Useful information you should know for 2019-20 FAFSA
Key
financial aid terms
As for financial aid, you can begin applying as
early as October 1. If you want to make
you eligible of receiving the maximum amount of financial aid, it is important
to apply that early. Certain aid is awarded to
students who apply the earliest, such as federal work-study dollars and many
state and institutional grants and scholarships. There are
important financial aid terms you should know to applying financial aid;
• FAFSA: The Free
Application for Federal Student Aid. Although some colleges use The College
Board’s CSS Profile, or their own financial aid application, the FAFSA is the
primary means of applying for federal and state aid, institutional aid, and
even some college scholarships. Although you may decide to pay an advisor to
help you complete the FAFSA, there is no fee to submit it and receive a
determination about your eligibility for federal financial aid.
• SAR: This is the
Student Aid Report. It is a summary of your FAFSA application and provides the
initial insights into what your family can expect to pay to send you to
college.
• COA: Cost of
Attendance, or “sticker price,” is the amount a student might be expected to
pay to attend a particular college, before financial aid.
• Net Cost: This is the
amount most students pay after financial aid.
• EFC: The Expected
Family Contribution is the estimated amount your family will be expected to pay
for your college education once all financial aid amounts are taken into
consideration. It is based on your family’s specific financial situation.
• Merit Aid: This is usually some
type of grant or scholarship provided by the college based on a student’s abilities
in academics, athletics, arts, or some other area.
• Need-Based Financial Aid: These are grants,
scholarships, work-study opportunities and loans that are made available to
students based on their family’s demonstrated financial need.
• Need-Blind Admission: Some colleges make
admissions decisions without looking at financial circumstances. While this
might be better from an admissions approach, they might not offer enough
financial aid to meet your full financial need.
• Verification: Colleges will often
request additional documentation to verify information provided on the FAFSA.
If your FAFSA is selected for verification, pay very close attention to
required deadlines.
• Student Loans: This is money which
is borrowed for the purpose of attending college. It must be repaid after
graduation. In addition to federal student and parent loans, there are also
private student loan lenders such as College Ave.
Plan ahead as to what your anticipated earning levels and repayment
responsibilities will be before taking on any student loans.
Completing college financial aid applications can be a challenge, but having an understanding of the terminology will help you receive more financial aid about which college to attend.
Information you’ll need to fill out the FAFSA
• Your FSA ID, which you can create
on fsaid.ed.gov.
Note that students and parents will need to create their own FSA ID and keep it
private.
• Your social security number and driver’s
license, and/or alien registration number if you are not a
U.S. citizen.
• Your federal income tax returns, W-2s,
and other records of money earned.
• Your parents income tax returns, W-2
forms and 1040 forms if you’re a dependent.
• Bank statements and records of investments (if
applicable).
• Records of untaxed income (if applicable).
• Title IV Institution Codes for each school
you’re applying to, which you can find from the FAFSA federal
school code search.
2019-20 FAFSA Timeline
· Open date for the 2019-20 FAFSA - October 1, 2018
· Your school’s FAFSA
deadline - Different states and
colleges have different FAFSA deadlines.
· CAL Grant deadline for the 2019-20 FAFSA - March 2, 2019
· Federal deadline for the 2019-20 FAFSA - June 30, 2020
· USE 2017
TAX INFORMATION TO COMPLETE THE 2019-20 FAFSA.
To learn how we can help you, please call us at 408-247-9000 or Email us at info@bayspectrum.com