Intro
today’s class is the financial aid forms presented by Full Ride Scholarships In Arizona class and what we’re going to be talking about is of course the financial aid forms so everybody should have a booklet and for the for those of you that are watching it online you can you can click on the PDF and download a booklet okay so the first thing that we want that we
Cost of Attendance
want to talk about is the cost of attendance and when we talk about the cost of attendance it encompasses the entire sticker price of the college tuition room and board meal ticket lab fees everything altogether is the total cost of attendance okay so that’s again Miscellaneous Costs Full Ride Scholarships In Arizona tuition fees room and board meal plan books lab fees supplies travel expenses other other fees etc okay well while all of these are not direct costs such as travel they all are calculated together into the total cost
of attendance and financial aid is calculated over the off of the total cost of attendance so it’s actually good that they’re incorporating miscellaneous and travel costs because that kind of Full Ride Scholarships In Arizona inflates the cost of college and then they’re going to base your financial aid off of that number okay and that and the COA the cost of attendance is always for one full year not a semester and not for
four years but for one full year okay so in-state schools in Arizona are
now topping $35,000 per year in out-of-state schools can it an out of
state state schools can be in excess of forty-five thousand dollars and private
colleges can be in excess of sixty-five thousand dollars for one year so for
example Grand Canyon University has a sticker price of thirty two thousand
nine hundred dollars john johns Hopkins university has a sticker price of fifty seven thousand eight hundred and twenty dollars okay to really scare yourself do Full Ride Scholarships In Arizona this go to the college’s website and in the search window you can type in cost of attendance it’ll bring you to that page you add all of those costs together multiply that times four years then multiply it again times the number of
kids you’ve got times two kids three kids etc okay and that’s enough to scare anybody now I’ve had some families ask me well why are why are these private
colleges charging so much well one of
the primary reasons is simply because they can okay and and there is a there is a thought process that more expensive Full Ride Scholarships In Arizona means better okay so there are there are a handful of extremely wealthy parents who will pay the full fare and that and those that pay full fare will compensate for those who get it at a discount okay which is what I’m hoping to help you guys out with today okay so who should
Who Should Apply
apply for aid everyone oh okay all means all and that’s all all means okay so
Should I Submit
you’ve probably heard this statement before or maybe you might even be
thinking it I probably won’t qualify for aid because of my family’s finances are
so high so should I submit the FAFSA anyway yes even though you think you may not
qualify for aid in some situations you will qualify for need-based aid and some
sometimes what here’s here’s the other Full Ride Scholarships In Arizona side of the coin is that financial aid officers at colleges ultimately have the ultimate authority to grant aid or to
the or to decline it and I have seen some financial aid officers at some colleges offer need-based aid to a family who really shouldn’t have qualified for it okay so so do fill out the FAFSA form and that and then and then the other side of the coin is if God forbid anything were to happen to your to your family’s finances because you’ve already got it filed you can go back in there and amend it and talk with the with a college financial aid department and see if they’ll adjust it or corrected or so okay all right the other reason why we want to submit the FAFSA form and the other financial aid forms is because some merit scholarships are only given out if the fast has been submitted now now if Full Ride Scholarships In Arizona if you’re in a family situation where you have a very high income and you’re not going to qualify for a need-based aid at some colleges they still want to see you submit the financial aid forms regardless and then they’re going to
grant them merit aid after that okay and and they’re going to grant that merit aid regardless if you make a you know two hundred thousand or two hundred million dollars okay all right so when
When to Apply
when should you apply in January of your
senior year of high school and the first
time that you can fill it out is January
1st and I I don’t recommend filling it out the first few days because they’re still and they’re and there’s several Full Ride Scholarships In Arizona ways you can fill out the form you can
do a hard copy or you can do electronic copy and I do recommend doing it electronically but and if you if you do fill it out electronically sometime around the 1st 2nd 3rd 4th or 5th or so somewhere in that timeframe they’re still adjusting the website making corrections and stuff so I’ve had families who have submitted the FAFSA form on the 1st or 2nd and then a few days later they get an email your FAFSA has been updated and corrected they’re like what I haven’t even touched it ok so they’re updating the software and all that stuff so wait a few days usually Full Ride Scholarships In Arizona around the 10th or the 15th or the middle of the month and then and then get that form submitted ok and I’ve also
seen very high traffic during the first few days so so you may get you may be
trying to log on and I’m a tiny out or you may not be able to log in or so
hopefully they’ll correct that for this year okay you should apply in November
of your senior year if your students has
applied under early decision with the
CSS profile financial aid form we’ll talk about what that it form is and that’s only for early decision if the car requires you to if you have applied under early decision and if that college requires you to submit the financial aid forms before that timeframe or by that
timeframe I don’t recommend applying
early decision okay
and basically we want to get our applications in well before any deadlines so check your deadlines and I check the form deadlines and all that stuff and all that stuff so some Full Ride Scholarships In Arizona deadlines are as late as June of the
freshman year in college okay now if if
you wait until until June after your
kids finish their first year of college
to file for that particular year and you
can do that they’re probably not there’s
probably not going to be any funds left
over okay when should you apply every
year the student is in college so there
Financial Aid Forms
there are two financial aid forms the
first one is called the FAFSA the Free
Application for Federal Student Aid and
the second one’s called the CSS profile
there’s a third financial aid form and
that’s the the college’s own proprietary
financial aid form and when when you
submit your application for admission
they’ll typically let you know we want
this CSS profile or we have our own
proprietary form and that every college
is going to require the FAFSA some
colleges will require the FAFSA and the
CSS profile some will say we want the
FAFSA and their own proprietary form so
we’ve got to figure out and find out
exactly which forms each college wants
ok so again there’s two ways to apply
FAFSA Com
hard copy and online and I do recommend
going online because this faster and
seamless that way if you go to google
and type in FAFSA the very first one
that pops up is FAFSA comm and I don’t
go to that website cross that one off of
your list because the if you yeah and
that website has has literally tricked
thousands of families and these families
have gone to that website and it asks
the same questions that are on fafsa.gov
but the last question that it asks is
would you like us to submit this on your behalf what’s your credit card number okay so
it’s like and they charge you 75 or 100 bucks or something to do that where if Full Ride Scholarships In Arizona you go to a FAFSA it’s a website faster DD gov there is no charge to do that okay so the second one is the CSS
CSS Profile
profile and that can be found on profile
online College Bordeaux or gee okay the
the CSS profile is going to ask all the
same questions that are on the FAFSA and
then it may ask and then it will ask
some additional questions as well one of
the primary differences between the CSS
profile and the FAFSA is there is a fee
to file the profile and it’s 20 it’s
currently for the 2012-13 school year
it’s currently $25 for the first school
and 16 dollars for each additional
school okay so your student may have one
or two profile schools on their list or
they may have none at all
so we’ve got to find out if they do if
that if your students list of colleges
does contain a CSS profile school okay
okay
one way you can find out is you can go
to college board’s website College Board
no RG and I type in the name of the
school click on the pane tab and then
click on how to apply for financial aid
and it’ll say it’ll stayed in there we
want the FAFSA we want the CSS profile
with a farm supplement and whatever
supplements blah blah okay alright so
here’s a here’s a brief overview of the
need-based aid formula its cost of
NeedBased Aid
attendance minus EF C equals need and
SAI STUDENT AID INDEX is your expected Family Contribution
the SAI STUDENT AID INDEX is a number calculated from the
federal financial aid formula and and
it’s an amount that that the federal
government expects or thinks that the family can pay for college for one year and
it’s going to be based on the family’s earnings their net assets savings the
size of the family the number of students in college and the age of the
oldest parents this number determines need-based aid and it’s kind of here’s
here’s a way to look at the SAI STUDENT AID INDEX is it’s
similar to your deductible with car Full Ride Scholarships In Arizona insurance so God forbid you were again in a car accident before the insurance
company gives you any money to fix your
car you’ve got to come up with that
deductible first okay so that’s kind of
how the SAI STUDENT AID INDEX is with need-based aid now
if your student receives a merit aid
scholarship and and it is a that that
merit aid scholarship is is going to be
greater than your yeah or greater than
how can I say this if the if the Merit
Scholarship is a sizable amount and and
that merit scholarship is not based on
your SAI STUDENT AID INDEX number you will receive that
anyway okay that would be for a merit
scholarship so the SAI STUDENT AID INDEX will will not and
should not affect merit scholarships so
Example
here’s an example so in this example
here I’m saying that the cost of
attendance is $30,000 and that’s again
for one year and and this family’s SAI STUDENT AID INDEX
is $10,000 we have a need of $20,000
okay so if the college only meets 75% of
the need then there’s a gap so they’re
going to so we qualified for 20,000 but
they’re going to only meet 75% of that
and there’s some colleges that will meet
a hundred percent of your need and some
0 and some in between this is just my
example in this situation so if this if
this school meets 75% of your need
they’re going to give that student
$15,000 in aid we subtract out from the
20,000 that leaves us with 5,000 of
unmet need and that that 5,000 would
either be rolled into the SAI STUDENT AID INDEX or it
could be rolled into some form of loan
or something okay
if you want to find out more about that
in the back of the book is a list of
websites and you can go to the
government’s website NCES ad gov slash
college navigator and that will give you
percentages of what percentage of need
all these colleges meet and stuff okay
Net Price Calculator
there’s some other things that you can
do to find out what your SAI STUDENT AID INDEX is there’s
a net price calculator on all of the
colleges websites that was mandated by
the federal government and all the
colleges needed to put a net price
calculator on their website by 2011 so
now it’s 2012 every college should have
that on there and for the the the net
price calculators they’re not that great
they’ll give you kind of a rough
estimate and typically they don’t ask
very many questions there might be like
six or seven questions or so where the
FAFSA has you know 90 to 100 different
questions that all can calculate out
your SAI STUDENT AID INDEX number so this is a good
starting point but don’t base everything
off of the net price calculator some
other websites you can go to to
calculate out your SAI STUDENT AID INDEX is FAFSA
forecaster DD gov CNA doe RG /
calculators in College Board RG also has
an SAI STUDENT AID INDEX calculator okay while these are
good starting points they’re not a
hundred percent accurate 100% accuracy
comes in March or April of your students
senior year and that’s when the award
letters are sent out and and that award
letter is going to state here’s what our
cost of attendance is here’s how much
we’re giving you in scholarships grants
and bottom line is this is what your
cost is going to be okay
so even even these may not be a hundred
percent as in some situations you can
renegotiate the aid package we’re not
going to talk about that here
but we will be covering that in the
spring boot camp which will be in
February or so okay so what will we need
Required Documents
for the financial aid forms we’re going
to need a PIN number we’re going to need
your social security numbers for both
parent and students we’re going to need
w-2 forms for both parent and student if
the student is employed child support
received workers compensation driver’s
license etc and that and these documents
are going to be needed when you fill out
the FAFSA and the CSS profile financial
aid forms so when you come into my
office and I tell you I need all these
forms well it’s not because I want them
it’s because these these these financial
aid forms do want all that information
okay all right so there’s two different
Formulas
types of formulas one’s called the
federal methodology and that’s from the
FAFSA the second one is called the
institutional methodology and that’s
from the CSS profile and in some
situations the SAI STUDENT AID INDEX might be different
depending on your on your family’s
financial situation whether you have
businesses whether your w-2 employees or
whether you have different types of
assets or so in some situations it’s
prudent to apply to a CSS profile school
and in some situations it’s not so
anyway so every college requires the
FAFSA form some colleges require the CSS
profile in addition to the FAFSA form
and some colleges have their own
proprietary financial aid forms in
addition to the FAFSA okay if any of
these forms are missing or neglected
then the student could be taken out of
the range for getting any need-based aid
all right we talked about that already
so let’s just continue the pin is a four
PIN
digit number that is used in combination
with your social security number and
your name and your date of birth and and
when you when you go to either FAFSA or
PIN DD gov to create a pin it will link
it it will link your
information that you put in there with
the Social Security’s website and double
check and verify that so if you have a
last name that is hyphenated two names
that’s hyphenated or or something like
that or if there’s a a spelling
incorrect spelling on your social
security card you want to check all
those things before you actually file so
that day so that when you do file the
FAFSA form everything will just go
through smoothly and that okay the the
pin is used to electronically sign the
FAFSA form as well as sign for federal
student loans and the Parent PLUS loan
okay so there so when you file the FAFSA
Filing the FAFSA
form you’re going to need to pin numbers
one for the student and one for either
mom or dad so if your if you’re married
you don’t have to create two pins for
mom and dad you can just create one pin
in that situation if you’re if you’re
divorced or filing as a single parent
then of course it would be whoever that
that one parent is so they’re going to
need to two pins to file okay and the
things that you’re going to need to file
the and create a PIN numbers you’re
going to need your social security
numbers your date of birth your address
your home address etc you can create a
custom pin number or you can have one
how to generate have it generated and up
okay yeah I said that okay and after the
pin has been filed it can take up to two
weeks to verify it usually takes about
72 hours so if there is if there is some
discrepancy with it and it cannot verify
it with Social Security Administration’s
website you’ll get an email back that
says your your your pin cannot be
verified okay and if that’s the case
then you got to go in and figure out
what it is that’s incorrect and and then
correct that okay if everything is
correct
again it usually takes about 72 hours or
Student Aid Report
so after the FAFSA has been submitted
online you’ll receive an email
or a letter stating that it has been
successfully submitted and there will be
a link to the student aid report the SAR
and the student aid report is a form
that has all the information that you’ve
put onto the FAFSA and that double-check
that to make sure that everything is is
correct and accurate okay
soon aid reporters the document you
receive after FAFSA is processed and
your SAR will contain your expected
Family Contribution your SAI STUDENT AID INDEX which
measures your family’s financial
strength and is used to determine your
eligibility for federal student aid okay
your school will use this number to
determine how much financial aid is you
are eligible for and move all boss yeah
okay we already said that okay