annual limits are $3500 freshman/4500 sophomore/5500 junior and senior - you only get the max if you have enough Need. </p>

<p>If there is still Need left, unsubsidized loans are awarded (same rules as sub loans EXCEPT interest begins to accumulate immediately). Unsub loans are different than sub loans in another way - take COA minus all aid including sub loans to determine eligibility (don’t subtract EFC). If you don’t have Need for any or all of the max in sub loans, you can get your entire annual year in school max in unsub or in a mix of sub & unsub. The maximum sub/unsub mix for year in school is 5500 (up to 3500 can be sub) freshman, 6500 (up to 4500 sub) sophomore, 7500 (up to 5500 sub) jr/sr. for dependent students. Independent students have same sub component with max sub/unsub mix of 9500 freshman, 10500 sophomore, 12500 jr/sr.</p>

<p>The caveat is, the sum total of all aid - including scholarships and institutional grants -cannot exceed the COA.</p>

<p>UMich does promise to meet need for 0 EFC instate students, from what I have heard. I do not believe they make the same promise for OOS students, though, since the school is supported by state taxpayers. You will not know how good your personal financial aid package will be from them until you apply - they could give you scholarships, so you just have to wait & see. You just need to know that your need may not be met to the degree you hope (and yet, it could be).</p>