<p>Hey everyone,
I am really confused as to how all this fin-aid stuff works.
this is what i have so far
1) Fill out FAFSA ASAP before jan 1
2) Fill out school fin-aid forms</p>
<p>what happens? how does it work? Can someone explain step by step please
thanks.</p>
<p>You can fill out the FAFSA on 1/1/05 for the 2205-2006 school year(However, you and your parents should apply for PINs if you have not done so yet as you will use the Pin for your electronic signature).</p>
<p>If you file on line you will get you EFC (expected family contibution ) back in approximately 3 days after submitting the signed FAFSA. You need to file the FAFSA at minuimum for any type of federal financial aid (subsidized loans, pell grants if eligible)
Your FAFSA EFC (what your parent's are expected to pay) will be pretty consistent from school to school. </p>
<p>You must also fill out the other financial aid forms as requested by your prospective school (CSS Profile, other institutional forms). If you live in a single parent household, you must also have filled out the non-custodial financial aid supplement or obtain a waiver.</p>
<p>Your financial aid will be determined using the following framework:</p>
<p>Cost of attendance (tuition, room, board, books etc) $42,700 (at MIT)</p>
<p>-Minus (EFC + student contribution )</p>
<ul>
<li>Demonstrated need (MIT is commited to meeting 100% of yor demonstrated need)</li>
</ul>
<p>Your demonstrated need will be as follows:</p>
<p>Student Loan $2650
Work study Approx $1500
Grants/Scholarhip
Parent Loans</p>
<p>IF your screen name is any indication, at MIT</p>
<p>How We Determine Aid Eligibility
We award aid on the basis of demonstrated financial need. This means that we do not offer any merit or athletic scholarships. We work on the assumption that there is a partnership between the family, the student and MIT to meet the combined costs of attendance together.</p>
<p>Our determination of need is made after a careful analysis of family financial documents and any special circumstances. We determine the parent's contribution by using the information provided on the CSS Financial Aid Profile, and the FAFSA, and for international students, we use the Financial Aid Application for Students from Foreign Countries. We then apply a formula that has two assessments: one made against total discretionary income and one against total assets, including home equity. The parent's contribution reflects the amount that we have determined that the family is able to contribute.</p>
<p>The student's financial aid package consists of a combination of grants, loans and jobs from private sources, MIT and the government. To meet a student's need, MIT awards term time work and/or student loans (called the "self-help" component), combined with the student's summer earnings expectation. The remaining need is met with MIT scholarships, which is grant aid made available to MIT through the generosity of its alumni/ae and friends as well as the long-standing commitment of the Institute.</p>
<p>Sybbie, Isn't it also true that when filing the FAFSA on January 1, one would indicate their status as "will file" (meaning you will file 2004 taxes). The info on Jan. 1 would be taken from the 2003 tax return. Once taxes are done for 2004 (presumably as soon as possible after W-2 forms for 2004 are received which is by the end of January), the FAFSA would then be amended with the information from the current tax return.</p>
<p>thanks for the help sybbie.
I'm pretty sure i'll have some more questions.
i'll just post them
thanks again</p>
<p>Yes Thumper
When filling out the FAFSA on 1/1 you indicate that you will file a 2004 return and your parents should file tht return ASAP as most schools ask for completed financial aid forms in February. When the actual taxes are file, youcan amend the FAFSA and still if filing on line will get an updated on in approximately 3 days. In addition, your colleges will probably ask you for a copy of your parents signed tax forms along with their W-2's to verify the information</p>
<p>Sybbie is right. Be prepared to send tax returns at some point. Many colleges request these as well. Most require signed returns for two years from both the parents AND the student (if the student has filed a return). For students enrolling in 2005, this would be the 2003 and 2004 tax returns. And MIT, you are right...this can get mighty confusing.</p>
<p>It is terribly confusing the first year. Not as bad in future years as the deadlines give you more time to get the forms. Actually the OP does not have it quite right-FAFSA is filed ASAP after 1/1. The forms for the individual colleges are filed ASAP by the college's due dates some of which are before 1/1, particularly for early applicants.</p>
<p>So I don't have to panic and fill out this FAFSA before Jan 1? All my colleges require the FAFSA sometime in February.</p>
<p>I would just really like to know when to do this. If I handle both the CSS and FAFSA in January, I should be good for my schools (they all require the FAFSA in Feb-Mar)? I just want a clearcut answer.</p>
<p>The clear cut answer is that it is better to be early than late in filing your forms so err on the side of caution. Also remember that the process does not happen immeadiately. The federal government, must send your FAFSA to the schools which you are applying to.</p>
<p>The college board must forward your forms to your prospective colleges.</p>
<p>Each college only has a defined financial aid budget which they are working with (even need blind schools which meet 100% of your demonstrated need have limited funds for scholarship/grant aid)</p>
<p>Remember meeting domonstrated need can also be done with loans so wouldn't you want your aid package , while shcolarhip/ grant money is available for distribution?</p>
<p>The schools will not give you an aid package until all of the paper work is correctly filed, so the sooner you do it, if you have to follow up and send in more forms, if admitted, the sooner the school acan put together a package for you (even if you will not receive it until 4/1). Why scramble at the last minute if you don't have to</p>